BrokerTec

BrokerTec is the world’s leading electronic trading platform for the fixed income markets, providing innovative technology solutions across a wide range of products to customers in more than 50 countries around the world. The BrokerTec offering includes trading solutions for many US and European fixed income products including US Treasuries, European Government Bonds and European Repo. BrokerTec facilitates both API and manual trading for institutions, banks and non-bank professional trading organisations.

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BrokerTec is the world’s leading electronic trading platform for the fixed income markets. It delivers efficient, transparent, anonymous and orderly electronic fixed income trading opportunities for all market participants.

The BrokerTec offering includes trading solutions for many US and European fixed income products, including US Treasuries, European Government Bonds and European Repo.

BrokerTec facilitates both API and manual trading for institutions, banks and non-bank professional trading organisations.

BrokerTec is a recognised multilateral trading facility (MTF), regulated by the FCA in the UK to operate across Europe.

Benefits of trading on BrokerTec include:

  • Increased certainty of trade in live, executable markets
  • Level playing field for all participants
  • Market insight into true prices
  • Increased efficiency and improved risk management
  • Effective straight-through processing (STP) solutions

To ensure immediate response to customer queries and needs, the BrokerTec platform is supported by dedicated customer support representatives 24 hours a day.

Accessing the BrokerTec Platform in Europe (PDF)

The BrokerTec offering includes trading solutions for:

Canadian Government Bonds

Government of Canada Bond (GOC) traders on BrokerTec participate in a transparent and orderly marketplace that is completely anonymous. They can access a central pool of liquidity including GOC Bonds, Switches, Rolls and GOC T-Bills.

In addition, traders have the choice of various spreading options, including GOC versus US Treasuries and GOC versus GOC. Canadian Mortgage Bonds (CMB) and Provincial Bonds are also available.

Canadian Government Bonds information sheet, December 2013 (PDF)

EU Repo

BrokerTec is the leading electronic interdealer platform for trading Repo in Europe. EU Repo traders on BrokerTec participate in a transparent and orderly marketplace that is completely anonymous.

BrokerTec offers unparalleled liquidity in a full range of instruments, including:

  • Eurozone Government bonds, UK Gilts and US Treasury Bonds
  • Covered, Supranational, Agency and Corporate Bonds
  • Explicit Government Guaranteed Bonds

And in many products, such as:

  • Specials
  • GC, LCH €GC Baskets and Sterling DBV Repo
  • Open Repo facility
  • Fixed and Floating Repo
  • Buy Sell Backs and Classic Repo

EU Repo information sheet, December 2013 (PDF)

European Government Bonds

ICAP facilitates electronic trading in European Government Bonds (EGBs) on BrokerTec in outright Cash, Basis and Switches. Sectors include:

  • Eurozone Government Bonds and Treasury Bills
  • Inflation bonds – with Break-evens
  • Covered bonds
  • Explicit Government Guaranteed Bonds
  • Agency and Supranational Bonds

BrokerTec is formally recognised in many Eurozone Government Bond markets as an eligible platform/system provider for Primary Dealers to fulfil their quoting obligations. These markets include Austria, Belgium, Finland, France, Ireland, The Netherlands and Portugal.

European Government Bonds Information Sheet (PDF)

Austrian European Government Bonds BrokerTec Client List (PDF))

Belgian European Government Bonds BrokerTec Client List (PDF)

Dutch European Government Bonds BrokerTec Client List (PDF)

European Government Bonds BrokerTec Client List (PDF)

Finnish European Government Bonds BrokerTec Client List (PDF)

French European Government Bond Market BrokerTec Client List (PDF)

Irish European Government Bonds BrokerTec Client List (PDF)

Italian European Government Bonds BrokerTec Client List (PDF)

Portuguese European Government Bonds BrokerTec Client List (PDF)

Swedish European Government Bonds BrokerTec Client List (PDF)

Gilts

BrokerTec is the only fully electronic interdealer platform registered with the UK Debt Management Office (DMO) as a recognised interdealer (IDB) platform to certified Gilt-Edged Market Makers (GEMM).

