Octaura's new dealer-to-dealer protocol, Sync Up, identified more than $2 billion in potential matching opportunities and produced 195 interdealer trades in its first two weeks of operation. The platform announced the launch of the session-based workflow for syndicated loans and collateralized loan obligations this week.

Sync Up is the first in a planned suite of dealer-led workflows from Octaura, an electronic trading, data and analytics venue for syndicated loans and CLOs. It targets a specific pain point in the credit market's middle: dealers holding residual risk after client facilitation typically work it off through manual, bilateral phone conversations that consume effort without guaranteeing a trade.

The protocol converts that fragmented process into a defined liquidity event.

• Dealers anonymously submit eligible syndicated loan positions.
• The system identifies matched contra interest across counterparties within a session.
• Both parties must elect to proceed; counterparties are revealed only after execution.
• Even unmatched interest can yield intelligence on emerging demand, available liquidity and market sentiment.

What does the Session Price change?

Execution centers on a Session Price derived from Octaura's own marks: intraday Octaura Price X (OPX) and end-of-day Octaura Price (OP). The Session Price serves as the actual execution price when a trade completes, giving participants a common reference point rather than separately negotiated prices.

Vitaliy Kozak, Chief Product Officer and Head of Insights at Octaura, said: "At the center of the workflow is the Session Price, informed by Octaura Price X and Octaura Price, which serves as the execution price when a trade is completed, allowing participants to transact against a common market reference rather than negotiating separate prices through traditional channels."

How does it fit dealer workflow?

Sync Up extends Octaura's existing Runs Manager functionality from one-way liquidity publication to two-way interaction. Dealers carry relevant instrument and size information directly into the protocol while working in a familiar interface, which lowers the adoption barrier for desks already using the platform.

According to Octaura, the workflow helps dealers manage balance sheets, source risk, reposition inventory and execute odd lots more efficiently than serial bilateral conversations.

Howard Cohen, Vice President and Head of Markets at Octaura, said: "A session-based workflow brings the market together at the same time, focused on a defined set of assets. This transforms fragmented interest into a transparent liquidity event for dealers, rather than needing to rely on a series of separate bilateral conversations."

What comes next?

The workflow launches with a single daily session. Octaura plans to expand to multiple sessions throughout the trading day, widening participation windows as market conditions shift.

Sync Up sits at the front of a broader roadmap of dealer-focused protocols intended to help participants discover liquidity, transfer risk and prepare for increasingly electronic trading workflows in syndicated loans — a market where session mechanics, anonymous matching and centralized pricing remain structural novelties rather than defaults.