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

Now live, Nasdaq 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.

Nasdaq 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 Nasdaq Elect Market Structure document.

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

In 2015, Nasdaq Fixed Income introduced a variety of new products to enhance the U.S. Treasury platform including Short-Shorts, Coupon Rolls, Off-the-Runs, Nasdaq Discrete and Nasdaq Mid as well as GUI 1.2.

This suite of products is enhanced by the newest order routing functionality, Nasdaq Elect, which allows clients to direct block order flow to certain participant types.

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.

Nasdaq Fixed Income Connectivity Fact Sheet

Regulatory