“We can create a back-of-a-baseball-card type of experience, where customers can know how well an individual trader has performed over time,” he said.
Currently, a total of 15 dealers are contributing 15,000 quotes each day for roughly 3,500 individual bonds on a provisional basis, White said. For now, they’re limited to those issued by banks and financial firms. About a third of the bonds have quotes from multiple dealers.
At the moment, there’s no way for BondCliQ to track how many of those quotes will actually turn into executed trades. And whether the platform will spur a marked improvement in turnover and transparency is an open question.
Niederauer says White has history on his side.
“One of the key tenets of the modern stock market is a pricing mechanism that people trust,” Niederauer said. “It has exponentially increased liquidity.”
This article was provided by Bloomberg News.