Fixed Income Trading: New venues ( How many Fixed Income trading venues are there? )

How many Fixed Income trading venues are there?  [183]  Last update 11th November 2023]
A simple question came up recently in a conversation – how many new Fixed Income trading venues are there? I could not think of anywhere that maintained a comprehensive list, so I decided to try and put something together. 

A global list of Fixed Income Trading Venues with a change log

Let’s start with Swaps Execution Facilities... 
These all have to be registered with the US Commodity Futures Trading Commission (the CTFC) and so these can all be found on their website using this link
This shows these venues:
Also, added FINRA ATS venues from 
  1. 22 CLARIDY BIDRATE ALTERNATIVE TRADING SYSTEM
  2. ICE BONDPOINT
  3. NASDAQ FIXED INCOME
  4. HTDonline
  5. ICAP TRADING SYSTEM
  6. ICAP SECURITIES USA
  7. IBKR ATS
  8. LIQUIDITYEDGE, LLC
  9. OTC LINK ATS
  10. SPREAD ZERO ATS
  11. TPCREDITDEAL
  12. Bosonic Securities
There are also the following - now split into primary and secondary market (note - this is a work in progress, there are a lot of new primary markets offerings appearing at the moment). 

Primary

  1. Ipreo Capital Markets Solutions 
  2. DirectBooks Bank of AmericaCitigroup and JPMorgan consortium
  3. agora - digital capital markets
  4. CredX
  5. Origin
  6. Debtvision
  7. Covalent Capital
  8. China Bond Connect ePrime
  9. Acquired nivaura Aurora by NowCM
  10. Bond180
  11. Wethaq
  12. Onbrane
  13. TP-ICAP Liquidnet Debt Capital Markets
  14. BOTS
  15. Bitbond
  16. Finsmart DealPro
  17. Alpha Ledger
  18. InterPrice Technologies
  19. SIX deal pool
  20. BondAuction
  21. Obligate

Secondary

  1. HSBC Credit Place **
  2. GFI Credit Match **
  3. KCG Acknowledge **
  4. Euronext MTS Prime
  5. Tradition Bonds Pro
  6. London Stock Exchange Order Book for Retail Bonds  
  7. Blackrock Aladdin alone
  8. Blackrock Aladdin in partnership with Tradeweb and MarketAxess
  9. UBS BondPort.     
  10. TruMid & Electronifie - SEC registered ATS and FINRA registered broker-dealer     
  11. SIX  
  12. NYSE Bonds     
  13. DelphX
  14. ICE Bondpoint
  15. ICE The Muni Centre        
  16. Bloomberg ALLQ
  17. Bond-X
  18. Borsa Italiana MOT
  19. MarketAxess
  20. NasdaqOMX eSpeed
  21. Tradeweb US Corporate Bond platform
  22. Tradeweb Dealerweb and CodeStreet Dealer Pool and here
  23. Eurex Bonds
  24. Canada Candeal
  25. Australia Yieldbroker
  26. Japan Yensai
  27. Korea Stock Exchange Ordinary Bond Trading System
  28. Taiwan Gre-Tai Fixed Income Securities Trading System
  29. Hi-MTF Order driven
  30. Hi-MTF Quote driven
  31. Thomson Reuters FI Trading (TRFIT)
  32. Luxembourg Stock Exchange Fixed Income Trading
  33. China Exchange Bond Market (see this very good note from Goldman Sachs, also Chinabond )
  34. MICEX Bond trading
  35. Tel Aviv Stock Exchange Bond Trading
  36. Istanbul Stock Exchange Bond Trading
  37. Deutsche Bank Oasis
  38. Cetip Trader
  39. Johannesburg Stock Exchange Debt Market
  40. Australian Stock Exchange Exchange Traded Bond Market
  41. Brownstone Investment Group - executable quotes
  42. Credit Suisse Onyx
  43. Ghana GFIM
  44. GMEX
  45. LSE Curve Global
  46. CEINEX
  47. SEBI Private Placement
  48. India ND-OMS
  49. Liquidity Finance: Liquidity Flow
  50. Clarity BidRate
  51. BB Super Trade
  52. Central Totan Securities Tri-trade (website is in Japanese and not very informative)
  53. MAE
  54. Spain SENAF
  55. Greece HDAT
  56. Columbia (MEC)
  57. Columbia Electronic Trading System (SEN)
  58. Malaysia Bursa ETP
  59. Poland BondSpot
  60. Turkey
  61. Indonesia FITS
  62. Stuttgart Stock Exchange
  63. BrokerTec Direct
  64. CastleOak DirectPool
  65. Nasdaq Baltic Bond List
  66. Nasdaq FirstNorth MTF
  67. Nasdaq Nordic - Denmark
  68. Nasdaq Nordic - Sweden
  69. Nasdaq Nordic - Iceland
  70. Nasdaq Nordic - Finland
  71. Nasdaq Armenia
  72. Oslo
  73. Tradelogiq Markets
  74. SEND
  75. e-MID
  76. TP-ICAP Liquidnet (the old Vega-Chi business)
  77. TP-ICAP LiquidityChain
  78. TP-ICAP Scrapbook
  79. TP-ICAP ISAM
  80. TP-ICAP Crosstrade
  81. TP-ICAP eVolumeMatch
  82. CME Brokertec
  83. Virtual Auction Global
  84. Hong Kong Bond Connect
  85. Kenya M-Akiba and here 
  86. Thomson Reuters Fixed Income Callouts
  87. Fenics US Treasuries 
  88. Eurex Corporate Bond Futures 
  89. Saudi Arabia 
  90. Debitos 
  91. Shenzhen Pingguo Shuju Keji Ltd Qtrade 
  92. JSE/MTS South Africa 
  93. Nasdaq US Corporate Bond Exchange 
  94. Bucharest Stock Exchange ATS 
  95. Bourse Régionale des Valeurs Mobilières
  96. LTX
  97. LiquidityCube
  98. LedgerEdge
  99. Mercari/FEX
  100. BondBloX
  101. Bonds.PH
  102. Strips.finance
  103. Bloomberg Bridge
  104. Debond Protocol
  105. Neptune Trading Venue
  106. India NSE Order Matching
  107. India NSE Corporate Bond Reporting System
  108. India NSE Negotiated Trade Reporting System
  109. India NSE RFQ System
  110. India BSE New Debt Segment – Reporting, Settlement and Trading
  111. India BSE Retail Debt Market
  112. India BSE ebidXchange
  113. OpenYield
  114. South Pacific Exchange
  115. SDAX
  116. PV01
  117. Cape Town Stock Exchange
  118. Octaura
  119. Namibia Bond Exchange
  120. Cicada

