BondDesk Group LLC

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BondDesk Group LLC
BondDesk Group logo.gif
Founded 1995
Headquarters Mill Valley, CA
Products Fixed-Income Technology, Alternative Trading System

BondDesk Group LLC, now part of Tradeweb Markets LLC, was a fixed-income technology firm and trading platform. The firm's alternative trading system (ATS), BondDesk Trading, was among the largest retail fixed income trading platforms in the U.S. The company was founded in 1995 as the BondExchange and is based in Mill Valley, California with additional offices in California, Michigan, and New York.[1] The company was acquired by Tradeweb LLC in 2013, and Tradeweb integrated the BondDesk business with Tradeweb retail to form Tradeweb Direct. [2] BondDesk was previously owned by Advent International, a Boston-based private equity firm, beginning in 2006.

History

In October 1995, BondDesk Trading began as Bond Exchange LLC. In October 1999, the current BondDesk entity was founded with investments from Goldman Sachs, UBS PaineWebber and Spear, Leeds & Kellogg. In February 2000, Bear Stearns and Susquehanna International Group became partners. The firm again took on equity partners in July 2000, adding A.G. Edwards, ABN Amro, Bank of America, RBC Dain Rauscher, Raymond James, TD Waterhouse and Wachovia.

BondDesk ATS began operations in October 2000 and grew by way of company acquisitions, such as TIPS LLC in August 2001.[3], BondNexus in October 2001. [4], MPA Technologies in September 2002 and TechHackers LLC in January 2005. [5]

In July 2006, Advent International acquired a majority interest in BondDesk. In August 2013, Advent reportedly initiated the process to sell BondDesk. The firm's value was estimated at around $200 million. In addition to Tradeweb, MarketAxess reportedly bid on the firm. [6]


References

  1. About Us. BondDesk Group.
  2. Tradeweb Markets LLC Acquires BondDesk Group LLC. Tradeweb.
  3. BondDesk.com Acquires TIPS LLC. Finextra.
  4. BondDesk Acquires BondNexus. High Beam.
  5. BondDesk Acquires TechHackers from Unisys. Wall Street & Technology article.
  6. Tradeweb and MarketAxess are bidders for BondDesk -sources. Reuters.