Coefficient Markets
Coefficient Markets is a private fintech that builds data normalization and workflow automation software for the secondary syndicated loan market, serving dealers, CLO managers, mutual funds, and hedge funds.
- Company typePrivate
- Founded2021
- HeadquartersLondon, United Kingdom
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Coefficient Markets does
Coefficient Markets is a private fintech founded in 2021 by Brian Callahan, formerly Head of US Par Loan Trading at Bank of America Merrill Lynch. The company develops data standardization and workflow automation software for the secondary syndicated corporate loan market, which has historically operated via voice, chat, and Excel-based processes. Its core technology normalizes loan reference data across multiple vendor feeds (S&P Global Market Intelligence, LPC Collateral, Bloomberg) into a single identifier framework, with the Loan Identifier Cross Reference (LICR) service co-developed with the LSTA serving as the market-wide utility layer for this normalization. The platform integrates with Bloomberg MSG/IB, LoanIQ, Clearpar, and multiple OMS systems, and is built in partnership with Etrading Software, a London-based fixed-income workflow technology firm.
Coefficient's product suite comprises three core offerings: EPIC, a sell-side workflow platform used by dealer traders and salespeople to manage Bloomberg runs, axes, inventory, inquiries, lender lists, and trade booking with straight-through processing to LoanIQ; EPIC Mirror, a web-based buyside portal that aggregates real-time pricing and liquidity from all participating dealers into a single interface for asset managers; and LICR, which reconciles loan identifiers across vendors on a daily basis. Supporting modules include a netting protocol (launched 2024) for inter-dealer position matching using S&P end-of-day prices, voice trade confirmations via Clearpar, and post-trade STP. Revenue is generated through subscription and enterprise licensing to dealers (banks) on multi-year contracts and to buyside asset managers (CLO managers, mutual funds, hedge funds, regional banks) on annual subscriptions. The company also pursues indirect distribution through integration partnerships with Allvue, LevPro, Siepe, and Valitana.
As of late 2025, 11 of the largest US syndicated loan dealers use EPIC, up from 3 at the start of 2024, and more than 40 buyside customers have been onboarded. Deutsche Bank became the first European dealer in December 2025, marking the start of geographic expansion. The company maintains offices in New York and London, is privately held with no disclosed venture funding, and operates with a small team (11-50 employees). Its strategic positioning rests on complementing rather than disintermediating dealer-client relationships, in contrast to bond market electronic platforms.
Coefficient Markets firmographics
Firmographics- Name
- Coefficient Markets
- Legal name
- Coefficient Markets
- Website
- https://coefficientmarkets.com
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Coefficient Markets is a private fintech that builds data normalization and workflow automation software for the secondary syndicated loan market, serving dealers, CLO managers, mutual funds, and hedge funds.
- Ownership category
- akta.pro rank
Coefficient Markets industry classification
Industry- Product category
- Loan Trading Software
- NAICS
- Software Publishers (51321), Mortgage and Nonmortgage Loan Brokers (522310), Software Publishers (5132)
- SIC
- Services-Prepackaged Software (7372), Loan Brokers (6163), Services-Computer Programming Services (7371)
- akta.pro primary industry
- Loan Origination Systems (LOS) (FSALALAA)
- akta.pro secondary industries
- Mortgage Comparison, Marketplace & Rate-Shopping Platforms (FSALABAJ), Product, Pricing & Eligibility (PPE) / Rate Lock & Pricing Engines (FSALALAC)
Keywords
Where Coefficient Markets is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices2 records
Markets served
Coefficient Markets business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D
Revenue model
- EPIC Software Licensing (Sell-Side): Coefficient licenses its EPIC sell-side software to dealers (large banks) for managing their loan trading workflow. Revenue is derived from software licensing and subscription fees from dealer clients. The company grew from 3 to 11 of the largest dealers using EPIC in 2024.
- EPIC Mirror Subscription (Buy-Side): EPIC Mirror is a subscription-based buyside portal providing real-time market data and execution capabilities. Onboarded over 40 different buyside customers including CLO managers, mutual funds, hedge funds, and regional banks.