Investment Bank Single Dealer Venue
  1. JP Morgan Liquidity Network
Data Centric
  1. Overbond
  2. 7-Chord
  3. BondCliq
  4. Neptune   
Commercial Paper
Some of the members of this list are not so much venues as projects to provide enabling tools - such as Neptune.  But it's not inconceivable that that project could have some positive scope creep and end up as a venue. And indeed it has - read about it here.

I am sure I have missed a few - please feel free to notify me in the comments and I'll amend this post....

[Published 15th December 1014]
[Updated 17th December 2014 added LSE Order Book for Retail Bonds]
[Updated 17th December 2014 added Borsa Italiana MOT]
[Updated 17th December 2014 added Tradeweb US Corporate Bond platform]
[Updated 17th December 2014 added ICAP Brokertec]
[Updated 17th December 2014 added NasdaqOMX eSpeed]
[Updated 17th December 2014 added Tradeweb Dealerweb]
[Updated 17th December 2014 added StateStreet Govex]
[Updated 17th December 2014 addedStateStreet FICross]
[Updated 17th December 2014 added Eurex Bonds]
[Updated 17th December 2014 added Canada Candeal]
[Updated 17th December 2014 added Australia Yieldbroker]
[Updated 17th December 2014 added Japan Yensai]
[Updated 17th December 2014 added Hi-MTF Order driven]
[Updated 17th December 2014 added ThomsonReuters FI Trading (TRFIT)]
[Updated 20th December 2014 to remove duplicate and add MarketAxess]
[Updated 22nd December 2014 to add Dealer Pool per comment below]
[Updated 23rd December 2014 to add Luxembourg Stock Exchange]
[Updated 24th December 2014 - added China]
[Updated 30th December 2014 per discussion https://lnkd.in/bWXBCXx] 
[Updated 19th January 2015 - SIX Swiss/Algomi tie-up] 
[Updated 26th January 2015 - added Deutsche Bank Oasis] 
[Updated 27th January 2015 - added ICAP Scrapbook] 
[Updated 29th January 2015 - added DirectMatch and CrossRate] 
[Updated 31st January 2015 - added OpenBondX] 
[Updated 31st January 2015 - added B2Scan]
[Updated 2nd February 2015 - added EMBonds]
[Updated 2nd February 2015 - added details on Project Neptune]
[Updated 9th February 2015 - added Brazil CETIP Trader]
[Updated 13th February 2015 - added South Africa]
[Updated 16th February 2015 - added Australia XTB Market]
[Updated 17th February 2015 - added Brownstone Investment Group]
[Updated 7th April 2015 - added Credit Suisse Onyx]
[Updated 23rd September 2015 - removed Bondcube. Now 64+25=89 venues]
[Updated 24th September 2015 - added Ghana GFIM. Now 65+25=90 venues]
[Updated 15th October 1015 - added zeroflows. Now 65+25=91 venues]
[Updated 15th October 2015 - updated SEFs list - removed EOX Exchange LLC]
[Updated 15th October 2015 - removed INFX SEF Inc]
[Updated 15th October 2015 - removed SDX Trading LLC]
[Updated 15th October 2015 - added Seed SEF LLC. Now 24+66 = 90 venues]
[Updated 16th October 2015 - re-added GMEX. Now 24+67=91 venues]
[Updated 17th October 2015 - added LSE curve global. Now 24+68 = 92 venues]
[Updated 19th October 2015 - added CEINEX. Now 24+69 = 93 venues]
[Updated 13th November 2015 - added MTS Bonds Pro ATS. Now 24+70 = 94 venues]
[Updated 18th November 2015 - removed G-sessions. Now 24+69 = 93 venues]
[Updated 18th November 2015 - removed Amias Berman. Now 24+68 = 92 venues ]
[Updated 30th November 2015 - added India Sebi Private Placement. Now 24+69 = 93]

