KopenTech

What KopenTech does

KopenTech is a US-based financial technology company founded in 2018 by Olga Chernova—a former Goldman Sachs, Dillon Read, and JPMorgan structured credit executive who invented the Applicable Margin Reset (AMR) methodology at Sancus Capital Management. The company operates a cloud-based electronic trading and analytics platform purpose-built for the Collateralized Loan Obligation (CLO) market, and serves institutional participants exclusively, including CLO equity investors, CLO debt investors, CLO collateral managers, broker-dealers, and arranging banks. Operational infrastructure is anchored by KopenTech Capital Markets LLC, a wholly-owned, FINRA-registered broker-dealer and SEC-licensed Alternative Trading System (ATS), with third-party clearing handled by MIRAE Asset Securities.

The platform is organized into three core product pillars: AMR Refinancings, a multi-dealer Dutch auction process that refinances CLO liabilities without issuing new securities at approximately 75% lower cost and within a 10-day window versus up to two months for traditional refinancing; KTX Electronic Trading, a centralized secondary marketplace offering multiple trading protocols—LiveBidding (two-stage blind-to-live bidding), DirectBidding (anonymous bilateral negotiation across 200+ buy-side firms and 30+ banks), Jump Ball, Top-X, and Best Foot Forward—along with BWIC Monitor and Dealer Inventory aggregation; and Issuance Monitor, a primary-market portal providing standardized deal information, capital-structure visualization via K-Matrix, and arranger pipeline visibility. Supporting modules include a Market Dashboard with the proprietary K-Indicator stress metric (over 8 years of historical data), EVAL (a real-time CLO pricing service combining machine learning and rules-based models delivered via API), and monthly CLO Market Trends research. The platform integrates with Bloomberg, Intex, Valitana, and is hosted on Microsoft Azure under SOC 2 Type II compliance.

Revenue is generated through multiple streams: successful-among-AMR transaction fees, flat clearing fees on DirectBidding trades settled by KCM, three-tier platform subscriptions (Basic, Market Monitoring, Pro), and EVAL API subscriptions offered with a free trial. Distribution is exclusively B2B institutional, combining self-serve sign-up with direct sales outreach, conference presence (Creditflux, Euro CLOs, SFVegas, ABS Global), and a content-marketing engine (CLO Weekly newsletters, monthly trend reports, and webinar series). The company employs approximately 50 contributors and operates from Los Angeles (10880 Wilshire Boulevard, 11th Floor) with a New York office.

Name

KopenTech

Legal name

KopenTech LLC

Website

https://kopentech.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

KopenTech operates a cloud-based electronic trading and analytics platform for the Collateralized Loan Obligation market, combining multi-dealer Dutch auction refinancing (AMR), a centralized ATS for secondary trading, primary market surveillance, and AI-assisted CLO pricing—exclusively for institutional investors and broker-dealers.

Ownership category

akta.pro rank

Product category

CLO Electronic Trading Platform

NAICS

Securities and Commodity Exchanges (523210), Investment Banking and Securities Intermediation (523150), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Asset-Backed Securities (6189)

akta.pro primary industry

Collateralized Loan Obligations (CLO) (FSACACAC)

akta.pro secondary industries

Leveraged Loans & CLOs (FSAAAHAF), Pricing & Valuation Services (Fixed Income, OTC, Derivatives) (FSAFAIAF), OTC Derivatives Market Making (Swaps & Options) (FSACANAE)

Keywords

• CLO trading platform
• Structured products trading
• Electronic CLO trading
• CLO refinancing auctions
• Fixed income analytics

Headquarters

HQ city

Los Angeles

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. AMR Auction Transaction Fees: KopenTech charges transaction fees on successful AMR auctions only. No charge applies for auctions that DNT (did not trade). The company estimates AMR refinancing costs at 75% lower than traditional refinancing, enabling multiple economically viable AMRs.
2. Platform Subscription Plans: Three-tier subscription model: Basic, Market Monitoring, and Pro. EVAL service offers a free trial with full database access via API, then paid subscription. Subscription plans provide access to KTX trading, Issuance Monitor, Dashboard, and Market Trends reports.
3. DirectBidding Clearing Fees: Flat clearing fee charged for all securities traded via the DirectBidding protocol. All trades settled by KopenTech Capital Markets LLC (KTCM) as FINRA-registered introducing broker-dealer and SEC-licensed ATS.
4. EVAL API Access: Full-universe CLO pricing database accessible via API, with real-time intraday pricing supported by live primary and secondary market events. Offered as a Regtech pricing service with free trial and paid access.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels10 records

Core offering

KopenTech operates an electronic trading and analytics platform purpose-built for the Collateralized Loan Obligation (CLO) market. The platform delivers multi-dealer Dutch auction refinancing (AMR) that reduces refinancing cost by ~75% and shortens timelines from up to 2 months to 10 days, a centralized Alternative Trading System (KTX) for secondary CLO trading with proprietary protocols (LiveBidding, DirectBidding, Jump Ball, Top-X), an Issuance Monitor for primary market surveillance, a Market Dashboard with the K-Indicator stress metric, and the EVAL real-time CLO pricing service delivered via API.

