Appital

Appital gains significant traction, hitting $2bn of buyside liquidity

• Platform liquidity reached $800m notional in November alone, with $300m on a single day in December so far
• 32 asset managers with $15trn AUM signed, with 55 more in onboarding stage, managing an additional $30trn AUM*
• This follows Appital Insights™ going live in September, an industry-first initiative that unlocks liquidity unavailable via traditional electronic trading venues*

London, 13 December 2023: Appital, the peer-to-peer price discovery and liquidity sourcing technology for asset managers, announces significant growth in user base and liquidity on its platform.

Platform liquidity reached $800m notional in November alone, with $300m on a single day in December so far, up from $200m for the period between August 2022 and August 2023, prior to the launch of Appital Insights™ in September 2023. At the same time, 32 asset managers with $15trn AUM are now signed up, with 55 more in the onboarding stage, managing an additional $30trn AUM.

Appital Insights™ is an industry-first initiative that allows buyside institutions to assess the viability of executing larger orders, above 20% ADV, without alerting the market. Appital Insights™ complements existing bookbuilding capabilities, whereby asset managers gain greater exposure to previously inaccessible, cross-border deal flow opportunities and interact with like-minded institutions in the liquidity discovery and price formation process.

Client onboarding is, in part, driven by integrations with EMS providers including Flextrade, Factset’s Portware, TS Imagine, Virtu Financial’s Triton EMS and Bloomberg. These integrations allow end-clients to originate bookbuilds and receive Appital liquidity opportunities directly into their workflows and trading infrastructure, enabling them to participate in price formation opportunities in a market for size that is relevant to them.

Appital Insights liquidity dynamics in Q4 2023 include:

• The spread of small, mid and large-cap liquidity was even (approx 33% each)
• The average daily volumes ranged between 20% and 600% ADV
• The average notional of each opportunity within Appital Insights™ was $18m

Mark Badyra, CEO of Appital, said: “Since launching Appital Turquoise BookBuilder™ 15 months ago we have continued to deepen our EMS integrations, increase our buyside community, and have launched Appital Insights™, which is complementary to our existing price and deal formation process.

“We are delighted with the industry support and participation we have seen to date. The significant traction we have within the asset management community validates the need for our offering, as our technology addresses the industry’s key pain points: accessing hard-to-find liquidity and the ability to execute multiple days ADV, including in small to mid-cap stocks, without the risk of price erosion.”

Brian Guckian, Chief Business Development Officer, Appital: “This is an incredibly exciting time for our business and I feel that Appital has now reached an inflexion point. We have reached a significant milestone by hitting $2bn of buy-side liquidity in the first three months of Appital Insights™ going live.

“In 2023, our focus has been on deepening unique liquidity on our platform; in 2024 we expect that the asset management community will fully unlock the potential of our platform. We look forward to continuing our collaborations, partnerships and integrations.”

Appital Insights gives buyside traders and PMs the confidence that they will be able to successfully execute large or illiquid equity trades before entering the market via Appital Turquoise BookBuilder™, which offers seamless straight-through-processing (STP) to more than 20 settlement destinations.

ENDS

About Appital

Appital, the equity markets technology solution, unlocks latent liquidity and provides enhanced bookbuilding capabilities to institutional investors.

Appital allows the buyside community to gain greater exposure to deal flow and execution opportunities they have not been able to access before and interact with like-minded institutions in the liquidity discovery and price formation process. Asset Managers are able to proactively source cross-border liquidity or interact with natural liquidity that is relevant to them, ranging from large cap equities to highly illiquid, small and mid-cap stocks.

The Appital platform efficiently drives a bookbuilding process, providing institutional investors with opportunities to execute large volumes, often in excess of multiple days of ADV, with minimal market impact or risk of price erosion.

Appital Insights™ allows buyside institutions to gain feedback on the likelihood to launch a successful bookbuild, without alerting anyone within the market or risking price erosion, as well as allowing traders and PMs to gain passive exposure in equities they care about when considering minimum ADV ambitions and/or pricing thresholds.

Appital’s deal distribution methodology is highly efficient, unbiased and unconflicted, delivering a fair outcome for all market participants. Members of Appital’s buyside community have access to real-time visibility, full transparency and maximum control over the bookbuilding and deal distribution process.

The Appital platform is easy to access, embedded and integrated with leading EMS providers, and executing brokers Instinet and Bernstein. Deals are executed through the Turquoise MTF, via a single point of access and with seamless straight-through processing to over 20 settlement venues. For more information please visit our website and follow us on Twitter @AppitalHQ and LinkedIn.