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[null,"Electronic Trading Platform - ICMA Directory"]
[null,"Cash Bonds"]
[]
[null,"Last update: 20/10/2021"]
["Category","Number of solutions","Jump to filtered directory"]
["Trading venue",{"$f":"COUNTIF('ETP directory'!A:A,'At a glance'!A6)","v":38}]
["OMS/EMS",{"$f":"COUNTIF('ETP directory'!A:A,'At a glance'!A7)","v":17}]
["Bulletin board",{"$f":"COUNTIF('ETP directory'!A:A,'At a glance'!A8)","v":1}]
["Total",{"$f":"SUM(B6:B8)","v":56}]
[]
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["Eligible participants","Number of solutions","Jump to filtered directory"]
["Dealers",{"$f":"COUNTIF('ETP directory'!$E$7:$E$62,\"*\"&'At a glance'!A13&\"*\")","v":43}]
["Institutional investors",{"$f":"COUNTIF('ETP directory'!$E$7:$E$62,\"*\"&'At a glance'!A14&\"*\")","v":32}]
["Retail investors",{"$f":"COUNTIF('ETP directory'!$E$7:$E$62,\"*\"&'At a glance'!A15&\"*\")","v":9}]
["Other",{"$f":"COUNTIF('ETP directory'!$E$7:$E$62,\"*\"&'At a glance'!A16&\"*\")","v":17}]

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[null,"Electronic Trading Platforms - ICMA Mapping Directory"]
[null,"Cash Bonds"]
[null,"Last update: 20/10/2021"]
[null,"Please read our legal disclaimer."]
[null,"Summary",null,null,"Trading protocols",null,null,null,null,null,null,null,null,"Products",null,null,null,null,"Price discovery ",null,null,null,"Other services",null,null,"Regulatory status",null,"General information"]
["Category\n\nAnswer choices:\nTrading venue\nOMS/EMS\nBulletin board","Platform name","Brief description\n\nPlease provide a brief description of the system/ platform\n[Max. 120 words]","USP\n\nWhat would you see as Unique Selling Point (USP) of the system/ platform? \n[Max. 100 words]","Eligible participants\n\nAnswer choices:\nDealers\nInstitutional investors\nRetail investors\nOther","Others","Trading method\n\nAnswer choices:\nMarket-making\nRequest for quote (RFQ)\nCross matching\nAuction\nCentral Limit Order Book (CLOB)\nMove-to-venue (\"Processed\" or \"negotiated\" trades) \nAuto-execution\nOther","Details","Market type\n\nAnswer choices:\nSingle dealer-to-client\nMultiple dealer-to-client\nDealer-to-dealer\nClient-to-client\nAll-to-all\nOther\nN/A","Details","Platform: Type\n\nAnswer choices:\nAnonymous (Matched principal trading)\nAnonymous (Name give-up)\nLit (disclosed)\nAnonymous & Lit\nOther ","Details","Minimum size (EUR)","Securities\n\nAnswer choices:\nGovernment Bonds \nCorporate Bonds\nAgencies\nSupranationals\nCovered Bonds\nHigh Yield\nEmerging Markets\nABS\nSustainable Bonds (green, social, sustainability, SLBs)\nMoney Market Instruments (MMI)\nRepos\nOther","Other","Trade types\n\nAnswer choices:\nCash outright\nSpread \nBasis\nOther","Other","Currencies","Decision support tools\n\nAnswer choices: \nSourcing\nAggregating \nN/A","Details","Pre-trade practices\n\nAnswer choices: \nFirm\nIndicative\nBilateral negotiation\nN/A","Details","Services\n\nAnswer choices:\nAnalytics\nMarket Data\nResearch\nParticipant links  (to portfolios/ inventory and/or order management systems)\nRegulatory reporting\nTransaction Cost Analysis (TCA)\nOther","Details","Regulatory reporting services within EU/EEA:\n\nEg Approved Publication Arrangement (APA); Approved Reporting Mechanism (ARM)\n\n","Within the EU/EEA:\n\nAnswer choices:\nRegulated Market (RM)\nMultilateral Trading Facility (MTF)\nOrganised Trading Facility (OTF)\nOther","Outside the EU/EEA:\n\nEg RMO (Singapore), registered Broker-dealer (US), ATS (Hong Kong)","Segment Market Identifier Code (MIC)","Operating Market Identifier Code (MIC)","Legal Entity Identifier (LEI)","Launched (year)","Company + address","Website","Last updated"]
["Trading venue","Aurel Trader","Fully electronic anonymous access to full spectrum of Corporate, Covered, Emerging Market, Financial, Government, bonds","Continuous auctions priced at Aurel's independent proprietary mids running concurrently with access to CLOB","Dealers",null,"Auction, CLOB, RFQ",null,"Dealer-to-dealer",null,"Anonymous (Matched principal trading)",null,"Everything from 'Odd-lot' trading, standard market size through to 'Super-size' auctions","European Government Bonds, Eurobonds, Corporates, Repos",null,"Cash, Spread, Basis, Other","Bond Basis","EUR","N/A",null,"Firm","All CLOB prices are live and executable with auction executions subject to matching","Regulatory/ compliance",null,null,"OTF",null,"AURO","AURB"," 5RJTDGZG4559ESIYLD31",2008,"Aurel BGC 15-17 Rue Vivienne 75002 Paris France","https://www.aurel-bgc.com/fr/","2020-12-10"]
["Trading venue","BGC Credit","Fully electronic anonymous access to full spectrum of Corporate, Covered, Emerging Market, Financial, Government, HY, IG and SSA bonds. Liquidity is accessible via UI or FIX api.","Market leading liquidity in European Credit and Bond markets","Dealers",null,"Auction, CLOB, Other","Work-up","Dealer-to-dealer",null,"Anonymous (Matched principal trading)",null,"Everything from 'Odd-lot' trading, standard market size through to 'Super-size' auctions","Government, Corporates, Agencies,\nSupranationals,  Covered Bonds,\nHigh Yield, Emerging Markets, Other","Hybrids","Cash, Spread, Other","Derivatives","Broad EMEA coverage","N/A",null,"Firm","All orders are directly tradeable i.e. no 'last look'. CLOB interactivity varies according to market protocols.","Regulatory/ compliance",null,null,"OTF",null,"BGCO","BGCI"," 5493001L3UGXFYA41M70",2015,"BGC Partners, One Churchill Place London E14 5RD","http://www.bgcpartners.com/financial-services","2020-12-10"]
["Trading venue","BGC Credit Sunrise","Fully electronic anonymous access to full spectrum of Corporate, Covered, Emerging Market, Financial, Government, HY, IG and SSA bonds. Index, tranche and single name CDS. Liquidity is accessible via UI or FIX api.","Market leading liquidity in European Credit and Bond markets","Dealers",null,"Auction, CLOB, Other","Work-up","Dealer-to-dealer",null,"Anonymous (Matched principal trading)",null,"Everything from 'Odd-lot' trading, standard market size through to 'Super-size' auctions","Government, Corporates, Agencies,\nSupranationals,  Covered Bonds,\nHigh Yield, Emerging Markets, Other. Index, tranche, single name CDS.","Hybrids","Cash, Spread, Other","Derivatives","Broad EMEA coverage","N/A",null,"Firm","All orders are directly tradeable i.e. no 'last look'. CLOB interactivity varies according to market protocols.","Regulatory/ compliance",null,null,"OTF",null,"SUNO","SUNB"," 549300HFHGOLW672FG74",2018,"Sunrise Brokers LLP, Floor 6, 20 Triton Street, London NW1 3BF","http://www.sunrisebrokers.com/","2020-12-10"]
["Trading venue","Boerse Stuttgart","Boerse Stuttgart is the leading exchange for retail investors in Germany. As the German market leader for exchange trading in corporate bonds, it offers competitive and attractive pricing in more than 17,000 bonds. Specialists, so-called Quality Liquidity Provider, arrange liquidity among retail buy-side clients and professional sell-side market participants and guarantee proper trading conditions.","Qualitiy Liquidiy Providers, who act as specialists and ensure proper trading conditions and attractive prices by mediating requiremnts of retail investors with liquidity from professional sell-side institutions.","Institutional investors and retail investors",null,"Request for quote and Central Limit Order Book","RfQs can be answered bilaterally and routed into CLOB","All-to-all","Quality Liquidity Provider can arrange liquidity among trading participants or donate own liquidity","Anonymous","Pre-Trade anonymous, post trade counterparty will be named","N/A","International government and corporate bonds, EM bonds, structured bonds",null,"Cash outright",null,"International currencies",null,null,"Indicative","Due to Qualitiy Liquidity Provider high reliability on published quotes, even if not completely firm","Market Data, participant links, regulatory reporting",null,"Pre- and Post Trade Publications, Reference Data Reporting, Transaction Reporting for Non-EU participants","All securities are listed at RM or MTF",null,"XSTF\nSTUB\nSTUD\nSTUA\nSTUC","XSTU","529900A0WHA0NVXY0G45",2017,"Baden-Württembergische Wertpapierbörse\nBörsenstr. 4\n70174 Stuttgart\nGermany","www.boerse-stuttgart.de","2020-11-23"]
["Trading venue","BondbloX","BondbloX is a regulated blockchain-based bond exchange that allows investors to trade bonds in smaller denominations of $1,000. BondbloX features a fully electronic and all-to-all trading venue, where investors place firm orders via a central-limit-orderbook, to drive a competitive and efficient trading marketplace. BondbloX is integrated with a traditional Custodian and through DLT, is able to provide instant settlement of trades.","BondbloX is the pioneer of fractionalising bonds into smaller tradable sizes to create a better trading experience for investors, in terms of reducing capital requirements and increasing diversification opportunities.","Dealers, Institutional Investors, Other","Individual Investors can trade through Institutional Parties","Central Limit Order Book, Market-making","Anonymous all-to-all trading with instant settlement","All-to-all",null,"Anonymous","For both orderbook and post trade execution, counterparty information is anonymous.","Minimum size is at 1,000 in the currency of the instrument (bond)","Government Bonds, Corporate Bonds, Agencies, Supranationals, High Yield, Emerging Markets","In the form of BondbloX","Cash outright",null,"International currencies, predominantly USD","N/A","BondbloX offers a range of tools to improve pre-trade transparency, such as order book depth, executable prices.","Firm","All orders are directly executable via the CLOB","Analytics, Market Data, Participant links",null,"N/A","N/A","Singapore: Recognised Market Operator (RMO) under the Monetary Authority of Singapore (MAS)","N/A","N/A","N/A",2020,"3 Shenton Way, #15-06, Shenton House, Singapore 068805","www.bondblox.com","Dec-2020 (New addition)"]
["Trading venue","Borsa İstanbul Debt Securities Market","Launched in 1991, Borsa Istanbul Debt Securities Market provides a transparent and reliable electronic trading environment for secondary market transactions of debt securities and related products.  It is comprised of eleven sub-markets with a total daily average traded value of 12 billion USD as of end-September 2020. Borsa Istanbul Debt Securities Market uses a multiple price - continuous auction trading system where participants place firm buy and sell orders for a wide range of asset classes.  Anonymous order book and automatic matching according to price and time criteria provide an efficient and competitive trading environment.","Liquidity, transparency, efficiency, reliability, real-time risk management coupled with easily accessible markets and user friendly services, being a regulated market (exchange)","Dealers, Other","Market participants are Central Bank of Turkey, banks and brokerage houses that are Borsa\nİstanbul members. Members can carry out trading on\ntheir portfolio account as well as funds and client\naccounts (both retail and institutional).","Market-making, CLOB, Move-to-venue","Market-making facility is available for benchmark\ngovernment bonds and corporate bonds.\n\nAnonymous order book and multiple price - continuous auction trading system with price & time priority.\n\nTrade reporting is available for some sub-markets, mostly for higher block sizes.","All-to-all",null,"Anonymous & Lit, Anonymous (CCP)","Order book is anonymous. After trade execution, counterparty information becomes available to trade\ncounterparties at some sub-markets. ","Minimum size differs among sub-markets.\nApproximately between 1000 TRY and EUR 1M. ","Government bonds,\nCorporate bonds,  Supranationals, ABS,\nRepos, Other","Bank bills, lease certificates, i.e. sukuk, Central\nBank liquidity bills, revenue sharing certificates, collateralized lending/borrowing transactions, FX swaps, Precious metals swaps","Cash, Other","Repo products (general collateral repo with\ngovernment bonds/treasury bills, specific repo with both government and corporate debt securities, equity repo), Precious metals","TRY, USD, EUR","N/A","Borsa Istanbul Debt Securities Market is the sole electronic trading system in fixed income securities in Turkey.","Firm, Indicative, Bilateral negotiation","Buy and sell orders as well as market maker\nquotations are firm with an automatic matching\nsystem with price and time priority. Indicative Quotes could be used for Turkish Eurobonds. Trade reporting is available, mostly for higher block sizes. ","Analytics, Participant links,\nOther","In terms of analytics, summary of trade statistics per order book is available in real time in the trading\nworkstation along with a daily bulletin.","N/A","Other","Regulated Market, Turkey","XDSM","XIST","7890005BROHWAPA36140",1991,"\nBorsa İstanbul A.Ş., \nReşitpaşa Mahallesi, \nBorsa İstanbul Caddesi No: 4,  34467 Sarıyer, Istanbul, TURKEY","https://www.borsaistanbul.com/en ","2020-11-13"]
["Trading venue","BrokerTec","Dealer-to-dealer electronic trading system offering deep liquidity in all Government Bond and Repo trading for EUR, GBP (Gilts) and USD (Treasuries) via a Central Limit Order Book (CLOB).","Major liquidity provider - average of 120,000 trades globally per day. System reliability, through-put and performance plus rich, easy to use functionality. High level of customer service and support. ","Dealers",null,"CLOB",null,"Dealer-to dealer",null,"Anonymous (CCP)","Vast majority of transactions are Anonymous via Central Counterparty (small amount of bilateral, name give-up)","1 mm","Government, Agencies, Supranationals, Repos",null,"Cash, Repo",null,"GBP, EUR, USD, DKK, SKR, CAD","N/A",null,"Firm",null,"Market Data, Regulatory reporting","Some regulatory and compliance reporting, plus embedded order management tools in the Front End application.\n\nFull STP/  Post-trade services",null,"MTF (UK FCA) / RM (Amsterdam AFM)",null,"BTQG  for Brokertec Europe Ltd; BTQE for CME Amsterdam B.V","BTQG  and BTQE","Brokertec Europe Ltd 2138002GI1GKI3V4UG48  ",2000,"CME Amsterdam B.V. / Brokertec Europe Ltd/ Brokertec Americas LLC - CME Group, London Fruit & Wool Exchange, 1 Duval Square, London E1 6PW","www.cmegroup.com","2020-12-03"]
["Trading venue","CFETS","The major trading platform and pricing center for CNY; China’s interbank market  trading systems provider for cash and derivative products in money and bond markets; A sub-institution of PBC; A technical platform of monetary policy transmission.","Designated trading systems for interbank bond market; Providing trading service and other services, such as post-trade, information, technical, surveillance, value-added; Multiple asset  classes and trading methods; Investor structure diversity, over 35000 market members, including banks, security companies, insurance companies, mutual funds, asset mangement products, etc.; Adequate liquidity and transparency; Risk management and efficiency, such as STP, DVP.","Dealers\nInstitutional investors",null,"Market-making\nRFQ\nAuction\nOther","Bilateral trading\nOne-click trading\nAnoymous Auction\nAnonymous one-click trading","Multiple dealer-to-client\nDealer-to-dealer\nClient-to-client\nAll-to-All",null,"Anonymous & Lit",null,null,"Government Bonds\nCorporate Bonds       \nAgencies\nSupranationals\nHigh Yield\nABS\nMMI\nRepos\nOther","Central bank papers \nPolicy bank bonds\nNCD (Negotiable Certificate of Deposit)\nFinancial bonds \nSubordinated bonds  \nForeign bonds                     \nSDR bonds\nPPN                          \netc.","Cash outright\nSpread",null,"CNY, USD, SDR","Sourcing\nAggregating",null,"Firm\nIndicative\nBilateral negotiation",null,"Analytics                             \nMarket Data\nResearch\nParticipant links\nRegulatory reporting\nOther","Trade repository\nBenchmarks",null,null,null,"XCFE","XCFE","3003009BLGRRBA4K8M15",1997,"CFETS,\nBuilding 30, 1387 Zhangdong Road,Pudong New Area,Shanghai 201203, P.R.China","http://www.chinamoney.com.cn ","2020-11-01"]
