Electronic US Treasuries (UST) trading venue LiquidityEdge has launched the market’s first ever fully electronic aggregated streaming service for off-the-run USTs. Three primary dealers including Barclays and Credit Suisse have signed up as liquidity providers and are actively streaming prices on the platform.
Participants can continue to trade on-the-run USTs from the same platform with additional liquidity providers, tackling the bifurcation that has traditionally fragmented the two markets.
The new off-the-runs service on LiquidityEdge offers bilateral, customisable peer-to-peer executable streaming prices on a fully disclosed basis, delivering uninterrupted access to off-the-run liquidity across the curve throughout the trading day
Since launching in September 2015, LiquidityEdge has rapidly grown its UST market share as the market structure continues to evolve. Dealers and customers alike are embracing the new distribution options provided by LiquidityEdge.
A diverse and continually growing community of over 100 institutions including primary dealers, regional dealers, professional trading groups and buy-side clients now trade across the entire Treasury curve on a daily basis on LiquidityEdge’s platform.
Nichola Hunter, COO of LiquidityEdge, comments: “We recognise the role innovative technology can play in helping improve the distribution options in off-the-run US Treasury liquidity. Building on our success in on-the-run Treasuries our network of participants can now access off-the-run liquidity from three of the largest banks in the world and be confident they are executing in a fair and efficient relationship-based electronic trading environment. By facilitating access to both on-the-runs and off-the-runs on the same screen, we are offering participants a direct solution to the challenge they face in attempting to access multiple fragmented pools of liquidity.”
Chris Conetta, Head of US Rates Cash Trading at Barclays, comments: “We are delighted to be one of the first providers of off-the-run liquidity on LiquidityEdge. We are pleased to be playing a part in helping stimulate trading activity and improve efficiency in the market as a whole by offering fully executable off-the-run streaming prices to our customers via the LiquidityEdge platform.”