Who We Are: CMG’s Role in Transforming ECM
CMG was founded to modernize and streamline capital markets by leveraging technology-driven solutions. Our workflow management platform, CMG XCTM, is built to connect buy- and sell-side firms, eliminate reliance on manual processes, and provide a single system of record for firm-wide offering activity. By enabling straight-through processing, we help market participants achieve new levels of efficiency, transparency, and speed.
What We Have Accomplished in the U.S.
Initially focused on the world’s largest capital markets center, CMG XC is successfully transforming the ECM landscape by solving longstanding challenges associated with primary market workflows (IPOs, follow-ons, etc). Our platform is:
- Enabling sell-side firms to standardize deal distribution, improving investor coordination and reducing manual errors.
- Eliminating inefficiencies in buy-side order management, ensuring time-stamped, pre-trade-validated orders and reducing execution risks.
- Creating interoperable infrastructure for firms to seamlessly connect internal systems—powering efficient, consistent, and scalable workflows from start to finish.
By addressing these critical issues, we are creating a more cohesive, transparent, and efficient capital markets ecosystem in the U.S.
How This Improves the ECM Process
CMG XC enhances ECM workflows by:
- Centralizing buy-side processes: Providing a real-time global offering calendar, standardizing allocation processes, and ensuring transparent reconciliation.
- Optimizing sell-side coordination: Improving coordination among syndicate members by providing a consolidated, real-time order book and eliminating manual de-duplication processes.
- Standardizing system integrations: Ensuring seamless communication across platforms while maintaining flexibility for firms to adopt best-in-class solutions.
The need for automation in ECM is not new. The FIX Trading Community published IPO connectivity guidelines in 2015, highlighting the persistent inefficiencies in ECM workflows. Electronification has transformed secondary markets, but primary markets remain underserved. CMG closes this gap by implementing straight-through processing, extending the benefits of electronic trading.
Aligning with Industry Needs
Last year, the UK’s Investment Association (IA) published a position paper advocating for the electronic automation of IPO workflows. The paper highlights major inefficiencies caused by fragmented communication, lack of standardization, and opaque processes — challenges that CMG XC is already addressing in the U.S.
Key pain points identified in the IA paper:
- Inefficient buy-side workflows: Lack of centralized order management increases compliance risks and execution inefficiencies.
- Fragmented sell-side distribution: Inconsistent investor outreach and nomenclature leads to missed opportunities and operational risks.
- Need for standardized system integration: Disjointed platforms hinder market efficiency.
To illustrate how CMG XC addresses the key pain points advocated by the IA position paper, we have mapped out the paper’s core recommendations alongside CMG’s existing capabilities:
| Key Solutions Advocated by IA | CMG Solution |
| Electronic order placement to enhance efficiency and transparency | ✅ Yes |
| Enable automated integrations with compliance and pre-trade validation | ✅ Yes |
| Centralized book-building and allocation processes | ✅ Yes |
| Unified system communication via API and FIX connectivity | ✅ Yes (APIs) |
| Standardization of deal announcements, nomenclature, and formats | ✅ Yes |
| Time-stamped audit trails for IOIs and allocations | ✅ Yes |
The Road Ahead: Expanding into Europe and EMEA
While CMG XC is not yet live in Europe, we recognize the pressing need for modernized ECM workflows in this market and are actively laying the groundwork for its debut. European ECM faces significant fragmentation, with multiple regional hubs, varying regulatory frameworks, and inconsistent market practices. We frequently hear these challenges from our clients operating across multiple global markets.
Our phased approach to modernization — beginning with comprehensive ECM data intelligence and followed by full workflow integration — has proven successful in the U.S. and serves as a model for our European expansion. CMG DataLab, our data intelligence solution, includes data from 50+ global markets and is trusted by a growing base of EMEA clients. On the workflow side, we are actively engaging with local ECM participants. Our recent series C fundraise means this is the right time to make the product enhancements focused on the European market. We will have more updates to share in the near future.
The electronification of primary markets is inevitable. As we have seen in the secondary market, automation leads to greater efficiency, transparency, and competitiveness. The European primary market will not transition overnight, but initiatives like the IA position paper reinforce the urgency for change. CMG is ready to lead this transformation.
If you are a European ECM practitioner interested in discussing industry challenges, learning more about our solutions, or shaping the future of ECM automation, we invite you to connect with us today.