["Trading venue","Dealerweb (Tradeweb)","The Dealerweb electronic platform offers a highly liquid and anonymous trading environment using its market leading technology in order-book and session-based trading environments.","It leverages the firm’s expertise and experience in a range of asset classes, along with robust and forward-thinking technology, an established network of market participants and seamless workflow. ","Dealers",null,"Auction, CLOB, Other","Hybrid; session-based matching","Dealer-to-dealer",null,"Anonymous (Name give-up), Anonymous (Matched principal trading)",null,"N/A","Government Bonds, Corporate Bonds, Agencies, Supranationals, Covered Bonds, High Yield, Emerging Markets, ABS, Repos, Money Market Instruments (MMI), Other","CDS, Hybrids","Cash outright, Spread, Basis, Other","Rolls","All currencies","Sourcing, Aggregating",null,"Firm",null,"Regulatory/ Compliance",null,"APA","MTF","SEF","APA: TREA, TWEA\nOTF: TREO, TWEO\nMTF: TWEM","TREU\nTWEU","2138001WXZQOPMPA3D50",2013,"Tradeweb, \n1 Fore Street Avenue, London EC2Y 9DT","www.tradeweb.com/inter-dealer","2020-12-16"]
["Trading venue","Euronext FI RM","Euronext’s Regulated Markets comprised of Euronext Amsterdam, Euronext Paris, Euronext Brussels and Euronext Lisbon offer a retail odd lots focused segment for trading Fixed Income instruments in a regulated environment, including a Central Limit Order Book with firm prices","Sole access to bond trading for local retail investors through their banks brokers and providing banks with a MiFID II compliant guaranteed market to execute their odd lots STP from order entry to settlement","Dealers","Broker/dealers","Market-making\nAuction\nCentral Limit Order Book (CLOB)",null,"Dealer-to-dealer","Broker/dealers","Anonymous & Lit","CCP model","No minimum size except those attached to the prospectuses","Government, Corporates, Agencies, Supranationals, Covered Bonds, ABS, Money Market Instruments, 4,400 tradable bonds in total",null,"Cash",null,"22 different currencies","N/A",null,"Firm","Firm orders in order book with an algorithm priority of price-time or price-member-time","Analytics\nMarket data\nRegulatory reporting","Internal matching service (internalization), clearing, constant monitoring by Market Surveillance Team","Connected to Saturn, Euronext APA/ARM service","RM","N/A","XPAR, XBRU, XLIS, XAMS",null,"969500HMVSZ0TCV65D58 for Euronext Paris",1987,"Euronext Paris SA, \n14 Place des Reflets, 92054 Paris La Défense Cedex","www.euronext.com/en/bonds/trading ","2020-11-24"]
["Trading venue","Euronext Oslo (Oslo Børs)","Distinct from Euronext FI RM, Euronext Oslo RM (Oslo Børs) electronic trading platform  enables market participants to trade bonds via automatch and auctions","Regulated market\nReliable, scalable system\nPre- and post-trade transparency\nVarious trading methods that enables the trader to choose how to best execute his interest\nReal time market surveillance monitors current market value and that information requirements by issuers are fulfilled\nWide variety of types of bonds (mainly Nordic with ESG and international bonds as well) and issuers\nSupports manual trade reports either as on exchange trades, or reported to Oslo Børs Euronext APA and trade reports in bonds registered on Nordic ABM.","Dealers",null,"\nAuction\nCentral Limit Order Book (CLOB)\n",null,"Dealer-to-dealer",null,"Anonymous & Lit","Pre-trade:\nCLOB and Auction: anonymous for certain bonds, named for others. \nPost-trade: no clearing, anonymous, counterparty information becomes available to trade counterparties","No minimum size except those attached to the prospectuses","Government Bonds\nCorporate Bonds\nAgencies\nSupranationals\nCovered Bonds\nHigh Yield\nMoney Market Instruments\nABS\n938 tradable bonds in total",null,"Cash",null,"EUR, NOK, SEK, DKK","N/A",null,"Firm\n",null,"Analytics\nMarket data\nRegulatory reporting",null,"Connected to Saturn, Euronext APA/ARM service","RM",null,"XOSL",null,"5967007LIEEXZXHDL433",1998,"Oslo Børs ASA,\nPO BOX 460 Sentrum, N-0105 Oslo, Norway\n\nPhone: +47 22 34 17 00","www.euronext.com/en/bonds/trading \nwww.oslobors.no","2020-11-24"]
["Trading venue","EuroTLX","Established in 2000 and part of London Stock Exchange Group since September, 2013, EuroTLX has become a leading MTF in Europe for odd lots fixed income e-trading.  The EuroTLX market microstructure is unique in the European fixed income scenario, being a central limit order-book with the presence of at least one liquidity provider for each of the more than 6,000 traded financial instruments. The complete real time pre and post-trade transparency on all the listed securities represents an efficient and reliable solution compliant with the incoming new regulation.  2019 market activity estimates are of 2.110.000 executed trades for a total turnover of 46 bln. €. At the end of 2016 the RFQ trading protocol has been introduced for large in scale activity.","Liquidity, Compliance, Price firmness, Number of listed instruments","Dealers",null,"CLOB\nand \nRFQ","CLOB with at least one market maker per instrument with liquidity duties, RFQ for large in scale business activity and for brand new EuroTLX Quote segment","All-to-all","On EuroTLX central limit order book every market participant can trade with all other market participants.","Anonymous","Order Book is anonymous. From settlement perspective the market participant can face the trading counterparty or the CCP depending on the instrument.","CLOB: Minimum size equal to instrument minimum lot.\n\nRFQ: Minimum size €200K on Credit or €700K on Rates.","Government, Corporates, Agencies, Supranationals, Covered Bonds, High Yield, Emerging Markets, MMI",null,"Cash",null,"Listed instruments are denominated in 18 different currencies","Sourcing","EuroTLX runs a Central Limit Order Book that works on a price and time priority basis with at least one Market Maker per instrument.\n\nNew RFQ functionality has been introduced in November 2016.","Firm",null,"Analytics, Regulatory/ compliance",null,null,"MTF (CONSOB)",null,null,null,null,2000,"EuroTLX SIM S.p.A., Piazza degli Affari 6, 20123 Milano","www.eurotlx.com/en","2019-10-01"]
["Trading venue","ExtraMOT (Borsa Italiana)","ExtraMOT, launched in 2009 is the multilateral trading facility regulated by Borsa Italiana for the trading of corporate bonds of Italian and non-Italian issuers already listed on other regulated markets of the European Union open to retail investors. \nSince 2013 the MTF has been enriched of professional segments to trade ABS, corporate bonds for professional only, infrastructure bonds and  debt securities issued by Italian SMEs.  \nOur Fixed Income markets were created to enhance the efficiency of professional investor operations by offering an electronic and completely automated trading system from the order entry phase up to the settlement of the executed trade. \n","Why listing and trading on ExtraMOT:\n- straight-through processing from the trade to the completely automated settlement systems;\n- facilities for intermediaries to manage the primary market in a more efficient way (distribution channel); \n- transparent price formation mechanism;\n- disclosure of pre and post-trading information;\n- real-time monitoring by the Market Supervision Division;\n- speed of execution of transactions;\n- Central Counterparty System for retail bonds (CC&G);\n- market eligible to the Eurosystem operation (ECB);\n- Green & Social Bond segment.\n","Dealers, Institutional investors, Retail investors",null,"RFQ, Cross matching, Auction,\nCLOB","Optional presence of market makers supporting\nthe liquidity on the secondary market (Specialist or\nBid only Specialist). Closing auction and CPX (cross at closing price phase) available  in february 2020","All-to-all",null,"Anonymous & Lit","Order Book is anonymous. From settlement\nperspective the market participant can trade the\ntrading counterparty or the CCP depending on the instrument. RFQ can be anounimous or not depending on the requestor's choice","Depending on the instrument. Usually the minimum\nsize is equal to the instrument minimum lot. Anyway,\nat least 1,000 EUR or equivalent in other currencies.","Government, Corporates,\nAgencies, Supranationals,\nCovered Bonds, \nHigh Yield,\nEmerging Markets, \nABS,\nMMI, \nGreen&Social Bonds, Infrastructure Bonds, SMEs bonds",null,"Cash",null,"All currencies","N/A","During the auction phase trades are closed at a\ntheoretical price which maximises the quantity\ntraded, whereas during continuous trading they are\nconcluded via the automatic matching of orders placed according to a price/time criterion. During the CPX phase trades will be executed at the closing price","Firm",null,"Analytics, Regulatory/compliance",null,null,"MTF",null,null,null,null,2009,"Borsa Italiana S.p.A., Piazza Affari 6, 20123, Milan - Italy","http://www.borsaitaliana.it/obbligazioni/obbligazioni/obbligazioni.en.htm","2019-10-01"]
["Trading venue","Fenics USTreasuries","FENICS USTreasuries (“FENICS UST”) is a fully electronic trading venue for U.S. Government securities owned and operated by BGC Partners.\nFENICS UST operates two electronic marketplaces: a Central Limit Order Book (“CLOB”) and a “Block Book”.  \nThe CLOB is a market designed for active traders, hedgers and arbitrageurs.\nThe Block Book provides an alternative to current offerings in the RFQ and voice markets and allows Investors to access blocks of USTs with traditional market-makers providing live, streaming prices. ","Fenics UST offers the marketplace the tightest tick-increment available for cash USTs: 1/16 of 1/32nd, effectively reducing bid-ask spread for price-takers. In addition, the Block Book offers the market the first venue ever with multi-maker live streaming and immediately actionable cash UST prices available for the Buy-side.","Dealers,  Institutional Investors\nOther\nPTFs",null,"CLOB\nLive Stream “click-to-trade”\n",null,"Multiple dealer-to-client\nOther\n",null,"Anonymous – Matched Principal trading\nAnonymous – Name give-up\n",null,null,"US Government Securities ",null,"Cash outright",null,"USD","Sourcing","Price discovery by CLOB.\nHistorical prices available.\n","Firm","Price-time priority\nNo “last-look”\n","Market Data\nRegulatory reporting\nTCA\nSTP\nPost-trade allocations\n",null,null,null,null,"FNCS","BGCF",null,2018,"Fenics USTreasuries\n110 East 59th street\nNew York, NY 10022\n","www.fenicsust.com","2020-12-10"]
["Trading venue","Frankfurt Stock Exchange\nDeutsche Börse AG\n","Frankfurt Stock Exchange/Deutsche Börse is one of the leading exchanges in Europe offering trading of stocks, ETFs and bonds. On Frankfurt Stock Exchange about 200 members can trade bonds listed on Frankfurt Stock Exchange's Regulated Market and Multilateral Trading Facility (Freiverkehr).\nIn 2020  Frankfurt Stock Exchange migrated its electronic trading offering for bonds to its state of the art trading technology  T7  offering trading of one of the broadest bond offerings in Europe on a full electronic trading system.\nTrading takes place in an auction based trading protocol to aggregate liquidity and facilitate price formation.","On Frankfurt Stock Exchange more than 30.000 bonds can be traded in a regulated MiFID II compliant environment. \nSpecialists continuosly provide tradable prices and liquidity from 8:00h to 17:30h (CET). \nPre-trade and post-trade information is disseminated in real-time for all listed bonds.\nTrades are forwarded automatically for clearing and settlement using a standardised  STP process. \nFrankfurt Stock Exchange provides equal access to its markets for all market participants. ","Dealers,\nInstitutional Investors, \nRetail Investors",null,"Auction","Continous Auctions with one dedicated Specialist per bond. ","All-to-All",null,"Lit","Orderbook is anonymous. Post trade anonymity only if trade is centrally cleared. ","Minimum size equal to minimum lot.","Government Bonds \nCorporate Bonds\nAgencies\nSupranationals\nCovered Bonds\nHigh Yield\nEmerging Markets\nABS\nMoney Market Instruments (MMI)",null,"Cash Outright",null,"ARS, AUD, BGN, BRL, CAD, CHF, CNY (CNH), COP, CZK, DKK, GBP, HKD, HUF, IDR, INR, JPY, MXN, NOK, NZD, PLN, RON, RUB, SEK, SGD, TRY, USD, ZAR","N/A",null,"Firm\nIndicative",null,"Market Data,\nRegulatory Reporting\n",null,"APA, ARM","RM, MTF (Exchange operated)",null,"FRAA\nFRAB\nFRAS","XFRA","391200OUOEWDQSEJ0Y74",2011,"Deutsche Börse AG\n\nMergenthalerallee 61\n65760 Eschborn\nGermany\n","www.boerse-frankfurt.de \n\nwww.xetra.com ","2020-11-20"]
["Trading venue","GFI CreditMatch","Fully electronic anonymous access to full spectrum of Corporate, Covered, Emerging Market, Financial, Government, HY, IG and SSA bonds. Liquidity is accessible via UI or FIX api.","Market leading liquidity in European Credit and Bond markets","Dealers",null,"Auction, CLOB, Other","Work-up","Dealer-to-dealer",null,"Anonymous (Matched principal trading)",null,"Everything from 'Odd-lot' trading, standard market size through to 'Super-size' auctions","Government, Corporates, Agencies,\nSupranationals,  Covered Bonds,\nHigh Yield, Emerging Markets, Other","Hybrids","Cash, Spread, Other","Derivatives","Broad EMEA coverage","N/A",null,"Firm","All orders are directly tradeable i.e. no 'last look'. CLOB interactivity varies according to market protocols.","Regulatory/ compliance",null,null,"MTF (FCA)",null,"GFBM","GFIB","5493001L3UGXFYA41M70",2004,"GFI Group c/o BGC Partners, One Churchill Place London E14 5RD","http://www.gfigroup.com","2020-12-10"]
["Trading venue","HPC e-trading ","Fully electronic/hybrid anonymous access to full spectrum of Goverment, SSA, Inflation, Corporate, Covered, Emerging Market, Financial, Government, HY, IG and SSA bonds. ","We offer a simple and intuitive trading experience with flexibility.","Dealers","All bonds ex inflation : Bond-Runner platform (https://trading.bond-runner.com/)\n\nInflation bonds and related swaps : I-kurv (https://trading.ikurv.com/)","Auction, CLOB, Other","Work-up","Single dealer-to-client\nMultiple dealer-to-client\nDealer-to-dealer\nClient-to-client\nAll-to-all",null,"Anonymous (Matched principal trading)\n\nAnonymous (Name give-up)",null,"Everything from 'Odd-lot' trading, standard market size through to 'Super-size' auctions","Government, Inflation, Corporates, Agencies,\nSupranationals,  Covered Bonds\n","Hybrids","Cash outrights, Spread, Other",null,"Broad EMEA coverage","N/A",null,"Firm","All orders are directly tradeable or adjusted. CLOB interactivity varies according to market protocols.","Regulatory/ compliance\n\n","Confirmations are sent through Straight Through Processing (STP). The platform integrates both front-to-front (Vcon, Markitwire, and any other type of confirmation requested by the client) and front-to-back STP (including HPC transparency reporting).","Pre/Post trade on website\nARM  via Market Axess","OTF",null,"HPCO","HPCX","969500AMLHB21RACL168",2019,"HPC / OTCex Group\n22, rue des Capucines\n75002 Paris","http://www.otcexgroup.com/","May-21 (New addition)"]
