Order Display and Execution
The NYSE bond 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.
The NYSE Bonds orders are matched on a strict price/time priority basis. Undisplayed reserve interest will always yield to displayed orders at a particular price. All orders will only be matched with orders resident in the order book. Bonds will trade in decimal increments to 2 decimal places (e.g. 101.32).
NYSE Bonds offers several order types:
- Limit: an order to buy or sell a stated amount of bonds at or above a specified price
- Reserve: a limit order with a portion of the size displayed, with a reserve portion of the size (the reserve size) that is not displayed
- Good Til Cancelled: a limit order to buy or sell at a specified price that remains active (during core trading hours) from one day to the next until the order is either executed or cancelled
Bond orders that trade on the NYSE are represented by a nine-character CUSIP.
An order to buy $25,000 face value of bonds issued by GMAC with a coupon rate of 5.25%, maturing in 2016, would appear in the NYSE system as:
- Buy 25 3704A0KC5 @ 101.67
- Quantity: 25 represents the number of bonds traded with a face amount of $1000
- CUSIP: 3704A0KC5 is the NYSE symbol for the bond issued by GMAC
Sending Bond Orders to the NYSE - Membership Requirements
Eligible NYSE Members and sponsored non-members can access the NYSE Bonds platform. All users must complete the Access Agreement in order to access the platform. The NYSE Bonds platform leverages existing NYSE Arca trading technology, which allows seamless access through the FIX Gateway, an existing trading system, or a third-party vendor.
For information about third party vendors and to review FIX specifications for trading bonds, please visit the the Connectivity section or contact us.
Execution Fee per bond for orders that take liquidity from the NYSE BondBook:
|Executions of one to ten (10) bonds||$0.00 per bond|
|Executions of eleven (11) to twenty-five (25) bonds||$0.00 per bond|
|Executions of twenty-six (26) bonds and above||$0.00 per bond|
|Bond Liquidity Provider rebate||$0.05 per bond|
Bond Liquidity Provider rebates are subject to a $50.00 maximum fee per execution.