The Gilt market offers liquidity in conventional Bonds across Ultra Shorts, Shorts, Mediums and Longs and Index Linked issues. Gilt traders on BrokerTec participate in a transparent and orderly market place that is completely anonymous.

Gilts information sheet, December 2013 (PDF)

Mortgage-Backed Securities

ICAP offers comprehensive voice, electronic and hybrid broking on an extensive range of US mortgage-backed securities (MBS).

Mortgage-Backed Securities information sheet, December 2013 (PDF)

US Agency Securities

ICAP offers comprehensive electronic trading services for a complete suite of US Agency and FDIC Guaranteed Bonds. BrokerTec offers unparalleled liquidity in a full range of Agency Securities in North America, including:

  • Agency Callable Bonds
  • Discount Notes
  • Money Market Agency Coupons
  • Medium Term Notes
  • Subordinated Notes
  • All On-the-Run and Off-the-Run Agency Debentures
  • FDIC Guaranteed Bonds
  • US Covered Bonds

US Agency Securities information sheet, December 2013 (PDF)

US Credit Default Swaps

The BrokerTec Credit application provides traders with access to a full range of Credit Default Swaps (CDS) markets, including Investment Grade (IG), High Volatility (HVOL), and Crossover (XO) indices, and the full range of single name credit instruments.

US CDS information sheet, December 2013 (PDF)

US Repo

BrokerTec is recognised as the leading electronic broker of US Treasury repo, including the trading of products such as US Treasury and Federal Agency specials, GC and GCF overnight and term. US Repo offers a fully automated GC allocation system.

US Repo information sheet, December 2013 (PDF)

US Treasury

The BrokerTec platform facilitates the majority share of daily US Treasury electronic trading volumes, giving traders the opportunity to participate in a highly liquid and anonymous trading environment. The platform supports trading across the full range of US Treasury products, including active and off-the-run Bills, Notes, Bonds, STRIPS, TIPS and Basis versus CBOT contracts.

In Asia, BrokerTec supports trading across the full range of US Treasury products, including active and off-the-run Bills, Notes, Bonds, STRIPS, TIPS and Basis versus CME Interest Rate contracts.

Throughout EMEA, traders have the additional choice of various spreading options, including two-year Notes versus Euro Dollar, US Bonds versus CME Interest Rate, US Bond versus Bond Basis and Basis versus Bond Spread. BrokerTec is a recognised multilateral trading facility (MTF), regulated by the FCA in the UK to operate across Europe.

In addition, as the leading provider of US Treasury liquidity, BrokerTec supplies pricing to Reuters Page 500 – the industry-standard market information screen for US Treasury pricing.

US Treasuries in Asia information sheet, December 2013 (PDF): English | Japanese

US Treasuries in Europe information sheet, February 2011 (PDF)

In today's markets, financial institutions are increasingly looking for high-speed, low-latency access options that meet the demands of their varying trading strategies.

Developed in response to customer demand, i-Cross is ICAP’s co-location solution for US Treasury trading in North America. This fully redundant, low-latency, high-speed connection to the award-winning BrokerTec platform provides premium hosting services and supports a range of fixed income trading opportunities.

i-Cross also gives BrokerTec market data customers access to ICAP’s premium real-time market data solutions.

Benefits of i-Cross

  • Latency improvements using the fastest connectivity option available for BrokerTec customers
  • Faster time to market for a range of fixed income trading and market data solutions
  • Alternative, high-performance market access for those customers who do not have a physical presence in the region or for those requiring additional space

To ensure immediate response to customer queries, i-Cross is supported by dedicated customer support representatives 24 hours a day.

i-Cross also supports ICAP’s EBS platform in the North America, Europe and Asia Pacific regions.

Download i-Cross information sheet (PDF): English | Japanese

Inside Debt is a concise daily wrap-up of market-moving news and benchmark rates for the fixed income markets. It delivers what you need to know, when you need to know it.

