Indicate. Match. Trade. Efficient.
SIX Corporate Bonds is the new credit trading platform from SIX that allows credit traders to efficiently source liquidity in large ticket sizes with minimal information leakage to the broader market.
Designed in consultation with head credit traders from a number of large international investment banks, this dealer-to-dealer (D2D) trading model compliments existing trading practices, automates the search for liquidity, and optimises the opportunities for timely and efficient matching.
SIX Corporate Bonds is a multilateral exchange-like corporate bond trading platform that is domiciled in Switzerland and regulated by the Swiss Financial Market Supervisory Authority, FINMA.
Your advantages at a glance
- Indicate – Participants may anonymously submit Indications of Interest (IOIs) to the SIX Corporate Bonds platform. Where internalisation of client orders is not optimal, SIX Corporate Bonds offers an alternative for sourcing liquidity, ensuring the best use of the participants’ balance sheet.
- Match – SIX Corporate Bonds seeks to anonymously match trading interests systematically against active IOIs from other participants. Where needed, historical trades in the same bond are searched to identify potential contra-interest. Variable matching logic can be selected to allow participants to expand the search to a broader range of similar bonds, thereby providing more choice to the end-client. This innovative use of technology compliments the current dealer-to-dealer trading model, whilst systematically optimising the search for liquidity across market participants.
- Trade – When SIX Corporate Bonds identifies potential matching opportunities, the counterparties to those IOIs are anonymously invited to negotiate price and size for a trade. When a trade is concluded, it is possible for other participants with an interest in trading that instrument to add volume for execution at the traded price, thereby optimising the volume executed once a price has been agreed.
- Efficient – SIX Corporate Bonds automates and optimises the current dealer-to-dealer search for liquidity. By systematically and continuously searching active and historic trading opportunities across the platform, participants are ensured timely notification of opportunities to trade their positions. SIX Corporate Bonds gives participants a new, alternative source of liquidity.