Corporate Bond Trading Systems directory
| Company | Description of service | Types of bonds traded | Type of Customer | Pricing Structure | Future Plans |
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| Bloomberg LP Bloomberg Professional service Judith Czelusniak 212 318 2000 bloomberg@bloomberg.net | Bloomberg has both an electronic trading platform, Bloomberg Fixed Income Electronic Trading, and a portfolio trading system. Bloomberg FIET is a multiasset-class dealer-to-customer trading platform. Bloomberg's portfolio trading system is a complete front-office solution. Both products are a part of the Bloomberg Professional service - which also is known as the Bloomberg terminal - the leading global provider of data, news and analytics. | European governments, corporates, U.S. Treasuries, money markets, interest rate swaps, credit default swaps and repo. | N/A | We have a large and diverse group of customers supporting our platforms. These include large institutional asset managers, hedge funds, central banks and retail clients. Please contact Bloomberg for pricing information. | We plan to continue building on the past successes of both our portfolio trading system and our fixed income electronic trading platform. In particular, we will continue to develop our fixed derivative trading business and look for ways to innovate in the STP we provide to our clients. |
| BondDesk Group BondDesk Trading ATS Erik Almond 212-808-0004 ealmond@bonddesk.com www.bonddeskgroup.com | BondDesk Group is a privately held company operating one of the leading retail fixed income trading platforms, and a provider of software solutions to the securities industry. The BondDesk Alterative Trading System (ATS), run by BondDesk broker-dealer subsidiary, BondDesk Trading LLC, connects broker-dealers through a centralized marketplace by offering a diverse pool of liquidity. With over 25,000 live taxable and tax-exempt offerings from over 90 leading dealers, BondDesk transacts in excess of 18,000 tickets daily. BondDesk's 14 broker dealer equity partners include bulge bracket firms, regional firms, online broker dealers, and correspondent networks. BondDesk has over 100 employees, with key offices in California, Michigan, and New York. | Corporates, Municipals, CDs, Agencies, Treasuries, Mortgages | Asset Managers: NA, Hedge Funds: NA, Other: 100% | Pricing structure varies by client | |
| BondDesk Group LLC BondDesk Peter Harker 212-808-0058 pharker@bonddesk.com www.bonddeskgroup.com | BondDesk Group is a privately held company operating one of the leading odd lot fixed income trading platforms and a provider of software solutions to the securities industry. The BondDesk Alterative Trading System (ATS), run by BondDesk broker-dealer subsidiary BondDesk Trading LLC, connects broker-dealers through a centralized marketplace by offering a diverse pool of liquidity. With over 25,000 live taxable and tax-exempt offerings from over 90 leading dealers, BondDesk transacts in excess of 20,000 tickets daily. BondDesk's 12 broker dealer equity partners include bulge bracket firms, regional firms, online broker dealers, and correspondent networks. BondDesk has over 130 employees, with key offices in California, Michigan, and New York. | Agencies, Certificates of Deposit, Corporates, Municipals, Treasuries, Asset-Backed Securities, Collateralized Mortgage Obligations, Agency Pass Thrus, Preferred Stock | Asset Managers: 5%, Hedge Funds: NA, Broker Dealers: 95% | The majority of our revenues are made through transaction fees. Other fees are derived from licensing arrangements and development costs. | NA |