Inside Dept was created by Thomson Reuters in partnership with ICAP to provide:

  • A daily summary of economic events
  • A comprehensive market data snapshot of ICAP’s benchmark data
  • Related Reuters news, analysis and incisive columns compiled by expert Reuters journalists

Subscribe now at http://online.thomsonreuters.com/insidedebt/

Region Phone number
Europe +44 (0)20 7000 5805
Americas +1 201 209 7893 / 7890
Asia Pacific +852 2760 8311
Tokyo +81 3 5200 8313

This site provides information for BrokerTec customers with a listing of some of our pre-qualified vendors.

The vendors referenced below have successfully helped existing BrokerTec customers in the consultation and development of the electronic trading cycle, or have completed development work specific to the BrokerTec platform for Fixed Income (FI) pre-trade and post-trade solutions.

BrokerTec’s objectives in partnering with these best-of-breed vendors include:

  • providing our customers cost-effective solutions for quick and easy access to the BrokerTec platform;
  • providing our customers a wide array of solutions in the pre-trade and post-trade arenas;
  • aiding our customers in addressing connectivity issues within the trading cycle; and
  • providing solutions addressing regulatory, conformance and settlement needs

Additionally, this site provides an application form for vendors interested in becoming a BrokerTec partner and information on where to go for the most up-to-date technical documentation and specifications for the BrokerTec platform.

The vendor partners referenced below include solution providers in both the pre-trade and post-trade arenas. This includes Independent Software Vendors (ISVs), Straight Through Processing (STP) providers and Algorithmic Solutions companies that offer Complex Event Processing (CEP) systems, Execution Management Systems (EMSs) and Order Management Systems (OMSs) solutions.

BrokerTec Partnerships include the following vendors:

Bloomberg
Bloomberg, the global business and financial information and news leader, gives influential decision makers a critical edge by connecting them to a dynamic network of information, people and ideas. The company’s strength – delivering data, news and analytics through innovative technology, quickly and accurately – is at the core of the Bloomberg Professional service, which provides real time financial information to more than 319,000 subscribers globally. Bloomberg’s enterprise solutions build on the company’s core strength, leveraging technology to allow customers to access, integrate, distribute and manage data and information across organizations more efficiently and effectively. Through Bloomberg Government, Bloomberg New Energy Finance and Bloomberg BNA, the company provides data, news and analytics to decision makers in industries beyond finance. And Bloomberg News, delivered through the Bloomberg Professional service, television, radio, mobile, the Internet and three magazines, Bloomberg Businessweek, Bloomberg Markets and Bloomberg Pursuits, covers the world with more than 2,400 news and multimedia professionals at more than 150 bureaus in 73 countries. Headquartered in New York, Bloomberg employs more than 15,500 people in 192 locations around the world.
www.bloomberg.com

Broadridge
Broadridge Financial Solutions, Inc. (NYSE:BR) is the leading provider of investor communications and technology-driven solutions for broker-dealers, banks, mutual funds and corporate issuers globally. Broadridge’s investor communications, securities processing and business process outsourcing solutions help clients reduce their capital investments in operations infrastructure, allowing them to increase their focus on core business activities. With 50 years of experience, Broadridge’s infrastructure underpins proxy voting services for over 90% of public companies and mutual funds in North America, and processes more than $5 trillion in fixed income and equity trades per day. Broadridge employs approximately 6,400 full-time associates in 13 countries.
www.broadridge.com

Broadway Technology
Broadway Technology is a leader in high-performance financial trading solutions and consulting services for top-tier global banks and hedge funds. Broadway's software manages hundreds of billions of dollars in transactions daily worldwide for premier financial institutions. Founded in 2003 by experts in computer science, high frequency algorithmic trading and enterprise software, the company has employees in seven countries with headquarters located in New York and Austin.
www.broadwaytechnology.com

Celoxica
Celoxica is a leading provider of hardware accelerated low-footprint, ultra low latency market data, order entry and risk trading solutions for the global financial services industry. Headquartered in the UK with offices in Chicago and New York, Celoxica delivers trading solutions to automated trading firms, banks and brokers seeking to optimize the performance of their trading applications across multiple asset classes in all market conditions, whilst reducing their total cost of ownership.
www.celoxica.com

