Broker-dealer and alternative trading system OpenYield Trading has launched, printing its first trade.
OpenYield is designed to make access to the bond market easier and for, and enhance the existing services of, broker-dealers, advisors and asset managers.
Through what it describes as an “equity-like marketplace for bond trading”, OpenYield offers no minimums, limit and market orders. It also includes an automatic trading-oriented architecture, low-latency instant execution and a focus on odd lot economics.
Currently, algo-enabled market makers including Flow Traders, TD Securities Automated Trading and Apex Clearing have been onboarded onto the platform.
Jonathan Birnbaum, founder and CEO of OpenYield, said: “The bond market is primed for its next chapter. The rise of interest rates has catalysed the demand side for fixed income, while the rise of electronic trading and pricing algos has transformed the supply side liquidity.
“Meanwhile, the experience of interacting with the bond market for investors and advisors hasn’t changed, leaving much to be desired. We’re on a mission to make bonds cheap and easy to trade.”
©Markets Media Europe 2024