| Bonds.com Group, Inc. Bonds.com Christopher Loughlin 561-953-5397 cloughlin@bonds.com www.bonds.com | Bonds.com Inc., through its BondStation platform, serves institutional fixed income investors by providing an inventory of over 35,000 fixed income securities from more than 175 competing dealers. Our technology allows both buy and sell side clients to connect to different pools of liquidity in a central market place, creating a more efficient means of price discovery and execution. | Municipal bonds, Corporate bonds, Agency bonds, Certificates of Deposit (CDs), Emerging Market debt, Mortgage Backed Securities, Structured products and U.S. Treasuries. | Asset Managers: 30%, Hedge Funds: 10%, Other: 60% | Bonds.com does not charge subscription or ticketing fees for any services. There is a small variable mark-up / mark-down on each transaction that is dependent on security type, yield and maturity. All prices seen on the platform are our clients 'all in' price. | Bonds.com strives to continually improve our platform offerings and technology. We will continue to develop systems and services which provide clarity to the markets and enhanced liquidity to best support our customers. |
| BondWave Joe Hargrove 630-795-7014 joehargrove@bondwave.com www.bondwave.com | BondWave is a fixed-income service provider to broker/dealers and independent RIAs. These services provide the ability to construct, monitor and rebalance portfolios in scale based on the suitability of the client in either a bottom-up or a top-down approach using model portfolios or Lehman Brothers Indices. Services are centrally driven and require very little expertise on the part of the financial consultant. This turnkey solution allows financial consultants to offer a high value alternative to 3rd party money management at a relatively low cost. | Municipal, Corporate and Agency Bonds | Asset Managers: NA, Hedge Funds: NA, Other: NA | monthly fee | |
| Cambridge Group Investments www.bondpage.com Michael Gibbons 517-333-4512 mgibbons@bondpage.com www.bondpage.com | Free access to a wide array of fixed income offerings. This access includes the use of a categorical search engine that allows the client (or prospective client) to specify the parameters of interest to them. | Treasuries, MBS, CMO, Munis,Corporates, CDs | Asset Managers: 70%, Hedge Funds: 10%, Other: 20% | they can view the inventory on website for free. $25,000 minimum if they choose to open an account. $50 transaction fee for purchases of less than 50 bonds. | keep offering access to the most bonds at the lowest price. |
| Chapdelaine & Co. The Bid Source Hans G. Hanf 212-208-9146 hh@chappy.com www.thebidsource.com | Web based platform for asset managers to facilitate the bid wanted process and selling of municipal securities. | Primarily municipal securities. We are also capable of performing the same service for corporate securities. | Asset Managers: 80%, Hedge Funds: 10%, Other: 10% | DSTS is licensed based on the number of concurrent users. License fees range from US $250,000 for 5 users to US $1,895,000 for unlimited users. BondOne is licensed on a per transaction basis. Per ticket fees are based on volume and range from US $4.00 to $2.00. | Credit Derivatives |
| Decision Software, Inc. Decision Software Trading System (DSTS) & BondOne Thomas Burrus 212-385-1662 ext. 24 thomas@dsoftware.com www.dsoftware.com | The Decision Software Trading System (DSTS) is a real-time front office fixed income sales, trading, and offering system. BondOne is a browser-based sales and order management system. | All fixed income products are supported. This includes: Treasury Securities Bills, Notes, Bonds, Strips, WI’s, Inflation Adjusted Bonds, Sovereigns Government Agency Securities Fixed, Floating, Discount, Zero, Callable Financing Transactions Repo / Reverses, Buy / Sell Backs, Collateral Management Mortgage Backed Securities TBAs, Pools, IOs, POs, CMOs, ABS Corporate Securities Fixed, Floating, Bullet, Extendable, Step, Strip Municipal Securities Fixed, Float, Callable / Putable, Convertibles, Zero Coupon, Taxable Preferred Securities, Guaranteed Investment Certificates Structured Securities Emerging Market, Stepped / Dual Cash Flows, Capitalization Bonds Money Market Instruments CD’s, BA’s, CP, T-Bills, Discount Notes, Loans & Deposits Foreign Exchange Contracts Cash, Spot, Forward, Swap Derivatives Futures, Exchange Options, OTC Options, Swaptions, FRA’s, Interest Rate Swaps, Currency Swaps, Caps, Collars, Floors Multi-currency Product Support Non-dollar Fixed Income, Money Market, Derivatives, & Ca | Asset Managers: NA, Hedge Funds: NA, Other: 100% | DSTS is licensed based on the number of concurrent users. License fees range from US $250,000 for 5 users to US $1,895,000 for unlimited users. BondOne is licensed on a per transaction basis. Per ticket fees are based on volume and range from US $4.00 to $2.00. | Credit Derivatives |
