ICE Best Execution doubles coverage to over 2 million fixed income securities

Rick Steves

“For many fixed income securities, which don’t trade often, there is little-to-no trade data in the public domain.”

Intercontinental Exchange, Inc. has expanded its Best Execution service and doubled the coverage to over 2 million fixed income instruments.

Leveraging the ICE Continuous Evaluated Pricing, the Best Execution service helps traders, portfolio managers and compliance officers to better monitor trading activities, meet regulatory compliance requirements and measure trading effectiveness.

The Best Execution solution features an extensive library of both liquid and less liquid, hard-to-value instruments across sovereigns, investment grade and high yield corporates, emerging markets, money market, U.S. municipals, agency pass-throughs, convertibles, and securitized assets including CMOs, ABS and MBS.

Little-to-no trade data in the public domain

Tim Monahan, Senior Director, Product Development for ICE’s Best Execution service, said: “For many fixed income securities, which don’t trade often, there is little-to-no trade data in the public domain, making them difficult to value, and requiring large amounts of proprietary data or history to properly examine, track and document best execution metrics. ICE’s Best Execution service provides trade-by-trade measures of relative execution quality for both on-the-run securities and those that do not generally have robust transactional data or fit into traditional execution workflows.”

Offering a graphical interface, the platform allows customers to analyze best execution results for more than 2 million securities including many that are not captured by the Municipal Securities Rulemaking Board (MSRB) and Trade Reporting and Compliance Engine (TRACE) datasets.

Enhancements offer a more detailed best execution data and transaction cost analysis so that customers can quantify and compare relative performance for their trades and execution strategies.

Amanda Hindlian, President of Fixed Income and Data Services at ICE, commented: “ICE has had extensive experience evaluating and providing analytics for both liquid and thinly traded fixed income securities, which customers need the most help valuing. Our broad coverage has been a hallmark of our fixed income data offering, and it allows us to deliver benchmarking and trading solutions across the lifecycle of a trade, from pre-trade analysis straight through to the front-, middle- and back-office.”

The ICE Best Execution Service is provided in the US through ICE Data Pricing & Reference Data, LLC and internationally through ICE Data Services entities in Europe and Asia Pacific.

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