Appital

• Appital’s Price Discovery functionality facilitated a $78 million trade in European large-cap equities
• This is the largest transaction facilitated on the Appital Turquoise Bookbuilder platform and executed on LSEG’s Turquoise MTF
• Appital proactively sourced the opposing side of the trade via its Insights feature, unlocking unseen liquidity and optimising trade execution
• With $13.5 billion in buy-side liquidity on the platform, Appital is transforming how institutional investors discover and execute large trades

London, 24 October 2024: Appital, a leading platform for liquidity discovery, has successfully facilitated a record-breaking $78 million transaction in a listed European large-cap equity, marking a significant milestone in equity trading and setting new standards for liquidity discovery in a market for size.

The transaction comes only 4 weeks after launching new functionality and highlights the groundbreaking nature of Appital’s Price Discovery feature, which is revolutionising how institutional investors approach liquidity challenges in day-to-day trading. Leveraging Appital Insights™, the platform proactively sourced the opposing side of the transaction through its innovative Price Discovery mechanism. This allowed institutional investors to unlock previously unseen liquidity in the market, optimising pricing and facilitating the efficient execution of the $78 million transaction. By providing opportunities directly to trading and portfolio management teams, Appital enabled them to generate orders that create liquidity events, transforming the way large transactions are discovered, accessed and executed.

The transaction involved a listed European large-cap company, a member of the EURONEXT 100 and STOXX 600 index, with a transaction value of $78 million, representing 2.3 times the average daily volume (ADV). This is the largest transaction facilitated on the Appital Turquoise Bookbuilder platform and executed on LSEG’s Turquoise MTF, setting a new benchmark for liquidity discovery. Prior to this, the largest comparable transaction executed on Turquoise was $30 million.

Adam Wood, CEO of Turquoise, said: "We are thrilled to have worked with Appital in setting new benchmarks for liquidity discovery. This collaboration reflects our commitment to driving innovation in the marketplace, offering our clients leading liquidity solutions that deliver better execution outcomes. Together, we are pioneering new ways for institutional investors to trade with confidence in a market for size."

Commenting on the successful transaction, Mark Badyra, CEO of Appital, said: “Facilitating a record-breaking $78 million transaction is yet another milestone for Appital and exemplifies how our Price Discovery mechanism is reshaping liquidity management. Our technology consistently uncovers hidden liquidity by proactively sourcing the opposing side of trades, proving there’s far more opportunity available in the market than visible live orders. This unlocks new opportunities for trading teams to generate liquidity and execute more efficient transactions."

Appital Price Discovery, a functionality launched within Appital Insights™ in August 2024, enables buyside traders to stimulate liquidity at market levels, or outside of the spread, before committing to a bookbuild. The Price Discovery functionality allows trading desks and investment teams to interact with each other in outsized liquidity price formation, and opportunistic alpha generation, optimising deals before they launch on the platform.

Badyra added: “Our technology and the scale and efficiency of our price discovery solution are transforming how the buy-side approaches day-to-day trading, helping asset managers address the liquidity challenges they face. Appital truly unlocks liquidity in the market, providing direct opportunities to trading and portfolio management teams."

Brian Guckian, Chief Business Development Officer at Appital, concluded: “Appital’s platform is now an essential tool for institutional investors, offering unparalleled insights into liquidity discovery and efficient trade execution. With $13.5 billion of buy-side liquidity accessible on our platform since launch, and the ability to facilitate record-breaking transactions, we have a proven track record in handling complex, large-scale transactions.”

“We continue to work with large household names across the asset management industry to deepen platform liquidity and deliver tangible benefits to the buyside community.” The average size of orders on the Appital platform now represents 1.8 times ADV, and the platform has supported transaction opportunities ranging from $1 million to $260 million.

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 of launching 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.