Transforming the Debt Capital Markets Front Office with a Next-Gen Book Building PlatformA leading global investment bank embarked on a strategic initiative to modernize its Debt Capital Markets (DCM) operations by building an in-house Book Builder platform. Designed to replace a widely used third-party solution, the new system would become the core front-office tool for fixed income syndicate desks across North America, EMEA, and APAC. The objective: reduce operational costs, improve investor reach, and gain full control over the deal lifecycle—all while supporting real-time collaboration on a global scale.
Client
Global investment bank
Industry
Debt Capital Markets / Fixed Income
Services
UX/UI Design, Technical Architecture Advisory, Front-end and back-end development, Testing
The ChallengeThe bank had long relied on a third-party bookbuilding platform to manage its Fixed Income new issuance process. However, this vendor-based solution presented limitations:
Restricted Investor Access
Integration with only a single issuance network meant that investor participation was limited. Reaching broader investor groups required manual, duplicative processes across platforms.
Operational Overhead
Manual reconciliation of orders, allocations, and notifications across disparate systems increased operational risk and reduced efficiency.
Lack of Customization
Reliance on vendor-controlled roadmaps limited the ability to innovate or respond quickly to market and regulatory changes.
Recognizing these constraints, the bank envisioned a fully integrated, internally governed platform capable of managing the entire DCM lifecycle—from deal origination to post-trade compliance.
The Solution
The firm partnered with 28Stone to bring its vision to life.
Initially engaged to enhance the capabilities of the existing third-party platform, 28Stone soon collaborated with the bank to architect and develop a fully bespoke Book Builder platform from the ground up. The new platform delivered enhanced functionality, deeper integration, and cost efficiencies by eliminating vendor dependencies.
UX/UI Design Leadership
As the exclusive UX/UI design partner, 28Stone crafted a modern, intuitive interface tailored for high-frequency front-office users. The user experience supports global workflows, real-time updates, and high-performance grids for complex data handling.
Technical Architecture Advisory
28Stone collaborated with the bank’s technologists on server-side architectural decisions, helping deliver a scalable, secure, cloud-native solution built on the Microsoft technology stack.
Third-Party Integrations
The platform is fully integrated with major issuance networks such as DirectBooks and IssueNet, enabling seamless order capture and allocation workflows. In addition, robust APIs were developed to connect with upstream CRM and downstream OMS, reference data, trade execution, and settlement systems.
Enterprise-Grade Scalability
The platform was engineered for global use, supporting real-time collaboration across syndicate desks in multiple time zones and jurisdictions.
The Result
After an extensive parallel run and phased rollout, the new Book Builder platform is now live and redefining how the bank executes its Fixed Income deals across global markets.
Global Standardization
Adopted across all major regions, the platform has become the front-office standard for the bank’s Fixed Income syndicate desks.
Record-Breaking Performance
The platform enabled the bank to achieve a new single-day record in subscription volume.
Cost Savings
Significant reduction in licensing and operational costs by eliminating the dependency on third-party vendors.
Expanded Investor Access
Seamless integration with multiple issuance networks allows the bank to reach a broader investor base with less effort.
This initiative represents a bold step forward for the bank, modernizing its DCM operations with a fully integrated, cloud-native, and investor-centric platform. With the support of 28Stone, the syndicate desk now operates with greater agility, enhanced control, and a significantly improved user experience, positioning it for continued leadership in the competitive world of new issuance in the fixed income capital markets.
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