Effortless, Transparent Trading of US Treasuries and Corporate Bonds

The OBX Advantage


All-to-All Trading

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.

Multiple Protocols

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

Matching Logic

Lowest Pricing

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:

  • REBATE of basis points for initiators*
    ($ per $1 million notional value)
  • FEE of basis points for responders*
    ($ per $1 million notional value)
  • No charge for membership or connectivity

* based on notional value per transaction

Pricing

Identity Protections

Executed trades are printed to the TRACE feed exclusively as OPBX . Each side of the trade will receive DVP settlements with no indication of their specific counterparty unless option identity disclosure had been selected.

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.

Privacy Policy

Technology Focused

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.

Rule 15c3-5 Compliant

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.

Risk Controls

Member FINRA, SIPC

Today's corporate bond markets are broken

Time for a new way to match buyers and sellers

Matching Logic


RFFQ® (Request for Firm Quote®)

Featured alongside traditional RFQ , and traditional CLOB , the RFFQ order type employs expirations and hidden limit prices to match trades in an auction-like manner.

Step 1

A subscriber initiates an RFFQ.

Other Options
  • Trade on Price or Spread
  • Minimum Fill Size: Reduces number of tickets

Step 2

The RFFQ is broadcast to all other subscribers with the price hidden.

Step 3

Other subscribers can respond with a price and quantity of their own.

Step 4

At expiration, orders are matched with price-size-time priority.

Step 5a - Match

If there is a match, the match occurs at the midpoint between the initiator's and responder's prices.

Step 5b - No Match

If there are no matches, check if a Near-Miss occurred. See Near-Miss Processing

Transparency is not just a slogan

We believe in openness at every level

Pricing


All subscribers have fair and equal access to our platform, and are subject to fair and competitive pricing

Transaction Fee/Rebate
for corporate bonds based on the notional value per transaction

  • REBATE of basis points for initiators
    ($ per $1 million notional value)
  • FEE of basis points for responders
    ($ per $1 million notional value)

Subscription / System Access

  • Membership Charge: Free
  • Browser Trading Application: Free
  • OUCH Trading Port: Free
  • FIX Trading Port: Free
  • FIX Dropcopy: Free

TRACE Reporting Fee

  • Customer / non-Broker-Dealer: Paid by OpenBondX
  • Broker-Dealer (locked in by OBX): Paid by OpenBondX
  • Broker-Dealer (not locked in by OBX): Normal fees due to FINRA for your own reporting

FINRA Trade Activity Fee (TAF)

  • Paid by OpenBondX

* Effective as of February 1, 2016. Fees are subject to change. In the event of a fee change, subscribers will receive prior written notice.