Prescient Markets' direct issuer-to-investor commercial paper trading system, cpmarket.com, completed its first full week of operation last week, completing more than 100 transactions worth $300 million, according to Laurent Paulhac, CEO of Prescient Markets.
Clients on the issuing side include Associates First Capital Corp., GE Capital, General Motors Acceptance Corp., Prudential Funding Corp., American Express Credit Corp., American General, Citigroup, Chevron Corp., CIT Group, DaimlerChrysler, John Deere, Exxon Mobil Corp., Ford Motor Credit Co., Heller Financial, Household Finance Corp., Norwest Financial, Sears Roebuck Acceptance Corp. and Texaco.
The firm has more than 23 active investors using the system, Paulhac said, including Bank Julius Baer, Sears Investment Management Co. and Genesee County, Mich.
Though cpmarket.com is not yet trading asset-backed commercial paper, the company is in the final stages of getting regulatory approval to so.
