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, ICE Bonds enables both anonymous and disclosed counterparty interactions, and trading from odd-lots to blocks.
Containing live and executable quotes across multiple fixed income asset classes.
Supporting anonymous and disclosed protocols for spread and price-based requests, enhanced by deep order-book liquidity.
What is a Risk Matching Auction (RMA)?
RMA is ICE Bonds’ dealer-to-dealer sweep solution offered through our web-based interface, ICE FI Select. Once traders upload their inventory, our algorithm will match buyers and sellers of the same bond(s) and propose a mid-price derived from the ICE Data Services’ Continuous Evaluated Pricing (“CEP”) for the respective bond. After traders receive their proposals, they can either affirm or reject potential trades on a line-item basis or in bulk. RMA will then provide straight-through-processing with several connectivity options available.
How does it work?
How does it help our subscribers/dealers?
RMA provides subscribers with access to a liquidity pool to potentially reduce their risk across the corporate bond market. Specific features allow traders to execute via their desired preference and risk profiles. ICE FI Select also offers a simple User Interface experience.
Will there be any future enhancements?
We plan to make an API available to further enhance the user experience.
Execution protocol for corporate and emerging market bonds offering risk-matching and portfolio auctions.
Important Disclosures
Fixed income evaluations, continuous evaluated pricing, end-of-day evaluations, evaluated curves, model-based curves, market sentiment scores, Size-Adjusted Pricing, and Fair Value Information Services related to securities are provided in the US through ICE Data Pricing & Reference Data, LLC and internationally through ICE Data Services entities in Europe and Asia Pacific. ICE Data Pricing & Reference Data, LLC is a registered investment adviser with the US Securities and Exchange Commission. Additional information about ICE Data Pricing & Reference Data, LLC is available on the SEC's website at adviserinfo.sec.gov. A copy of ICE Data Pricing & Reference Data, LLC ’s Form ADV is available here or upon request.