Liquidnet

Page Summary

Liquidnet is a global institutional investment network. Asset managers can use it to anonymously trade large amounts of stocks. Liquidnet is present in 46 equity markets and has over 1,000 investment firms as clients that manage $33 trillion in stocks and other financial instruments. Liquidnet’s headquarters is located in New York and the company has offices in prominent cities across the globe including Hong Kong, London, Sydney, and Singapore. 

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History of Liquidnet

Seth Merrin founded Liquidnet in 2001 as a wholesale electronic trading platform where institutional traders could trade large amounts of stocks. Merrin wanted to start the network with at least 100 buy-side firms at launch but later revised this to 75. Liquidnet started with 38 firms. Its current average trade size is 50,000 shares. This is 200 times bigger than the average trade size on regular institutional trading platforms and dark venues. Liquidnet uses its community to determine institutional demand for a stock. 

In 2010 Liquidnet invested in OTR Global, a research and brokerage firm. In 2011 they launched a private shares market together. In 2011 Liquidnet partnered with Six Swiss Exchange to allow members of both networks to trade large amounts of stocks with each other. In 2014 Liquidnet acquired Vega-Chi, a bond trading platform, followed by the acquisition of OTAS Technologies, a financial market analytics platform in 2017, and the acquisition of RSRCHXchange, a marketplace for institutional research. 

In 2020 Seth Merrin quit as CEO of the company, passing the role on to Brian Conroy. Shortly after this TP ICAP announced that they wanted to acquire Liquidnet. In 2021 the acquisition was completed and Liquidnet expanded with new primary markets like fixed income and equities in France, Span, and Germany. Recently Liquidnet expanded its bond offerings to include South Africa. Liquidnet will partner with NowCM soon to speed up workflow. 

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