["Trading venue","Liquidnet Fixed Income","Liquidnet Fixed Income is an anonymous electronic crossing network for corporate bonds aimed at institutional clients. The platform provides an efficient peer-to-peer trading venue for US HY/IG bonds and European HY/IG and convertible bonds. A key differentiating factor is the Blotter Sweep Technology that scans any unplaced orders on an OMS and sends them to the Liquidnet pool as indications of Interest (IOI) where they can be matched anonymously and traded with opposite buy- side indications resulting in minimal information leakage and market impact. We provide independent pre-trade pricing, and post-trade best execution and TCA summary.","The key selling point is the OMS integration which allows orders to be swept seamlessly into the pool, which maximises the amount of liquidity shown without disrupting the dealer workflow. Other important characteristics of the system, which have been highlighted by clients, include a global community of asset manager participants, an independent clearing and settlement agent, and an independent ownership structure with long-term client relationships and a strong track record in managing the platform – we have a dedicated surveillance team to deliver this.","Institutional investors, dealers",null,"Cross matching, RFQ","Displayed axes","All-to-all","Principally buy-side to buy-side. Individual engagement of clients and dealers","Anonymous and lit",null,"100k, mostly block size","Corporates, Covered Bonds, High Yield, Emerging Markets, ABS",null,"Cash, Spread",null,"USD, GBP, CHF, NOK, DKK, SEK, EUR","Client and dealer","Price discovery equals formation of two way price from buyer and seller (IDC reference price)","Indicative, bilateral negotiation",null,"Market data, regulatory reporting, TCA, connectivity to OMS and EMS","TCA and Best Execution","Report to an APA","Agency broker, MTF","United States","LEUE\nLEUF\nLIUS\nLIFI\nLIUH","LEUE\nLIUS","LIQUIDNET EUROPE LIMITED: 213800ZIRB79BE5XQM68\n\nLIQUIDNET, INC.(U.S.):  213800HSKBBO1GCVRG79",2015,"Liquidnet, 21st FL, Broadgate Tower, Primrose Street, Bishopsgate, London, EC2A 2EW","www.liquidnet.com","2018-06-01"]
["Trading venue","Luxembourg Stock Exchange","We are home for 25.000 + bonds issued by entities from more than 100 countries. All instruments are tradable in a regulated environment including a central limit orderbook with firm prices","1. Number 1 for the number of bonds listed 2.  CCP 3. CLOB with liquidity providers","Dealers, Institutional investors, Retail investors","Broker/dealers","Market-making, Auction, CLOB",null,"All-to-all",null,"Anonymous & Lit Other","A few securities are not in anonymous mode","None","Government Bonds, Corporate bonds, Agencies, Supranationals, Covered bonds, High yield, Emerging Markets, ABS, Money Market Instruments",null,"Cash",null,"Around 60","N/A",null,"Firm","Firm orders in order book with an algorithm priority of price-time","N/A",null,"N/A","RM / MTF",null,"XLUX/EMTF","XLUX"," 22210053OF4F2MYKUV22",null,"35A Boulevard Joseph ll                       L - 1840 Luxembourg","www.bourse.lu","2020-12-01"]
["Trading venue","LuxXPrime","Established in 2019 by the Luxembourg Stock Exchange, LuxXPrime is a Trading platform for odd lots fixed income e-trading.  LuxXPrime has a PLP (Primary Liquidity Provider) on each trade instrument that provides continuous firm prices on a central limit order-book. Currently more than 1,000 traded financial instruments. Real time pre and post trade transprency on all listed securities represents an efficient and reliable solution compliant with EU regulation. "," 1. Firm and Competitive prices; 2. Free Market Data for Members 3. State of Art trading platform and FIX API 4. Fully compliant solution 5.  Settlemnt STP and Configurable post trade options and 6. Wide selection of Green, Social and Sustainable Bonds ","Dealers",null,"Market-making, Auction, CLOB","CLOB with one PLP per instrument with liquidity obbligation","All-to-all",null,"Anonymous","Auction and CLOB is anonymous. From settlement point of view the market members face trading counterparty on Pass-Through that is a STP managed by LCH SA","None","Corporate bonds, Agencies, Supranational, High yield and Emerging Markets bonds",null,"Cash",null,"EUR, USD, GBP, CAD, AUD, NZD ZAR, NOK, SEK, TRY  (Financial instruments in 10 different currencies are traded)","N/A",null,"Firm","Firm orders in order book with an algorithm priority of price-time","Real time Market Data and Reference Files available",null,"N/A","RM / MTF (CSSF)",null,"XLUX/EMTF",null,null,2019,"35A Boulevard Joseph ll                       L - 1840 Luxembourg","www.luxxprime.com","Nov-2020 (New addition)"]
["Trading venue","Market Hub","Market Hub is an execution platform which provides Intesa Sanpaolo's institutional and corporate clients a highly sophisticated, single and transparent multi-asset and multi-market electronic execution by aggregating liquidity across Regulated Markets, MTFs, Intesa Sanpaolo's SI and third-party liquidity pools in one integrated trading book. Market Hub acts as agent on and off exchanges, offering a unique, integrated and fully scalable execution service on equity and fixed income in accordance with MiFID regulation, including an integrated ETD and OTC derivatives clearing services and electronic FX connectivity. The customer is fully assisted in accessing markets globally, in improving his experience and in removing complexity. Market Hub leverages its leading position on Italian domestic markets. ","The Market Hub execution platform offers a wide range of high-touch and low-touch agency execution services including: (i) a Straight Through Processing  and easily scalable electronic execution;  (ii) a  configurable Smart Order Router and a consolidated book with market depth; (iii) Automated Best Execution Reports and analysis of orders execution quality; (iv) Algo-trading capabilities, (v) a client-centric onboarding process;  (vi) a Care Orders services supported by a team of execution specialists; (vii)  dedicated Client Service and a Tech Support teams located on the trading floor; (viii) in-house Post -Trade Services teams covering the full extent of equity and fixed income settlement and ETD & OTC clearing services.","Other, Private Banks, Online Brokers, Commercial Banks, Asset Managers, Brokers Dealers, Family Offices & Corporates. Market Hub does not provide direct access to retail clients","Market Hub in collaboration with Intesa Sanpaolo Securities Services Hub provides an integrated “End-to-End” solution (EXSet) for execution & settlement, aimed at providing clients with higher operational efficiency, lower infrastructural complexity, each step of the entire trade life cycle reporting and the opportunity of higher focus on servicing end-customers. Market Hub offers flexible and certified connectivity to all leading EMS/OMS and FIX networks, using standard and custom protocols. A dedicated onboarding technical team minimises development and connectivity time. A proprietary EMS is also available for trading.\n","Clients have the following trading protocol choices: (i) CLOB both price taking and price making; (ii) Leave Order for Large in Scale request to over 40 Liquidity Providers; (iii)  Competitive Auction; ","Clients can choose to send orders as ‘Best Execution’ or specific orders DEALING INSTRUCTION. Market Hub Smart Order Routing System achieves the best result for clients orders according to  ‘Best Execution’ factors: total consideration, speed of execution and likelihood of execution. Multi-market sweeping and splitting orders facilities are also available accordingly. For large in scale (LIS) orders, Market Hub can send a RFQ to over 40 liquidity providers.  Every execution automatically generates a Best Execution proof report which can be requested  at any time by the client.","All to All; Single dealer-to-client","Market Hub is able to integrate High Touch and Low Touch orders flows  and to provide different trading protocols and a wide range of algos for specific client requests  ","Anonymous & Lit","Anonymous & Lit because clients always trade on CLOB or facing Intesa SanPaolo on the other side of the trade","Minimum lot size applicable to each instrument and trading venue","With specific reference to Fixed Income Products, Market Hub can offer liquidity on Government Bonds, HY & IG Corporate Bonds, Financials, Supranationals, Covered, Emerging Markets, ABS, through Market Hub PIT,  its innovative high-touch solution effective in the stages of price discovery, execution and post-trade , particularly in the case of less liquid instruments and structured products\n","As multi-asset platform, Market Hub can offer execution services on multiple products including:  Fixed Income, Equity, ETF, Certificates, Forex and ETD","Mainly cash AND SPREADS","Market Hub offers advanced algorithmic trading strategies, both native and synthetic, providing the best order execution quality to customers as well as a wide range of order types, as relevant to each instrument, including  limit orders, list orders, care orders, stop orders, good till date orders, partial orders","All major ones","Aggregating & Sourcing","Market Hub sources & aggregates liquidity in a STP automated process from RMs, MTFs, or from other liquidity providers, including Intesa Sanpaolo Systematic Internaliser","Firm, Indicative, Bilateral negotiation","Market Hub's proprietary EMS provides a trading interface with an aggregated book with the depth of the market level Bid & Ask with firm prices. Clients can also have access through web site to an indicative price request tool for large in scale order or illiquid bonds","Market Hub provides: (i) Entry Point for onboarding clients; (ii) Order Tracking; (iii) Best Execution Proof; (iv) Informative portal; (v) Price discovery tool; (vi) MiFID II  Mandatory Reporting Assistance; (vii) EMIR Reporting for ETD; (viii) a fully dedicated trading desk to providing low touch and high touch service; (iX) TCA for Equity","Market Hub execution platform offers: Low-Touch orders fully STP electronic management; High-Touch care orders managed by Execution Specialists Desk in Milan and in New York; Real-time market monitoring; IT Support Desk located next to the Trading Desks, for immediate clients assistance; Automated Reporting via FIX drop copy; Post-trade services and data analysis available via Web Portal","MiFID II Mandatory Reporting Assistance and EMIR Reporting for ETD","Other",null,null,null,"2W8N8UU78PMDQKZENC08",2008,"Intesa Sanpaolo S.p.A.  piazza San Carlo 156, 10121 Torino ","https://markethub-imi.intesasanpaolo.com","2020-12-09"]
["Trading venue","MarketAxess","MarketAxess operates a leading, institutional electronic trading platform delivering expanded liquidity opportunities, improved execution quality and significant cost savings across global fixed-income markets. A global network of over 1,700 firms, including the world’s leading asset managers and institutional broker-dealers, leverages MarketAxess’ patented trading technology to efficiently trade bonds. MarketAxess’ award-winning Open Trading™ marketplace is regarded as the preferred all-to-all trading solution in the global credit markets, creating a unique liquidity pool for a broad range of credit market participants. Drawing on its deep data and analytical resources, MarketAxess provides automated trading solutions, market data products and a range of pre- and post-trade services.\n\nMarketAxess is headquartered in New York and has offices in London, Amsterdam, Boston, Chicago, Los Angeles, Miami, San Francisco, São Paulo, Hong Kong and Singapore","We offer our European participants support across the entire fixed income transaction journey. We provide valuable pre-trade discovery insights, through Axess All, Europe’s first consolidated fixed income ticker tape, and CP+, our award-winning, full algorithmic pricing engine. European participants can trade Eurobonds, EM, US IG, and HY instruments with our 1,700+ network of global participants via our all-to-all trading network, Open Trading. Participants have access to a range of protocols including, RFQ, RFM, and auto-execution (Auto-X) to suit their specific trading needs. In addition to providing TCA reports to help you assess your trade performance, we also provide transaction reporting services as a means for you to comply with your transaction reporting obligations.","Dealers\nInstitutional investors\nOther","Hedge funds, ETF market makers, alternative liquidity providers","RFQ, internal crossing, RFM (request-for-market: two-way undisclosed pricing), Live Markets, processed trades, auto-execution, spread trading,","MarketAxess offers firms a range of protocols to suit their trading strategy. Enhanced RFQ offers access to European dealer liquidity by removing restrictions on the number of counterparties on an inquiry across all trade sizes. Spread trading gives firms the option to execute trades on either price or spread in EUR and GBP investment-grade bonds. Process trades provide firms with a means to submit trades for execution on the MarketAxess MTF which have been arranged off-venue. RFM (request-for-market) is block trading solution, designed specifically for emerging markets, that allows you to submit two-way price requests, with undisclosed direction, to a host of dealers with hard and specified local currency bond markets. When you initiate a trade, you don’t need to disclose the direction. Dealers submit two-way prices within seconds and you can then execute on either side of the trade. The direction of the transaction is only disclosed to you and your counterparty, preventing information leakage. Auto Execution allows firms to more efficiently manage order flow and low-touch trading activity by setting order preferences and automatically executing trades once specific parameters are met.\nAs part of Open Trading, MarketAxess has a number of protocols to facilitate all-to-all trading. Market Lists is an extension of the disclosed-RFQ, whereby a user can submit both a traditional RFQ to a disclosed group of dealers or submit the same inquiry anonymously to the entire MarketAxess community via Open Trading. Public Axes are an order book style public bulletin board which lets firms share buy/sell interest in a private two-way negotiation and tap into opportunistic liquidity. Private Axes anonymously match block orders allowing participants to negotiate bilaterally to minimise information leakage.","Multiple dealer-to-client\nAll-to-all\nClient-toclient\ndealer-to-dealer\nSingle dealer-to-client","N/A","Anonymous & Lit","N/A","There are no trading minimums or restrictions on the number of counterparties.","Government, Corporates, Agencies, Supranationals, Covered Bonds, High Yield, Emerging Markets, ABS, Leveraged Loans","N/A","Cash, Spread","N/A","USD, GBP, EUR, AUD, CAD, CHF, CNY, DKK, IDR, JPY, MYR, NOK, NZD, PHP, SEK, ARS, BRL, CLP, COP, CZK, HKD, HUF, IDR, ILS, KPW,  MXN, MYR, PEN, PHP, PLN, RON, RUB, SGD, THB, TRY, UYU, ZAR","Sourcing, Aggregating","N/A","Firm, Indicative, Bilateral negotiation","N/A","Analytics, Research, Market Data, Participant links, Regulatory reporting (ARM & APA), Transaction Cost Analysis (TCA)","N/A","Trax, the post-trade services and European market data division of MarketAxess, has been approved by the FCA as an Apporved Publication Arrangement (APA) and Approved Reporting Mechanism (ARM)  under MiFID II. Trax also provides reporting services for additional regulatory reporting regimes, including EMIR and SFTR.\n\nTrax NL, the post-trade services and European market data division of MarketAxess, has been approved by the AFM as an Approved Publication Arrangement (APA) and Approved Reporting Mechanism (ARM) under MiFID II. Trax NL also provides reporting for additional regulatory reporting regimes, including EMIR and SFTR","UK MTF\nEU MTF (Amsterdam)","RMO (Singapore), ATS (Hong Kong),  broker/dealer, and SEF (United States), Foreign Securities Exchange (Switzerland), Exempt Australian Market License Holder (Australia)","MALM\nMASG\nMANL\nMXNL\nMAEL\nMXLM\nMKAA\nMTXA\nMTXC\nMTXM\nMTXS\nMTXX","MASG\nMASG\nMANL\nMANL\nMAEL\nMAEL\nMTXX\nMTXX\nMTXX\nMTXX\nMTXX\nMTXX","529900GFVFMKAFCMT075\n529900GFVFMKAFCMT075\n5299000UUYW66L5LT560\n5299000UUYW66L5LT560\n549300TTHIODYMGND828\n549300TTHIODYMGND828\nGPSMMRI21JE7ZCVYF972\nGPSMMRI21JE7ZCVYF972\nGPSMMRI21JE7ZCVYF972\nGPSMMRI21JE7ZCVYF972\nGPSMMRI21JE7ZCVYF972\nGPSMMRI21JE7ZCVYF972\n",2000,"MarketAxess, 5 Aldermanbury Square, London, EC2V\n7HR","www.marketaxess.com","2020-12-15"]
