MTS has introduced a new Dealer-to-Client Ticket (DCT) protocol on its BondVision platform, aiming to streamline trade workflows and reduce operational friction for both buy- and sell-side market participants.
The DCT protocol enables dealers to send processed trades directly to clients via API, improving Straight-Through Processing (STP) and seeks to eliminate the need for clients to manually enter trade details.
According to the 2025 trading intention survey, 22% of activity from buy side trading desks respondents on Bloomberg and 3% of activity on Tradeweb were processed trades.
On MTS, for pricing government and Sovereign, Supranational, Agency (SSA) bonds, the protocol supports quoting to five decimal places which is needed to process the cash leg of basis trades. An upcoming evolution, due on 14 April, will also integrate the futures leg of these transactions. This release follows the relaunch of BondVision in 2024, which has shown increased traction among market participants. The upgrade is part of a broader initiative under the BondVision Partnership, which includes input from sell side and buy side market participants to guide product development.
The protocol launch comes amid strong momentum for MTS. Euronext’s Q4 2024 results highlighted a 23.7% year-on-year rise in fixed income trading revenue, reaching a record €37.8 million, supported by record volumes in MTS cash and repo markets. MTS Cash Average Daily Volume (ADV) climbed 42.0% to €39.4 billion, while MTS Repo TAADV rose 10.0% to €516.2 billion.
Commenting during the Q4 results, Euronext CFO Giorgio Modica noted growing interest in BondVision following its relaunch, driven by a rise in co-located clients, increased participation from primary dealers, and narrowing spreads between key government bond benchmarks.
“The partnership with dealers is starting to bear the first fruit,” he said, pointing to stronger performance from the D2C platform and a positive start to 2025.
©Markets Media Europe 2025
