OpenDoor Trading (“OpenDoor) is working closely with Broadway Technology to fast-track development of a unique, open trading platform for the U.S. Treasury bond market. The ongoing relationship between the two firms is ramping up for an early-Q4 launch in response to demands from institutional investors for greater liquidity at all maturities, at a time of increasingly fragmented market structure.
The planned launch will address the erosion of liquidity in the U.S. government debt markets by delivering an ‘all-to-all’ marketplace for institutional investors, while preserving the role of traditional market makers. The OpenDoor platform will provide concentrated trading sessions for the growing pool of central banks, pension funds, asset management firms and other institutional investors in off-the-run (OFTR) Treasury securities and Treasury inflation-protected securities (TIPS).
“OpenDoor is addressing not only liquidity concerns, but a growing unease about the role of the Treasury market as a risk-free benchmark,” said Susan Estes, CEO of OpenDoor. “Having been the first sell-side client of Broadway Technology in 2003, I was confident that we chose the right partner to help us deliver a technology-driven response to this mounting industry challenge.”
OpenDoor has already lined up several central banks and large asset managers as well as an array of other institutional investors.
“Susan Estes and her team have the experience and credibility to reshape the way the Treasury market trades for the benefit of all participants. We’re delighted to be working with OpenDoor Trading LLC as a development partner in bringing this powerful vision to reality,” said Tyler Moeller, CEO of Broadway Technology.
Broadway Technology is a leading provider of high-performance financial technology solutions and infrastructure to top global banks and hedge funds. OpenDoor selected Broadway because of its proven next-generation fintech capabilities, smart enterprise platform (The TOC), expertise in fixed-income trading, and high-quality professional services.
OpenDoor Trading was founded in 2015 with the conviction that the time is ripe to address market structure challenges and deliver superior liquidity in the US Treasury market.
About OpenDoor Trading
OpenDoor Trading (ODT) is developing a unique, cost effective, session-based trading system that enhances liquidity across Off-the-Run Treasuries (OFTR’s) and TIPS, the principal pain points in US Treasuries. OpenDoor Trading offers free access to its browser-based platform, and customers include some of the world’s largest asset managers, central banks, primary dealers, hedge funds, and trading firms.