The SIX Corporate Bonds trading model has been developed in collaboration with head credit traders from a number of international investment banks. The model is based on existing dealer practices, optimised to systematically and continuously search for matching opportunities.
SIX Corporate Bonds supports trading of large ticket sizes (minimum 2 million of the respective currency), in European financial and non-financial credit denominated in EUR, GBP and USD. Participants can expand the universe of supported bonds by requesting specific bonds to be included on the system.
|IOIs||Participants enter non-binding IOIs on an anonymous basis.|
|Notification||Participants with matching IOIs are notified and invited to a trading session.|
|Curtain Time||During the Curtain Time, participants firm up their IOIs to quotes as the basis for further negotiation.|
|Market Session||In the Market Session, participants negotiate price and size.|
|Private Work-up||In the Private Work-up, the two participants of the initial Market Session are offered the opportunity to trade supplementary volumes at the already agreed price.|
|Public Work-up||In the Public Work-up, other participants with potential interest to trade that instrument are invited to execute further volume at the already agreed price.|
Settlement of trades done on SIX Corporate Bonds is bi-lateral and independent from the platform.