U.S. Treasuries Electronic Trading Platform
The Nasdaq eSpeed electronic trading platform provides real-time institutional trading of benchmark U.S. Treasury Securities and is one of the largest and most liquid fixed-income cash markets in the world. Through eSpeed, Nasdaq provides access to the U.S. Treasury Securities market with an array of trading instruments to meet various investment goals.
Now live, eSpeed Elect is a new functionality designed to improve order book quality by giving market participants the ability to provision additional liquidity with their resting orders to specific counterparty groups.
eSpeed Elect was introduced in a pilot program in 2015. The pilot program now considers all benchmark products, including the 2Y, 3Y, 5Y, 7Y, 10Y and 30Y. For more information, please see the eSpeed Elect Market Structure document.
COUPON ROLLS ON NASDAQ ESPEED
Coupon Rolls, a type of Combination Trade introduced by Nasdaq eSpeed, allow market participants to buy and sell two different instruments at an agreed upon spread.
Purely Electronic Solutions
Nasdaq eSpeed focuses on delivering purely electronic trading functionality with low cost solutions. Nasdaq eSpeed offers a central limit order book that matches customer orders in price/time priority to provide fair and equal access to all participants and operates a 100% anonymous market.
In 2015, Nasdaq eSpeed introduced a variety of new products to enhance the U.S. Treasury platform including Short-Shorts, Coupon Rolls, Off-the-Runs, eSpeed Discrete and eSpeed Mid as well as GUI 1.2.
This suite of products is enhanced by the newest order routing functionality, eSpeed Elect, which allows clients to direct block order flow to certain participant types.
Nasdaq eSpeed operates from Nasdaq’s primary data center in Carteret, NJ, allowing participants to benefit from increased platform performance through Nasdaq electronic technology. Round-trip order entry response time has been improved by 25% and market data distribution latency has decreased by 100 microseconds.