RealTime IT News

Internet Loan Market Planned for Emerging Markets

ereorg.com Inc. formed a partnership with financial services firm Emergent Enterprises to offer global online trading for emerging markets debt.

The companies said they will "target the $730 billion market for emerging markets loans and less liquid bonds."

The ereorg system is an online marketplace that enables users to buy and sell debt in the secondary market within an anonymous and secure environment, reducing transaction costs and settlement times.

"Emergent Enterprises offers ereorg the market intelligence and experience required to tailor ereorg's U.S. and UK bank loan platforms to the emerging markets," said Ronald DeKoven, chairman and chief executive officer of ereorg. "ereorg's online trading system will promote liquidity by providing increased access to product for buyers, broader reach for sellers, and a more secure trading process"

Susan Payne, founder and managing director of Emergent and former head of sales and trading for Goldman Sachs' European emerging markets debt operations, will be among the founding members of the board of directors of ereorg U.K. Financial details of the partnership were not disclosed.

A B2B e-commerce company, ereorg is a registered broker-dealer and member of the National Association of Securities Dealers Inc. (NASD). In February, the company formed a joint venture with Mitsubishi to introduce ereorg's institutional online debt auction system to the Japanese market.