[Updated 30th November 2015 - added India ND-OMS. Now 24+70 = 94 venues]
[Updated 16th December 2015 - added OpenDoor Trading. Now 24+71 = 95 venues]
[Updated 17th December 2015 - added Hi-MTF Quote Driven. Now 24+72 = 96 venues]
[Updated 28th December 2015 - added Origin Markets. Now 24+73 = 97 venues]
[Updated 29th January 2016 - added ICAP Yuniti. Now 24+74 = 98 venues]
[Updated 13th February 2016 - removed ICAP Yuniti. Now 24+73 = 97 venues]
[Updated 13th February 2016 - added ICAP ISAM. Now 24+74= 98 venues]
[Updated 13th February 2016 - removed Seed/SDX . Now 23+74= 97 venues]
[Updated 20th February 2016 - added Clarity and Liquidity Finance. Now 23+76= 99 venues]

Note: The SIFMA paper is very informative - well worth a read if you find yourself here.


[Update 16th April 2016 - renamed Crossrate to Nasdaq Crossrate]
[Update 16th April 2016 - added BB Super Trade]
[Update 16th April 2016 - added Central Totan Securities Tri-trade. Now 23+78 = 101]
[Updated 21st April 2016 - Added Seed . Now 24+78= 102 venues]
[Updated 21st April 2016 - Added MAE. Now 24+79= 103 venues]
[Updated 21st April 2016 - Added SENAF. Now 24+80= 104 venues]
[Updated 21st April 2016 - Added HDAT. Now 24+81= 105 venues]
[Updated 21st April 2016 - Added SEN. Now 24+82= 106 venues]
[Updated 21st April 2016 - Added MEC. Now 24+83= 107 venues]
[Updated 21st April 2016 - Added Malaysia Bursa ETP. Now 24+84= 108 venues]
[Updated 21st April 2016 - Added Poland BondSpot. Now 24+85= 109 venues]
[Updated 21st April 2016 - Added Turkey OTASS. Now 24+86= 110 venues]
[Updated 27th April 2016 - Added Indonesia FITS. Now 24+87=111 venues]
[Updated 6th June 2016 - Added Stuttgart and SIX. Now 24+89=113 venues]
[Updated 1st August 2016 - Added BrokerTec Direct. Now 24+90=114 venues]
[Updated 25th August 2016 - Removed Direct Match Marketplace. Now 24+89=113 venues]


Linked by Bloomberg http://www.bloomberg.com/news/articles/2016-11-08/bond-market-fragments-as-dealer-pullback-takes-toll-on-liquidity


Linked by The Desk http://www.fi-desk.com/derivatives-dealer-education-lynn-strongin-dodds/

