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Order Display & Execution
The NYSE Bonds platform routes orders to outside venues.
Orders are matched on a strict price/time priority basis. Undisplayed reserve interest will always yield to displayed orders at a particular price. Initially, NYSE will not route any orders to other bond trading venues so all orders will only be matched with orders resident in the order book. Bonds will trade in decimal increments to 3 decimal places (e.g. 101.321).
This marketplace provides opportunities for both liquidity takers and liquidity
providers to interact in a fair, open environment. There are no subject orders — all
orders are firm. All trades are locked in and uploaded to DTCC with the appropriate
accrued interest adjustments made for clearing and settlement.
Bond Symbology
Bond orders trade on the NYSE using their nine character CUSIP as the symbol.
So an order to buy $25,000 face value of bonds issued by GMAC with a coupon rate
of 5.25%, maturing in 2016 would look like this in the system:
Buy 25 3704A0KC5 @ 101.673
Quantity: 25 represents the number of bonds traded with a face amount of $1000.
CUSIP: 3704A0KC5 for the bond issued by GMAC.
Sending Bond Orders to the NYSE - Membership Requirements
The NYSE Bonds platform can be accessed by eligible NYSE Members or sponsored non-members. All users including current ABS Subscribers must execute and deliver the NYSE Bonds Service and Access Agreement before they can access the platform.
Since the platform is designed using the existing NYSE Arca trading technology,
it can be accessed using the FIX Gateway. With FIX, you can access NYSE Bonds
seamlessly using your existing trading system or third-party vendor. You are also able
to access NYSE Bonds through third party vendors. For information on other third party vendors visit Connectivity or email bonds@nyse.com.
FIX Order Entry
The FIX specifications for trading bonds can be found on the web in our Connecting to Our Markets section, or by contacting connectivity@nyx.com or call the FIX Hotline at 888.689.7739.
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