Project Neptune is a consortium of both sell-side and buy-side to address the issue of pre-trade data. Project Neptune allows for structured, standardized pre-trade data sent directly from the sell-side to their clients, improved quality axe? What does “quality axe” mean? and inventory messages that are updated to reflect actual trading intentions, execution venue-neutral pre-trade data allowing sell-side and buy-side to trade on their preferred platform and strong data ownership model and industry governance. The meaning of this sentence is not clear.