Liquidnet

Liquidnet is a global institutional investment network that connects asset managers with liquidity. Liquidnet trades in 46 equity markets for over 1000 institutional investment firms who collectively manage US$33 trillion in equity and fixed income assets.[1]

Liquidnet
IndustryBrokerage
FoundedApril 2001 (2001-04)
FounderSeth Merrin
Headquarters
New York City
,
United States
Key people
  • Seth Merrin (Founder & CEO)
  • Brian Conroy (President)
  • Mark Pumfrey (Global Head of Equities)
  • Constantinos Antoniades (Global Head of Fixed Income)
  • Lee Porter (Head of APAC)
Websitewww.liquidnet.com

Liquidnet is headquartered in New York City and has offices in Boston, Dublin, London, San Francisco, Hong Kong, Singapore, Sydney, Tokyo, and Toronto.[2]

History

Liquidnet was founded in April 2001 by Seth Merrin as a wholesale electronic marketplace where institutional investors could anonymously trade large blocks of stocks.[3]

Merrin estimated that the network needed at least 100 buy side firms live on Day One to create a critical mass. This number was revised to 75, but the company ultimately launched with only 38 institutions.[3] In 2002, Liquidnet Europe launched with nine member firms, with Liquidnet Asia launching with 26 member firms in 2007, bringing its global reach to 28 markets.[4]

Merrin describes his company as “creating marketplaces that enable institutions to trade in size with the efficiency that they sorely need.”[3] In the U.S., Liquidnet’s average execution size of 50,000 shares is 200 times the size of the 250-share average traded in all lit and dark venues. Liquidnet’s average execution in international equities is reportedly 100 times larger than the average.[3]

Liquidnet has an Equity Capital Markets and Issuer Services group which leverages its community of institutional investors to determine institutional demand for a stock.[5]

In January 2010, Liquidnet announced a strategic investment in OTR Global LLC, a securities research and brokerage firm.[6]

In October 2011 Liquidnet launched a private shares market.[7] As part of Liquidnet’s equity capital markets division, the Private Shares group works with institutional investors and companies looking to trade private shares.[8]

In July 2011 SIX Swiss Exchange and Liquidnet launched a platform for non-displayed equity block trading.[9] The platform allows SIX Swiss Exchange members and Liquidnet’s buy side members to execute large block trades.[10]

In March 2014, Liquidnet acquired bond trading platform Vega-Chi, a world leader in electronic trading facilities dedicated to high yield bonds and convertible bonds.

In May 2017, Liquidnet acquired OTAS Technologies, a market-leading analytics platform that delivers actionable market intelligence and context directly to institutional traders and portfolio managers.

In May 2019, Liquidnet acquired RSRCHXchange, a marketplace and aggregator for institutional research to help embed a new level of research and analytics into the investment process.[11]

In June 2019, Liquidnet acquired Prattle, a provider of automated investment research solutions for portfolio managers, research analysts, and other financial professionals.[12]

In February 2020, Founder Seth Merrin steps down as CEO of Liquidnet. Company President Brian Conroy has been selected as his successor.

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References
  1. Liquidnet Continues to Dominate Block Trading Globally During Third Quarter | Reuters
  2. Liquidnet opens fourth office in Singapore | TopNews Singapore Archived 2012-07-24 at Archive.today
  3. Seth Merrin: Imagining Wholesale Change - Advanced Trading
  4. Liquidnet. Liquidnet https://www.liquidnet.com/journey. Missing or empty |title= (help)
  5. Liquidnet attracts corporate share buy backs - FT.com
  6. Liquidnet Announces Strategic Investment in OTR Global
  7. Dark pool launches private share market - FT.com
  8. Liquidnet Hires Lou Kerner, Enters Secondary Market for Private Shares - NYTimes.com
  9. SIX exchange, Liquidnet report progress - FT.com
  10. Liquidnet And SIX Swiss Exchange Launch Platform For Non-Displayed Block Trading - Wall Street & Technology
  11. "Liquidnet expands into research with RSRCHXchange purchase". Financial Times. Financial Times.
  12. "Liquidnet expands further into AI with purchase of Prattle". Financial News. Financial News.
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