LIQUIDITY UNLOCKED

Discreet Electronic Trading for Off-the-run US Treasuries and TIPS

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LIQUIDITY UNLOCKED

Discreet Electronic Trading for Off-the-run US Treasuries and TIPS

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WHY OPENDOOR

OpenDoor provides anonymous OFTR and TIPS trading with Zero Information Leakage™, fully compliant straight-through processing and connectivity to 90+ OMS.

PRIVACY

Your trade information is valuable; don’t give it away

  • Discreet forum for efficient mid-market execution opportunities
  • Move larger blocks without moving the market
  • Anonymous Pre-trade price transparency

PERFORMANCE

More fills at better prices

  • Continuous pricing across the yield curve
  • Reliable, market neutral, reference data
  • Historically, the majority of our executions take place at the mid.*

*Source: Trades executed between 4/25/2017 – 11/07/2019

PROCESS

Stress-free access to the market

  • Fully compliant workflow
  • Non-disclosed trade processing, from order to settlement
  • Available connectivity to over 90 OMSs via TSOX
  • Flexible interface (OpenDoor GUI, API or proprietary integration)

OpenDoor – Your First Look Platform

WHY OPENDOOR

Trade Anonymously

Unlike the current RFQ model, OpenDoor delivers complete anonymity with Zero Information Leakage™ of your orders.

Maintain Relationships

OpenDoor’s model removes the friction between buy-side and sell-side, enabling non-toxic trade flow strengthening buy-side and sell-side relationships.

Restore Liquidity

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

Reduce Costs

OpenDoor provides users with a unique ability to transact at their level or better. Users may experience better fills with execution at prices better than orders entered on the platform.

THE FORGOTTEN 98%

On-the-Run Vs. Off-the Run US Treasuries

The 6 on-the-run issues represent 1.5% of total outstanding issuance, yet account for nearly 68% of average daily trading volume.*

OTRs are a TRADER’s market 

The other 300+ OFTRs represent 98.5% of total outstanding issuance, yet account for just 32% of average daily trading volume.*

*Source: US Treasury and FINRA data September 2019

OFTRs are an INVESTORS market

OPENDOOR IN ACTION

NEWS & INSIGHTS

Trading Slump Deepens:  It’s as if JPMorgan and Goldman Vanished

November 08, 2019 – The US Treasury market has grown substantially over the last decade, yet average trade sizes have diminished. OpenDoor Co-founder, CEO and President Susan Estes recently spoke to Bloomberg’s Matt Leising about the structural changes taking place in Treasuries.

OpenDoor Securities @OpenDoorSec
The #USTreasury market has grown substantially in the last decade, yet avg trade sizes have diminished.… https://t.co/25pGmDESWz
h J R

OPENDOOR IN ACTION

NEWS & INSIGHTS

OpenDoor’s Josh Holden outlines the biggest issues facing US Treasuries

September 12, 2019 – In Part 2 of his series with Markets Media, OpenDoor CIO Josh Holden discusses data in the U.S. Treasury market — how it compares with other asset classes and how it’s bifurcated between the on-the-run and off-the-run markets.

OpenDoor Securities @OpenDoorSec
The #USTreasury market has grown substantially in the last decade, yet avg trade sizes have diminished.… https://t.co/25pGmDESWz
h J R

THE INDUSTRY IS WATCHING

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