Product overview

KopenTech operates a modular platform-plus-services architecture for the CLO (Collateralized Loan Obligation) market, consisting of three core product pillars: (1) AMR Refinancings - a multi-dealer Dutch auction platform for CLO liability refinancing at 75% lower cost than traditional methods; (2) Electronic Trading (KTX) - centralized secondary marketplace with multiple trading protocols (LiveBidding, DirectBidding, Jump Ball, Top-X, Best Foot Forward), BWIC Monitor, and Dealer Inventory; (3) Issuance Monitor - primary market portal for new issues, refinancings, and resets with K-Matrix view for capital structure analysis. Supporting modules include Market Dashboard for market surveillance with K-Indicator stress metric, EVAL for real-time AI-powered CLO pricing, and CLO Market Trends for monthly market research. The platform integrates with Bloomberg, Intex, and Valitana for enhanced analytics.

Differentiator

Problem solved

Functional benefit

Brands

• KTX: Centralized marketplace for CLO electronic trading with seamless execution
• AMR
• Issuance Monitor
• EVAL
• LiveBidding
• DirectBidding
• KopenTech Capital Markets
• K-Matrix
• K-Watch News

Products and services

• AMR Refinancings Multi-dealer Dutch auction platform for refinancing CLO liabilities using the Applicable Margin Reset (AMR) methodology, offering approximately 75% lower cost and a 10-day completion timeline compared to traditional refinancing approaches of up to 2 months. Designed for CLO managers, equity investors, and approved broker-dealer bidders.
• Electronic Trading (KTX) Centralized marketplace for CLO secondary trading with multiple trading protocols, BWIC monitoring, dealer inventory aggregation, and real-time collaboration tools. Built for institutional buy-side firms and broker-dealers trading CLO securities.
• DirectBidding Trading protocol enabling CLO buy-side firms to negotiate directly and trade anonymously with broker-dealers and other buy-side firms simultaneously, with real-time guaranteed feedback and a flat clearing fee. Provides access to 200+ buy-side firms and 30+ banks in a single trading session.
• Issuance Monitor Centralized portal for CLO primary market activity including new issues, refinancings, and resets, with a searchable pipeline of more than 20 filtering metrics, customizable views, ESG deal tracking, and syndicate contact information. Designed for CLO issuers, arrangers, and buy-side investors tracking primary pipelines.
• Market Dashboard Comprehensive market surveillance dashboard displaying secondary and primary market volumes, pricing data, market health indicators (including the K-Indicator stress metric), trade volume statistics, and portfolio tracking with 8+ years of historical data. Bundled into subscription plans.
• CLO Market Trends Monthly market research package providing BWIC and TRACE volumes, DNT rates, dealer inventory, new-issue analysis, prices across the capital stack, market health indicators, and trend analysis delivered with a monthly newsletter of key takeaways.
• EVAL Regtech pricing service delivering full-universe US BSL CLO pricing in real-time via API, combining machine learning and rules-based models with data inputs from secondary market color, dealer price talk, primary market insights, structural details, loan prices, and credit ratings. Offered with a free trial and subscription API access.

Quantifiable outcome

• 75% cost reduction in first AMR refinancing vs traditional refinancing
• +5 more outcomes

Named customers8 records

Segments6 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability3 records

Feature10 records

Partnerships

23 partnerships are on record, tiered core, infrastructure and minor.

