ICE Bonds
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?
- RMA provides an efficient way for traders to potentially reduce their risk exposure by providing a robust pool of liquidity in the corporate bond space. RMA includes unique functionality that allows traders to trade based on their own preferences and profiles.
- RMA can be accessed utilizing ICE FI Select, which does not require a local application install. Simply launch ICE FI Select to access the auctions.
- Uploading is made easy for RMA via ICE FI Select; a trader can simply copy and paste their entire bond portfolio directly into ICE FI Select using a simple XLS template. Once uploaded, the system matches buyers and sellers of the same bond(s) and proposes trades using CEP derived mid-prices.
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.
ICE FI Select
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Important Disclosures
Securities products and services are offered through ICE Bonds Securities Corporation member FINRA, MSRB and SIPC. The information found herein, has been prepared solely for informational purposes and should not be considered investment advice, is neither an offer to sell nor a solicitation of an offer to buy any financial product(s), is intended for institutional investors only and is not intended for retail customer use.
“ICE Bonds” is a marketing name commonly used to describe Intercontinental Exchange, Inc.’s (ICE) Fixed Income offering, to include certain execution and execution related services, ETF related services, data and analytics.