platforms that allow corporate bonds to be traded electronically..

Introduce you some of the etrading template used by major banks...

Autobahn Electronic Tradingwww.autobahn.db.comAutobahn provides Deutsche Bank clients with real-time tradable prices across numerous fixed-income sectors. It offers secure, automated execution in two-way markets; users have access to over 6,000 securities in 25 currencies, including government bonds, credit instruments, emerging-market securities, Asian bonds and money market instruments. Autobahn can be accessed through Bloomberg, the internet, Reuters, via a direct link through an API and soon through Moneyline Telerate.

Automated Bond Systemwww.nyse.comThe New York Stock Exchange’s Automated Bond System (ABS) is a trading system that allows subscriber firms to automatically execute orders in corporate, agency, Treasury and municipal securities. Most trading occurs in corporate debt. ABS is available through NYSE member firms over a proprietary network and allows for electronic trading in over 2,000 debt securities. ABS is an order-driven system in which priced orders are stored, displayed anonymously and matched on a price/time basis.


Bear Stearnswww.bearstearns.com Provides institutional and private clients with the ability to conduct electronic transactions, access research and provide analytics in a range of fixed-income products through its own proprietary platforms and through multi-dealer platforms, such as MarketAxess, BondDesk, TradeWeb and Bear Stearns’ BSFX, and through Bloomberg. In addition, Bear Stearns offers clients the ability to purchase Treasury and corporate bonds through an automated execution system available through the Bloomberg network.


Bloomberg BondTraderwww.bloomberg.com Bloomberg BondTrader is a multi-dealer electronic trading system for global sovereign debt and corporate bonds. It provides customers with live bid and offer quotes from all contributing dealers in both a composite and attributed format. Portfolio managers and traders can perform price discovery and satisfy fiduciary responsibility by looking at a single Bloomberg screen and executing trades. Customers submit single-dealer directed orders or multi-dealer price inquiries.


BondHub.comwww.bondhub.comBondHub provides an open, price-transparent, anonymous service for trading of municipal, corporate and mortgage-backed securities. Access to BondHub is readily available to financial advisors, investment officers and portfolio managers, as well as broker-dealers who trade fixed-income securities. Customers can post executable offers, bids-wanted and enquiries to BondHub’s secure internet-based trading system.


Bondpage.comwww.bondpage.com Bondpage.com provides electronic access to fixed-income securities trading for institutional and retail investors. The internet-based system offers access to all major fixed-income product areas, these include US Treasuries, agencies, corporates, municipals, zero coupons, CMOs and CDs from 400 different broker-dealers.


Bondscape.netwww.bondscape.net Bondscape is a real-time, electronic, multi-dealer trading platform accessible via the internet, Thomson Financial Topic services or through host-to-host automated links. It serves brokers and other professional investment advisors with access to the bond markets. It currently supports the trading of securities, such as gilts, index linked gilts, and sterling bonds, and will extend its product coverage to additional eurobonds in the near future.


BondVisionwww.bondvision.net BondVision is an internet-based multi-dealer-to-client market powered by MTS that allows institutional clients to connect to a group of dealers via the internet and request live quotes from up to four market makers prior to trading the best incoming price. It is supported by a network of dealers (currently 25) and uses web technology. It offers continuous price updates and liquidity provided by the participating dealers, a competitive quote facility and value-added reports on the web site.


BondWavewww.bondwave.com BondWave provides a trading platform to institutional investors and broker-dealers in the municipal bond market with an aggregated pool of demand via dedicated client software. Broker-dealers and investors can post offerings or bids wanted for review by other participants in the system. The system allows users to negotiate prices and quantities via exchanged electronic messages. The identities of broker-dealers who post offerings are disclosed to investors. In turn, offerings posted by investors are anonymous, and in these trades BondWave acts as riskless principal.


Citigroup Fixed Income Directfidirect.citigroup.com FiDirectX is the fixed-income electronic trading system from Citigroup Fixed Income Direct. The internet-based system is for institutional clients. Products that can be traded include US Treasuries, US agencies, US corporates, sovereign agency and supras, emerging markets, euro governments and eurobonds. The autoexecution/request-for-quote model allows users to hit or lift on-screen prices and/or request prices. Spread and outright trading is also available for both agency and eurobond execution.


Credit Suisse First Bostonwww.csfb.com Credit Suisse First Boston allows customers to execute transactions electronically in a variety of US fixed-income instruments through PrimeTrade, a proprietary, internet/intranet-based platform and through its electronic trading system on the Bloomberg network. PrimeTrade is a single-dealer, web-based electronic trading and order-routing system that allows clients to access the world’s electronic exchanges for listed futures, major global currencies, European government bonds and Euro bonds, and US Treasury and agency bonds.


