A fintech platform looking to transform the trading of leveraged loans by doing away with phone calls launched this week, the latest in a series of firms that aim to modernize the market that saw a record $824 billion of loans changed hands in the secondary markets last year.
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Platform for Loans Looks to Revamp Market by Getting Traders Off the Phone
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Octaura was formed in 2022 by a group of seven banks, including Citi and Bank of America Corp. The platform has been operating in a “beta” capacity for several months, with the first trades taking place in January. A record $824 billion of loans changed hands in the secondary markets last year, according to the Loan Syndications and Trading Association. Bejile says the goal for Octaura is to command 2% of that in the coming 12 months. Phone calls will likely remain part of large trades, whereas electronic platforms are useful for smaller transactions, which make up a significant portion of a trader’s overall workload, said Rebecca Willey, a senior loans trader at T. Rowe Price.
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