["Trading venue","MOT (Borsa Italiana)","\nMOT, created in 1994 and managed by Borsa Italiana (LSE Group), is the only Italian regulated market dedicated - via its two segments DomesticMOT and EuroMOT - to the trading of Italian and european government securities, domestic and international bank and corporate bonds, supranational securities. Our Fixed Income markets were created to enhance the efficiency of professional investor operations by offering an electronic and completely automated trading system from the order entry phase up to the settlement of the executed trade. ","Why listing and trading on MOT:\n- MOT is the 1ST electronic retail bond market in Europe for trades and turnover;\n- straight-through processing from the trade to the completely automated settlement systems;\n- facilities for intermediaries to manage the primary market in a more efficient way (distribution channel);\n- transparency of the price formation mechanism;\n- disclosure of pre and post-trading information;\n- real-time monitoring by the Market Supervision Division;\n- speed of execution of transactions;\n- Central Counterparty System (CC&G);\n- Green & Social Bond segment.","Dealers, Institutional investors, Retail investors",null,"RFQ, Cross matching, Auction,\nCLOB","Optional presence of market makers supporting\nthe liquidity on the secondary market (Specialist or\nBid only Specialist). Closing auction and CPX (cross at closing price phase) available  in february 2020","All-to-all",null,"Anonymous & Lit","Order Book is anonymous. From settlement\nperspective the market participant can trade the\ntrading counterparty or the CCP depending on the instrument. RFQ can be anounimous or not depending on the requestor's choice","Depending on the instrument. Usually the minimum\nsize is equal to the instrument minimum lot. Anyway, at least 1,000 EUR or equivalent in other currencies.","Government, Corporates,\nAgencies, Supranationals,\nCovered Bonds, \nHigh Yield,\nEmerging Markets, \nABS,\nMMI, \nGreen&Social Bonds",null,"Cash",null,"All currencies","N/A","During the auction phase trades are closed at a\ntheoretical price which maximises the quantity\ntraded, whereas during continuous trading they are\nconcluded via the automatic matching of orders placed according to a price/time criterion. During the CPX phase trades will be executed at the closing price","Firm",null,"Analytics, Regulatory/compliance",null,null,"RM",null,null,null,null,1994,"Borsa Italiana S.p.A., Piazza Affari 6, 20123, Milan - Italy","http://www.borsaitaliana.it/obbligazioni/obbligazioni/obbligazioni.en.htm","2019-10-01"]
["Trading venue","MTS Bondvision","MTS BondVision is a trusted and efficient multi-dealer-to-client electronic bond and repo trading platform, delivering exceptional access for institutional investors direct to market makers.\n\nThe BondVision platform provide institutional investors with the ability to trade with the major dealers in a request for quote driven model.\n\nMTS and its subsidiaries are part of the London Stock Exchange Group. ","BondVision connects users directly to one of the largest network of liquidity providers available on a single online trading platform, ensuring access to the best rates available across bond and repo trading.\n \nBondVision uses the same technology as the MTS Cash platform, the interdealer marketplace for European government bonds, with the same market makers providing liquidity on both.","Dealers\nInstitutional investors\nOther\n\n","Banks,Central Banks\nHedge Funds\nAsset Managers\nInsurance Companies\nCCPs\nCorporates\n\nFor further details on the eligibility criteria for the MTS Cash markets please refer to the Market Rules: https://www.mtsmarkets.com/resources/market-rules","RFQ\nProcessed Trade functionality\nClick-to-trade\nAuto Execution ",null,"Multiple dealer-to-client ","Clients can launch requests for live quotes to their liquidity providers of choice.\n\nThe RFQ trading functionality includes outrights, lists, switches, butterflies and Click-to-Trade in concert with a sophisticated auto execution rules engine.","RFQ\nLit (disclosed) between Client and their dealers\n\n","Relationship driven between Client and Dealers.\n\nSponsored Clearing available for Repos",1000,"Government\nCorporates\nAgencies\nSupranationals\nCovered Bonds\nRepos","Repos and Triparty Repos traded on BondVision UK and EU in the GCM (Global Collateral Management) section","Cash Outright\nSpread\nOther","Switch\nList-trading\nButterfly\nRepo List and Outright","EUR\nGBP\nUSD\nCZK\nHUF\nILS\nPLN\nDKK\nNOK\nSEK","Sourcing\nAggregating","Placed according to a price/time criteria.","Firm\nIndicative","RFQ\nClick to Trade on Dealer pages\nAxes\n","Analytics\nParticipant links\nMarket Data\nRegulatory Reporting\nOther\n\n","OMS and EMS Integration\nAuto Execution Rules Engine","TRADEcho APA\nUnaVista ARM \n(available through the LSE Group)","BondVision Europe is an MTF supervised by CONSOB.\n\nBondVision UK is an MTF authorised by the FCA,\n\nAdditional information on the regulatory structure of MTS Group is available here: http://www.mtsmarkets.com/Documents/Regulatory-structure","BondVision US is an ATS authorised by the SEC/FINRA.\n\nBondVision UK and US are  available as a foreign trading venue in Switzerland.",null,null,null,2001,"MTS SpA for BondVision Europe\nEuroMTS Ltd for BondVision UK\nMTS Markets International Inc for BondVision US\n\nSee website for addresses.","https://www.mtsmarkets.com/contact","2019-10-01"]
["Trading venue","MTS Cash\n(Domestic and EBM Markets)","MTS Cash is a comprehensive and professional cash securities trading environment for the interdealer marketplace. \n\nMTS also operates the leading primary auction, taps and buy back facilities.\n\nMTS and its subsidiaries are part of the London Stock Exchange Group. ","Leading European interdealer cash market trading platform based on quote-driven, executable liquidity and state-of-the-art technology. \n\nMTS Cash market participants benefit from access to a liquid, transparent and efficient European bond marketplace, with innovative technology, comprehensive support and wide product coverage. Over 100 unique counterparties trading on the system .","Dealers\n\n","For further details on the eligibility criteria for the MTS Cash markets please refer to the Market Rules: https://www.mtsmarkets.com/resources/market-rules","Market-making\nCLOB\nAuction\nOther","Mid Price Matching also available\nTrade Registration","Dealer-to-dealer","Designated by 18 DMOs as a venue for the fulfillment of Primary Dealer liquidity provision requirements.","CLOB\nAnonymous (Name Give Up)\n\n","Bilateral and Centrally Cleared","1,000,000 - 10,000,000  (depending on country and security type)","Government\nAgencies\nSupranationals\nCovered Bonds\n\nRepos (On the MTS Repo Market)",null,"Cash Outright\n","Classic Repo and BuySellBacks (on the MTS Repo Market)","EUR\nGBP\nCZK\nHUF\nILS\nPLN\nDKK\nZAR","Aggregating",null,"Firm","CLOB\nMid-price trading","Market Data\nRegulatory Reporting\nParticipants Links\nOther\n","ISV Integration","TRADEcho APA\nUnaVista ARM \n(available through the LSE Group)","MTS Italy is a Regulated Market\n\nAll other MTS Cash markets are MTFs\n\nAdditional information on the regulatory structure of MTS Group is available here: http://www.mtsmarkets.com/Documents/Regulatory-structure",null,null,null,null,1992,"MTS SpA\nEuroMTS Ltd\nMTS France SAS\nMTS Associated Markets SA\n\nSee website for addresses.","https://www.mtsmarkets.com/contact","2018-06-01"]
["Trading venue","Nasdaq Baltics","Nasdaq Baltic offers a vast variety of  electronic trading  such as CLOB,  issuing auction and indicative pricing for all types of fixed income products such as Government, Mortgage, Corporate, Index linked and more.The trading is aimed at both retail and institutional traders. ","Nasdaq offers a diversified portfolio of trading functionality with the devotion to costumize local  needs, with a focus on Environmental, Social and Governance opportunities.","Dealers,\nInstitutional investors\n",null,"Market-making\nRequest for quote (RFQ)\nCross matching\nAuction\nCentral Limit Order Book (CLOB)\nMove-to-venue (\"Processed\" or \"negotiated\" trades) \nAuto-execution\nOther",null,"\nSingle dealer-to-client\nMultiple dealer-to-client\nDealer-to-dealer","The Baltic markets have both an MTF and a RM.","Anonymous & Lit\n",null,"N/A","\nGovernment Bonds \nCorporate Bonds\nAgencies\nSupranationals\nCovered Bonds\nHigh Yield\nABS\nMoney Market Instruments (MMI)\nOther",null,"Cash\nCash outright\nOther",null,"All currencies","N/A",null,"Firm\nIndicative\nBilateral negotiation","Firm orders in order book with an priority of price-internal-time","N/A",null,"In Addition Nasdaq APA as all other mentioned previously.","Trading Venue and MTF",null,null,null,null,null,"Nasdaq, Tullvaktsvägen 15, 105 78 Stockholm, Sweden","www.nasdaqomxnordic.com","2020-11-01"]
["Trading venue","Nasdaq Nordic - Denmark","Nasdaq Nordic Denmark offers a vast variety of  electronic trading  such as CLOB,  issuing auction, Request for Quote as well as fixing functionality  and indicative pricing for all types of fixed income products such as Government, Mortgage, Corporate, Index linked, Structured products, Convertible bonds and more. The trading is aimed at both retail and institutional traders. ","Nasdaq offers a diversified portfolio of trading functionality with the devotion to costumize local  needs, with a focus on Environmental, Social and Governance opportunities.","Dealers,\nInstitutional investors\n",null,"Market-making\nRequest for quote (RFQ)\nCross matching\nAuction\nCentral Limit Order Book (CLOB)\nMove-to-venue (\"Processed\" or \"negotiated\" trades) \nAuto-execution\nOther","Although electronic trading is offered widely, most trading is by trade reporting either OTC (APA) or on exchange. Many of the government and mortgage bonds have continous pricing but limited execution.","\nSingle dealer-to-client\nMultiple dealer-to-client\nDealer-to-dealer","Denmark has both an MTF and a RM with only a few different markets compared to Sweden. Instead Denmark offers a wide variety of products in the same market .","Anonymous & Lit\n",null,"N/A","\nGovernment Bonds \nCorporate Bonds\nAgencies\nSupranationals\nCovered Bonds\nHigh Yield\nABS\nMoney Market Instruments (MMI)\nOther","The Mortgage bond market in Denmark offers a complete transparent market with continuous information on pricing in every individual bond. ","Cash\nCash outright\nOther",null,"All currencies","N/A",null,"Firm\nIndicative\nBilateral negotiation","Firm orders in order book with an priority of price-internal-time","N/A",null,"In Addition Nasdaq APA as all other mentioned previously.","Trading Venue and MTF",null,null,null,null,null,"Nasdaq, Tullvaktsvägen 15, 105 78 Stockholm, Sweden","www.nasdaqomxnordic.com","2020-11-01"]
["Trading venue","Nasdaq Nordic - Finland","Nasdaq Nordic Finland offers a vast variety of  electronic trading  such as CLOB and indicative pricing for all types of fixed income products such as Government, Mortgage, Corporate, Index linked, Structured products, Convertible bonds and more. The trading is aimed at both retail and institutional traders. ","Nasdaq offers a diversified portfolio of trading functionality with the devotion to costumize local  needs, with a focus on Environmental, Social and Governance opportunities.","Dealers,\nInstitutional investors\n",null,"Market-making\nCross matching\nAuction\nCentral Limit Order Book (CLOB)\nMove-to-venue (\"Processed\" or \"negotiated\" trades) \nAuto-execution\nOther","Although electronic trading is offered widely, most trading is by trade reporting either OTC (APA) or on exchange.","\nSingle dealer-to-client\nMultiple dealer-to-client\nDealer-to-dealer","Finland has both an MTF and a RM with only a few different markets compared to Sweden.","Anonymous & Lit\n",null,"N/A","\nGovernment Bonds \nCorporate Bonds\nAgencies\nSupranationals\nCovered Bonds\nHigh Yield\nABS\nMoney Market Instruments (MMI)\nOther","Listing and trading of Sustainable bonds is a continuously growing segment.","Cash\nCash outright\nOther",null,"All currencies","N/A",null,"Firm\nIndicative\nBilateral negotiation","Firm orders in order book with an priority of price-internal-time","N/A",null,"In Addition Nasdaq APA as all other mentioned previously.","Trading Venue and MTF",null,null,null,null,null,"Nasdaq, Tullvaktsvägen 15, 105 78 Stockholm, Sweden","www.nasdaqomxnordic.com","2020-11-01"]
["Trading venue","Nasdaq Nordic - Iceland","Nasdaq Nordic Iceland offers electronic trading for all types of fixed income products such as Government, Mortgage, Corporate, Index linked, Structured products, Convertible bonds and more. The trading is aimed at both retail and institutional traders. ","Nasdaq offers a diversified portfolio of trading functionality with the devotion to costumize local  needs, with a focus on Environmental, Social and Governance opportunities.","Dealers,\nInstitutional investors\n",null,"Market-making\nRequest for quote (RFQ)\nCross matching\nAuction\nCentral Limit Order Book (CLOB)\nMove-to-venue (\"Processed\" or \"negotiated\" trades) \nAuto-execution\nOther",null,"\nSingle dealer-to-client\nMultiple dealer-to-client\nDealer-to-dealer","Iceland has both an MTF and a RM with a few different markets. This market is the most electronically traded market of our fixed income markets. ","Anonymous & Lit\n",null,"N/A","\nGovernment Bonds \nCorporate Bonds\nAgencies\nSupranationals\nCovered Bonds\nHigh Yield\nABS\nMoney Market Instruments (MMI)\nOther",null,"Cash\nCash outright\nOther",null,"All currencies","N/A",null,"Firm\nIndicative\nBilateral negotiation","Firm orders in order book with an priority of price-internal-time","N/A",null,"In Addition Nasdaq APA as all other mentioned previously.","Trading Venue and MTF",null,null,null,null,null,"Nasdaq, Tullvaktsvägen 15, 105 78 Stockholm, Sweden","www.nasdaqomxnordic.com","2020-11-01"]