[Updated 21st November 2016 - Added CastleOakDirectPool. Now 24+90=114 venues]
[Updated 22nd November 2016 - Added LiquidityEdge. Now 24+91=115 venues]
[Updated 26th November 2016 - Added KCG Acknowledge. Now 24+92=116 venues]
[Updated 26th November 2016 - Added Nasdaq Baltic. Now 24+93=117 venues]
[Updated 26th November 2016 - Added Nasdaq First North. Now 24+94=118 venues]
[Updated 26th November 2016 - Added Nasdaq Nordic - Denmark. Now 24+95=119 venues]
[Updated 26th November 2016 - Added Nasdaq Nordic - Sweden. Now 24+96=120 venues]
[Updated 26th November 2016 - Added Nasdaq Nordic - Iceland. Now 24+97=121 venues]
[Updated 26th November 2016 - Added Nasdaq Nordic - Finland. Now 24+98=122 venues]
[Updated 26th November 2016 - Added Nasdaq Armenia. Now 24+99=123 venues]
[Updated 26th November 2016 - Added Oslo. Now 24+100=124 venues]
[Updated 26th November 2016 - Added Omega ATS. Now 24+101=125 venues]
[Updated 30th November 2016 - Added BondCliq. Now 24+102=126 venues]
[Updated 4th January 2017 - Added Overbond. Now 24+103=127 venues]
[Updated 10th January 2017 - Added Origin. Now 24+104=128 venues]


[Updated 13th January 2017 - Added SEND.  Now 24+105=129 venues]
[Updated 30th January 2017 - Added e-MID  Now 24+106=130 venues]
[Waiting for confirmation on Tru-MID and Electronifie combination]
[Updated 23rd March 2017 - Merged Tru-MID and Electronifie Now 24+105=129 venues]

[Updated 28th May 2017 - Added LiquidityChain Now 24+106=130 venues]
[Updated 10th June 2017 - Added Virtual Global Auction Now 24+107=131 venues]
[Updated 10th June 2017 - Added Ledger X SEF Now 25+107=132 venues]
[Updated 10th June 2017 - Added NEX SEF Ltd Now 26+107=133 venues]
[Updated 2nd July 2017 - Added Hong Kong Bond Connect Now 26+108=134 venues]
[Updated 28th July 2017 - Added Kenya M-Akiba. Now 26+109=135 venues]
[Updated 2nd August 2017 - Removed Nasdaq CrossRateNow 26+108=134 venues]
[Updated 9th September 2017 - Added Thomson Reuters Fixed Income Callouts. Now 26+109=135 venues]
[Updated 9th September 2017 - Added Fenics US Treasuries. Now 26+110=136 venues]
[Updated 23rd October 2017 - Added Eurex Corporate Bond Futures. Now 26+111 = 137]
[Updated 10th April 2018 - removed Morgan Stanley Bondpool https://www.fi-desk.com/platforms-what-the-winners-are-doing-right/. Now 26+110 = 136 venues]
[Updated 10th April 2018 - removed Citi CreditMatch FI https://www.fi-desk.com/platforms-what-the-winners-are-doing-right/. Now 26+109 = 135 venues]
[Updated 10th April 2018 - removed StateStreet FICross . Now 26+108 = 134 venues]
[Updated 10th April 2018 - renamed KCG Bondpoint to ICE Bondpoint] 
[Updated 10th April 2018 - removed ITG . Now 26+107 = 133 venues]
[Updated 10th April 2018 - added http://www.finra.org/industry/ats/trace-ats-identifiers-list - now 26 + 11 + 107 = 144 venues]
[Updated 10th April 2018 - added Saudi Arabia - now 26 + 11 + 108 = 145 venues]
[Updated 14th June 2018 - added Debitos - now 26 + 11 + 109 = 146 venues]
[Updated 14th June 2018 - added Debtvision - now 26 + 11 + 110 = 147 venues]
[Updated 18th June 2018 - added Bank of AmericaCitigroup and JPMorgan consortium -now 26 + 11 + 111 = 148 venues]
[Updated 18th June 2018 - added Ipreo Capital Markets Solutions - now 26 + 11 + 112 = 149 venues]
[Updated 23rd June 2018 - added Shenzhen Pingguo Shuju Keji Ltd Qtrade - now 26 + 11 + 113 = 150 venues]
[Updated 24th June 2018 - added TP-ICAP CrossTrade - now 26 + 11 + 114 = 151 venues]
[Updated 24th June 2018 - added TP-ICAP eVolumeMatch - now 26 + 11 + 115 = 152 venues]
[Update 24th June 2018.  Embonds have been acquired by BGC.  Have to wait and see if it's merged into existing BGC business or held at arms length]
[Updated 4th September 2018 - Added JSE/MTS South Africa. Now 26+11+116=153 venues]
[Updated 7th December 2018 - Added https://www.nasdaq.com/press-release/nasdaq-launches-us-corporate-bond-exchange-20181206-00444 . Now 26+11+117=154]
[Updated 26th February 2019 - Added http://www.bvb.ro/FinancialInstruments/Markets/Bonds. Now 26+11+118=155]
[Updated 21st April  2019 - Added Bourse Régionale des Valeurs Mobilières Now 26+11+119=156]
[Updated 13th August 2019 - Removed LiquidityEdge Now 26+11+118=155]