- LICR Service Fee: The Loan Identifier Cross Reference (LICR) service, maintained with LSTA, generates revenue from market participants who subscribe to the daily reconciliation service. Clients need to verify license agreements with each vendor to receive their identifiers.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Multi-year contract | Enterprise licensing for dealers — EPIC platform |
| Subscription | Annual | Subscription for buyside institutions — EPIC Mirror |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels4 records
Coefficient Markets product offering
Product offeringCore offering
Coefficient Markets develops and licenses enterprise software for the secondary syndicated loan market. Its flagship product, EPIC, is a sell-side workflow platform used by dealers to manage Bloomberg runs, axes, inventory, inquiries, and lender information, with STP booking into LoanIQ. EPIC Mirror is the buyside portal that aggregates real-time dealer pricing and liquidity data for asset managers. LICR (Loan Identifier Cross Reference), built with the LSTA, harmonizes loan identifiers across vendors and provides daily reconciliation instructions.
Product overview
Coefficient Markets offers a unified platform for the secondary loan market consisting of three core products: EPIC (sell-side loan-trading platform), EPIC Mirror (buyside complement), and LICR (Loan Identifier Cross Reference). These products work together to harmonize and standardize loan market data, enabling digitized workflows from run management through trade execution to post-trade settlement. EPIC serves dealers to create runs, manage axes, and execute trades; EPIC Mirror reflects this data in real-time for buyside clients to view liquidity and engage dealers; LICR standardizes loan identifiers across multiple vendor systems. Supporting modules include Netting Protocol for inter-dealer position matching, Voice Confirmations for trade settlement via Clearpar, and Post Trade STP for automated trade booking.
Differentiator
Problem solved
Functional benefit
Brands
- EPIC: Flagship sell-side loan-trading platform used by traders and sales teams to manage daily workflow including Bloomberg runs, loan reference and pricing data, axes, inventory, inquiries, and lender information consolidated in a single system.
- EPIC Mirror
- Loan Identifier Cross Reference (LICR)
Products and services
- EPIC EPIC is Coefficient's flagship sell-side loan-trading platform for dealer banks. It consolidates Bloomberg runs, loan reference and pricing data, axes, inventory, inquiries, and lender information in a single workflow system. Capabilities include sending runs to Bloomberg MSG/IB, communicating axes from traders to sales and clients, delivering runs and axes electronically to buyside OMS systems, executing bilateral single name, portfolio, and ETF trades, confirming voice trades directly with the buyside, booking trades with straight-through processing to LoanIQ, and marking positions.
- EPIC Mirror EPIC Mirror is the buyside complement to EPIC that aggregates real-time market pricing and liquidity from all participating dealers into a single interface. It enables asset managers to view real-time dealer axes, filter information to relevant positions, receive customized alerts and watchlists, and execute bilateral single name, portfolio, and ETF trades directly with existing sell-side counterparties. It integrates with portfolio management systems including Allvue, LevPro, Siepe, and Valitana.
- Loan Identifier Cross Reference (LICR) LICR is a single coordinated loan identifier cross-reference service developed in partnership with the LSTA. It provides daily reconciliation instructions on identifiers from multiple vendors, direct access to data from each vendor, contact with agent banks for clarifying questions, and crowd-sourced quality control. It enables market participants to accurately update and synchronize their systems automatically across the loan market ecosystem.
- Netting Protocol Inter-dealer trading protocol enabling major banks to anonymously submit long and short positions they want to reduce. Trades are matched and executed at the official end-of-day price from S&P Global Market Intelligence, reducing balance sheet costs and enabling faster settlement.
Quantifiable outcome
- 11 of the largest dealers using EPIC by end of 2024, up from 3 at the start of the year — digitizing the data and workflow for a large portion of the loan market.
- +3 more outcomes
Companies that use Coefficient Markets
Customer profileNamed customers4 records
Segments3 records
Ideal customer profiles3 records
Coefficient Markets technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration8 records
Feature6 records
Coefficient Markets partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered advisory, flagship customer / expansion milestone, strategic, integration partnerships, core strategic partnership, data provider, integration partner, strategic / flagship partnership and core technology partner.
- Andy Horwitz (Advisor)advisoryAndy Horwitz is an industry veteran and founder/co-CEO of Black Mountain Systems (now Allvue Systems). He joined Coefficient Markets as an advisor in December 2023, bringing decades of loan market expertise and helping grow the company's market position.
- Deutsche Bankflagship customer / expansion milestoneDeutsche Bank became the first European dealer to adopt Coefficient's EPIC platform in December 2025, expanding EPIC's reach to Europe. EPIC manages Deutsche Bank's daily workflow including Bloomberg runs, loan reference and pricing data, axes, inventory, inquiries, and lender information.