["Trading venue","Nasdaq Nordic - Sweden","Nasdaq Nordic Sweden offers a vast variety of  electronic trading  functionality such as CLOB, Request for Quote as well as fixing functionality  and indicative pricing for all types of fixed income products such as Government, Mortgage, Corporate, Index linked, Structured products, Convertible bonds, Securitized Derivatives and more. The trading is aimed at both retail and institutional traders.","Nasdaq offers a diversified portfolio of trading functionality with the devotion to costumize local  needs, with a focus on Environmental, Social and Governance opportunities.","Dealers,\nInstitutional investors\n",null,"Market-making\nRequest for quote (RFQ)\nCross matching\nAuction\nCentral Limit Order Book (CLOB)\nMove-to-venue (\"Processed\" or \"negotiated\" trades) \nAuto-execution\nOther","Although electronic trading is offered widely, most trading is by trade reporting either OTC (APA) or on exchange. Many of the retail markets have continous pricing but limited execution.","\nSingle dealer-to-client\nMultiple dealer-to-client\nDealer-to-dealer","Sweden has both an MTF and a RM with nearly 30 different markets depending on product type.","Anonymous & Lit\n",null,"N/A","\nGovernment Bonds \nCorporate Bonds\nAgencies\nSupranationals\nCovered Bonds\nHigh Yield\nABS\nMoney Market Instruments (MMI)\nOther","Listing and trading of Sustainable bonds is a continuously growing segment.","Cash\nCash outright\nOther",null,"All currencies","N/A",null,"Firm\nIndicative\nBilateral negotiation","Firm orders in order book with an priority of price-internal-time","N/A",null,"In Addition Nasdaq APA as all other mentioned previously.","Trading Venue and MTF",null,null,null,null,null,"Nasdaq, Tullvaktsvägen 15, 105 78 Stockholm, Sweden","www.nasdaqomxnordic.com","2020-11-01"]
["Trading venue","OMNIA (Tradition) ","A cash and derivatives platform with a Central Limit Orderbook and Auction functionality","Functionally rich, highly adaptable with ease of deployment","Dealers",null,"Auction, CLOB",null,"Dealer-to-dealer",null,"Anonymous (Matched principal trading)",null,"N/A (SSTI)\nDetails: The minimum size applicable on the system is specific to the instrument and also specific to whether the instrument is trading in the CLOB or auction. ","Government Bonds, Corporates, High Yield, Emerging Markets, Other","inflation linked bonds, nominal swaps and inflation swaps","Cash, Basis",null,"All","Sourcing",null,"Firm, Indicative, Bilateral negotiation",null,"post trade confirmation, regulatory reporting, order management system",null,null,null,null,null,null,null,2012,"Tradition, London","www.tradition.com","2020-12-14"]
["Trading venue","SIX Swiss Exchange","FINMA (Swiss Financial Market Authority) Regulated Market with CLOB and Quote-Driven models.","SIX Swiss Exchange Bonds is a fully regulated electronic platform connecting dealers to the SIX Swiss Exchange network.","Dealers",null,"Auction, CLOB, Other","Orders and quotes","Dealer-to-dealer",null,"Lit","Hybrid model with name give-up or central counterparty-cleared trades ","EUR 1","Government Bonds, Corporate Bonds, Agencies, Supranationals, Covered Bonds, High Yield, Emerging Markets, ABS, Money Market",null,"Cash",null,"CHF, EUR, GBP, USD, AUD, CAD, CNY, CZK, DKK, HUF, JPY, MXN, NKK, NZD, RUB, SEK, TRY, ZAR","N/A","CLOB or Quote-driven","Firm","N/A","Market Data, Regulatory reporting",null,"N/A","RM","RM","XSWX","XSWX","529900HQ12A6FGDMWA17",1996,"SIX Swiss Exchange Ltd, Pfingstweidstrasse 110, CH-8021 Zurich ","www.six-group.com/exchanges/index.html ","2020-11-11"]
["Trading venue","Tradegate Exchange","The Tradegate Exchange is a stock exchange geared to the needs of private investors. The Tradegate Exchange operates an electronic trading system; Specialists (Securities trading companies) support price determination in all types of securities by continuously  providing the market with liquidity and up-to-date prices with competitive spreads.\n","-best prices possible –offer spreads to retail clients at least equal or even better than the usual main markets\n-trading without exchange and brokerage fees; full transparancy with zero-fee realtime prices;\n-long trading hours from 8 to 22 o'clock \n-binding quotes (except a few illiquid instruments); \n-fast processing, immediate execution\n-effective avoidance of partial executions\n-guaranteed liquidity\n-intelligent order types\n-more than 12.000 instruments\n-minimized post trade costs\n","Retail investors",null,"Orderbook driven, supported by liquidity providers\n",null,"All-to-all","Multilateral","Anonymous",null,"No minimum size","Government Bonds \nCorporate Bonds\nAgencies\nSupranationals\nCovered Bonds\nHigh Yield\nEmerging Markets\nMoney Market Instruments\nOther","Shares\nFund\nETF, ETN, ETC","Spread\n(The specialists at Tradegate Exchange continuously provide liquidity and real-time prices with competitive spreads.)",null,"Settlement in EUR","N/A",null,"Firm, Indicative",null,null,null,"Data on the quality of execution according to Commission Delegated Regulation (EU) 2017/575 ","RM\nMTF","N/A","XGAT\nXGRM","TGAT","529900I8ESNMLCIQ1U62","January 4th, 2010","Tradegate Exchange GmbH\nKurfürstendamm 119\n10711 Berlin, Germany","https://www.tradegate.de/","2020-10-12"]
["Trading venue","Tradeweb","Tradeweb Markets Inc. (Nasdaq: TW) is a leading, global operator of electronic marketplaces for rates, credit, equities and money markets. Founded in 1996, Tradeweb provides access to markets, data and analytics, electronic trading, straight-through-processing and reporting for more than 40 products to clients in the institutional, wholesale and retail markets. Advanced technologies developed by Tradeweb enhance price discovery, order execution and trade workflows while allowing for greater scale and helping to reduce risks in client trading operations. Tradeweb serves approximately 2,500 clients in more than 65 countries.","Tradeweb offers a complete end-to-end workflow for a vast array of fixed income products, including Chinese bonds via Tradeweb’s links to Bond Connect and CIBM Direct. Investors have access to the broadest set of pre-trade data and tools to identify and unlock liquidity through dealer inventories, streams and axes. A range of trading protocols, such as Portfolio Trading, Flex RFQ, SNAP and Blast All-to-All ensure flexibility and certainty of execution. Tradeweb’s Automated Intelligent Execution tool, which allows traders to define parameters that determine how to execute different profiles of orders across multiple asset classes, optimizes clients’ trading operations by increasing speed-to-market and reducing costs.","Dealers, Institutional investors, Retail Aggregators, Other","Hedge Funds, ETF market makers","RFQ, Auto-execution (via Tradeweb's AiEX), Other","Request-for-market (two-way prices), portfolio trading, click to trade (streaming prices), inventory based trading for specific products","Multiple dealer-to-client, All-to-all; Single dealer-to-client",null,"Lit (disclosed), Anonymous (Matched principal trading)","Counterparties trade on a disclosed basis","N/A","Government, Corporates, Agencies, Supranationals, Covered Bonds, High Yield, Emerging Markets, MMI, Repos","ETFs, CDS, IRS, Equity derivatives","Cash, Spread, Other","We offer a range of other trade types, as relevant to each product, including, switches, butterflies, limit orders, lists (ASAP or Trade at close), rolls / curves","More than 15","Sourcing, Aggregating","Tradeweb offers a range of tools to improve pre-trade price transparency and help traders make more informed trading decisions. These tools include the Tradeweb composite, live pre-trade levels, axes, and analytics.","Firm, Indicative",null,"Analytics, Participant links, Regulatory reporting, Transaction Cost Analysis (TCA)","Trade processing, post-trade analysis, market data services","APA","MTF, OTF","SEF, RMO, ATS","APA: TREA, TWEA\nOTF: TREO, TWEO\nMTF: TWEM","TREU\nTWEU","2138001WXZQOPMPA3D50",2000,"Tradeweb, 1 Fore Street Avenue, London EC2Y 9DT","www.tradeweb.com","2020-12-16"]
["Trading venue","TrueQuote","TrueQuote is TP ICAP’s portal to multi asset electronic services and trading venues for institutional customers. The single FIX hub offers customers access to four distinct and complimentary venues:  CrossTrade, Scrapbook, eVolume Matching and LiquidityChain.","The ability for customers to trade bonds anonymously as matched principal in an integrated workflow that they now accustomed                                                                                ","Dealers, Institutional Investors","Professional Trading Firms","Cross Matching, Auction, CLOB",null,"All-to-All","Depending on the underlying venue within TrueQuote","Anonymous (Matched Principal)","Pre and Post Trade Anonymity thoughout","ISIN Specific ","Government, Corporates, Agencies,\nSupranationals, Covered Bonds,\nHigh Yield, Emerging Markets, ABS",null,"Cash",null,"G10 and Emerging Markets","N/A",null,"FIRM (CLOB/Auction)    INDICATIVE (Move to Venue)",null,"Analytics, Market Data",null,"ARM - Transaction reporting  APA - Post Trade Transparency ","MTF and OTF","HongKong, Singapore, United States",null,null,null,2016,"TrueQuote, 20 Balderton Street, London","www.truequote.com","2018-06-01"]
["Trading venue","UBS Bond Port","UBS Bond Port is a global aggregator of fixed income liquidity connecting UBS global clients as well as multiple external trading venues, all in one fully firm global liquidity pool.\nFull connectivity options through a number of EMS and OMS providers as well as the full Bloomberg trading suite - ALLQ, TSOX, ETOMS, etc. Technology runs on FIX 5.0 and is run in-house.\n","Follow-the-sun platform resulting in intra-regional flows. Opens at 8am Singapore and closes at 5pm in New York \nConnects over 3,000 UBS clients as well as  a number of Exchanges, MTFs and ATSs into one global liquidity pool \nOn average the platform has over 25,000 bonds priced daily with USD 35bn in executable liquidity across 17 currencies\nClients of Bond Port can post and leave their own liquidity which in turn is shown to UBS global distribution channels .","Other\nAll UBS clients globally",null,"RFQ\nClick-to-Trade\nFirm Order Liquidity (CLOB)\nMarket Making","All Bond Port clients have the same access and trading options:\n- Aggress the liquidity\n- Post firm orders (Market Making / Price Making)","All-to-All",null,"Anonymous & Lit","Bond Port has the look and feel of an Exchange with Bid and Offer order books","Based on the issue parameters of the bond","Government, SSA, IG, HY, EM and Distressed Debt",null,"Cash, Spread",null,17,"Aggregating","Aggregate Client and global venue liquidity","Firm only.  Bond Port Trading desk can assist with narrowing bid and offer as well as pre- and post-trade upsize","Clients can see the Bond Port top-of-book in ALLQ\nUBS Neo (UBS multi asset class GUI) shows full order book depth\nFIX connections can subscribe to the full depth market data feed\nMost E/OMSs also show full depth","Other","Trading desk for trade facilitation",null,"Other - Systematic Internaliser",null,null,null,null,2010,"UBS AG\nEuropastrasse 1 8048 Zurich","https://www.ubs.com/microsites/ubs-bond-port/en/home.html","2019-10-01"]
["Trading venue","Vienna Stock Exchange\nWiener Börse AG","Founded in 1771, Vienna Stock Exchange – the national exchange of Austria – is one of the more established independent exchanges in Europe. Today Vienna Stock Exchange is a modern, customer- and market-oriented infrastructure company that operates the stock markets in Vienna and Prague. Our clients enjoy a fully electronic cash market infrastructure which allows frictionless and transparent trading in equities, ETFs, bonds and structured products. On both our Regulated Market and exchange-regulated Vienna MTF, we cater to the different needs of market participants from offering continuous trading throughout the day to a single daily auction.\n\nAs of 28 January 2019, all cash market trading of the Vienna Stock Exchange was migrated to the state of the art trading architecture Xetra® T7.","- Fully regulated, MiFID II compliant electronic trading platform\n- More than 6,000 international bonds tradable\n- Either automatically cleared (CCP) or via bilateral settlement\n- Market Data Hub for CEE markets\n- Leading exchange infrastructure provider in CEE","Dealers\nInstitutional investors\nRetail investors",null,"Market-making,\nAuction,\nCentral Limit Order Book (CLOB)","Continous Auctions available with one dedicated Specialist per bond,\nContinuous Trading with multi-market-makers possible,\nAuction Only without liquidity provision","Single dealer-to-client,\nMultiple dealer-to-client,\nAll-to-all",null,"Anonymous (CCP cleared) and Lit (bilateral settlement)",null,"Minimum lot","Government Bonds \nCorporate Bonds\nAgencies\nSupranationals\nCovered Bonds\nHigh Yield\nEmerging Markets\nABS\nSustainable Bonds\nMoney Market Instruments (MMI)",null,"Cash",null,"EUR, ATS, AUD, CAD, CHF, CLP, CNY, COP, CZK, EGP, GBP, HRK, HUF, JPY, MXN, NOK, PEN, PLN, RON, RUB, SEK, SGD, USD","N/A",null,"Firm",null,"Market Data,\nRegulatory Reporting","Safeguard mechanism (circuit breaker) \"volatility interruption\" in the trading procedures \"Continuous trading with Auctions\" and \"Auction\" – to ensure price quality and improve price continuity.","APA","RM, MTF (Exchange operated)",null,"WBAH\nWBDM","XWBO","315700ENWH1A81RCVZ91","1999 (XETRA® Vienna launch)","Wiener Börse AG\nWallnerstrasse 8\n1010 Wien\nAUSTRIA","https://www.wienerborse.at/en/","Jan-2021 (New addition)"]
