Bond AXE Publication Manager

with eConnect Micro Data Service Platform


Introduction

Over that last few years there have been a number of initiatives to improve liquidity in bond markets. This has resulted in the emergence of a number of platforms aimed at sell side banks to publish AXE indications of interest to buy side participants.

Many sell side banks have opted to connect to more than one platform, to achieve wider distribution of their AXEs, however some of these come at considerable expense and complexity of integration in to the banks existing systems, since they have disparate connection and engagement paradigms.

The Problem
  • AXE information is a one way flow from sell side to buy side, no one caters for an electronic flow of interest from buy side to sell side
  • The existing pre-trade platforms largely have buy in from bigger, affluent buy side, a banks smaller clients may not be included
  • History and analytics of a banks AXE publications and received buy side interest, can influence trading behaviour, many sell side don’t have a data collection capability
  • Many sell side don’t have a single integrated solution to manage their AXE publication to selected venues and clients
  • Sell side have the challenge of integrating to many pre-trade indication platforms all with disparate connection paradigms
The Solution – eConnect Platform
  • Add buy side clients directly to the platform, creating two way connections, using the platforms unique secure infrastructure
  • Store history of published AXEs and indications of interest received from buy side clients, using built in data storage technology
  • Build real time HTML GUI’s to control AXE publications and view indications of interest received from connected buy side clients
  • Add simple adapters connecting to existing AXE venues, consolidating venue connectivity, utilising the platforms dynamic data streaming and discovery features
  • Add simple adapters to source the banks pricing, inventory or risk events that may influence AXE publication, to dynamically feed data and events to publication controllers
  • Scale the platform to add more buy side connections or venues, without impact to the existing platform components, leveraging it’s distributed service based design
Risk Event Based Trigger

Add simple platform adapters to source the banks risk events to trigger AXE publication

Instrument AXE Manager

Host on the platform an AXE manager to select instruments & markets to publish AXE’s based on risk or

position change events

AXE Data Store

Store Axe instrument data from the eConnect platform direct to platform data store to build historical reports

Pre-Trade Indication Platforms

Connect to existing pre-trade indication platforms like Neptune, Bloomberg RUNZ & Algomi, to feed real time AXE information, by simply adding platform adaptors

High level architecture of a bond AXE publication platform, providing a single trader interface to manage AXE publications to existing venues. Using the platforms unique secure infrastructure it’s also possible to create a two way communication channels directly to the buys side, not only, allowing them to receive real time AXE information but also publish indications of interest back to sell side traders.

AXE Price Feed

Add simple platform adapters to source the banks AXE price information from primary trading systems

AXE Manager GUI

View & control AXE publications in real time & receive indications of interest directly from connected buy side, through feature rich HTML GUI’s

Connect Direct to Your clients

Utilise eConnects unique secure infrastructure to publish AXE’s in real time, direct to buy side clients without centrally hosted platforms

Buy Side Direct Connections

Buy Side run Web GUI’s to receive real time AXE feeds & publish their interest back to sell side traders. designed to run on site or in secure cloud creating a PaaS

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