| General Associates, Inc. Bond Pricing and Information Yale Schwartz 321-229-0040 ys-generalassociates@cfl.rr.com www.bondpricinginfo.com | Real Time Price monitoring and FTP Information for NASD-Trace(OTC)Bonds and NYSE ABS listed)Bonds. | NASD Trace Bonds NYSE ABS Bonds | Asset Managers: NA, Hedge Funds: NA, Other: NA | Fee billed quarterly for Internet connection. | Real Time Data Stream of TRACE and NYSE bond pricing and information for client system connection via the Internet. |
| i-Deal LLC financial services software company Cheryl Horowitz 212-849-5004 cheryl.horowitz@i-deal.com www.i-deal.com | Asset Managers: NA, Hedge Funds: NA, Other: NA | ||||
| Kestrel Technologies RAPTr Bill Crosby 212-440-5998 bcrosby@kestrelinc.com www.kestrelinc.com | Kestrel Technologies is a leader in delivering reliable, front-office trading systems that are point designed for high performance, seamless connectivity, and unmatched flexibility. Kestrel’s principal products are multi-currency, distributed platforms that provide the ability to publish orders, execute transactions, measure performance, and manage risk in any securities market, anywhere in the world. Kestrel's software and internal fixed-income expertise are also the foundation of the company's fixed-income data and pricing services that offer unmatched accuracy and timelines. | Treasuries & Agencies, Corporates, Mortgage & Asset Backed, Municipal, Derivatives, Repos, Foreign,and Derivatives. | Asset Managers: 60%, Hedge Funds: 20%, Other: 20% | ||
| MarketAxess Holdings Inc. Andy Nybo 212-813-6246 anybo@marketaxes www.marketaxess.com | MarketAxess operates one of the leading platforms for the electronic trading of corporate bonds and certain other types of fixed-income securities, serving as an electronic platform through which our more than 550 active institutional investor clients can access the liquidity provided by our broker-dealer clients. MarketAxess' multi-dealer trading platform allows our institutional investor clients to simultaneously request competitive, executable bids or offers from multiple broker-dealers, and to execute trades with the broker-dealer of their choice. MarketAxess offers our clients the ability to trade U.S. high-grade corporate bonds, European high-grade corporate bonds, credit default swap indices, agencies, high yield and emerging markets bonds. MarketAxess also provides data and analytical tools that help our clients make trading decisions, and we facilitate the trading process by electronically communicating order information between trading counterparties. MarketAxess’ current participating dealers are: ABN AMRO, Banc of America Securities, Barclays PLC, Bear Stearns, BNP Paribas, Citigroup Global Markets, Credit Suisse First Boston, Deutsche Bank Securities, DZ Bank, FTN Financial, Goldman Sachs, HSBC, ING Financial Markets, JPMorgan, Jefferies & Company, Lehman Brothers, Merrill Lynch, Morgan Stanley, The Royal Bank of Scotland, Santander Investment Securities, SG Corporate & Investment Banking, UBS and Wachovia Securities. | MarketAxess offers our clients the ability to trade U.S. high-grade corporate bonds, European high-grade corporate bonds, credit default swap indices, agencies, high yield and emerging markets bonds. | NA | The majority of our revenues are derived from commissions for trades executed on our platform that are billed to our broker-dealer clients on a monthly basis. We also derive revenues from information and user access fees, license fees and other income. | NA |
| OLC New Issue Bonds Graham Shepherd +64 33847100 office@olcfinance.com | We list new issue investment grade notes and bonds. | BBB or Better Rated Fixed Income | Asset Managers: 30%, Hedge Funds: 30%, Other: 40% | No charge | |