["Trading venue","Yieldbroker","Yieldbroker is the leading Tier 1 licensed electronic trading platform for Australian and New Zealand debt securities and derivatives markets. It’s a dynamic connector that brings Banks, Portfolio Managers, Treasuries and Risk Managers together in a trusted trading environment with unrivalled liquidity and coverage of the AUD and NZD debt capital markets","• The unique Yieldbroker model operates both in the interbank and dealer-to-client marketplaces\n• Unrivalled access to liquidity with live executable pricing from up to 18 client price-making banks across Bonds, Credit, Interest Rate Derivatives, Bank Bills & Repo\n• Insights into the interbank bond market through the market monitor\n• Transaction types including EFP, MOC, Outright, Switches & Flys\n• Flexible trade functionality including RFQ, RFM, Orderbook, Click to Trade & Midpool\n• Auction platform for the Australian Commonwealth and State Governments as well as the New Zealand Debt Management Office to tender their debt securities","Institutional Investors\nDealers","Institutional Investors\n• Super Funds\n• Hedge Funds\n• Insurance Funds\n• Middle Market\nInterbank \n• 17 Price Makers","Market-making\nRequest for quote (RFQ)\nCross matching\nAuction\nCentral Limit Order Book (CLOB)\nMove-to-venue","Traders are able to market make by sending us streaming prices, entering prices into the Anonymous Order book, sending RFQs, participating in Auctions and Anonymous Matching. ","Single dealer-to-client\nMultiple dealer-to-client\nDealer-to-dealer\nIssuers to clients","Dealers can trade with one another by hitting live EBBO prices, or executable prices on the orderbook or up to 3 dealers in a single RFQ. Clients can hit live executable best bid and offer (EBBO) prices in bonds and  ask up to 5 participants via RFQ. Dealers and Clients can participate in Auction buy backs. ","Both Lit and Anonymous (Name give-up) functionality for both Client and Interdealer","Yieldbroker DEBTS Bonds Semi Central page offer Live disclosed streaming prices where as our orderbook displays anonymous live executable prices. Our Swaps central page offers pre-trade transparency with indicative mid-curve and the ability to trade on our Orderbook.","N/A","Government Bonds\nSemi Government Bonds\nCorporate Bonds \nSupranationals \nCovered Bonds \nFRNS\nLinkers\nMoney Market Instruments (MMI) \nRepos –\nSWAPS – IRS / BOBS / BASIS /Bills LIBOR\nAuctions  - For Regulatory Bodies and State Treasuries","All for AUD and NZD","Cash outright\nSpread \nBasis\nOther","• Broad transaction type offerings for bonds – outright, MOC, switch, EFP\n• Swaps execution for IRS, OIS, SPS, AUD Basis, Bills Libor, BOBS across outright, EFP, spreads and flys","AUD\nNZD","Sourcing - Full depth of streaming prices for Bonds Live page","Yieldbroker offers a range of tools to improve pre-trade transparency, such as RFQ and Orderbook depth. Traders have the ability to auto select top 5 streaming prices out of 18 banks to ensure most competitive banks are included in RFQs. ","Firm\nIndicative\nBilateral negotiation","Price feeds come from price makers. Bid / Mid / Offer is displayed for for EFP and Outright\nPricing displayed is executable for both Dealer to client and Dealer to Dealer\nCan select the indicative prices displayed on screen to request a firm quote for a particular bond and volume form up to six price makers in one RFQ","Analytics\nMarket Data\nTCA\nParticipant Links","Yieldbrokers Data Source is trusted and used by the Australian government authorities, exchanges, index providers and benchmark administrators. We also provide a RG97 report","N/A","Other","• We are QALM (QMTF status) and have long term exemption from CFTC and are regulated by ASIC so any US person can fulfil the reporting regulation and trade on us.\n• We are Tier 1 ALM & also a Recognized Market Operator by Money Authority of Singapore (MAS)","XYIE","XYIE","549300QRJM24CLE17N18",1999,"Level 6, 14 Martin Place\n\nSydney, NSW 2000","https://www.yieldbroker.com/","Dec-2020 (New addition)"]
["OMS/EMS","Adroit","Since 2014, Adroit has offered the leading multi-asset front office O/EMS solution, to help institutional investors maximize operational alpha. It is designed from the ground up to handle the intricacies of trading complex assets, including bonds, OTC derivatives, and FX. Our architecture features open APIs, for speedy implementation and maximum flexibility.  As EMS, we connect via API to the leading third-party OMSs as well as investor clients’ in-house platforms, compliance, and risk management systems.  Adroit curates market data from clients’ disparate sources, and matches against trader interest to quickly identify and capitalize on opportunities.  Adroit clients have seamless access to all major fixed income and FX liquidity sources via all major trading venues and/or direct connections.","We live and breathe fixed income.  Adroit is fundamentally built to support multi-leg and contingent trading across complex global bonds and derivatives.  We support all trading protocols and styles, including voice, low-touch e, and no-touch e.  Our offering is modular and our architecture is API heavy, allowing us to integrate with clients’ internal and external systems at all critical points of their investment process, including assurance of trade compliance and fair allocations.  Adroit has been battle tested by among the most sophisticated of investor clients, and we have proven ourselves nimble in integrating clients, markets, venues, and workflows.","Institutional investors",null,"Market-making\nRequest for quote (RFQ)\nCross matching\nAuction\nCentral Limit Order Book (CLOB)\nMove-to-venue (\"Processed\" or \"negotiated\" trades) \nAuto-execution","Adroit supports all protocols for each connected trading venue/liquidity provider, via GUI and/or API.","Single dealer-to-client\nMultiple dealer-to-client\nClient-to-client\nAll-to-all","Adroit supports all protocols for each connected trading venue/liquidity provider, via GUI and/or API.","N/A","We are an O/EMS, not a trading platform","Subject to individual trading venue/liquidity provider.","Government Bonds \nCorporate Bonds\nAgencies\nSupranationals\nCovered Bonds\nHigh Yield\nEmerging Markets\nABS\nSustainable Bonds (green, social, sustainability, SLBs)\nMoney Market Instruments (MMI)\nRepos","Municipal bonds\nConvertible bonds\nInterest rate derivatives\nCredit derivatives\nFutures&options","Cash outright\nSpread \nBasis\nOther","Portfolio\nCompression\n","All developed and emerging currencies","Aggregating","Adroit gathers, consolidates, standardizes, and displays market data from all sources to which a client is entitled.","Firm\nIndicative\nBilateral negotiation","Adroit supports voice trade processing, and all protocols for each connected trading venue/liquidity provider, via GUI and/or API.","Analytics\nMarket Data\nParticipant links (to portfolios/ inventory and/or order management systems)\nRegulatory reporting\nTransaction Cost Analysis (TCA)","Trade compliance\nAllocations","(none)","(none)","(none)","N/A","N/A","N/A",2014,"Adroit Trading Technologies LLC\n175 Atlantic Street, SUITE 200\nStamford, CT 06901\nUSA","adroit-tt.com","Aug-2021 (New addition)"]
["OMS/EMS","AxeTrader","Fixed income electronic Quoting and Execution Management System (QEMS) provides unequalled market making, quoting, bond pricing and order execution on a single desktop that aggregates markets, data and trading workflows. Traders benefit from optimised aggregated liquidity, multiple pricing feeds, powerful client servicing and execution capability across voice and electronic trading on 23 execution venues and connects to 11 leading market data sources including Bloomberg, TradeWeb, MarketAxess, Exchanges, MTFs, OTFs, SEF's as well as market data providers and runs/axe distribution networks. \n\nScalable, from a single desk to a global enterprise, across multiple legal entities to support dedicated agency execution, prop trading and back-to-back ticketing for a global customer base with varying levels of centralised trading.","Tthe only fixed income dedicated Quoting and Execution Management System (QEMS) that provides unequalled market making, quoting, bond pricing and order execution.","Dealers, Institutional investors, Other","Broker dealers","Market-making, RFQ, RFO, RFS, Cross matching, Auction, CLOB, Voice Trades, Other","Order routing; Integrated 'LEAVE' orders management; Integrated voice trade confirmation","Single dealer-to-client, Multiple dealer-to-client, Dealer-to-dealer, Client-to-client, All-to-all, Other","Integrated voice trade confirmation","N/A","AxeTrader is not a trading venue, rather we free traders to make best use of their existing systems to interact seamlessly across over 22 execution venues and connect to 11 leading market data sources. It is fully integrated to ensure an efficient single point of access to the market. It is agnostic to trading style as it provides a central order book that interacts with the quoting mechanisms of other platforms. It uses real-time data for sources of bond information for existing bonds and new issues. AxeTrading embraces the principles of interoperability to give traders seamless control of their business.","N/A","Government, Corporares, Agencies, Supranationals, Covered Bonds, High Yield, Emerging Markets, MMI, Munis, Repos","Interest Rate Swaps; CDS; Convertible bonds; Preference shares","Cash, Spread, Basis, Other","Asset swap spread; \nZ-Spread\nI-Spread\nG-Spread","Fixed income and money market instruments denominated in any currency","Sourcing, Aggregating","Multiple trading platform/liquidity source/pricing source aggregation and automated ranking to assist traders","Firm, Indicative, Bilateral negotiation","AxeTrader is able to aggregate, rank and display: Runs, Broker Quotes, Indicative and firm OTC pricing, Axes, exchange quotes","Analytics, Participant links, Regulatory/ compliance","Integration with back office, custodians, regulatory reporting agencies (e.g. TRACE/FINRA)","Integration with back office, custodians, regulatory reporting agencies (e.g. TRACE/FINRA, ARMs and APAs)","Other (AxeTrader is not a trading platform; it is a solution for integrating fully with multiple trading platforms including RMs, MTFs, and OTFs via one single application)","AxeTarder has integrated with trading platforms outside of the EU/EEA and has clients across 4 continents.",null,null,null,2009,"AxeTrading, 16 Northumberland Avenue, London, WC2N 5AP","www.axetrading.com","2020-11-23"]
["OMS/EMS","BestX!","BestX! is a proven Smart Execution Platform designed for effeciently managing thousand of Fixed Income orders across external trading venues and/or internal liquidity providers. Capable of determining the appropriate execution strategy, BestX! uses available market data, order paramters and internal policies to identify the best way to execute orders either fully automatically or by escalating to traders with the appropriate instructions.","The only proven multi-market smart order routing engine availble in the market, available now as either a fully cloud hosted solution or as deployed software.\nFlexibility means that it has multiple use cases including Limit Order Management or liquidity outsourcing for the Sell-Side to automatic PortFolio Rebalancing auto-execution at Market Best (and not just Market at Close)","Dealers\nInstitutional investors\nRetail investors\nOther","Wealth","Request for quote (RFQ)\nAuto-execution\nOther","Limit Order","Multiple dealer-to-client",null,"N/A",null,"N/A","Government Bonds \nCorporate Bonds\nAgencies\nSupranationals\nCovered Bonds\nHigh Yield\nEmerging Markets\nSustainable Bonds (green, social, sustainability, SLBs)",null,"Cash outright\nSpread \nBasis\nOther",null,"All","Sourcing\nAggregating ",null,"N/A",null,"Analytics\nMarket Data\nRegulatory reporting\nTransaction Cost Analysis (TCA)\nOther","Best Execution","N/A","Other","Other","N/A","N/A","N/A",2007,"SoftSolutions!\nVia San Francesco d'Assisi 3B,  24121 Bergamo \nItaly","www.softsolutions.it ","Apr-2021 (New addition)"]
["OMS/EMS","BondPub","BondPub gives the fixed income trading desk a front-end application that allows them to manage the distribution of all their fixed income quotes and aggregate orders in one place.  The BondPub quote management solution provides streaming distribution of quotes and aggregation of orders in one easy-to-use real-time interface","BondPub is one of the fasted quote management systems available today because it was developed for platforms of the future, not the past.  Productive management of quotes demands fewer mouse-clicks and keystrokes. BondPub achieves this with an intuitive workflow interface and reliable network connectivity. This translates to speed and accuracy.","Broker Dealers","BondPub is a fixed income execution management system that allows bond traders to effectively manage the publication of their fixed income offerings and bids to multiple ATS’s, and to aggregate order flow from all connected trading venues into a single easy-to-use order blotter.","Auto-execution\nRequest for quote (RFQ)","Positions in BondPub are maintained directly in a familiar spreadsheet-like interface. When a quantity or price changes on a quote in BondPub, it is immediately published to all enabled trading destinations.  Hit of lift orders placed on the ATS’s against these quotes are routed back to BondPub’s order blotter.  Configuration to route the filled order to clearing and report the trade is available with BondPub","Dealer-to-dealer",null,"All of the above",null,"N/A","Government Bonds, Corporate Bonds, Agencies, Treasury Bonds, Municipal Bonds",null,"Dollar Price, Yield, Basis, Spread (live spread to benchmark pricing)",null,"US Fixed Income ",null,null,"N/A",null,"Analytics","FISA (Global fixed income security analytics):  Global Fixed Income Security Analytics from Financial Technology Laboratories is a software component for\ncalculating prices, yields, and a broad range of other analytical values for the major developed markets around the world. The Global-FISA analytics can be used by securities dealers, brokers, banks, fixed income ECNs,\napplication vendors, and information services for developing front-, mid-, and back- office trading, portfolio,\nand reporting applications.","N/A","N/A - We have no reglatory status with the EU/EEA","N/A","N/A","N/A","N/A",2009,"FTLabs (Financial Technology Laboratories                                1560 W. Beeb Capps Expy        C-1215,                                          Searcy, AR  72143","FTLabs.com","Dec-2020 (New addition)"]
["OMS/EMS","Broadway Technology","Broadway supports end-to-end trading workflows and connectivity to 70+ brokerage / dealer to dealer, exchange and dealer to customer venues in the Rates & Emerging Markets space, for Government Bonds, SSA (Supra, Sovereign, Agency) Bonds, Futures & Options,  and Interest Rate Swaps including custom swaps, package trades, and process trades (PIT, PAT), and Repurchase Agreements (repo), across North America, EMEA and APAC. Broadway provides normalized connectivity across markets, including support for full depth-of-book market data, order handling, and post-trade.","Data-driven platform with an unique rules-based workflow technology, uniquely fit to automate and augment your pricing, execution and client tiering strategies with smart data and trading signals. High flexibility, built for interoperability and application aggregation to maximize the user experience combining Broadway's best-of-breed trading components with in-house or third-party technology. ","Dealers, Institutional Investors, Others","Asset Managers, Hedge Funds, Wealth Management.","Request for quote (RFQ)\nCross matching\nAuction\nCentral Limit Order Book (CLOB)\nMove-to-venue (\"Processed\" or \"negotiated\" trades) \nAuto-execution\nOther","Broadway supports all trading protocols including RFQ, RFS, ESP, last look, portfolio execution.\nSmart order router and advanced execution algorithms such as spreader and duration trading.","Single dealer-to-client\nMultiple dealer-to-client\nDealer-to-dealer","As a software vendor, Broadway supports both Dealer-to-client and Dealer-to-dealer venues.","Broadway is not a trading venue.","N/A","N/A","Government Bonds \nAgencies\nSupranationals\nCovered Bonds\nEmerging Markets\nSustainable Bonds (green bonds)\nMoney Market Instruments (MMI)\nRepos\nOther","Global interest rate swaps (IRS) including custom swaps, package trades, and process trades (PIT, PAT).\nFutures on interest rates.","Cash outright\nSpread \nBasis\nOther","Duration Basket\nList Trading","G7 Currencies, Scandi, CEEMEA, APAC EM","Sourcing\nAggregating ","Real-time liquidity and price aggregation from liquidity providers, including order books, banded price streams, auction and linker platforms, high-performance market data feeds, and on-demand RFS markets","Firm\nIndicative\nBilateral negotiation","Broadway handles all aspects of core price generation and can seamless integrate with third-party or in-house pricing tools including axe distribution.","Analytics\nMarket Data\nParticipant links (to portfolios/inventory and/or order management systems)\nOther","Extensive tools for trading- and dealing-related quantitative research and performance analysis.","Broadway provides the trading data required for APA or ARM reporting.","Broadway is not a trading venue, but is fully integrated with RM, MTF and OTF venues.","N/A","N/A","N/A","N/A",2003,"Broadway Technology, LLC\n5000 Plaza on the Lake\nAustin, TX 78746\nUnited States","www.broadwaytechnology.com/","Apr-2021 (New addition)"]
