Prescient Markets has launched cpmarket.com, an Internet-based commercial paper distribution platform that allows institutional investors to execute real-time commercial paper transactions electronically. Investors already using the website include Sears Investment Management and Genesee County, Mich., which participated in a pilot program involving more than 300 transactions totaling more than $2.2 billion.
Patty Driscoll, a short-term trader at Sears Investment Management, said Sears uses cpmarket.com to manage a $500 million money market fund, which is part of the company’s $2.5 billion profit-sharing fund.
Joy Soberalski, an official at the Genesee County Office of the Treasurer, said the county will use the site to conduct trades for a $130 million general asset portfolio that does not include pension assets.