- Loan Market Association (LMA)strategicCoefficient collaborates with the LMA alongside banks and the LSTA to address the market's core challenge of seamlessly connecting systems across divergent identifiers and fragmented processes. The LMA is the European equivalent of the LSTA for the loan market.
- LevPro, Siepe, Valitana (OMS Integrations)integration partnershipsEPIC Mirror can send runs and axes directly to portfolio management systems including LevPro, Siepe, and Valitana, in addition to Allvue. These integrations allow buyside traders to ingest real-time dealer liquidity data into their existing portfolio management workflows.
- LSTA (Loan Syndications and Trading Association)core strategic partnershipThe LSTA partnered with Coefficient Markets to build and operate the Loan Identifier Cross Reference (LICR) product. The LSTA, as the industry association, works with vendors and agent banks to ensure accurate creation and mapping of loan identifiers. Coefficient provides the technology platform for this market-wide utility service, which is maintained with LSTA guidelines and recommendations.
- S&P Global Market Intelligencedata providerS&P Global Market Intelligence provides loan reference and pricing data integrated into EPIC. For the first fully electronic loan ETF creation, trades were automatically priced at the mid price provided by S&P Global Market Intelligence. The netting protocol also used S&P Global's independent end-of-day price for trade execution.
- Bloombergintegration partnerEPIC integrates with Bloomberg for sending runs to Bloomberg MSG/IB (Market Syntax Group/Information Bus). Bloomberg terminals serve as a key channel through which dealers can send runs and axes to clients.
- Allvue Systemsstrategic / flagship partnershipAllvue, a leading alternative investment technology solutions provider serving 20 of 25 largest CLO Managers, formed a strategic alliance with Coefficient. Allvue's clients receive real-time market liquidity data directly from EPIC sell-side dealers, fully integrated into Allvue's portfolio management workflow. The full integration of EPIC, EPIC Mirror, and Allvue's Front Office was completed in March 2023 with Invesco as inaugural user. Six of the ten largest CLO Managers enrolled as early adopters representing over 25% of CLO AUM.
- Etrading Softwarecore technology partnerCoefficient Markets develops technology and workflow solutions in partnership with Etrading Software, a London-based technology and managed services firm. ETS specializes in building and managing multiparty financial workflows and technology across the Fixed Income Markets. Coefficient leverages Etrading Software's technology development, platform business management, and deep knowledge of financial markets to deliver intuitive front office solutions. Grant Wilson also serves as Managing Director of the Loans Business at Etrading Software.
Scale indicators9 records
Recent moves6 records
Expansion highlights5 records
Coefficient Markets competitors and assessment
Company assessmentMarket position
Competitive moat5 records
Key highlights7 records
Customer concentration
Coefficient Markets social profiles
Digital presenceCoefficient Markets financial estimates
Financial estimateRevenue estimate
Valuation estimate
Coefficient Markets leadership team
Management profileNumber of profiles
Profiles5 records
Coefficient Markets funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Coefficient Markets M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Coefficient Markets
What does Coefficient Markets do?
Coefficient Markets develops and licenses enterprise software for the secondary syndicated loan market. Its flagship product, EPIC, is a sell-side workflow platform used by dealers to manage Bloomberg runs, axes, inventory, inquiries, and lender information, with STP booking into LoanIQ. EPIC Mirror is the buyside portal that aggregates real-time dealer pricing and liquidity data for asset managers. LICR (Loan Identifier Cross Reference), built with the LSTA, harmonizes loan identifiers across vendors and provides daily reconciliation instructions.
Is Coefficient Markets a public or private company?
Coefficient Markets is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Coefficient Markets founded?
Coefficient Markets was founded in 2021. It employs 11 to 50 people.
Where is Coefficient Markets based?
Coefficient Markets is headquartered in London, United Kingdom, in the Europe region.
How does Coefficient Markets make money?
Three revenue lines are on record. EPIC Software Licensing (Sell-Side) is the primary driver. The others are EPIC Mirror Subscription (Buy-Side) and LICR Service Fee.
Does Coefficient Markets have an API?
No public API is recorded for Coefficient Markets.
What industry is Coefficient Markets in?
Coefficient Markets's product category is Loan Trading Software. Its primary akta.pro industry code is FSALALAA, Loan Origination Systems (LOS), with a secondary code of FSALABAJ, Mortgage Comparison, Marketplace & Rate-Shopping Platforms. Its NAICS code is 51321 and its SIC code is 7372.