["OMS/EMS","Charles River Order & Execution Management System ","The Charles River Investment Management Solution (Charles River IMS) is designed to automate and simplify the institutional investment process across asset classes. Charles River’s growing partner ecosystem enables clients to seamlessly access external data and analytics, applications and liquidity venues that support the unique demands of their product and asset class mix. Charles River IMS combines an order management system (OMS) with multi-asset execution capabilities, creating a single integrated order and execution management system (OEMS). The OEMS enables trade automation of low touch orders by streamlining access to global liquidity venues while empowering traders with advanced data visualization and analytical capabilities to support complex, high touch trades.","Enhancing CRD Fixed Income EMS and trading capabilities is a focus for the firm, they continue to aggressively build on the existing connectivity of over 30 venues in the fixed income trading space. This connectivity ranges from direct integration in the CRIMS blotter, to staging workflows that utilize the venues' user interface.  CRD’s most recent areas of focus have centered on the expansion of their FI Inventory Hub, trade automation, and the continued integration partnerships with 3rd party data providers, venues, and application vendors. ","Institutional investors, Other, Asset Managers, Hedge Funds, Asset Owners, Insurance Companies, Wealth Management",null,"Request for quote (RFQ)\nCross matching\nAuction\nCentral Limit Order Book (CLOB)\nMove-to-venue (\"Processed\" or \"negotiated\" trades) \nTrade Automation ","We support all buy and sell side trading protocols. ","Single dealer-to-client\nMultiple dealer-to-client\nDealer-to-dealer\nClient-to-client\nAll-to-all\n","We intertact with both buy-side and sell side entities, with buy-side entities as our client user base. ","Anonymous (Matched principal trading)\nAnonymous (Name give-up)\nLit (disclosed)\nAnonymous & Lit",null,null,"All Global Fixed Income Instruments. ",null,"Cash outright\nSpread \nBasis",null,null,"Sourcing\nAggregating ",null,"Firm\nIndicative\nBilateral negotiation",null,"Analytics\nMarket Data\nParticipant links  (to portfolios/ inventory and/or order management systems)\nRegulatory reporting\nTransaction Cost Analysis (TCA)","Research integration on short term roadmap","N/A","Software Provider","N/A","N/A","N/A","N/A",1984,"Charles River Development\nCorporate Headquarters \nBurlington Ma. United States","crd.com","Dec-2020 (New addition)"]
["OMS/EMS","Ediphy Markets","We aim to be an end-to-end integrated trading partner to the buy-side. From pre-trade, through execution, to post-trade. With hosted technology, we deliver a complete market view via the Mifid II trade data, access to new liquidity pools and fully managed trading venue access designed to deliver improved execution outcomes.  We have built a system,  as near to a consolidated tape as is available in the market, that forms the basis of our fair execution (TCA) measurement.  To expose improved market liquidity to clients, we connect to the full range of trading protocols available from trading venues and dealers direct.  Separately, our sister company, Ediphy Analytics, designs and engineers software for organisations seeking to productise or capitalise on their internal data. \t  ","Fully hosted, cloud based, execution as a service model with no application installation required. Consolidated Mifid II trade data from all APAs, MTFs and OTFs forms the data set as a benchmark against which best execution can be assessed. This data is harnessed to inform the client as to where, when and how to trade. Ediphy Markets (FCA Regulated) manages all execution venue connections and point of execution workflow.  Uniquely, we operate at the intersection of powerful data analytics, regulated execution counterparty services and connectivity hub in the bond and IRS markets. ","Institutional Investors","Hedge Funds, Sovereign Wealth Funds, Private Banks","CLOB, RFQ, Cross matching, Auction, Other","Execution strategies, dependent on execution objective, can be deployed to combine execution protocols in order to optimise the execution outcome.","Multiple dealer-to-client. \nOther","Smart routing to the market with best available liquidity based on the metrics generated by the underlying MiFid II and other data sets. In addition to RFQ on MTFs, routing is also provided to various dealers direct, OTFs and ATSs/SEFs for CLOB resting orders and matching execution.","Anonymous (Matched Principal trading)",null,"Minimum trading size nominal of the issue","Phase 1: Cleared IRS.  Phase 2: US Tresuries and EGBs/Gilts. Phase 3: Credit Bonds and Emerging Markets",null,"Cash outright. IRS Delta neutral and individual IRS leg trading ","Spread and basis trading to follow","Initially: USD, EUR, GBP","Sourcing, aggregating","Actionable data is at the core of the system. Data is interpreted to suggest how to achieve the best execution outcome. For less liquid securities multi variant analysis is employed to determine similar bonds and fill price gaps.","Firm, Indicative and resting orders",null,"Analytics\nMarket Data\nBest execution analysis\nTransaction Cost Analysis (TCA)\nManaged execution services",null,"Trade reporting by MTF or OTF venue of execution. Offer delegated reporting when trades executed on non-EU/EEA venue.","FCA regulated Investment Firm","N/A","N/A","N/A","984500C998D3T09A6795 ",2018,"Ediphy Markets \n10 Finsbury Square, London EC2A 1AJ","www.ediphy.io","2020-11-01"]
["OMS/EMS","Enfusion","Enfusion is a comprehensive native-cloud, SasS-based front- to back-office platform which encompasses Portfolio Management & General Ledger (Valuations, Exposures, Risk, GL),  Order and Execution Management (single instruments, pairs and baskets), Compliance, Risk, analytics and reporting, and outsourced middle and back office managed services across all global markets and asset classes including listed and OTC. Enfusion serves more than 500 hedge funds and institutional asset managers from nine global offices.","Only Enfusion has fully reimagined the investment management operations and technology paradigm to be simpler, faster and more unified—natively. This frees clients to work at their best and outperform. Unlike legacy OEMS technology ported to the cloud, Enfusion was uniquely born in the cloud and therefore able to take advantage of true cloud benefits: scalability, unification of systems, data, and information, as well as simplified workflow and collaboration. Not only does Enfusion openly connect to external systems via API, it ensures one golden source of data is accessible across the organization and delivers weekly automatic enhancements—no upgrade or re-implementation required. ","Dealers\nInstitutional Investors",null,"Other",null,"Single dealer-to-client\nMultiple dealer-to-client",null,"Lit (disclosed)",null,"N/A","Government Bonds \nCorporate Bonds\nAgencies\nSupranationals\nHigh Yield\nEmerging Markets\nABS\nRepos",null,"Cash outright\nOther","Total Return Swap trade type is also supported","No Restriction","Sourcing",null,"N/A",null,"Analytics\nMarket Data\nParticipant Links",null,"Approved Reporting Mechanism (ARM)","N/A","N/A","N/A","N/A","N/A",2006,"Enfusion\n125 S Clark Street\nSuite 750\nChicago, Illinois 60603","https://www.enfusion.com/","Dec-2020 (New addition)"]
["OMS/EMS","Eze OMS","Eze OMS is comprised of seamlessly integrated components: Portfolio Analytics & Modeling, Compliance, Trading, and Operations. As part of Eze Investment Suite, Eze OMS also seamlessly integrates with our front-office execution management system, Eze EMS as well as our back-office solutions: Eze Portfolio Management & Accounting (Eze PMA), and Eze Investor Accounting. ","Eze OMS, as part of Eze Investment Suite is easy to use, simplifies the investment process across all asset classes, provides clients with a centralized hub of the data they need, and allows clients to consolidate vendors to ultimately reduce risk. We provide an intuitive user experience and user-centered design for easy-to-adopt workflows. With a flexible set of APIs and an extensive library of on-demand data interfaces, we can integrate platforms across a firm. We provide an open, vendor-neutral architecture to connect with virtually any platform or counterparty. Users can easily configure views to slice-and-dice data exactly how they want to view it, create custom alerts and sort, filter or format data in an infinite number of ways.","Institutional Investors, Others","Hedge Funds, Traditional Asset Managers, Long-Only Funds, Institutional Investors,  Private Wealth, etc.","Cross matching, Other","Eze OMS allows users to stage orders into third party execution platforms where they can take advantage of the full range of protocols the market has to offer.\n\nCrossing platforms are accessible via blotter scraping.","Multiple dealer-to-client\nAll-to-All",null,"Anonymous & Lit",null,"Minimum lot size of the instrument","Government Bonds, Corporate Bonds, Agencies, Covered bonds, High Yield, Money Market, Repos, ABS, Emerging markets","Equities, Futures, Options, IRS, CDS/X and other OTC Derivatives, FX, Funds, ETF","Cash outright, spread","Yield","All currencies","Sourcing","The OMS can connect to multiple data sources to integrate liquidity sources / pricing.","N/A",null,"Analytics, Market Data, TCA, Compliance, Regulatory Reporting",null,"MiFID II Transaction Reporting via connected ARMs\nMiFID II Post-Trade Transparency reporting to connected APA","N/A","N/A","N/A","N/A","SS&C Technologies (SSNC): 529900POY8H7NPPNKK71",1995,"SS&C Eze (acquired by SS&C Technologies in 2018)\n\n12 Farnsworth St.\nBoston, MA 02210\nPhone: +1 617 316 1000\n","https://www.ezesoft.com/","Dec-2020 (New addition)"]
["OMS/EMS","FlexTrade","FlexTRADER® is the industry’s market-leading, multi-asset execution management system (EMS) that encompasses all facets of electronic and algorithmic trading, and is trusted globally by tier-one asset managers and hedge funds trading equities, FX, derivatives and fixed income for its unparalleled performance, quantitative analysis and worldwide connectivity to liquidity sources.",". FlexTrader is the only truly multi asset EMS,\n. We are a privately owned, fully independent Fintech with no outside investment,\n. Open architecture allows easy integration with third parties,\n. Highly customizable, configurable to each client's unique needs and workflow,\n. Powerful analytics: pre-Trade, real-Time and post-trade analytics suite,\n. Worldwide connectivity to more than 200 trading destinations for Equities, FX, Options, Futures and Fixed Income.","Institutional investors","Asset managers, hedge funds, sovereign wealth funds","Request for quote (RFQ)\nCross matching\nAuction\nCentral Limit Order Book (CLOB)\nMove-to-venue (\"Processed\" or \"negotiated\" trades) \nAuto-execution\nOther","All trading protocols are supported:\nRFS, RFQ, CLOB, all to all, OTC, voice, manual, auto-execution, auction, crossing, move-to-venue, VCON.","N/A","FlexTrade is a software vendor, not a trading venue. We provide the technology to access a wide range of market types depending on our clients' requirements.","N/A","N/A","N/A","Any security type can be traded on FlexTrader, including all of the above.",null,"Cash outright\nSpread \nBasis\nOther","all of the above: cash outright, spread, basis, as well as lists, switches, butterflies, dark pools","all","Sourcing \nAggregating","Aggregation of data from various third party sources including (but not limited to): indictaive and firm pricing from banks and trading platforms, direct streams from banks and other counterparties, axes (through Bloomberg, Neptune, MarketAxess, Tradeweb, Symphony etc), full trade history with information such as hit ratios, data from third parties e.g. ICE data, inter dealer brokers (IDBs), Bloomberg.","Firm\nIndicative\nBilateral negotiation","All","Analytics, market data,  data aggregation, OMS integration, integration to other internal / prop systems or quant engines, order history, TCA",null,"N/A","N/A","N/A","N/A","N/A","N/A",1996,"FlexTrade UK Ltd\nCitypoint, 1 Ropemaker Street\nLondon EC2Y 9AH\n","www.flextrade.com","Nov-2020 (New addition)"]
["OMS/EMS","nexRates","nexRates is a full function Sell-side Fixed Income trading platform - providing quote and trade capabilities on both D2C and D2D Markets in FI cash and derivative products. Advanced pricing capabilities support both manual and automated quoting, with full trade, post-trade - p&l and risk management support as well. ","Full-functional sell side trading system available as deployed software and now, Software as a Service - a fully manged trading platform available on AWS","Dealers",null,"Market-making\nRequest for quote (RFQ)\nCross matching\nAuction\nCentral Limit Order Book (CLOB)\nMove-to-venue (\"Processed\" or \"negotiated\" trades) \nAuto-execution\nOther",null,"Single dealer-to-client\nMultiple dealer-to-client\nDealer-to-dealer\nClient-to-client\nAll-to-all",null,"N/A",null,"N/A","Government Bonds \nCorporate Bonds\nAgencies\nSupranationals\nCovered Bonds\nHigh Yield\nEmerging Markets\nABS\nSustainable Bonds (green, social, sustainability, SLBs)\nOther","Interest Rate Derivatives","Cash outright\nSpread \nBasis\nOther",null,"All","Sourcing\nAggregating ",null,"Firm\nIndicative\nBilateral negotiation",null,"Analytics\nMarket Data\nResearch\nParticipant links  (to portfolios/ inventory and/or order management systems)\nRegulatory reporting\nOther","Client & Market Business Intelligence","N/A","Other","Other","N/A","N/A","N/A",2015,"SoftSolutions!\nVia San Francesco d'Assisi 3B,  24121 Bergamo \nItaly","www.softsolutions.it ","Apr-2021 (New addition)"]
