Wall Street is moving closer to modernizing the clubby $2 trillion market for new corporate bond issues while seeking to retain control of a lucrative business that's being eyed by the tech sector.
A group of banks led by Bank of America Corp., Citigroup Inc., and JPMorgan Chase & Co., has set up a company and appointed a CEO to develop an electronic system for investors to request allocations of new debt, according to people familiar with the matter.
Other banking heavyweights including Barclays Plc, BNP Paribas SA, Deutsche Bank AG, Goldman Sachs Group Inc., and Wells Fargo & Co. have also joined the founders in backing the platform that was originally conceived more than a year ago, the people said, asking not to be identified because it isn't public.
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