Each subscriber has fair and equal access to all services on our platform, and can either disclose themselves to particular parties, or remain anonymous when initiating orders.
As an independent ATS, trading is never influenced by conflicting relationships.
Our hybrid RFFQ® (Request for Firm Quote®) matching logic lets participants use hidden prices and competing quotes in an auction-like manner.
Our traditional RFQ protocol lets participants discover prices levels for illiquid corporate bonds.
Our traditional CLOB protocol lets participants trade in a high-speed open market similar to equities.
Prices are always firm
For US Treasuries, we offer the lowest pricing in the market.
For corporate bonds, our rebate structure rewards initiators with rebates for executed trades while keeping fees for responders ultra-low:
* based on notional value per transaction
Executed trades are printed to the TRACE feed exclusively as
. Each side of the trade will receive DVP settlements with no indication of their specific counterparty unless option identity disclosure had
OpenBondX does not reveal or sell information about individual subscribers, their orders, or transaction data to any external parties unless required to do so by law.
All software is built and maintained in-house using modern development processes.
Subscribers may trade by hand using an internet browser, through Excel using a plugin, or automated via FIX or OUCH.
We offer an extensive set of pre-trade, real-time risk management controls. Going beyond the minimum SEC and FINRA requirements, our customized risk controls limit subscriber exposure across the board.
Time for a new way to match buyers and sellers
A subscriber initiates an RFFQ.Other Options
The RFFQ is broadcast to all other subscribers with the price hidden.
Other subscribers can respond with a price and quantity of their own.
At expiration, orders are matched with price-size-time priority.
If there is a match, the match occurs at the midpoint between the initiator's and responder's prices.
If there are no matches, check if a Near-Miss occurred. See Near-Miss Processing
We believe in openness at every level
All subscribers have fair and equal access to our platform, and are subject to fair and competitive pricing
* Effective as of February 1, 2016. Fees are subject to change. In the event of a fee change, subscribers will receive prior written notice.