GFI Releases Electronic Trading Platform for Odd Lot Corporate Bonds in US
Service comes via CreditMatch with plans to extend it into a fully-executable CLOB in Q3 of 2015.
The service is an end-of-day odd lot matching session that provides executions through CreditMatch. Lauren Burd, head of fixed income electronic sales at GFI, tells Buy-Side Technology GFI saw a gap in the market with the amount of activity in the space.
"Odd lot transactions represent almost 90 percent of the number of trades in the interdealer corporate bond market so we knew there was clear demand for this product," Burd says. "Also, one of our key objectives is to provide clients with as much flexibility and choice as possible, which includes giving them the option to trade both large and smaller sized session.
GFI has plans to flesh out the service, turning it into a fully executable central limit order book (CLOB) during Q3. The Financial Industry Regulatory Authority's (Finra) Trade Reporting and Compliance Engine (Trace) will electronically post the trade while Pershing will clear them.
Burd further tells BST that GFI was able to bring the service to market in less than a month thanks in part to the strength of the CreditMatch technology it runs on.
"The market is currently undergoing a lot of changes and GFI is well positioned to compete and increase market share," Burd says. "We make it a priority to garner feedback from our customers in order to innovate and ensure CreditMatch offers seamless and effective execution. Our leading technology offers an unparalleled service and we are excited to extend this service to the US market for odd-lot corporate bonds."
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