Grant Street Group Exceeds $5 Trillion in Auction VolumeNovember 4, 2004
Grant Street Group, the Pittsburgh-based firm that pioneered Internet auctions of new bond issues, today announced that its auction websites exceeded $5 trillion in total volume. Since hosting the first auction in November 1997 for the City of Pittsburgh, Grant Street Group has diversified into designing, developing and licensing customized or private-labeled auction websites used by municipal and federal agencies and major financial institutions serving as trustees, custodians, broker-dealers, exchange agents, auction agents, remarketing agents and tax collectors.
Grant Street Group has hosted over 18,000 auctions for over 1,000 different Issuers of fixed income instruments including, new issues of bills, notes, bonds, auction rate certificates and tax certificates, as well as reverse auctions (i.e., investment solicitations) of treasuries, agencies, CP, CDs, repos and guaranteed investment contracts (GICs). Its growing client list includes, Freddie Mac, Tennessee Valley Authority, Wilmington Trust, Wachovia, Wells Fargo, Mellon, GFOA, Public Financial Management, the State Treasuries’ of Ohio, Texas, South Carolina, Louisiana, Iowa, Idaho, Massachusetts and Maryland, as well as Allegheny, Miami-Dade, Orange, Volusia and Okaloosa Counties. In addition, it has partnered with the Government Finance Officers Association (GFOA) to create a real-time electronic marketplace for governments to invest their cash holdings.
Grant Street Group also holds a patent that gives the firm exclusive rights to conduct (or license its method of conducting) bond auctions and investment solicitations that have certain characteristics (as described in the patent.)