| Perimeter Financial CBID Chris Jackson 416-703-7800 x400 chris.jackson@pfin.ca www.pfin.ca | Our institutional system, launched in 2002, provides registered dealers, institutional investors, governments and pension funds with the ability to trade Canadian fixed income securities through a live, order-driven, anonymous marketplace. CBID offers complete anonymity and price transparency. All participants enjoy equal information and liquidity on a level playing field. | Canadian Bonds: Government of Canada, Government Agency, Provincial, Corporate, Municipal, Strip Coupon Bonds Canadian Money Market: Treasury Bills, Bankers’ Acceptances, Commercial Paper | Asset Managers: 30%, Hedge Funds: 10%, Other: 60% | Per dollar value and type of bond, based on whether the trader is a passive or aggressive participant. | |
| TheMuniCenter no separate brand: live trading of corporate bonds John Craft 646-375-1132 j.craft@themunicenter.com www.themunicenter.com | TheMuniCenter is an established electronic marketplace created for the purpose of facilitating live fixed income trading. TheMuniCenter's objective is to provide qualified market participants with equal access to aggregated content, liquidity, and distribution on a single easy to use site, bringing operating and business efficiencies to both dealers and buy-side customers. TheMuniCenter also offers sophisticated transparency tools, giving its users access to real-time market content. | municipals, investment grade corporates, US agencies, MTNs (new-issue), and CDs (new issue) | Asset Managers: 30%, Hedge Funds: 10%, Other: 60% | Seller pays a commission at time of trade. Broker-dealers also private label TheMuniCenter's software for use as a retail system. | TheMuniCenter continues to add broker- dealers to its stable of firms that are connected to its API. It also continues to market ite private-label services aggressively. |
| Thomson TradeWeb TradeWeb Jack Mahoney 800-541-2268 www.tradeweb.com | TradeWeb is the leading online marketplace for fixed income. Over 2000 institutions in 32 countries use TradeWeb's request-for-quote platform to access the liquidity of 35 dealers across 14 fixed income asset classes. TradeWeb users can also electronically allocate block trades using TradeXpress, its leading straight-through processing network. For mananaging standing settlement instructions and OTC derivatives documentation, TradeWeb has AccountNet, an internet-based data warehouse. | Rates Products: U.S. Treasuries, Agencies, TBA-MBS, USD Interest Rate Swaps, European Governments, Euro Interest Rate Swaps, Credit Products: High Grade Corporates, Credit Default Swap Indices, Supras, Pfandbriefe/Covered Bonds Money Markets: CP, ECP, ADNs, Repo | Asset Managers: 50%, Hedge Funds: 20%, Other: 30% | Buy-side: Monthly User Fee Sell-side: Fixed annual subscription fee and an activity-based variable fee | TradeWeb continues to innovate in providing users with more online trading capabilities including: OTC fixed-income derivatives, cross market trading, complex trading strategies. TradeWeb will also be focused on enhancing its leading straight-through processing network and market data services. |
| ValuBond Securities, Inc ValuBond ECN Marshall Nicholson 404-260-5326 mnicholson@valubond.com www.valubond.com | ValuBond is a leading provider of technology solutions to the U.S. retail bond market. The company is an SEC-licensed securities exchange (Reg ATS), and its ECN electronic trading platform is used daily by 200+ brokerages to trade retail-size lots of treasury, agency, corporate, municipal, CD, MTN, and other debt securities. ValuBond also provides its "Enterprise Broker Workstation", a comprehensive front-end fixed income solution for retail reps, and RIA's to over 40 brokerages The EBW enables users to search, evaluate, analyze, and trade bond inventory from the 200+ firms participating in the ValuBond ECN. In addition, the EBW automates trading workflow, compliance, reporting, clearing and other processes, and offers a robust selection of compliance management tools. The EBW product is deployed as a seamless part of the broker workstation used by the client brokerage, and STP integration is available to a variety of front and back-office systems. | Corporates Municipals Agencies Treasuries CD's MBS | Asset Managers: 10%, Hedge Funds: NA, Other: 90% | Sellers Pay Model Buyers typically pay subscription fees for access to Trader and Broker Applications |
