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Fixed Income Trading: New venues

A simple question came up recently in a conversation – how many new Fixed Income trading venues are there?  I could not think of anywhere th...

Saturday, 27 December 2014

Fixed Income Trading: New venues

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. 
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:

  1. 360 Trading Networks
  2. BGC Derivatives Markets, L.P.
  3. Bloomberg SEF LLC
  4. Chicago Mercantile Exchange, Inc. 
  5. Clear Markets North America, Inc.
  6. DW SEF LLC
  7. FTSEF LLC
  8. GFI Swaps Exchange LLC
  9. GTX SEF LLC
  10. ICAP Global Derivatives Limited
  11. ICAP SEF (US) LLC
  12. ICE Swap Trade LLC
  13. Javelin SEF, LLC
  14. LatAm SEF, LLC
  15. LedgerX LLC
  16. MarketAxess SEF Corporation
  17. SwapEx LLC
  18. TeraExchange, LLC
  19. Thomson Reuters (SEF) LLC
  20. tpSEF Inc.
  21. Tradition SEF, Inc.
  22. trueEX LLC
  23. TW SEF LLC 
  24. Seed SEF LLC - this firm has an interesting business
  25. LedgerX LLC
  26. NEX SEF Ltd
There are also the following:
  1. Algomi - Honeycomb 
  2. SGX Bonds Pro by Singapore Exchange 
  3. Liquidnet (the old Vega-Chi business)
  4. TradingScreen Galaxy  
  5. TradingScreen in partnership with the European buy-side see also here 
  6. London Stock Exchange MTS Prime
  7. London Stock Exchange MTS Bonds.com - renamed to Bonds Pro
  8. London Stock Exchange MTS Bonds Pro ATS
  9. London Stock Exchange Order Book for Retail Bonds  
  10. Blackrock Aladdin alone
  11. Blackrock Aladdin in partnership with Tradeweb and MarketAxess
  12. ICAP are already listed as a SEF but are integrating Brokertec and EBS     
  13. ITG
  14. UBS BondPort. 
  15. HSBC Credit Place
  16. Citi CreditMatch FI      
  17. TruMid & Electronifie - SEC registered ATS and FINRA registered broker-dealer     
  18. SIX Retail 
  19. SIX Dark pool - using Algomi
  20. Project Neptune     
  21. NYSE Bonds     
  22. Euronext Bondmatch although now partnered with Algomi
  23. TMC The Muni Centre    
  24. Morgan Stanley Bondpool
  25. DelphX
  26. KCG Bondpoint     
  27. Bloomberg ALLQ
  28. Euro TLX
  29. GFI Credit Match 
  30. Borsa Italiana MOT
  31. Tradeweb US Corporate Bond platform
  32. MarketAxess
  33. ICAP Brokertec
  34. NasdaqOMX eSpeed
  35. Tradeweb Dealerweb
  36. StateStreet Govex
  37. StateStreet FICross
  38. Eurex Bonds
  39. Canada Candeal
  40. Australia Yieldbroker
  41. Japan Yensai
  42. Korea Stock Exchange Ordinary Bond Trading System
  43. Taiwan Gre-Tai Fixed Income Securities Trading System
  44. Hi-MTF Order driven
  45. Hi-MTF Quote driven
  46. Thomson Reuters FI Trading (TRFIT)
  47. CodeStreet Dealer Pool and here
  48. Luxembourg Stock Exchange Fixed Income Trading
  49. China Exchange Bond Market (see this very good note from Goldman Sachs, also Chinabond )
  50. MICEX  Bond trading
  51. Tel Aviv Stock Exchange Bond Trading
  52. Istanbul Stock Exchange Bond Trading
  53. Deutsche Bank Oasis
  54. ICAP Scrapbook
  55. Nasdaq Crossrate Technologies CrossRate
  56. OpenBondX
  57. B2Scan
  58. EMBonds and here
  59. Cetip Trader
  60. Johannesburg Stock Exchange Debt Market
  61. Australian Stock Exchange Exchange Traded Bond Market - a cute implementation of an ETF wrapper around corporate bonds.
  62. Brownstone Investment Group - executable quotes
  63. Credit Suisse Onyx
  64. Ghana GFIM
  65. Zero flows
  66. GMEX
  67. LSE Curve Global
  68. CEINEX
  69. SEBI Private Placement
  70. India ND-OMS
  71. OpenDoor Trading
  72. Origin Markets
  73. ICAP ISAM
  74. Liquidity Finance: Liquidity Flow
  75. Clarity BidRate
  76. BB Super Trade
  77. Central Totan Securities Tri-trade (website is in Japanese and not very informative)
  78. MAE
  79. Spain SENAF
  80. Greece HDAT
  81. Columbia (MEC)
  82. Columbia Electronic Trading System (SEN)
  83. Malaysia Bursa ETP
  84. Poland BondSpot
  85. Turkey OTASS
  86. Indonesia FITS
  87. Stuttgart Stock Exchange
  88. BrokerTec Direct
  89. CastleOak DirectPool
  90. LiquidityEdge
  91. KCG Acknowledge
  92. Nasdaq Baltic Bond List
  93. Nasdaq FirstNorth MTF
  94. Nasdaq Nordic - Denmark
  95. Nasdaq Nordic - Sweden
  96. Nasdaq Nordic - Iceland
  97. Nasdaq Nordic - Finland
  98. Nasdaq Armenia
  99. Oslo
  100. Omega ATS
  101. BondCliq
  102. Overbond
  103. Origin
  104. SEND
  105. e-MID
  106. LiquidityChain
  107. Virtual Global Auction
Some of the members of this list are not so much venues as projects to provide enabling tools - such as Project 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 to add LSE Order Book for Retail Bonds, Borsa Italiana MOT, Tradeweb US Corporate Bond platform, ICAP Brokertec, NasdaqOMX eSpeed, Tradeweb Dealerweb, StateStreet Govex, StateStreet FICross, Eurex Bonds, Canada Candeal, Australia Yieldbroker, Japan Yensai, Hi-MTF Order driven, 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 following shutdown. 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, removed INFX SEF Inc, removed SDX Trading LLC, 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 Goldman Sachs 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 venues ]

