How ICE Compass works
Aggregate your data
Compass aggregates your counterparty streams, trades, RFQs, IOIs, Axes and Runs in a dedicated cloud environment, hosted by ICE or within your own infrastructure.
Add ICE intelligence
Your data is enriched with ICE CEP™ intraday evaluations¹, liquidity metrics, reference data, ICE iNAV Calculations, ETF prices, and FINRA TRACE data.
Get pre-trade counterparty insights
Counterparty's pricing tendencies are modelled over multiple attributes and scenarios to reveal and rank likely offers – before you go to the market.
Stay ahead as markets move
Pre-trade offer and counterparty rankings update continuously through the day. Track trading counterparties’ hit ratios and price aggressiveness as liquidity and cost dynamics shift.
1 Fixed income evaluations, continuous evaluated pricing, end-of-day evaluations, evaluated curves, model-based curves, and Fair Value Information Services related to securities and any other investment advisory services with respect 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 www.adviserinfo.sec.gov. A copy of ICE Data Pricing & Reference Data, LLC’s Form ADV is available upon request.
Key benefits
Make smarter selections by ranking counterparties for each order by using forward-looking profiles that account for volatility and premium/discount dynamics. Pre-trade cost visibility and real-time intelligence throughout the trading day, without information leakage.
- Smarter counterparty selection: Rank counterparties using forward-looking profiles based on volatility scenarios and ETF premium/discount conditions—not just historical averages.
- Pre-trade cost visibility: Access counterparty-level pricing estimates at the security level before going to market, enabling more informed decisions.
- Real-time intelligence: Hit ratios and TCA update continuously throughout the day, ensuring insights reflect current market conditions.
- Reduced information leakage: Engage fewer, higher-conviction counterparties to minimize market exposure prior to execution.
- Continuous improvement: Post-trade TCA feeds outcomes back into the model, refining counterparty rankings and pricing estimates over time.
Related solutions
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A trade-by-trade measure of relative execution quality. The score is a percentile where the trade differential (Trade Price to Reference Price) falls within a given distribution.
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Support intra-day workflows with our innovative, rules-based pricing applications. Our fixed income evaluations systematically capture and incorporate market information, responsive to market conditions.
ICE Liquidity Indicators
The ICE Liquidity Indicators service provides an independent, near-term view of relative liquidity. The ability to exit a position at or near the current value, to help support risk management in connection with a variety of regulatory obligations.
Best Execution Service
A trade-by-trade measure of relative execution quality. The score is a percentile where the trade differential (Trade Price to Reference Price) falls within a given distribution.
Continuous Evaluated Pricing (CEP™)
Support intra-day workflows with our innovative, rules-based pricing applications. Our fixed income evaluations systematically capture and incorporate market information, responsive to market conditions.
ICE Liquidity Indicators
The ICE Liquidity Indicators service provides an independent, near-term view of relative liquidity. The ability to exit a position at or near the current value, to help support risk management in connection with a variety of regulatory obligations.