De@l Donewww.mpsfinance.biz De@lDone Trading (DDT), the electronic trading platform launched by MPS Finance, allows investors to trade in a broad range of fixed-income products through both Bloomberg and proprietary networks. DDT is an order-driven, proprietary electronic trading system in which priced orders are displayed anonymously and executed automatically on a price and time priority. MPS Finance acts as a counterparty in all transactions. The products covered include non-government bond issues (supranationals, banks, non-bank financials, emerging markets and investment-grade corporates), as well as Italian and European government bonds, covered warrants, structured securities and securities arranged by MPS Finance.


DealComposerwww.o-one.com DealComposer is an internet-based transaction and information application that divides the process of raising capital into repeatable steps, offering its users tools to design, structure, analyse, negotiate, document and execute primary transactions and complete secondary market trades. DealComposer supports corporate and sovereign issuers, institutional investors, financial intermediaries and other capital markets participants, including legal and accounting firms and consultants.


eSpeedwww.espeed.com eSpeed, a subsidiary of Cantor Fitzgerald, operates multiple buyer/seller real-time electronic marketplaces, and allows customers to execute transactions and trading strategies in multiple products across multiple markets simultaneously. Customers can access the system via eSpeed’s privately owned global trading network, or over the internet. eSpeed offers software to trade more than 45 products and currently supports the trading of US Treasury and US agency securities, European and Canadian government bonds, electricity, natural gas, emissions allowances and weather, as well as other financial instruments. Transactions are processed using interactive matching, a proprietary, rules-based trading method that interactively executes the orders of multiple-market participants.

Goldman Sachswww.portal.gs.com Institutional investors can electronically access Goldman Sachs liquidity for most fixed-income and foreign exchange asset classes. The Goldman Sachs Institutional Portal offers institutional clients personalised access to research, trading, analytics and communication tools together in a single location. It is a single site for Goldman Sachs, combining fixed income, equities, economics, foreign exchange, futures, commodities, convertibles, derivatives and asset management.

JP Morgan eXpresswww.jpmorganexpress.com JP Morgan’s eXpress (JpeX) is a fully electronic, multi-asset, trading platform. JPeX provides live, streaming tradable prices for a broad range of assets including US Treasuries, corporates, agencies, eurobonds, Euro governments, European asset-backed and emerging-market fixed-income securities, in addition to foreign exchange. The web platform allows clients to access firm prices and submit requests for quotes or subject orders. JpeX is also available over the Bloomberg network. Firm prices are processed electronically, while inquiries are automatically routed to the trading desk.


LehmanLivewww.lehmanlive.com LehmanLive is a web-based portal offering front-to-back functionality for Lehman Brothers clients. Select cities can transact electronically in a number of fixed-income products, including bullet, benchmark and callable agencies, municipal bonds, repurchase agreements and investment-grade corporate bonds. Agencies, municipals and repos are traded via a ‘click-and-lift’ live streaming system, which provides ongoing prices that can be executed immediately. Investment-grade corporate bonds can trade (on an interactive negotiated basis) from a market monitor or from an offering page where Lehman posts bids and offers.


Merrill Lynch Capital Marketswww.ml.com Merrill Lynch Capital Markets provides customers with the ability to access research, view product offerings and execute transactions via LMS or Bloomberg, and MLX on the internet. MLX is an electronic suite of content, markets and services for Merrill’s clients in fixed income, equities and post-trade securities services. Institutional customers are able to buy new issues, execute secondary market transactions and access research, analytical tools, and post-trade processing and financing services. Full debt and equity new-issue capabilities are also available, including electronic roadshows and complex, multi-tranche issues. Furthermore, clients can access live markets in credit derivatives, including default swaps, interest rate derivatives, OTC options and mortgage products, including collateralised mortgage obligations (CMOs).


Morgan Stanleywww.morganstanley.com Morgan Stanley provides institutional clients with the ability to conduct electronic transactions, access research and provide analytics in a range of fixed-income products through its proprietary platforms and through partner ventures with a number of other firms. Repo Link allows authorized customers to view live prices and electronically execute transactions in repurchase agreements among a variety of collateral product and market segments, including overnight, term, Treasury and agency benchmark specials and general collateral. The system is available to customers through the Bloomberg network. MSCP allows clients to view live offerings and also electronically execute transactions in commercial paper. Client Link is an internet-based portal offering pre-trade functionality for fixed-income and equity investors.


SEB Merchant Bankingwww.mb.seb.se SEB Merchant Banking’s platform, Trading Station, offers currency, fixed income and futures trading via the internet for institutional clients. More specifically, in addition to currency and futures trading, the system supports trading in government bonds from Sweden, Norway, Finland and Denmark, as well as Swedish mortgage-backed and corporate bonds. Trading Station is an anonymous system.

UBS Fixed Income Traderwww.ubs.com UBS Fixed Income Trader trading platform is designed for institutional investor clients. At present, it quotes firm prices for roughly 2,600 fixed-income products, from government bonds to emerging-market bonds. Additional currency denominations, such as Swedish krona and South African rand as well as derivatives in euros and dollars, will be introduced in early 2004.

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