At the end of a hallway of glass-encased offices sits a suite where one man seeks to change the U. Have you ever wondered why you can find stock quotes practically everywhere: At least none credible for trading.
Corpodate fixed income marketplace has always Coroprate over-the-counter. Even today, many trades occur over the telephone. Often times the valuation process can be a leap of faith. It currently presents a non-executable bulletin board of institutional quotes to participating dealers. By the end of the first quarter ofBondCliq expects to provide equal access to the entire market by allowing buy-side clients to see up-to-date institutional bid and ask prices organized in a montage, with attribution and size details. The belief that everyone in the equity market should see the same pricing information at the same time is so ingrained in our culture, that it forms the foundation of the efficient market theory.
A Breakthrough in Corporate Bond Pricing
The efficient market theory states that all stocks ttading perfectly priced according to their inherent investment properties, because all market participants know all knowledge of that stock equally. Why tradijg this important? Despite the market getting larger, market participants complain about declining institutional liquidity. Lack of pre-trade data may be one of the reasons for the lack of liquidity. And as the bond market has grown, it's become riskier. BondCliq seeks to help this situation by providing market makers with critical institutional pre-trade data that will allow them to properly manage risk, while providing more liquidity. Until now, the only transparent information available on a corporate bond is the price of its last executed trade.
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They send prices via emails, message systems and electronic platforms. However, these are indicative quotes. They Corproate never a firm quote that someone can call a dealer and demand a bond be traded upon. Their purpose is to solicit a more formal negotiation. The counter parties have first right of refusal. BondCliq Bloomberg terminals help firms send and find quotes.
API Test Form
Our data-science model is married with our domain expertise to derive the relationships between bonds and how those relationships evolve through time," says Bruner. Essentially it's an engine that tradjng that information in real-time, and delivers market data on over 10, bonds. We're using the sources and bond universe that we know provide value and robust outputs. In the future, additional data sources and bond coverage will be added as appropriate where tangible benefit can be demonstrated," says Bruner. As demand for this kind of pricing benchmark grows in the credit market, the potential uses for the model are numerous.
It is already making a difference in Tradeweb's Automated Intelligent Execution AiEX functionality, which executes large volumes of trades directly from an OMS using pre-programmed rules. It's tracing to note we are not suggesting the model is an executable price. Rather, having a robust reference prices with broad coverage allows new workflows that didn't exist before. In this case, combining AiEX with the real-time pricing helps fully automate trades within a tolerance, but allows clients to manually inspect those that need closer attention before executing.
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In the near future, the model will power transaction cost analytics for Tradeweb credit clients. Trasing easily be able to look at whole portfolios of trades and have an efficient route to figure out pricing, and finally be able to move away from the current trade-by-trade process. That's the value of having a better benchmark. On the buy side, the model will aid in constructing portfolios, understanding the liquidity in portfolios, and making execution more efficient. On the sell side, where appetite abounds to become more effective systematic market makers, a high quality pre-trade credit input source will inevitably be embraced as a trusted, and much needed composite.
The impact of this innovation hasn't been realized in the credit market yet, but with Ai-Price from Tradeweb it will be.