[Updated 22nd June 2020 - Added LTX. Now 26+11+119=156]
[Updated 22nd June 2020 - Added LiquidityCube. Now 26+11+120=157]
[Updated 22nd June 2020 - Removed CME. Now 25+11+120=156]
[Updated 22nd June 2020 - Removed FTSEF LLC. Now 24+11+120=155]
[Updated 22nd June 2020 - Removed GTX SEF LLC. Now 23+11+120=154]
[Updated 22nd June 2020 - Removed ICAP SEF (US) LLC. Now 22+11+120=153]
[Updated 22nd June 2020 - Added iSwap Euro B.V. Now 23+11+120=154]
[Updated 22nd June 2020 - Removed Seed SEF LLC. Now 22+11+120=153]
[Updated 22nd June 2020 - Removed trueEX LLC. Now 21+11+120=152]
[Updated 23rd June 2020 - Added LedgerEdge. Now 21+11+121=153]
[Updated 24th June 2020 - changed TP-ICAP Brokertec to CME Brokertec.  Thank you Dan Barnes]
[Updated 17th September 2020 - removed TradingScreen Galaxy  and TradingScreen in partnership with the European buy-side see also hereNow 21+11+119 = 151] 
[Updated 18th September 2020 - removed Zeroflows and B2ScanNow 21+11+117 = 149] 
[Updated 25th September 2020 - added Mercari/FEX. Now 21+11+118 = 150] 
[Updated 29th September 2020 - removed Algomi Honeycomb. Now 21+11+117 = 149] 
[Updated 29th September 2020 - removed Euronext Bondmatch. Now 21+11+116 = 148]
[Updated 5th October 2020 - added agora - digital capital markets]
[Updated 5th October 2020 - added credX]
[Updated 5th October 2020 - added Covalent Capital]
[Updated 5th October 2020 - removed duplicate]
[Updated 5th October 2020 - recategorised to primary + secondary 21+11+7+111 = 150]
[Updated 6th October 2020 - EMbonds appears dead in the water 21+11+7+110 = 149]
[Updated 14th October 2020 - Added BondBloX 21+11+7+111 = 150]
[Updated 21st October 2020 - Added China BondConnect ePrime 21+11+8+111 = 151] [Updated 21st October 2020 - Added nivaura Aurora 21+11+9+111 = 152]
[Updated 1st November 2020 - Added bond180 and wethaq 21+11+11+111 = 154]
[Updated 3rd November 2020 - Added onbrane 21+11+12+111 = 155]
[Updated 4th November 2020 - Added Liquidnet DCM  21+11+13+111 = 156]
[Updated 26th November 2020 - Added BOTS  21+11+14+111 = 157]
[Updated 9th December 2020 - Removed Tassat Derivatives 20+11+14+111 = 156]
[Updated 9th December 2020 - Removed iSwap Euro B.V. 19+11+14+111 = 155]
[Updated 9th December 2020 - Added Bonds.PH 19+11+14+112 = 156]
[Updated 19th December 2020 - Added https://www.bitbond.com/ 19+11+15+112 = 157]
[Updated 21st December 2020 - Updated taxonomy]
[Updated 21st December 2020 - Added 7-Chord 19+11+15+111+2 = 158]
[Updated 22nd December 2020 - Merged CodeStreet with Tradeweb Dealerweb  19+11+15+110+2 = 157]
[Updated 22nd December 2020 - Removed OpenBondX 19+11+15+109+2 = 156]
[Updated 22nd December 2020 - Recategorised Bondcliq 19+11+15+108+3 = 156]
[Updated 22nd December 2020 - Renamed OmegaATS to Tradelogiq 19+11+15+108+3 = 156]
[Updated 22nd December 2020 - Removed SIX Dark pool - using Algomi 19+11+15+107+3 = 155]
[Updated 22nd December 2020 - Recategorised Neptune 19+11+15+106+4 = 155]
[Updated 22nd December 2020 - Removed StateStreet Govex 19+11+15+105+4 = 154]
[Updated 13th January 2021 - Removed OpenDoor Trading 19+11+15+104+4 = 153]
[Updated 16th April 2021 - Added Finsmart 20+11+15+104+4 = 154]
[Updated 9th July 2021 - renamed SGX Bonds Pro to TrumidXT 20+11+15+104+4 = 154]
