Wall crossing remains one of the most sensitive and operationally complex steps in equity capital markets. Before bringing a transaction to market, syndicate teams discreetly engage a select group of investors to gauge appetite and support — sharing material non-public information (MNPI) only when appropriate controls are in place and investor intent is clear.

For years, wall-cross activity has been managed through versioned spreadsheets and email-driven coordination. While these legacy processes have served the market, they become difficult to scale as deal cycles accelerate, investor conversations multiply and regulatory expectations rise. What once worked through institutional knowledge and manual checks increasingly strains under modern execution demands.

CMG Wall Cross brings this activity into a structured, centralized and auditable environment inside CMG’s XC platform — replacing spreadsheets with a controlled workflow built for precision, confidentiality and speed. Instead of managing evolving trackers and scattered notes, syndicate desks can now coordinate the entire process in a single, secure workspace. Investor records, communications and status changes live in one place, giving teams complete visibility from first outreach through final indications of interest.

From Fragmented Workflows to Streamlined Execution

Manual wall cross processes introduce version-control challenges; communication trails scatter across inboxes and compliance teams are often forced to reconstruct history rather than simply review it. What begins as a single spreadsheet can quickly become a fragmented operating model — especially across multi-bank deals, cross-desk coordination or periods of heavy issuance.

CMG’s Wall Cross functionality provides the structure and control modern ECM desks require. The interface mirrors the familiarity of Excel, reducing adoption friction, while offering the benefits of a centralized system: audit-tight record-keeping, CRM connectivity, strict confidentiality controls and exportable logs for oversight.  Every contact, note and decision is captured in sequence, forming a complete history without manual assembly.

In practice, a syndicate team can initiate a wall cross directly in XC, enable confidential mode and begin building their investor list from internal CRM records. As outreach progresses, every interaction is logged in a structured, time-stamped sequence — capturing when the compliance team approves receipt of MNPI, when the investment team is brought over the wall and when feedback or indications are submitted. Rather than juggling shared files, updates and audit trails are automatically organized in real time, supporting both execution and compliance review.

Purpose-Built for Syndicate Teams and Compliance

The mandate is simple: give practitioners a more efficient and compliant way to manage a confidential workflow without changing how they fundamentally operate. Wall Cross consolidates investor engagement, communication logging and status tracking in one environment — allowing teams to execute faster, minimize errors and maintain a secure record as deals move forward.

As with all CMG solutions, Wall Cross reflects our ongoing collaboration with leading market participants. The platform supports private instances for internal deal runs and can be enabled for public offerings that ultimately publish to the XC calendar. Exportable audit logs and revision histories support compliance oversight, while confidentiality settings tightly control access to information before it is cleared for release.

While this initial rollout of Wall Cross focuses on foundational workflow capabilities, the roadmap includes deeper collaboration, structured data-sharing and integrations aligned with CMG’s broader mission to connect the ECM ecosystem and support more modern, data-driven deal execution.

A Modern Infrastructure for a Critical Process

Wall crossing will always demand discipline, discretion and coordination. CMG Wall Cross functionality gives sell-side teams the structure and confidence to meet that standard — moving a mission-critical workflow out of spreadsheets and into a purpose-built platform designed for speed, accuracy and compliance.

Wall Cross is now available for syndicate teams looking to modernize their wall-crossing process and streamline deal execution. To learn more or request access, contact the CMG team.