FIX API Interoperability

FIX API Connectivity into Existing Trading Desk Systems and Venues

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COBI-Pricing LIVE offers protocol and system agnostic integration with venues and e-trading systems used by sell-side and buy-side trading desks through an open API enterprise software platform enabling electronic trading middleware. Overbond enables FIX protocol, counterparty, and market-place connectivity via its open API enterprise software platform and allows global fixed income trading desks to seamlessly integrate AI-driven bond pricing and liquidity scoring analytics into their workflow, regardless of which internal OMS, e-trading system, direct venue connectivity, cloud or on-premise solution they currently use. These API connections allow for internal system integration, pre-and post-trade external data vendor ingestion, and liquidity venue connectivity — ultimately creating a streamlined system capable of automating RFQ flow using Overbond’s AI engine.

FIX API Interoperability

GCP Severless Cloud

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Overbond has developed a real-time AI bond pricing engine that utilizes the latest data processing serverless cloud architecture from Google Cloud Processing (GCP). As a result, Overbond offers both sell-side dealers and buy-side asset managers big data processing in real-time, historical benchmarking and AI-driven price modeling for corporate issued bonds. In addition, each of the functions are displayed from a single touchpoint with an average sub-3 millisecond refresh rate.

FIX API Interoperability

Valantic Side-by-Side Integration

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Global fixed income traders can streamline their workflow and seamlessly harness the power of AI to automate up to 50% of requests for quotes (RFQs) now that Overbond’s COBI-Pricing LIVE has been integrated into Valantic’s eFICC trading systems.

API connections ensure sell side dealers have a fully integrated (front to back) system capable of automating RFQ flow in any currency they make markets in, internal system connectivity with their recorded transactions history, external data vendor connectivity (pre and post trade) and direct venue connectivity.


FIX API Interoperability

Refinitiv Eikon Side-by-Side Integration

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Overbond and Eikon working side-by-side. The Overbond data aggregation and AI modeling hubs provide various forms of curve visualizations and individual ISIN pricing output. Select “as of date” to current (end of day or intra day) or historical time range, then select currency and display:

  • Visualization of each modeled price or spread per ISIN for each issuer or bond selected.

  • Visualization of each modeled and fitted curve per issuer (end of day, intraday, spread or yield).

How Overbond interacts with Eikon.

  1. Launch Eikon’s Fixed Income Apps such as BNDC (Bond Calculator), Bond Views or FRBC (Fixed Rate Bond Calculator) from a single click of a button using the Shortcuts button and select Connection Channel. Do the same in the Overbond application window. The apps will then collaborate with each other.

  2. Select Price, Yield or Spread on the COBI-Pricing Curve Visualization.

  3. Select desired currency.

  4. Select Secondary Pricing Curve, Individual ISINs or New Issue Curve in standard tenors to analyze a wide range of price/yield scenarios for a single bond in the Eikon Bond Calculator or a modeled issuer curve.

  5. Click Individual ISINs to visualize all individual ISIN pricing and analyze relative-value cheapness or expansiveness as a graph overlay in the modeled and optimized issuer curve.


FIX API Interoperability

Refinitiv DSS/Electron Streaming Data Aggregation

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Overbond’s COBI-Pricing LIVE and Liquidity scoring, a comprehensive suite of algorithms and analytics tools that systematically price bonds and measure best executable risk intraday pre-trade across global fixed income markets is available through Refinitiv LIVE data feed and provides for an enhanced fixed income trading capability used for credit trading automation and pre and post-trade transaction cost analysis. API data feeds are provided through Refinitiv DSS/Electron streaming data centers globally.


FIX API Interoperability

Rapid Addition - Low-Code Interoperability

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Low-code is a platform for software development that requires little or no formal coding to develop new software applications and systems. As a visual programming tool, it’s based on a drag-and-drop interface. Similar to a flow chart, blocks represent functions performed by background code and can be joined together to create a program that performs a desired task.

Rapid Addition’s expertise in FIX protocol, counterparty and market-place connectivity via its open API enterprise software platform will allow global fixed income trading desks to seamlessly integrate AI-driven bond pricing and liquidity scoring analytics into their workflow, regardless of which internal OMS, e-trading system, direct venue connectivity, cloud or on-premise solution they currently use. These API connections allow for internal system integration, pre- and post-trade external data vendor ingestion, and liquidity venue connectivity — ultimately creating a streamlined system capable of automating RFQ flow using Overbond’s AI engine.