[Updated 17th August 2021 - added Alpha Ledger 19+11+17+104+4 = 155]
[Updated 25th August 2021 - added NowCP 19+11+17+104+4+1 = 156]
[Updated 27th August 2021 - added Interpricetech 19+11+18+104+5+1 = 158]
[Updated 18th November 2021 - recategorised DealPool 19+11+19+104+4+1 = 158]
[Updated 15th February 2022 - Added BondAuction 20+11+19+104+4+1 = 159]
[Updated 28th February 2022 - Added Strips.finance  20+11+19+105+4+1 = 160]
[Updated 7th March 2022 - Added JP Morgan Liquidity Network  20+11+19+105+1+4+1 = 161]
[Updated 16th March 2022 - Added Bloomberg Bridge 20+11+19+106+1+4+1 = 162]
[Updated 18th March 2022 - Added Fenics Invitations 20+11+19+107+1+4+1 = 163]
[Updated 21st April 2022 - Added Debond Protocol 20+11+19+108+1+4+1 = 164]
[Updated 21st April 2022 - Added Aegis and iSwap 21+11+20+108+1+4+1 = 166]
[Updated 26th October 2022 - Removed TrumidXT 21+11+20+107+1+4+1 = 165]
[Updated 26th October 2022 - Added Neptune Trading Venue 21+11+20+108+1+4+1 = 166]
[Updated 26th October 2022 - Added India NSE Order Matching 21+11+20+109+1+4+1 = 167]
[Updated 26th October 2022 - Added India NSE Corporate Bond Reporting System 21+11+20+110+1+4+1 = 168]
[Updated 26th October 2022 - Added  India NSE Negotiated Trade Reporting System 21+11+20+111+1+4+1 = 169]
[Updated 26th October 2022 - Added India NSE RFQ System 21+11+20+112+1+4+1 = 170]
[Updated 26th October 2022 -Added India BSE New Debt Segment – Reporting, Settlement and Trading 21+11+20+113+1+4+1 = 171]
[Updated 26th October 2022 -Added India BSE Retail Debt Market 21+11+20+114+1+4+1 = 172]
[Updated 26th October 2022 -Added India BSE ebidXchange 21+11+20+115+1+4+1 = 173]
[Updated 26th October 2022 -Removed one TP-ICAP entity 21+11+20+114+1+4+1 = 172]
[Updated 23rd March 2023 October 2022 -Removed Fenics Invitations 21+11+20+113+1+4+1 = 171]
[Updated 23rd March 2023 October 2022 -Added OpenYield Invitations 21+11+20+114+1+4+1 = 172]
[Updated 23rd March 2023 October 2022 -Added Obligate 21+11+21+114+1+4+1 = 173]
[Updated 23rd March 2023 October 2022 -Removed MarketAxess 20+11+21+114+1+4+1 = 172]
[Updated 23rd March 2023 October 2022 -Added CME 21+11+21+114+1+4+1 = 173]
[Updated 23rd March 2023 October 2022 -Added FTSEF 22+11+21+114+1+4+1 = 174]
[Updated 23rd March 2023 October 2022 -Added SpectrAxe 23+11+21+114+1+4+1 = 175]
[Updated 23rd March 2023 October 2022 -Removed London Stock Exchange MTS Bonds Pro ATS 23+11+21+113+1+4+1 = 174]
Rename London Stock Exchange MTS Prime to Euronext MTS Prime  
Rename London Stock Exchange MTS Bonds Pro to Tradition
[Updated 23rd March 2023 -Added South Pacific exchange 23+11+21+114+1+4+1 = 175]
[Updated 23rd March 2023 -Added SDAX 23+11+21+115+1+4+1 = 176]
[Updated 29th March 2023 -Added PV01 23+11+21+116+1+4+1 = 177]
[Updated 19th April 2023 - Added CTSE  23+11+21+117+1+4+1 = 178]
[Updated 9th May 2023 - Added RTX Fintech & Research LLC 24+11+21+117+1+4+1 = 179]
[Updated 9th May 2023 - Added Bosonic Securities 24+12+21+117+1+4+1 = 180]
[Updated 9th May 2023 - Added RTX Fintech & Research LLC 24+12+21+118+1+4+1 = 181]
[Updated 17th October 2023 - added Namibia Bond Exchange 24+12+21+119+1+4+1 = 182]
[Updated 11th November 2023 - added Cicada 24+12+21+120+1+4+1 = 183]

