Despite claims that it was "quickly establishing itself as a market leader" in the development of a trading platform for fixed-income secondary markets, Visible Markets Inc. and its Web site visiblemarkets.com has shut down operations as of Aug. 22, according to the company. The company was one of the more highly visible and last remaining independent Web-based trading platforms for ABS, RMBS, CMBS, Corporate underwritten and agency debt securities.
The company's Web site announced: "Visible Markets, Inc. has elected to discontinue business and is in the process of seeking acquirers of the marketplace assets."
Co-founder and CEO Brian Robertson said the company had decided to begin an "orderly wind-down of operations" due to the fact that it did not have enough capital to become profitable in the future. The Boston-based company had never achieved profitability, Robertson added.
As for the sale of technology to outside firms, the company has received 13 indications of interest for various products it developed since its inception in November of 1999.