Rapid expansion in the corporate bond market has exposed a fundamental flaw in market structure, lack of high quality pre-trade data. Without better information on where bonds can trade, market makers are unable to accurately measure the risks associated with taking principle positions, which is essential to maintaining liquid markets.
BondCliQ is an architectural solution based on a concept that has historically been proven to improve market liquidity by organizing pricing information and creating a competitive environment for market making.
BondCliQ displays market maker quotes with attribution (dealer identity) and rank (relative quote performance over time). The ranking system rewards market makers who provide accurate pre-trade information to allow dealers to build franchise value based on their quote quality.