On some exchanges, different products have different trading hours.
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.
- Bonds with face value over USD 1,000,000 may be direct routed to BONDLARGE. All other bond orders are eligible only for Smart routing.
- Click here for information on distressed bonds.
- Buy side RFQs are not supported at ValuBond or MuniCenter.