BondDesk Group LLC

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BondDesk Group LLC
BondDesk Group logo.gif
Founded 1995
Headquarters Mill Valley, CA
Key People Howard Edelstein, CEO; John Bagley, President, BondDesk Trading
Products Fixed-Income Technology, Alternative Trading System
Twitter @@BondDesk
Website http://www.bonddeskgroup.com/

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. [2] It was previously owned by Advent International, a Boston-based private equity firm, since 1996.

Tradeweb integrated the BondDesk business with Tradeweb retail to form Tradeweb Direct.

History[edit]

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]


Products and Services[edit]

BondDesk Group's products include the following:

  • BondDesk Direct, which allows users to access fixed income inventories in the United States;
  • BD Institutional, which delivers live and executable multi-dealer fixed-income offerings;
  • Trader WorkStation, a real-time position keeping and trading system;
  • Liaison WorkStation, which enables users to access fixed-income liquidity pools in the United States;
  • Advisor WorkStation, which delivers decision support tools.
  • BondDesk Alternative Trading System, which connects broker-dealers through a centralized marketplace;
  • MPA Workstation, a fixed-income decision-support solution;
  • BD Syndicate, a municipal underwriting platform;
  • Decision Analytics, an enterprise-wide fixed-income client portfolio review and reporting system.[7]


Key People[edit]

  • Howard Edelstein, Chief Executive Officer
  • John Bagley, President, BondDesk Trading LLC
  • Don Swartz, Head of Technology
  • Jan Mayle, Head of Product Management and President of TIPS and TechHackers
  • Greg Stockett, Chief Operating Officer, Chief Financial Officer

References[edit]