The concerns follow a flurry of new technologies from New York to Hong Kong trying to drag the process of placing bonds into the 21st century. There are now at least 35 different systems for new bond deals across the globe, up from 22 in 2018, according to data from the International Capital Market Association.
“The biggest risk for me is fragmentation,” said Jean-Marc Mercier, vice chairman of capital markets at HSBC Holdings Plc in London, speaking at an ICMA conference last week. “We cannot afford systems that do not speak to each other, especially the book-building platforms. The risks are errors, delayed pricing, exposing issuers and investors to market risks.”