Contineo has launched the industry's first open messaging network, delivering greater access to equity-linked structured products for private banking and wealth management firms. Contineo has backing from: AG Delta, Barclays, BNP Paribas, Goldman Sachs, HSBC, J.P. Morgan and Societe Generale Corporate & Investment Banking.

The funding will support the implementation and ongoing development of Contineo's network and technology, which at launch will allow subscribers to easily access their counterparties through a web-based interface and a set of open application programming interfaces (APIs). The technology is powered by AG Delta's application architecture and is targeted to go live in early 2015. Contineo is currently registering private banks and implementing connectivity to issuers, as well as working with other certified third party technology companies. Mark Muñoz, a financial technology veteran, has been appointed managing director.

Muñoz said, "I'm delighted to launch an exciting new technology company that has the support of the industry's leading firms. Our aim is to make accessing equity-linked structured products easier and at a lower cost. We're working closely with the buy-side and sell-side institutions to ensure our approach benefits the entire industry."

Structured product distribution and transactions are highly manual at present and there are different practices and protocols across the industry. Contineo's goal is to establish a unified communications network using the industry standard FIX protocol and RESTful web services, which will be accessible to all participants. This will lower costs, increase product access and assist in risk management and compliance. Contineo will also enable other technology companies or third parties to connect to the network.

Contineo, headquartered in Hong Kong, is the first industry supported, open messaging network for private banks and wealth management firms to access issuers of structured products.