CQG
CQG, Inc. provides high-performance trade routing, global market data, and advanced technical analysis. CQG partners with more than eighty Futures Commission Merchants and provides Direct Market Access to more than forty exchanges through its global network of co-located Hosted Exchange Gateways. CQG's server-side order management tools for spreading, market aggregation, and smart orders are unsurpassed for speed and ease-of-use. CQG's market data feed consolidates more than one hundred sources, including exchanges worldwide for futures, options, fixed income, foreign exchange, and equities as well as data on debt securities, industry reports, and financial indices. CQG has received the Best Technical Analysis Platform award from The Technical Analyst. CQG is headquartered in Denver, Colorado with sales and support offices worldwide.
www.cqg.com

Fidessa
Fidessa is a global business with scale, resilience, ambition and expertise. We have delivered around 25% compound growth since our stock market listing in 1997 and we are recognised as the thought leader in our space. We set the benchmark with our unrivalled set of mission-critical products and services and, uniquely, serve both the buy-side and sell-side communities. Ongoing investment in our leading-edge, integrated solutions ensures Fidessa remains the industry's number one choice.
www.fidessa.com

FlexTrade
Founded in 1996, FlexTrade Systems Inc. is the industry pioneer in broker-neutral algorithmic trading platforms for equities, foreign exchange and listed derivatives. With offices in North America, Europe and Asia, FlexTrade has a worldwide client base spanning more than 175 buy- and sell-side firms, including many of the largest investment banks, hedge funds, asset managers, commodity trading advisors and institutional brokers.
www.flextrade.com

GX2 Systems
Please call 312-620-0492 for more information on GX2.

icubic
icubic was founded in 1999 and currently employs over 150 people in Magdeburg, Frankfurt am Main and Munich. The IT company is Germany’s leading developer of trading software for the worldwide financial industry. icubic develops high-tech applications for all electronic market trading sectors as well as maintenance services to accompany its products. Nine of the top twenty German financial companies as well as many banks and investment firms in Europe and Asia depend on the know-how of icubic AG. The company is also owner of HighQIT, the Frankfurt consulting firm that supports its clients in the valuation and controlling of banking operations and in the implementation of regulatory requirements.
www.icubic.com

Inforalgo
Inforalgo Information Technology Limited is arguably the largest independent vendor specialising solely in financial systems integration. Founded in 1982 the company’s growth to date has been largely achieved by referral, which bears witness to the high quality, cost effective nature of our work. Our Customer base numbering over 55 financial firms now includes some of the best-known names in the financial world that have installed Inforalgo solutions globally – many in multiple sites.
www.inforalgo.com

ION Trading
ION is a global market leader in providing innovative, high performance, real-time solutions across multiple asset classes for electronic trading, position management, pricing, risk management and downstream processing to clients which range from global financial institutions to leading niche financial specialists. With offices in the leading financial centres of London, New York, Tokyo, Frankfurt, Paris, Madrid, Toronto and further offices in Chicago, Singapore, Ireland, Italy, India and Australia, the company has a global reach enabling it to support customers' local needs wherever they are. ION has partnered with customers in 25 different countries. Over 3000 traders use ION front end solutions worldwide daily while tens of thousands rely on the ION platform for their day to day trading.
www.iontrading.com

LIST Group
LIST was founded in 1985 in Pisa, where the headquarters and R&D labs are still located. Moving away from its beginnings in a strictly technological environment LIST has since been at the cutting edge of computer technology for conceiving and producing innovative systems for the financial world. LIST has conceived, designed, developed and produced software and cutting-edge systems for capital markets, helping to create the first electronic Monetary and Financial markets. The company has developed platforms and solutions for trading on financial markets, which have been milestones in the evolution of that sector (Trading Systems). LIST has also created integrated solutions for managing risk, audit and governance of organizations and financial processes (Governance, Risk & Compliance).
http://www.listgroup.it/index_it.asp

Onix Solutions
OnixS is a specialist software business providing high performance multi-platform, multi-venue market data and trading software solutions with a Pay As You Use (PAYU) subscription commercial model.

