Interactive Data Corporation has launched a continuous fixed income evaluated pricing service offering clients greater pre-trade transparency support and price discovery capabilities throughout the trading day.
Since originally announcing the expansion of its fixed income pricing services to include continuous evaluations in 2013, the initiative has remained at the core of Interactive Data’s product and service development plans.
Since that time, Interactive Data has further refined, and continues to enhance the technology, pricing processes, models and work flows needed to support continuous evaluated pricing across multiple fixed income asset classes. This breadth of coverage means that Interactive Data’s continuous evaluated pricing service can support a variety of use cases and applications within the industry.
“Real-time fixed income reference pricing alongside the executable bids/offers available on our platform would provide increased price transparency and valuable pre-trade price discovery to the market,” says Nick Themelis, chief information officer of MarketAxess, an electronic trading platform for fixed income instruments.
“We are extremely excited to launch our continuous evaluated pricing service,” says Andrew Hausman, president, pricing and reference data for Interactive Data. “This launch can be seen as not only a strategic milestone for our organisation as well as the industry, but also as representative of the road forward for the continued growth and development of our Evaluated Pricing services and related products. The global fixed income markets continue to evolve and we see a tremendous opportunity to provide a true enterprise-wide pricing solution that provides the front office with support for pre-trade transparency and investment analysis. We also see benefits for our clients’ risk, compliance and trade processing operations, as they look to adapt to more intraday processes, fundamental market structure changes and new regulatory requirements.”
Interactive Data offers streaming evaluated pricing via three delivery options: through a FIX market data feed; via Vantage, its web based fixed income transparency application; and through its Apex reference data product.
The following fixed income asset classes are available immediately as part of the new pricing service:
• US treasuries
• US agencies
• TBA mortgage-backed securities
• Mortgage-backed securities pass-throughs
• US corporate bonds
Coverage will continue to expand in the coming months to include the following fixed income asset classes:
• Money markets
• European sovereigns and credit
• AsiaPac sovereigns and credit
• Municipal bonds
