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Nivaura Ltd is authorised and regulated by the Financial Conduct Authority (FCA) as a MiFID and CASS firm, with FCA reference number 773476.

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Former Citi Banker Phillips Quits IHS Markit for Fintech Startup

Extract from Article Published on Bloomberg 2019-07-01 11:22:09.673 GMT

By Katie Linsell

(Bloomberg) -- Duncan Phillips, global head of capital
markets at IHS Markit Ltd. and a key figure in its drive to
digitize corporate bond issuance, is leaving for a new role at
fintech startup Nivaura.

Phillips, former head of debt syndicate for Asia-Pacific at
Citigroup Inc., is joining Nivaura as chief commercial officer
in the coming months, the firm’s Chief Executive Officer Avtar
Sehra said in an email.

His move comes as a blow to IHS Markit’s rollout of its
Investor Access platform for ordering new bonds electronically.
Developed by Ipreo before it was bought by IHS Markit last year,
Phillips has worked on the product since 2016.

“In a firm of our size, no one person is indispensable,”
IHS Markit said in an emailed statement. “We are always
positioned to maintain our momentum and serve our customers.”

Usage of the Investor Access system has quadrupled in the
last year, with more than 320 investment firms and 42 syndicate
banks globally, the firm said.

Fintech companies are increasingly developing products to
modernize the market for newly-issued bonds, one of the last
corners of finance to experience a digital makeover.

Investor Access handles communications between investors
and syndicate banks during new bond sales, providing a
streamlined alternative to a sometimes disorderly system of
phonecalls, emails and instant messages. Lately the system has
struggled to expand into the U.S. where a rival group of banks
are setting up their own platform.

London-based Nivaura is seeking to automate parts of the
process for issuing debt, equity and structured notes. The firm
aims to cut the cost of issuance and speed up settlement times.

It raised $20 million in seed funding earlier this year from an
investor group that was led by London Stock Exchange Group Plc
and included Banco Santander SA, Aegon NV and magic circle law
firms Allen & Overy and Linklaters.

“Having Duncan as Nivaura’s CCO, and leveraging his vast
capital markets experience from Citi, Ipreo and IHS Markit, will
help strengthen and accelerate our commercial and product roll-
out efforts,” Sehra said.

Bloomberg LP, the parent of Bloomberg News, competes with
these systems by providing services that facilitate bond
ordering and distributes information on new debt offerings.

To contact the reporter on this story:
Katie Linsell in London at [email protected]
To contact the editors responsible for this story:
Vivianne Rodrigues at [email protected]
Chris Vellacott