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rickyvic


Total Posts: 143
Joined: Jul 2013
 
Posted: 2019-02-11 15:19
Anybody knows about g10 cash government bond electronic venues, which ones are good, bad, etc.

I heard bbg has a lot of volume and should offer api.

Any pointers?



"amicus Plato sed magis amica Veritas"

steevo


Total Posts: 4
Joined: Feb 2019
 
Posted: 2019-02-11 21:47
TMC Bonds and BondPoint (both acquired by ICE and still in the integration stage) are the best platforms for this. BondPoint is an aggregation platform acting as a middleman between small trading entities and the main liquidity providers (mostly investment banks) for OTC products. They are not full service brokers...you would still need to find a clearing firm (many smaller clearing firms and RIAs use BondPoint as their fixed income execution platform and white label it) (if you are over 3mm AUM, i think interactive brokers has IB Prime which should be able to integrate with BondPoint....execute with BondPoint and clear at IB). if you have enough AUM (50mm+), then you would just prime broker with a firm that has decent pricing and just use their trading desk for simplicity.

TonyC
Nuclear Energy Trader

Total Posts: 1287
Joined: May 2004
 
Posted: 2019-02-12 06:21
OpenDoor Trading is a platform specializing in off the run Treasuries, decent api and volumes

flaneur/boulevardier/remittance man/energy trader

rickyvic


Total Posts: 143
Joined: Jul 2013
 
Posted: 2019-02-12 11:11
Thanks steevo much appreciated, I figured most have been acquired by ICE and Euronext. Although a lot of the business happens on bbg some told me, so I was curious....

I have a prime of prime arrangement, around 10 mln initially.

I am not sure I understand the last paragraph, if I just trade against a desk that pools liquidity I will pay fees and be exposed to them only (they will price whatever they want) not ideal especially if size grows.

Apart from ways to arrange lines and so on I was mainly interested in where most trades happen, like a ranking by volumes, obviously having an anonymous orderbook would be an advantage but I could mix rfq with order book dealing.

@tonyc interesting thanks


"amicus Plato sed magis amica Veritas"

rickyvic


Total Posts: 143
Joined: Jul 2013
 
Posted: 2019-02-12 11:15
Interesting thanks

"amicus Plato sed magis amica Veritas"

prikolno


Total Posts: 37
Joined: Jul 2018
 
Posted: 2019-02-12 17:23
I'm guessing NEX (BrokerTec), NASDAQ (former eSpeed), Tradeweb, then Fenics UST?

rickyvic


Total Posts: 143
Joined: Jul 2013
 
Posted: 2019-02-13 10:49
What about European government bonds? I am trying to cover G10 as much as possible, looking at the futures market it should be possible to do US, EU (France, Italy, Germany), UK, Australia (possibly).

Tradeweb covers all not sure if liquidity is that great for all of them, will check.

I think for US treasuries we covered most of the liquidity with the ones mentioned.

One more question, when you borrow a bond through a PB, does the PB charge a rate that he wants or can one deal directly with a repo desk. My guess is that by default the repo desk you face is the PB's automatically.


"amicus Plato sed magis amica Veritas"

Kitno


Total Posts: 356
Joined: Mar 2005
 
Posted: 2019-02-14 18:21
And MTS for European govies.

Salut toi, je vais au Social Club avec des amis ce soir, c'est au 142 rue Montmartre. J'ai mis ta robe préférée. Viens me trouver.

rickyvic


Total Posts: 143
Joined: Jul 2013
 
Posted: 2019-02-14 20:38
I am worried about the fees these platforms charge.... I looked at publicly available fee schedules and some are scary like 5 bucks per bond traded.

Bondesk I guess wants to get paid for the retail flow...

"amicus Plato sed magis amica Veritas"

rickyvic


Total Posts: 143
Joined: Jul 2013
 
Posted: 2019-02-15 16:44
Now the big question is how to source historical data from one of these venues.... Data request?? ;-)


"amicus Plato sed magis amica Veritas"

Kitno


Total Posts: 356
Joined: Mar 2005
 
Posted: 2019-02-17 14:30
rickyvic: I looked at publicly available fee schedules and some are scary like 5 bucks per bond traded.

Can you share these? It doesn't make sense. I haven't looked at fee schedules in a few years but rates/govies cash trading is usually quoted in X cents, where 1 cent is $100 per $1MM (sometimes called bps in cash govie land instead of cents, as opposed to credit land where bps are basis points running in a yield metric).

Salut toi, je vais au Social Club avec des amis ce soir, c'est au 142 rue Montmartre. J'ai mis ta robe préférée. Viens me trouver.
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