Innovative All-To-All Trading
Platform for US Treasuries

We've created a cost effective, all-to-all, session-based trading platform that enhances liquidity of Off-the-Run Treasuries (OFTR’s) and TIPS, the largest pain points in US Treasuries. OpenDoor offers free access to our browser-based platform. Our customers include some of the world’s largest asset managers, central banks, primary dealers, hedge funds, and trading firms.

Greater Liquidity
Concentrating trading at specific times, bringing buyers and sellers onto a single platform magnifies liquidity.

Reduced Transaction Costs
Transact at or near the mid and avoid the wide bid/offer spreads experienced on traditional venues and RFQ platforms.

Anonymous Trading
Zero information leakage of orders provides complete anonymity during auctions.

Sponsor Model
Dealer-Sponsored model preserves the current dealer-client relationship and post trade process.

RoE Enhancing
Riskless principal for Dealers. Minimal balance sheet impact for pure RoE.
 

Full STP
Electronic notice of execution in a variety of formats that easily populate your risk and settlement systems.

Vision

 

The traditional US Treasury market structure has become ineffective at meeting today's challenges of heightened financial regulation and has resulted in diminished liquidity. The time is ripe for a new platform that provides superior execution, balance sheet compression, anonymous trading, and greater liquidity. OpenDoor has pioneered such a solution, founded on the following key principles:

 
 

Facilitate Buy Side Transition: Integrate the Buy Side into an anonymous, All-to-All session-based platform that enables them to both source and create liquidity.

Strengthen Dealer Relationships: Provide a market-based solution that enhances the value of traditional intermediaries while leveraging their existing franchise.

Innovative Protocols: Promote both mid-market transactions and order flexibility to a diverse universe of Treasury traders via a unique combination of proven trading protocols.

Liquidity as a Service: Produce software providing robust, low frequency, and low touch delivery with a single common user experience.

 

Market


The Fixed Income Market Shows Serious Signs of Decreased Liquidity

 

38%

Decline in dealer FICC operating profit

35%

Decrease in Dealer Balance Sheet

50%

REDUCTION IN CAPITAL ALLOCATED TO CLIENT TRADING

70%

DECLINE IN PRICE-NEUTRAL TRADE SIZE