Bonds - North America
Click on any Market Center Details link below to find details on products traded, order types available, and exchange website information.
Unlike other trading products with standardized market structures, bonds have certain peculiarities due to the decentralized nature of bond trading, including:
- Bond quotes are not firm and order minimums can vary. Some TradeWeb and Knight BondPoint quotes may have a minimum size requirement that is not displayed. These factors can make smaller trades (<100k) extremely difficult to execute, and may preclude your order from being executed.
- While NYSE Arca and Timber Hill Auto-Ex orders are immediately executable when marketable, TradeWeb and Knight BondPoint orders can take up to five minutes to become executable due to the manual nature of these market destinations.
- NYSE Arca has a tick increment of 0.125 while TradeWeb, Knight BondPoint and Timber Hill Auto-Ex have a tick increment of 0.001. This difference in tick increment may determine the exchange on which your non-marketable order is held for execution.
- Bond prices are specified as percentage points of the face value of the bond. Effective April 7, 2008, the face value for Treasuries, including T-Bonds, T-Notes and T-Bills is 100. Most other bonds have a face value of 1,000.
- Some TradeWeb and Knight BondPoint quotes may have a minimum size requirement that is not displayed, which may preclude your order from being executed on this exchange.
- Direct routing of bond orders is not supported. All bond orders must be Smart Routed.
- Click here for information on distressed bonds.
- Buy side RFQs are not supported at ValuBond or MuniCenter.