FIX API Interoperability

IPC - Voice Translation

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Overbond has partnered with IPC, a leading provider of secure, compliant communications and multi-cloud connectivity solutions for the global financial markets, to integrate IPC’s point-of-trade voice transaction data into Overbond’s AI algorithms powering automated fixed-income trading. Overbond’s fixed-income AI pricing and liquidity algorithms harness the industry’s deepest data stack, which now includes voice trades through the partnership with IPC, bringing exceptional precision to the automation of bond trades.

FIX API Interoperability

TRACE Data Inclusion and Liquidity Analytics

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The Overbond platform first sources raw live trading and fundamental data from a range of suppliers. These include Refinitiv, S&P Global Market Intelligence, ICE, EDI, Euroclear and FINRA TRACE, among others, as well as major credit agencies. It also collates company-level fundamental data, dealer quotations, internal client executed trade records and investor preferences through feedback.

Traders can train and customize models on their internal data to find a competitive edge in the market. The COBI-Pricing LIVE output can also be integrated into a data feed via an API, a desktop side-by-side integration with order-management-system (OMS), or viewed on the Overbond Platform as a downloadable table.



FIX API Interoperability

Euroclear Data Inclusion and Liqudity Analytics

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Euroclear LiquidityDrive is a new data service that offers in-depth liquidity analysis on all fixed income instruments settled within Euroclear. Euroclear LiquidityDrive covers more than 460,000 global corporate and government bonds, and in 2019 the Euroclear post-trade ecosystem settled the equivalent of EUR 837 trillion in securities transactions. The service combines executed trade settlement data with custody activity data and is agnostic of whether the instrument is traded via an electronic platform or voice traded.

Overbond’s COBI-Pricing LIVE is a customizable AI pricing engine designed to assist traders in automating pricing and trading workflows. As part of COBI-Pricing LIVE, Overbond’s liquidity scoring model uses Euroclear LiquidityDrive data as one of the various inputs to the AI liquidity scoring engine.

FIX API Interoperability

Clearstream Bond Liquidity Data Feeds

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Through the partnership with Deutsche Börse and Clearstream, Overbond will gain access to settlement-level fixed-income transaction data derived from the 170 million transactions that Clearstream processes annually across 100 currencies and 60 domestic markets. As the bond market is an over-the-counter market and most bonds are still traded over the phone, the addition of settlement-layer records significantly supplements the data sourced from electronic platforms.

Overbond AI will use this data set to generate a robust European fixed-income trading data set and enhance the precision of Overbond liquidity scoring, risk tiering and margin modeling―all of which will be available to Clearstream clients.

FIX API Interoperability

Bonds.com Data Aggregation and Trade Automation

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Bonds.com BondsPro is an electronic bond trading platform that offers institutional investors access to liquidity and real-time execution on an anonymous, all-to-all order book. It supports a wide range of corporate bonds and emerging market debt. MMI is a member of FINRA and SIPC, and is owned by MTS SpA and Euronext.

Overbond will integrate certain Bonds.com fixed income price data to enhance the coverage and precision of its AI-generated fixed income data feeds and automated trading solutions, and Bonds.com clients will gain access to Overbond’s fixed income prices and liquidity-confidence scores.

FIX API Interoperability

Neptune Networks Axe Data Integration

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Overbond integrated Neptune Networks industry leading axe data, to enhance the functionality and accuracy of Overbond analytics and the trade automation possibilities for existing Neptune buy-side clients. Overbond also expanded the universe of securities covered by its analytics and trading algorithms by incorporating Neptune data into each single-tenant client environment on request.

Overbond AI will now uses axe data provided by Neptune—uniquely to each client—to enhance its size-adjusted pricing. This will be included in its analytics and trade automation suite, alongside the multiple price aggressiveness levels, separated bid/ask liquidity scoring and confidence scoring, which are already generated for every security.

By incorporating live axe data from Neptune, the precision of the Overbond SOR algorithm is enhanced, further optimising the process for individual buy-side traders.