["OMS/EMS","SimCorp Dimension Order Manager","Order Manager OMS facilitates a single-click accurate and scalable trading workflow combined with real-time market data and comprehensive financial instrument support.  It equips you with all the tools to execute orders effortlessly, and adapts to how your trading desk conducts it's business.  Order Manager belongs to SimCorp’s portfolio of integrated front-to-back solutions for business process automation in investment management.","Top 3 USP's:  \n1. Real-time integrated workflow with portfolio management, compliance, performance, analytics and collateral management front/middle office modules\n2. Platform execution with most major best-in-class providers (multiple best of breed out of box connectors), as well as single platform providers, such as TradingScreen, giving clients freedom of choice \n3. Real-time integration with the back office for accurate and continuous position and cash data. ","Institutional Investors, Other","Asset and Fund Managers, Insurance Companies, Pension Funds, Mutual Funds, Sovereign Wealth Funds, Banks, Service Providers","RFQ,  Other",null,"All-to-all\nMultiple Dealer to client\nClient to Client","As an OMS, we integrate with multiple execution vendors that handle executions in the markets listed","Anonymous & Lit",null,"Minimum lot size of the instrument","Government Bonds, Corporate Bonds, Agencies, Supranationals, Covered Bonds, High Yield, Emerging Markets, ABS, Other","Equities, Futures, Options, OTC Derivatives, FX, Funds, ETF","Cash outright, Spread","Yield","All currencies","Sourcing, Aggregating","As an OMS, we integrate with multiple trading platform/liquidity source/pricing source vendors, allowing us to perform aggregation and provide automated decision support output on our single dashboard .","Firm\nIndicative\nBilateral negotiation","As an OMS, we integrate with multiple execution vendors that collectively allow us to support all listed pre-trade practices","Analytics, Participant links, Regulatory/Compliance",null,"Compliant with:\nIFRS-9, US-Gap, Mifid II, Solvency II, Basel III, Dodd-Frank, EMIR, and IOSCO","Other",null,"N/A","N/A",null,1997,"SimCorp\nCorporate Headquarters\nWeidekampsgade 16, 2300 Copenhagen S, Denmark","www.SimCorp.com","2020-11-01"]
["OMS/EMS","thinkFolio","A single, integrated investment management platform that supports the entire front office workflow. Due to a flexible, modular design of thinkFolio, there is the option of deploying the platform for specific use cases and assets classes, including fixed income, cash management and FX or loans.  Streamlined investment workflows allow portfolio managers, traders and compliance teams to work together, ensuring all decision makers are aligned.  thinkFolio provides the ability to monitor all factors that influence investment returns by focusing on individual cash flows and modelling the impact of various scenarios.  The platform is delivered as a managed service, supporting investment firms that want to reduce costs, maximize flexibility, enhance scale and achieve time-to-market objectives.","The platform’s portfolio modeling capabilities enable users to plan for how any scenario could impact their returns, from early repayments and rate shocks to changes in the shape of the yield curve.   Analytics enable users to slice and dice portfolios, perform benchmark comparisons, portfolio targeting, what-if scenarios and rate shocking analysis. Modelling different scenarios and decisions on portfolio structure and cash flows, simplify rebalances and put new capital to work easily. The sophisticated cash ladder allows views of future cash amounts across accounts, taking in bond and loan projected cash flows, redemptions, unsettled trades and other cash flows","Institutional Investors\nRetail Investors",null,"Market-making\nRequest for quote (RFQ)\nCross Matching\nMove-to-venue\nAuto-execution",null,"Single dealer-to-client\nMultiple dealer-to-client",null,"Anonymous & Lit\n",null,null,"Government Bonds\nCorporate Bonds\nAgencies\nCovered Bonds\nHigh Yield\nEmerging Markets\nABS\nMMI\nRepos","Private & Public Equities\nLoans -Public Debt\nPrivate Debt\nSwaps\n","Cash Outright\nSpread\nBasis",null,"Multi Currency / All","Sourcing",null,"N/A - Electronic","System handle bilateral negotiation over the phone and manually input","Analytics\nParticipants Links\nRegulatory Reporting\nTCA","IHS Markit is a Market Data provider that thinkFolio injests","APA\nARM","N/A","N/A","N/A","N/A"," 2138005LTLTVZ4WMEX25",null,"IHS Markit \nRopemaker Place\n25 Ropemaker \nLondon\nEC2Y 9ly ","https://ihsmarkit.com/products/thinkFolio.html","Dec-2020 (New addition)"]
["OMS/EMS","TORA","TORA’s market leading multi-asset OEMS provides bond traders with access to advanced trading functionality, including sending RFQs to major bond platforms from the TORA GUI, trading on ATSs, access to real time market data, aggregation of runs, axe and inventory information, order allocation management, and post-trade analytics. The system also offers a comparable bond tool, smart order routing, pre-trade risk controls, real-time position management, and P&L tracking in one single interface. TORA FIX network is also able to connect to multiple bond trading platforms and global brokers to access greater liquidity and improve trade execution quality.","A proud independent firm that has built the entire front to back software in-house with no mergers or acquisitions. Pioneering trading technology that can seamlessly grow with clients software. Fast implementations and award winning customer support.","Instituional investors\nOther\nHedge funds",null,"Request for quote (RFQ)\nCentral Limit Order Book (CLOB)\nMove-to-venue (\"Processed\" or \"negotiated\" trades)\nOther\nVoice",null,"Single dealer-to-client, multiple dealer-to-client, all-to-all","As an OEMS, TORA integrates with a variety of venues using different protocols.","N/A as not a Platform/venue","N/A","N/A","Government/Treasury, Sovereign, \nSupranationals\nAgencies\nCovered Bonds\nCorporate Bonds\nHigh yield\nEmerging market\nMunicipal Bonds\nABS\nMBS",null,"Cash outright\nSpread\nYield",null,"Any currency","Sourcing\nAggregating",null,"Firm\nIndicative\nBilateral negotiation",null,"Analytics, most active dealers analysis.",null,"N/A","N/A","N/A","N/A","N/A","N/A",2005,"1440 Chapin Avenue\nSuite 205 Burlingame\nCA 94010\nUSA","www.tora.com","Sep-2021 (New addition)"]
["OMS/EMS","TradeSmart FI (Tradingscreen)","TradeSmart FI is an Execution Management System for Bonds, EM, Futures, USTs, €Govvies, Convertible Bonds, IRS & CDS. \nTradeSmart links buy-side OMSs to market liquidity.\nTradeSmart connects to and aggregates liquidity, pricing, axes, traded volume, inquiries and venues to provide the user with pre-trade intelligence, execution and best execution support evidence.  \nTS FastPass for dealers connects directly to buy-side clients to precisely direct prices and axes to the client trading desk. \nClients can “request to firm-up” dealer axes. \nTS FastPass for dealers provides real-time analysis to optimize performance.","MIFID 2 Best Execution & Best Selection\nConnects to MA, TW, BBG, Liquidnet, Neptune, Trumid, Fenics, OpenDoor, TPICAP, LDX & NEX. More platforms in the pipeline.\nInternal crosses, multi-leg orders, axes, RFQ, IoIs, watch-lists, traded volumes, most active dealers, similar bonds\nSymphony chat\nData content hub to receive your existing market data and research\nTCA, trade reporting and business intelligence\nLocal or cloud solution, easy to install ","Institutional Investors\nOther\nPrivate Banks\nHedge Funds",null,"CLOB\nCrossing\nNegotiation\nAuction\nRFQ\nRFS\nCross matching\nAuction\nMove-to-venue (\"Processed\" or \"negotiated\" trades) \nAuto-execution\n",null,"Single dealer-to-client\nMultiple dealer-to-client",null,"Dealer to client fully disclosed.",null,"Minimum size of the issue","Government, Corporates, Agencies, Supranationals, Covered Bonds, High Yield, Emerging Markets\nMoney Market, IRS, CDS & Index.\n",null,"Cash\nSpread\nYield Basis",null,"All currencies","Aggregated venue, dealer prices, liquidity, axes and broker platforms. ",null,"Firm prices\nIndicative prices\nFirm liquidity and axes","TS FastPass for dealers connects directly to buy-side clients to precisely direct prices and axes to the client trading desk. Clients can “request to firm-up” dealer axes. TS FastPass for dealers provides real-time analysis to optimize performance. ","TS FI TCA\nPre-trade focus on historic traded volume & RFQs\nPooled buy-side client traded volume data\nMost active Dealer\nPredicted time to execute & price slippage\nPost-trade alpha generation\nMarket impact",null,"Reporting & Analysis\nAPA & ARM integration\nRTS 27\nRFQ and hit-rate analysis","TradeSmart is an EMS, not a regulated entity.","N/A","N/A","N/A","N/A",2016,"TRADINGSCREEN Inc.\n1 Penn Plaza \n49th Floor\nNew York, NY 10119\nTel: +1 (212) 359 4100\nTRADINGSCREEN Limited\n5th Floor, York House\n23 Kingsway\nLondon, WC2B 6UJ\nTel: +44 (0) 207 149 3100\nTRADINGSCREEN Hong Kong Limited\n702, Ruttonjee Centre, Dina House\n11 Duddell St, Central, Hong Kong\nTel: +852 3192 7533","https://fixedincome.tradingscreen.com/\n","2018-03-01"]
["OMS/EMS","Triton","Triton is a broker-neutral, multi-asset class execution management system trading global equities, ETFs, futures, options, FX and Fixed Income across 600+ brokers and venues for all types of flow – care, PT, DMA, Algos, RFS/ RFQs, conditional, AIOIs and block crossing.  Triton is designed with an active trader in mind and can assist with best execution throughout the lifecycle of a trade. The platform strives to ensure clients have the best access to technologies that improve workflows through automation, decision support tools, access to liquidity and analytics to measure the quality of execution.  It is a portal with the tools a trader needs to achieve the best performance for its clients.  ","The focus of all Virtu’s products is best execution.  Each product, whether it is Execution Services, Liquidity, Analytics or Workflow Technologies (Triton), is best in its class.  Combining all these services into one system makes it easy for our clients to build a consistent, best execution process across all asset classes that helps to improve performance for clients and meet regulatory obligations.","Institutional Investor\nDealers",null,"Request for quote (RFQ)\nCross matching\nMove-to-venue (\"Processed\" or \"negotiated\" trades) \nAuto-execution\nOther","Triton EMS has a staging to venue model that supports the trading methods of the destination venue(s) selected by the client.","Single dealer-to-client\nMultiple dealer-to-client\nAll-to-all\nOther","Triton EMS has a staging to venue model that supports the market types of the destination venue(s) selected by the client.","N/A","Triton EMS has a staging to venue model that supports the platform type of the destination venue(s) selected by the client.","N/A","Government Bonds \nCorporate Bonds\nAgencies\nSupranationals\nCovered Bonds\nHigh Yield\nEmerging Markets",null,"Cash outright\nSpread \n",null,"Triton EMS supports all currencies supported by the integrated platforms and venues.","Aggregating \n","Triton provides market data aggregation and display as well as access to in-house pre-trade models and to the client's comparable historical trading performance. ","Firm\nIndicative\nBilateral negotiation\n","Triton EMS has a staging to venue model that supports the pre-trade practices of the destination venue(s) selected by the client.","Analytics\nMarket Data\nParticipant links  (to portfolios/ inventory and/or order management systems)\nTransaction Cost Analysis (TCA)\n","Triton EMS is fully  integrated with Virtu's multi-asset class TCA and Analytics products.\n\nIntegration to client OMS is part of the service.","N/A","Triton has a staging to venue model, acting as a technology provider. The relevant regulatory framework is that of the venue(s) selected by the client.","Triton has a staging to venue model, acting as a technology provider. The relevant regulatory framework is that of the venue(s) selected by the client.","N/A","N/A","N/A",2003,"Virtu Financial\n\nOne Liberty Plaza\n165 Broadway\nNew York, NY 10006","https://www.virtu.com/solutions/","Dec-2020 (New addition)"]
["OMS/EMS","valantic Trading Solution","We provide a high-performance solution for electronic bond trading on D2D and D2C platforms, featuring core functionalities such as bond pricing and market making as well as connectivity to a wide range of trading venues and exchanges.","One of the fastest solutions available which easily integrates with other systems.\nIn addition it features a powerful and highly flexible HTML 5 UI enabling the user to customize the screen for his needs.","Dealers\nInstitutional Investores\nOther","Asset Managers\nHedge Funds\nCentral Banks","Market-making\nRequest for quote (RFQ)\nCross matching\nAuction\nCentral Limit Order Book (CLOB)\nMove-to-venue (\"Processed\" or \"negotiated\" trades)\nAuto-execution\nOther",null,"Single dealer-to-client\nMultiple dealer-to-client\nDealer-to-dealer\nAll-to-all\nOther",null,"N/A","N/A","N/A","Government Bonds \nCorporate Bonds\nAgencies\nSupranationals\nCovered Bonds\nHigh Yield\nEmerging Markets\nABS\nSustainable Bonds (green, social, sustainability, SLBs)\nMoney Market Instruments (MMI)\nRepos\nOther","ETF\nSwaps\nCDS","Cash outright\nSpread\nBasis\nOther","List Trading","All currencies","Sourcing\nAggregating","Pre-trade analytics based on machine-learning algorithms to provide additional metrics","Firm\nIndicative\nBilateral negotiation",null,"Analytics\nMarket Data\nResearch\nParticipant links\nRegulatory Reporting\nTransaction Cost Analysis\nOther",null,"We provide the data required to meet the MiFID II regulatory requirements (pre-, post-trade,…)","N/A","N/A","N/A","N/A","N/A",1999,"valantic FSA UK\n\n+44 204 542 6100\n125 Old Broad street\nLondon EC2N 1AR\nUnited Kingdom\n \n\nvalantic FSA DE\n\n+49 69 95 92 90 97-0\nRahmhofstr. 2\n60313 Frankfurt am Main\nGermany","https://www.valantic.com/fsa/solution-electronic-trading/","Sep-2021 (New addition)"]
["Bulletin board","Neptune Networks (\"Neptune\")","Why Neptune? Investors want higher quality pre-trade data Banks want to improve the distribution efficiency of pre-trade data\nIndustry wants better control and governance around pre-trade data distribution\nWhat is Neptune? Collaboration between banks and investors; A market utility; Global in design; Neptune is not a trading venue; Neptune is execution-venue agnostic\nWhat does Neptune do? Exchanges pre-trade data through open standard FIX workflows\nEnables direct integration between sell-side and buy-side OMS/EMS and other systems\nEnables dealers to retain ownership of their pre-trade data as well as determine who receives their data; Enables buy-side to decide whose data they receive","Improves the quality of pre-trade data delivered to investors\nprovides a standardised structure for all market participants\nprovides robust control and governance for pre-trade data\nlowers technology costs by automating pre-trade data dissemination","Institutional Sell-Side and Buy-Side","Not an execution venue","N/A","Not an execution venue","Information Network (IN), Dealer to Client",null,"N/A","Not an execution venue","N/A","Credit (Investment Grade &  High Yield, Corporates & Financials), Emerging Markets (hard currency predominantly), Rates, Munis, ABS/MBS",null,"N/A","Not an execution venue","Predominantly USD, EUR, GBP, however cover 24 denominations globally.\nUSD/EUR/GBP","Sourcing and Aggregating",null,"N/A",null,"N/A",null,null,"Other",null,"N/A","N/A",null,"Incorporated July 2016.","Neptune Networks Ltd. Cannon Place, 78 Cannon Street, London EC4N 6HL","www.neptuneFI.com","2020-11-01"]
[null,null,"Total",{"$f":"COUNTA(B7:B62)","v":56}]
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