The evolution of Fixed Income Trading

The evolution of Fixed Income trading technology is now clearly driven by connectivity, data normalisation, aggregation and liquidity optimisation.

Our TradeSmart technology has now evolved to the point where our users can exploit trading opportunities faster and respond more competitively than ever before.

Technology Integrity

TradeSmart equips them with a high integrity single view of all their data sources and access to both venues and directly to Dealers for optimal execution. All this data is also available via REST API.

Ask them and they will tell you how their Trader efficiency has instantly improved dramatically.

  • They instantly see liquidity that relates to their orders.
  • They react with multiple execution protocols.
  • They finesse and win price and spread responses because their pre-trade data is enriched.
  • They confidently justify every trade with highly detailed post-trade analysis.

The time has come in Fixed Income to reset your technology stack with a SaaS application that connects seamlessly to your OMS, optimising all venue and data sources into one dynamic view.

Work from Anywhere

All our Buy-side TradeSmart implementations have successfully gone live remotely without the need to visit client sites. TradeSmart runs especially well via the internet from residential locations.

TradeSmart Fixed Income EMS

Q1 2021

USTs, € govvies and UK gilts

US IG Corporates & HY

€ & £ IG Corporates & HY

Emerging Markets

Multi-currency Corporates & HY

Single name CDS

Multi-currency IRS

Futures & ETFs

Interest Rate Swaps




Venues & Workflows

Tradeweb Multi-Dealer net spotting

Tradeweb: All-to-All, Aiex & Axes

MKTX Open Trading, Auto-ex, RFQ API & IOIs

Bloomberg: RFQ, DAPI, B-pipe

Liquidnet: IOIs & dark matching

Trumid: Attributed axes

Fenics: USTs

MTS BondsPro

Direct Dealer Click-to-Trade, axe negotiation & RFQ 

All the above also available via Rest/Websocket APIs

Roadmap: Portfolio Trading, TWEB RFQ API, TMS, BondPOint, Credit Trade & UBS Bond Port

Pre-Trade Data & Analysis

Application and Rest/Websocket APIs

Aggregated Dealer/venue data

Pre-trade liquidity analysis

Buy-side historic RFQs & trades

Actionable dealer prices, axes, click-to-trade and negotiations.

Buy-side axe alerts on orders, watch-lists and positions

Most active Dealer/venue data

RFQ dealer performance

Benchmark pre-trade analysis

Direct Dealer Click-to -Trade, axe negotiation & RFQ

Bloomberg RUNS parsing

Pre-trade compliance checks

Order merging & grouping

All price and axe data used in TCA

Execution Protocols

Venue RFQ

Venue axe match/negotiate

Venue all-to-all

Request For Trade

Buy-side leave order with Dealer

Multiple, simultaneous IOIs

Partial fills

Multi-Dealer net spotting

Click-to-trade, axes & RFQ


Direct Dealer click-to-trade, axe negotiation & RFQ

Post-Trade TCA

T+1 activity data from FI EMS

Tableau analysis software

Buy-side selected benchmarks

Drill-down by sector, currency, platform, protocol & Dealer

Outlier report analysis

Trade P&L analysis

Buy-side trader volume analysis

Dealer performance analysis

Data Content Hub

MKTX Composite Price +

Neptune axes




Direct Dealer price & axe feeds

Trumid FVMP

Bloomberg runs

IHS Markit

* All Data and Protocols are available via Desktop & REST/Websocket APIs


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