Buyside traders using the Europe-based Bondcube fixed income trading system can now find liquidity via one of the equity market’s liquidity providers – ITG.
ITG, the independent execution broker, has been appointed as a U.S. trading intermediary for Bondcube’s buyside to buyside trades.
As a U.S. trading intermediary on Bondcube, ITG will facilitate the settlement of trades between buyside traders. ITG said that the partnership will increase the probability of a match for clients of both firms by allowing ITG clients access to the additional Bondcube liquidity and participants and vice-versa.
Bondcube is focused on discovering liquidity for large and illiquid bond trades. Bondcube said that there is significant buyside liquidity that can only be discovered using smart technology.
How will the partnership work?
Bondcube takes indications of interest (IOIs) from its participants ITG’s and matches them with other buyers and sellers. These IOIs remain active or historic until a match is found. Only the participants that have the offsetting interest in that security are notified and eligible to begin a negotiation for a trade.
Bondcube Limited is a crossing network regulated by the FCA. Bondcube Inc. is a broker/dealer and an Automated Trading System (ATS) in the U.S.
