On 30 September 2026, Onbrane announced that it is “moving into Money Market Funds… and this is just the beginning”. The Paris-based platform began life as a digital negotiation tool between issuers and dealers in the European Commercial Paper and Certificate of Deposit (CPCD) market. It has since onboarded investors, agreed to combine with Agora Digital Markets to span everything from CP to bonds, and now plans to add money market funds (MMFs), the single largest buyer group of European CP. In May 2025 we concluded that dealers remain the backbone of the European CP market. We revisit that view and ask whether, once issuers and investors can see each other on the same screen, the dealer is still indispensable, or merely optional and what that could mean for the functioning of European Money Markets.