An overview of fixed income securities - debt instruments issued by governments and corporations that offer investors predictable returns
Each fixed income securities carries unique sets of terms depending on issuers' and investors' preferences
A credit curve visualization is a graphical representation (typically a line chart) of the credit curve for a bond issuer.
Issuers and investors need to consider repayment structure and redemption features
Basics of how bond prices are quoted and calculated
An overview of market participants in the fixed income market
Governments, corporations and other entities access debt capital markets to fund their operations
Institutional money managers include mutual funds, pension funds, hedge funds, and ETFs
Dealers or investment banks provide key underwriting and market making services
An overview of how bonds are created and matured
Investors provide capital to corporations and governments in the primary market
Existing fixed income securities are traded in the secondary market
Technology has been enabling automation in equities for two decades. It’s now poised to enhance the bond market, making the lives of traders easier in today’s natively digital world.
RFQ auto pricing is the pricing of a bond or list of bonds by a dealer in a response to a request for quote (RFQ) from a client in which an algorithm determines the price of the security without human intervention
A transaction cost analysis (TCA) reporting engine calculates the cost of doing a trade and then reports on this either individually or in aggregate.
Bond data aggregation entails combining the incomplete bond transaction data available from multiple sources into one quasi-consolidated tape.
Bond transaction data provides the details of a bond trade.
An Execution Management System (EMS) interoperability is an application that displays real-time market data and analytics and is used by traders to transact orders.
SOR is an automated process used in online trading to quickly execute a trade, based on price and liquidity, across a range of electronic trading venues and counterparties.
Pre-trade transaction cost analysis (TCA) is used to determine the execution strategy that will minimize the transaction cost of a planned trade at a given level of risk.
A real-time price is a price that exists at the moment it is displayed and at which securities can be, or have, traded.
