Moneyline Gains $7M to Bring Trading Data

As if the prospect of 24-hour markets wasn’t enough of a burden on trading professionals, Moneyline Network Inc. of New York wants to bring information that had been limited to the office home. To achieve that end, the company raised $7 million recently in its second round of venture financing.

Accel Partners of Palo Alto, Calif., led the financing that included existing investor Intercapital Group.

“Fundamentally, this is an example of a defining company that has been enabled by the Net,” said Bruce Golden, an Accel Partners principal.

Moneyline’s open network system provides users with benchmark content on fixed income, money market, foreign exchange, derivatives, listed exchanges, news and commentary. President Jon Robson said financial institutions historically have relied on subscription services to receive current market data. Moneyline saw the opportunity to use the Internet as a means to create efficient distribution of prices in all these securities.

“We want to bring the best set of content off the trading floor to any machine that has access to the Internet or a corporate intranet,” Robson said. “The user can drill down to obtain information and can interact directly with the sources of content, making price distribution easier.”

The company takes information from all the major brokers in the money markets including Liberty Brokers, Tullett & Tokyo and Intercapital Group as well as news sources Dow Jones, GovPx and The Thomson Corp., the corporate parent of PEW.

“This is a superior product for the community that needs tick-by-tick market information because it is built by financial professionals for financial professionals,” Golden said.

The company plans to use the proceeds from the round to continue technological development of its service and to begin marketing efforts. Robson said the company has sufficient funding to proceed for the next 18 months, at which time the company could look to an initial public offering. He said additional private financing would only come from strategic partners, specifically on the customer side.