As fixed income markets seek greater productivity and higher liquidity, ICE is committed to increasing transparency, execution efficiency and access to information.


The Landscape

Fixed income markets have undergone a seismic shift, with market structure, liquidity availability and product offerings all impacted post-credit crisis. Regulation has made it harder to transact, liquidity has been reduced, and dealers have been forced to rethink their business models.

The Evolving Fixed Income Landscape
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The Rise of Electronic Trading

Market players are seeking new liquidity sources and trading solutions. As technology enables a range of automated approaches, participants are pursuing anonymous protocols, new forms of list trading via RFQ and more efficient methods to execute in the ETF primary market. Above all, execution quality is critical in the decision of where to allocate trades.

Factors Driving Business to Dealers

Investment-Grade Credit Investors - United States

Based on proportion of total volume allocate to given factors. Including using capital to improve liquidity. Based on responses from 76 investment-grade credit investors in the United States in 2018. Source: Greenwich Associates 2018 North American Fixed Income Study

ICE Bonds

ICE Bonds offers deep liquidity pools that support multiple trading protocols including click-to-trade, auction and RFQ, with a vast breadth of fixed income data. Focused on execution efficiency, we provide a range of platforms that enable both anonymous and disclosed counterparty interactions, and trading in sizes from odd-lots to blocks.

Click-to-Trade


Containing live and executable quotes across multiple fixed income asset classes. Supporting both bilateral and anonymous protocols

Auction Protocols


Execution protocol for corporate and emerging market bonds with a focus on risk-matching (RMA) and portfolio rebalancing (PRB) auctions

RFQ


Supporting both anonymous and disclosed protocols for both spread and price-based requests. Individual requests and list trading enhanced by deep order-book liquidity

Access Efficient Execution

Data: The Lifeblood of Markets

The availability of precise market data and customized on-demand calculations means traders can make more informed decisions. Participants point to improved price discovery and liquidity information as the top benefits of increased data access.

Best Aspects of Increased Data Access

Simplified price discovery

Good proxy for liquidity

Based on a survey of bond dealers in 2018. Source: Greenwich Associates

ICE Fixed Income Data & Analytics

Fast-moving trade decisions require strong reference data and analytics. Our comprehensive fixed income data and analytics can help inform your trading strategy from execution to post-trade analysis.

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Bond ETFs Surge

The bond markets have been bolstered by the growing popularity of fixed income ETFs, helped by advancements in indexing. The buy-side is increasingly hedging with fixed income ETFs, while the create/redeem process facilitates portfolio trading in the bond markets.

Purposes for which U.S. Investment Grade Investors Use ETFs

Source: Greenwich Associates 2017 North American Fixed Income Investors Study



ICE Fixed Income Indices & ETFs

Powered by our fixed income data and analytics, we provide over 5,000 indices, tracking $71+ trillion in debt spanning global bond markets across 42 currencies. Robust customization capabilities and self-indexing raw materials help you create and maintain indices tailored to particular investment strategies, such as ETFs.    Learn More


With continued growth in alternative instruments, we enable participants to manage their exposure and access execution efficiencies


ICE Futures

Gain exposure to government debt with a broad product range to manage interest rate exposure

ICE Credit Execution

Execution platform enabling efficiencies for market participants in credit default swaps and fixed income globally

ICE Credit Clearing

A broad reach of credit default swaps, covering index and single name contracts across global corporate and sovereign entities

Fixed Income Post Trade

Connectivity for electronic trade affirmation, matching, allocation processing and real-time clearing in Credit Default Swap and bond trades

Get Access

Unique content, delivery and execution services through an ultra-secure, highly resilient network

Connectivity and feeds solutions including secure, resilient connection and low-latency access

Access execution, messaging and analytic tools tailored to your existing workflow

Customize Your Fixed Income Solution

 

Important disclosures
Securities products and services are offered through Creditex Securities Corporation member FINRA, MSRB, NFA and SIPC or TMC Bonds, L.L.C member FINRA, MSRB and SIPC. The information found herein, has been prepared solely for informational purposes and should not be considered investment advice, is neither an offer to sell nor a solicitation of an offer to buy any financial product(s), is intended for institutional investors only and is not intended for retail customer use.