Continuous Evaluated Pricing

Evolutionary market dynamics, such as the transition from voice to electronic markets, reduced inventory levels due to regulatory concerns, and the continued focus on price transparency in the fixed income market, are changing trading protocols on both the buy and sell side. We're helping our clients adjust to changing dynamics by providing continuous, independent evaluated pricing to front, middle and back offices, extending the reach of fixed income end-of-day evaluations into intraday applications. Continuous evaluated pricing helps create:

  • Pre-trade transparency
  • Price discovery and idea generation
  • Enhanced trading workflow to support ETF monitoring, trading and intraday internal crossing
  • Post-trade best execution analysis, compliance and transaction cost analysis
  • Support of intraday operational valuation processes and collateral
  • Real-time risk and credit utilization monitoring


Our Proprietary Approach

As a leading provider of evaluated pricing and related services, we're uniquely positioned to deliver this ground-breaking service. Our innovative approach combines both system and human analyses to generate a continuous stream of fixed income evaluations that processes and incorporates market data throughout the day.

Our approach is rooted in the judgment and expertise of our evaluation team and does not rely solely on black box models.

Here’s how continuous evaluated pricing is performed:

  • Evaluators map out the characteristics of the securities and data sources in their assigned sectors
  • Automation tools drive evaluation changes continuously as market data is processed and alert evaluators to outliers in the data
  • Evaluators review exceptions and apply various tools to resolve outliers, including, as appropriate, application of market knowledge and information obtained through market contacts and/or based on evaluator experience
  • The pattern of alerts is examined regularly to help adapt the alert configurations to ever-changing market conditions


Asset Classes

USA

EMEA

APAC

TreasuriesSovereignsSovereigns
AgenciesCorporate Bonds- IGCorporate Bonds - IG
Corporate Bonds (IG & HY)Corporate Bonds - HYCorporate Bonds - HY
TBA MortgagesEmerging MarketsMoney Markets
MBS Pass-throughsMoney Markets
Money Markets
Municipals

Continuous Evaluated Pricing Powers

As the fixed income market structure moves to an increasingly electronic model, liquidity providers need to automate components of their trading operations in order to meet the speed demands and economic realities of the new environment. Should all-to-all trading models take hold, the buy-side will also need tools that allow them to transform from price-takers to price-makers in the marketplace.

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