R3’s founder and CEO David E. Rutter is going to be even busier with the unveiling of a new fintech firm for the corporate bond market.

This ecosystem is called LedgerEdge and will offer the exchange of data and assets. The website is a holding page for now – but says “the market needs a new edge”.

Rutter comments: “The secondary market for corporate bonds is growing and is ripe for an evolution, but existing platforms are not fit for purpose. Data is monetised by platforms and it is leaked across fragmented, opaque markets, decreasing execution quality.”

“The secondary market for corporate bonds is growing and is ripe for an evolution, but existing platforms are not fit for purpose.”

According to the edgy new entity, this market has $59 billion traded daily, but only 30% of this is done electronically.

With the desire to stop data leakage, LedgerEdge will use blockchain technology and artificial intelligence to let users find and share data; and execute trades.

It will be licensed as a multilateral trading facility (MTF) in the UK with “suitable” licences in the US.

Rutter and R3 are both well known in fintech. He has also built other platforms, including BrokerTec and LiquidityEdge, which was sold last year to MarketAxess for $150 million.

The team at LedgerEdge have plenty of experience. They are David Nicol (IBM/R3) as CEO, Ian Chicken (ICAP/BrokerTec) COO and Bob Bose (Santander/NYSE Euronext) as CTO. Rutter remains CEO of R3.