Comments

  1. Worth also seeing
    https://www.linkedin.com/pulse/99-problems-bond-trading-platform-isnt-one-john-greenan
    along with
    http://blog.alignment-systems.com/2015/06/the-next-crisis-in-bond-market.html
    and
    http://blog.alignment-systems.com/2015/12/third-avenue-next-crisis-in-bond-market.html
    before reading:
    http://www.bloomberg.com/news/articles/2016-04-14/fixed-income-investors-have-99-ways-to-trade-and-one-big-problem

    ReplyDelete
  2. This comment has been removed by a blog administrator.

    ReplyDelete
  3. The market is broken. I have never seeing in the "90 o before LEH's collapse traders awaiting to see the QE tender offers. Trading platforms won't solve a broken market. My worry is how banks will stop being addictive at QE? The market has been intervened by the ECB and we -the participants- are just simple puppets. In the morning we arrive into our desk, see what are the QE tenders, we sell and that's it. In the afternoon if a buy side wanted to buy or sell, we have nothing else. Our books are being downsized as never seeing before.... and now there are Asset Managers with trillions of bonds in their portfolios.... risks? asset managers becoming market-makers? is that part of their mandate? I don't think so. This is not good and I can simple foreseeing a big crisis coming soon if the "wise" regulators continue in this trend.... oh well....

    ReplyDelete
  4. Bloomberg ALLQ (fixed income cash & deriv)
    Bloomberg BOLT (fixed income corp cash bond lists)
    Bloomberg BBX (fixed income cash bonds, failed due to lack of participation, no volume, like many other venues)
    Bloomberg TNT (this was renamed BBX few years ago, see BBX, failed due to lack of participation, no volume, like many other venues)

    ReplyDelete
    Replies
    1. BOLT is an enhancement to ALLQ isn't it? I'll rename TNT to ALLQ in the list but I don't see BOLT as different in form to ALLQ.

      Delete
    2. no that wouldn't be correct. this is why. BOLT is for list trading only, rfq protocol only. ALLQ is for single security, rfq or order protocols. TNT should be renamed BBX for Bloomberg Cross, since it is a crossing platform. TNT has nothing to do with ALLQ, not even close since one is for crossing (BBX/TNT) and the other is D to C (ALLQ).

      Delete
  5. Raj Radhakrishnan28 April 2016 at 08:47

    How about the various single dealer platform offerings by the dealers/market markers?

    ReplyDelete
    Replies
    1. Not the focus of this post. The SDP world is best covered by Mr Paul Blank, ex-Caplin and now with TradAir. https://singledealerplatforms.org/

      Delete
  6. John, your SIX link is to the retail order book, which has been around for many years. SIX Corporate Bonds is the new Dark Pool that utilises Algomi's matching engine - hosted by SIX, BTW: http://www.six-corporate-bonds.com/en/home.html

    So SIX have two FI venues...111, Nelson!

    ReplyDelete
  7. Hello John,
    Boerse Stuttgart Exchange is popular in fixed income trading for many years too, especially corporate bonds trading is recommended by retailers
    https://www.boerse-stuttgart.de/de/boersenportal/wertpapiere-und-maerkte/anleihen/

    ReplyDelete
  8. BGC merged with GFI: http://www.bgcpartners.com/bgc-partners-completes-full-merger-with-gfi-group/

    ReplyDelete
  9. Howabout Yieldbroker in australia? https://www.yieldbroker.com

    ReplyDelete
  10. Spanish SEND not mentioned, this is a popular retail platform from AIAF regulated market:
    http://www.aiaf.es/ing/aspx/Portadas/HomeSEND.aspx

    ReplyDelete
    Replies
    1. Thanks, will add it. Already have SENAF at number 80 http://www.bmerf.es/ing/aspx/Portadas/HomeSENAF.aspx

      Delete
  11. Electronifie+Trumid combination

    ReplyDelete
  12. I also heard of a new company that is about to launch, Virtual Auction Global, looks like they are about to take the Government Bond space by storm ..... worth to keep an eye on those guys.

