U.S. Treasuries Electronic Trading

OVERVIEW

The Nasdaq Fixed Income electronic trading platform provides real-time institutional trading of benchmark U.S. Treasury Securities. Through our platform, Nasdaq provides access to the U.S. Treasury Securities market with an array of trading instruments to meet various investment goals.

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Nasdaq ELECT

Nasdaq Elect is designed to improve order book quality by giving market participants the ability to provision additional liquidity with their resting orders to specific counterparty groups.

On June 26, 2017, participants will be able to provision liquidity between the NFI Best Bid and Offer through the latest enhancement called Nasdaq FIRST. Aggregators will now have the ability to recognize additional liquidity at multiple price points. Participants will also see a visual indicator via the NFI GUI.

COUPON ROLLS ON NASDAQ Fixed Income

Coupon Rolls, a type of Combination Trade introduced by Nasdaq Fixed Income, allow market participants to buy and sell two different instruments at an agreed upon spread.

Learn more about Coupon Rolls

FEATURES

Purely Electronic Solutions

Nasdaq Fixed Income focuses on delivering purely electronic trading functionality with low cost solutions. Nasdaq Fixed Income 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.

Product Development

On June 26, 2017, the following enhancements designed to improve efficiency and strengthen liquidity for market participants will be available on Nasdaq Fixed Income. Contact NFI_Sales@nasdaq.com to learn more.

Nasdaq Elect Enhancement, Nasdaq FIRST: This enhancement enables participants to provision liquidity between the NFI Best Bid and Offer.

Off-the-Run (OTR) Swaps: Price/Locked Swap Box Based Trading: This fully electronic, low cost solution allows participants to quote multiple instruments based on a Benchmark Security.

Platform Enhancements

Nasdaq Fixed Income operates from Nasdaq’s primary data center in Carteret, NJ, allowing participants to benefit from increased platform performance through Nasdaq's electronic technology. Round-trip order entry response time has been improved by 25% and market data distribution latency has decreased by 100 microseconds.

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