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.
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.
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.
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.
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.
Select Price, Yield or Spread on the COBI-Pricing Curve Visualization.
Select desired currency.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
CASE STUDIES
