Charles River Development, a State Street Company, is collaborating with BondCliQ to support clients with corporate bond pricing. The deal will provide traders and portfolio managers with pre-trade institutional price quotes for US corporate fixed income securities and post-trade TRACE data directly in the Charles River Investment Management Solution (IMS).
BondCliQ’s consolidated quote display generates centralised institutional pricing data for buy-side clients and sell-side dealers. It is sourced directly and voluntarily from dealers and provides a centralised source of pricing data which can serve as a reference point for the market. It allows dealers to compete for buy-side client order flow by improving the accuracy and reliability of their quotes.
Combined with Charles River’s order and execution management capabilities, BondCliQ pricing and analytics will help fixed income managers to better understand pre-trade liquidity for issues of interest and demonstrate best execution to regulators and institutional investors.
Traders can view up-to-date bids and offers along with attribution and size details sourced and aggregated by BondCliQ from 27 major dealers.
“Our solution is eliminating the imbalance of information that leans toward the buy-side. With better data for dealers, we believe that overall pricing integrity will get better because dealers will voluntarily become the best bid and best offer,” said Chris White, CEO, BondCliQ.
Currently Charles River connects to the major fixed income data providers, which includes data from Refinitiv, Bloomberg, and ICE Data Services, while users can also access data directly from certified trading and pre-trade venues such as MarketAxess, Neptune, and Tradeweb.
“This collaboration provides Charles River clients with direct integration to BondCliQ’s unique sources of corporate bond quote data,” says Mike Beattie, director of Global Trading Product Strategy at Charles River Development. “This integration will allow Charles River users to view data directly in our system in context with their orders, trade history, and portfolios. This collaboration is important to CRD because it represents a symbiotic relationship between our system and the sell-side dealer community.
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