    ReplyDelete
  13. LiquidityChain https://liquiditychain.com/

    ReplyDelete
  14. Hi John,

    I'm a reporter for a public finance newspaper. I am working on a story about e-trading and I stumbled upon your blog. I had some questions for you and was wondering how I can go about contacting you?

    ReplyDelete
    Replies
    1. You can put your email address here, suitably obfuscated and I can email you.
      Or, if you look at this blog, the URL is http://blog.alignment-systems.com

      You can therefore work out the top-level domain. Then send an email to an email address "enquire" at that domain. It'll be picked up...

      Delete
  15. FENICS US Treasuries (BGC Project)

    ReplyDelete
    Replies
    1. This is eSpeed (again) isn't it? I will add that one...

      Delete
  16. Hi John, can I please draw your attention to "Virtual Auction Global", you have actually displayed this as Virtual Global Auction .... would you please be so kind as to correct that. Many thanks much appreciate.

    ReplyDelete
  17. https://www.debitos.com

    ReplyDelete
  18. All TP-ICAP
    CrossTrade
    ScrapBook
    LiquidityChain
    eVolumeMatch

    ReplyDelete
    Replies
    1. Added CrossTrade and eVolumeMatch. Grouped all the TP-ICAP venues as far as I can see in the main list, but they also appear under SEF and ATS...

      Delete
  19. Very nice blog post. I absolutely love this site.
    Stick with it!

    ReplyDelete
  20. you can break out the MiFIR TVs now from the ESMA reference data, but issues such as Segment MICs and where to draw the perimeter between Fixed Income and FX /Commodities will assert themselves

    ReplyDelete
  21. Replies
    1. Honeycomb is dead, ALFA seems to be in something approaching limbo with BGC. Will remove Honeycomb

      Delete
  22. Replies
    1. That was already removed, but the font was black on a black background. No, not a spinal tap joke, a CSS joke...

      Delete
  23. Bondmatch = dead

    ReplyDelete
  24. Hi-MTF (x2) dead

    ReplyDelete
    Replies
    1. Disagree - the website it up and running as of 28th September 2020. Any credible source for this assertion?

      Delete
  25. I suspect that the following are also dead in the water
    KCG Acknowledge
    HSBC Credit Place
    GFI Credit Match

    Can anyone throw some light on these venues?

    ReplyDelete
  26. Replies
    1. Thank you - added along with reorganisation...

      Delete
  27. Have there been any more mergers that you know of? Or have any venues demised?

    ReplyDelete
    Replies
    1. Last update was 14th October 2020, I am not aware of any changes since them.
      I suspect these are dead in the water:
      HSBC Credit Place
      GFI Credit Match
      KCG Acknowledge
      If you have any knowledge - please do share...

      Delete
    2. if you mean TP-ICAP & Liquidnet, I am not sure if that has received regulatory approval yet, so I have not merged them here....

      Delete
  28. Trumid XT om death row?

    ReplyDelete
  29. AlphaLedger? https://www.alphaledger.com/

    ReplyDelete
  30. South Pacific Stock Exchange

    The South Pacific Stock Exchange (SPX) today witnessed listing of the first-ever Wholesale Corporate Bond on its trading
    platform signifying a new era of development for the domestic capital market. The Wholesale Corporate Bond has been
    issued by Fijian Holdings Limited (FHL).
    At the close of the offer period, FHL had successfully raised $30,000,000 through the secured fixed rate Wholesale
    Corporate Bond issuance. The corporate bond was offered only to eligible investors under the Companies (Wholesale
    Corporate Bonds) Regulations 2021 for three terms of maturity and will pay interest rates of 3.00% per annum for 3 years
    bond, 3.50% per annum for 5 years bond and 3.75% per annum for 7 years bond

    ReplyDelete
  31. https://www.fi-desk.com/tradition-takes-over-bondspro-as-mts-leaves-us-market - need to update that as well as the other MTS entities moving to Euronext

    ReplyDelete
  32. SDAX - Singapore based fintech https://sg.news.yahoo.com/straits-trading-company-lists-tokenised-091500044.html

    ReplyDelete
  33. https://news.octaura.com/octaura-officially-launches-loan-trading-platform-blog

    ReplyDelete
  34. https://www.businesswire.com/news/home/20230426005333/en/Bosonic%C2%A0Securities%C2%A0Receives%C2%A0Approval%C2%A0to-Operate-a%C2%A0Broker-Dealer-and-ATS-for-Digital-Asset%C2%A0Securities

    ReplyDelete
  35. The Cicda ATS www.cicada.io

    ReplyDelete

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