• MIRAE Asset Securities (USA) Inc. (MIRA)coreImplementation/ SI/ Consulting Partner · 23 June 2022Third-party clearing firm for KTX DirectBidding trades. All trades on the DirectBidding protocol are cleared by MIRAE Asset Securities. KopenTech Capital Markets LLC acts as introducing broker-dealer.
• Alliance Global PartnerscoreTechnology or IntegrationEligible broker-dealer participant in AMR auctions. Submit bids on behalf of clients through KopenTech's AMR platform. One of 17 broker-dealers listed as eligible to participate in AMR refinancing auctions.
• Bank of America SecuritiescoreTechnology or IntegrationEligible broker-dealer participant in AMR auctions. One of the major banks active in KopenTech's multi-dealer CLO refinancing auctions.
• BNP ParibascoreTechnology or IntegrationEligible broker-dealer in AMR auctions. BNP Paribas participates as a bidding dealer in KopenTech's Dutch auction refinancing platform.
• Deutsche Bank SecuritiescoreTechnology or IntegrationEligible broker-dealer participant in AMR auctions. Major CLO market participant active on KopenTech's refinancing and secondary trading platforms.
• Jefferies LLCcoreTechnology or IntegrationEligible broker-dealer in AMR auctions. Jefferies participates as a bidding dealer in KopenTech's multi-dealer CLO refinancing platform.
• Mizuho SecuritiescoreTechnology or IntegrationEligible broker-dealer participant in AMR auctions on KopenTech's platform.
• MUFG SecuritiescoreTechnology or IntegrationEligible broker-dealer participant in AMR auctions on KopenTech's platform.
• Nomura SecuritiescoreTechnology or IntegrationEligible broker-dealer participant in AMR auctions on KopenTech's platform.
• RBC Capital MarketscoreTechnology or IntegrationEligible broker-dealer participant in AMR auctions on KopenTech's platform.
• Robert W. BairdcoreTechnology or IntegrationEligible broker-dealer participant in AMR auctions on KopenTech's platform.
• Seaport Global SecuritiescoreTechnology or IntegrationEligible broker-dealer participant in AMR auctions on KopenTech's platform.
• Brean Capital LLCcoreTechnology or IntegrationEligible broker-dealer participant in AMR auctions. One of 17 broker-dealers authorized to submit bids through KopenTech's AMR platform.
• Brownstone Investment GroupcoreTechnology or IntegrationEligible broker-dealer participant in AMR auctions.
• GreensLedge Capital MarketscoreTechnology or IntegrationEligible broker-dealer participant in AMR auctions.
• Janney Montgomery ScottcoreTechnology or IntegrationEligible broker-dealer participant in AMR auctions.
• Odeon Capital GroupcoreTechnology or IntegrationEligible broker-dealer participant in AMR auctions.
• Ramirez & Co.coreTechnology or IntegrationEligible broker-dealer participant in AMR auctions.
• BloombergcoreTechnology or IntegrationDirect integration with Bloomberg CLO functions available from KTX platform. Users can access Bloomberg CLO functions including security description, collateral description, composition and performance, deal cash flows, triggers, and MVOC with one click from the platform.
• IntexcoreTechnology or IntegrationIntex integration allows users to run CLO deal models directly from the KTX platform. Available for both primary pipeline and portfolio analysis. Click the Intex button to be redirected to INTEXcalc application for pre-pricing models. Deal-level Intex file names displayed on transaction overview pages.
• Microsoft AzureinfrastructureOthersInfrastructure and hosting services. Data stored on servers in the United States.
• DrataminorOthersSOC 2 compliance platform used by KopenTech for continuous security monitoring and compliance management. Public Trust Center accessible to customers.
• Clear by Thomson ReutersminorOthersKYC/KYB software used for institutional investor verification and compliance checks on the KopenTech platform.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Emerging players

• Trumid: Electronic trading platform focused on corporate credit with an all-to-all model. Comparable to KopenTech in approach (electronic, protocol-driven trading) but focused on investment-grade and high-yield corporate bonds rather than structured CLO securities specifically.
• Valitana: Structured credit analytics platform that integrates directly with KopenTech via one-click navigation from BWIC Monitor and portfolio views. Comparable in targeting CLO market participants with analytics; partially overlapping rather than head-to-head competitive.

Others

• Intex Solutions: De-facto standard provider of CLO deal models and cash-flow analytics (INTEXcalc). Already integrated into KopenTech's KTX platform; complementary rather than competitive, but adjacent in the CLO data/analytics value chain.

Broad incumbents

• Bloomberg L.P. KopenTech integrates with Bloomberg's CLO functions and Bloomberg Terminal is the dominant workflow tool for CLO desks. A broader incumbent with data, analytics, and trading infrastructure across fixed income that could expand into CLO electronic trading competitively.
• Tradeweb Markets: Major electronic fixed-income and credit trading venue with growing presence in CLO secondary trading. Incumbent platform with established institutional relationships, broader product portfolio (rates, credit, equities, money markets), and significantly larger scale than KopenTech.
• MarketAxess: Leading electronic credit trading platform covering corporate bonds, emerging markets, and increasingly structured credit/CLOs. Operates Open Trading for all-to-all credit execution and has launched CLO-specific protocols; broader scale and dealer network than KopenTech.
• ICE Data Services (Intercontinental Exchange): Operates fixed-income trading venues and market data infrastructure (formerly BondPoint, now ICE Bonds). Incumbent with regulated ATS infrastructure and broad institutional connectivity relevant to CLO trading and refinancing workflows.

Direct peers

• Octaura: Electronic CLO trading platform launched by a consortium of buy-side and sell-side firms (including BlackRock, Citi, Goldman Sachs, JPMorgan). Directly competes with KopenTech's KTX platform for institutional CLO secondary trading, electronic BWICs, and all-to-all execution.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/kopentech
• LinkedInlinkedin.com/company/kopentech

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about KopenTech