[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 CastleOak DirectPool. 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 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]

26 comments:

  1. So John the explosion of FI trading venues whether B2b, B2C or C2C still does not address a number of issues:
    - liquidity
    - connectivity
    - co-mingling clients liquidity whether via a desktop or an API
    - Desktop landscape

    Interesting number of offerings.

    ReplyDelete
  2. 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
  3. All interesting in that the liquidity bubble which has been evident from years back is still cited as a problem. THere is such little spent on eTrading in FI markets & an obsession with desktop space that technology can resolve this. The number of platforms & there will be more fail because of lack of buyside investment, lack of independence in the true sense & the buyside should look an internalisation engines for the larger investment managers & also networking within OMS & Custodians to release the liquidity. The industry is bogged down in initiatives rather than innovatives which have the ear of the buysie except no solution actually addresses the problem as I see it. Why@ Rather than make 1 element of trading completely addressed many platforms leave a product unresolved in the chase to being more lines of potential income. FOr example why try make CDS electronic when many will not trade it when address credit for instance would have been a better option. This was the case 9 years ago & remains the same today.

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

    ReplyDelete
  5. 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
  6. 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
  7. I could also name individual platforms for TradeWeb & MarketAxess too. Market Origins is there as a new entrant.

    ReplyDelete
  8. Raj Radhakrishnan28 April 2016 at 09:47

    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
  9. 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
  10. 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
  11. BGC merged with GFI: http://www.bgcpartners.com/bgc-partners-completes-full-merger-with-gfi-group/

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

    ReplyDelete
  13. 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
  14. Electronifie+Trumid combination

    ReplyDelete
  15. 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
  16. LiquidityChain https://liquiditychain.com/

    ReplyDelete