The OnixS products include: the OnixS FIX engine and FAST encoder/decoder product range with venue specific calibrated FIX dialects and reference implementation source code samples designed to be easily integrated within existing .NET, C++ and Java application frameworks; the OnixS directConnect products are calibrated and certified market data, trading and drop-copy solutions for a wide range of exchanges, brokers, liquidity pools and routing networks designed for rapid and efficient integration with automated trading strategies.
http://www.onixs.biz/

RiskVal
RiskVal is a premier provider of fixed income prop analytics for traders and risk managers. Our clients are top echelon fixed income institutional traders, hedge fund traders and risk managers, and first tier institutional sell side fixed income sales and trading desks.
www.riskval.com

RTS
RTS delivers high-performance, end-to-end technology products and services across asset classes and continents to elite financial institutions and commodity trading houses. The firm is a global leader in robust electronic trading software, connectivity, hosting, matching and risk management solutions. With standardized low latency connectivity gateways to 135+ exchanges and execution venues worldwide, the firm provides proximity hosting and co-location services to 80+ venues via its global data center network. The RTS infrastructure enables clients to deploy sophisticated trading strategies quickly, securely and cost-effectively throughout multiple trading desks and sites. RTS has offices in Amsterdam, Chicago, Frankfurt, Hong Kong, London, Mumbai, New York, Pune, Singapore and Sydney.
http://rtsgroup.net

SoftSolutions!
SoftSolutions! provides real-time, multi-market and high performance connectivity and trading solutions for Fixed Income. Our experience of more than 15 years in e-trading guarantees that our services and products are extremely robust, performing and aligned to the needs of the savvy professionals of European institutions. We have a diverse client base, that includes upper tier 1 banks, focussed regional dealers, niche investment banks and innovative institutional clients. Our most renowned solutions span from primary market platforms to MIFID-compliant Best Execution systems to pure connectivity gateways.
www.softsolutions.it

SR Labs
Street Response Laboratories (SR Labs) provides low-latency market data and exchange-connectivity solutions for the financial industry. SR Labs market data solution provides extensive feed coverage including all major North American, European and Asian Exchanges. Our flagship products, SMDS and SREX, are currently used by top-tier investment banks and hedge funds.
www.srtechlabs.com

Stellar Trading
Stellar Trading Systems provides cutting-edge futures, options, equities and treasuries capabilities to professional traders around the world. Having out-performed competitor products and leading the industry with new functionality, Stellar has established a reputation for unrivalled performance and innovation. Stellar provides ultrafast and reliable connectivity to the world’s major exchanges including BM&FBOVESPA, BrokerTec, CBOT, Chi-X, CME, COMEX, DME, ELX, eSpeed, Eurex, Euronext Cash, Euronext Liffe, ICE, LME, MEFF, Montréal Exchange, NYMEX, and NYSE Liffe U.S. Stellar Trading Systems is headquartered in London with a further office in Chicago.
www.stellartradingsystems.com

Trading Technologies
Trading Technologies, headquartered in Chicago, develops high-performance trading software for proprietary traders, brokers, money managers, CTAs, hedge funds, commercial hedgers and other professional traders. The company’s X_TRADER software and related services provide direct access to 42 of the major international exchanges and liquidity platforms. TTNET™, TT's fully managed hosting solution, delivers maximum system stability and fast trade execution via hubs located close to the major exchanges in Chicago, New Jersey, São Paulo, London, Frankfurt, Singapore, Tokyo and Sydney.
www.tradingtechnologies.com



BrokerTec is committed to partnering with additional vendors by seeking out best-of-breed partners that can provide additional choices and efficient solutions for our customers.

To apply for BrokerTec vendor partner certification, please fill out the Application Form. You will receive feedback on your application request within seven (7) days.

For additional information on a specific vendor, please access the relevant website URL shown above. For other questions, please contact Darren Ward, BrokerTec Vice President of Vendor Management, at darren.ward@us.icap.com