COMPANY NEWS
OpenDoor Launches Anonymous Trading Venue for On the Run U.S. Treasuries
Jersey City, NJ, June 22, 2020 – OpenDoor Securities LLC (“OpenDoor”) has launched the first ‘all-to-all’ marketplace for on-the-run (“OTR”) U.S. Treasuries. The anonymous order book will be the first U.S. Treasury venue...
read moreOpenDoor Appoints Former Fidelity CIO as Chief Technology Officer
Jersey City, NJ, February 25, 2020 – OpenDoor Securities LLC (“OpenDoor”), the first all-to-all continuous order book for less liquid US Treasuries, has named Carson Wong as Chief Technology Officer. Wong joins OpenDoor from Fidelity Capital...
read moreOpenDoor Introduces Continuous Order Book for Illiquid U.S. Treasuries
Jersey City, NJ, January 23, 2020 – OpenDoor Securities LLC ("OpenDoor") has launched the first all-to-all continuous order book for off-the-run Treasuries (OFTRs) and Treasury Inflation-Protected Securities (TIPS), addressing a systemic...
read moreOpenDoor’s Susan Estes Honored for Excellence in Treasury Trading at 2019 Markets Choice Women in Finance Awards
Jersey City, NJ, November 22, 2019 – OpenDoor Securities (“OpenDoor”) Co-founder, CEO and President Susan Estes was recognized for Excellence in Treasury Trading at this year’s Markets Choice Women in Finance Awards, which were presented in New York this week. This is...
read moreOpenDoor Names Former Luminex Head as COO
Jersey City, NJ, September 4, 2019 – OpenDoor Securities LLC (“OpenDoor”), the first all-to-all marketplace for illiquid US Treasuries, has named Michael Cashel its new Chief Operating Officer. Cashel will lead efforts to scale OpenDoor’s platform across the $16.2...
read moreOpenDoor Sees Volumes Rally Following Treasury Platform Upgrade
Jersey City, NJ, July 26, 2018 - OpenDoor Securities (“OpenDoor”), the first all-to-all marketplace for illiquid US Treasuries, has seen a 436% increase in average daily order volume since the introduction of a slew of new functionality in April 2018, while matched...
read moreFemale Industry Veterans Hired to Lead OpenDoor Sales Team
Jersey City, NJ, June 13, 2018 – OpenDoor Securities, LLC ("OpenDoor"), the first all-to-all marketplace for illiquid US Treasuries, has named Marie Patton as Chief Administrative Officer and Co-Head of Sales, and Lauren McFall Gardner as Managing Director and...
read moreOpenDoor $10M Funding Round to Support Platform Innovation
Jersey City, NJ, January 29, 2018 – OpenDoor Securities LLC (“OpenDoor”), the first all-to-all marketplace for illiquid US Treasuries, has completed a third $10 million investment round. The funds will help to accelerate its rapid business expansion by hiring...
read moreOpenDoor Appoints Former AQR Trading Head as Managing Director
Jersey City, NJ, December 12, 2017 – OpenDoor Securities (“OpenDoor”), the first all-to-all marketplace for off the run Treasuries and TIPS, has appointed Hicham Hajhamou, formerly Head of Rates and FX Trading at quantitative hedge fund AQR Capital Management, as...
read moreCharles River and OpenDoor Partner to Expand Fixed Income Liquidity Access
Boston — November 6, 2017 — Charles River Development has formalized a partnership with OpenDoor Securities (“OpenDoor”) to provide asset managers with access to OpenDoor’s all-to-all market-based solution for off-the-run US Treasuries and TIPS, directly from the...
read moreOpenDoor Launches New Session to Benefit Hurricane Relief Fund
Jersey City, NJ, September 18, 2017 – To assist victims’ recovery efforts from the devastation caused by Hurricanes Harvey and Irma in recent weeks, OpenDoor Securities (“OpenDoor”) has launched the OpenDoor OpenArms Program.
read moreOpenDoor Completes $10M Series A Funding Round
OpenDoor Securities (“OpenDoor”) has raised $10 million in a Series A investment round from private investors. The funds will be used to enhance the OpenDoor platform, improve its connectivity to current customers, and expand its network of client institutions and central banks.
read moreOpenDoor Re-Boots U.S. Treasury Market with Dedicated All-to-All Trading Platform
OpenDoor Securities (“OpenDoor”) is today launching the first trading platform dedicated to improving liquidity in the less liquid segments of the U.S. Treasury bond market. Nearly three dozen firms representing more than $5 trillion of AUM and six sponsor-dealers are already onboarded to participate.
The diversified client base includes central banks, hedge funds, pension funds, sovereign wealth funds, mutual funds, insurance companies, primary dealers, asset managers and trading firms.
read moreFormer U.S. Treasury Official & Board Chairman of NCUA Join OpenDoor Team
OpenDoor Trading LLC (“OpenDoor”), a market-based solution designed to improve liquidity in the U.S. Treasury bond markets, has appointed Darcy Bradbury, former Assistant U.S. Treasury Secretary for Financial Markets, to its Board of Directors; and Debbie Matz, former Board Chairman of the National Credit Union Association (NCUA), to its Advisory Board.
read moreOpenDoor CEO Susan Estes named Entrepreneur of the Year by Markets Media
OpenDoor Securities (“OpenDoor”) CEO and co-founder Susan Estes has been named Entrepreneur of the Year at the 2016 Women in Finance Markets Choice Awards presented by Markets Media. The Women in Finance Markets Choice Awards, in their second year, recognize the most distinguished women in the financial services sector at firms that range from hedge funds and global banks to institutional investment firms, exchanges, and technology vendors.
read moreOpenDoor Hires Michael Paulus to Expand Central Bank Footprint
OpenDoor Securities (“OpenDoor”), a platform specifically designed to improve liquidity in the U.S. Treasury bond markets, has appointed Michael Paulus as Senior Managing Director. Paulus joins OpenDoor’s expanding team of Wall Street and fixed income industry veterans as it prepares for its platform launch in Q4 2016. He will report directly to President Rob Grillo.
read moreOpenDoor Becomes First Women-Owned Bond Trading Platform
Following the closing of a $10 million investment round, OpenDoor Trading, LLC (“OpenDoor”) has become the first U.S. bond trading platform both majority-owned and majority-controlled by women. The funds will be used to support technology and business development of an innovative ‘all-to-all’ trading platform for off-the-run Treasuries and TIPS. Launch is scheduled for the fall.
OpenDoor, which was co-founded by industry veterans Susan Estes and Brian Meehan less than three years ago, is quickly developing traction with central banks, asset managers and other institutional investors, as well as the dealers that service them. Discreet trading sessions will allow a variety of protocols to match the needs of end-users, and improve liquidity in the systemically important U.S. Treasury market.
read moreOpenDoor Adds Two Capital Markets Veterans to Advisory Board
OpenDoor Trading (“OpenDoor”), a platform designed to improve liquidity in the U.S. Treasury bond markets, has appointed electronic trading pioneer Michael Sanderson, and fixed income veteran, Chris Ferreri, to its Advisory Board. They join a Board that already boasts bond market experts John Brynjolfsson and Kenneth deRegt, formerly of PIMCO and Morgan Stanley respectively.
read moreOpenDoor Collaboration with Broadway Technology to Accelerate Treasury Platform Launch
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.
read moreTreasury Market Liquidity: The Forgotten 98%
The Fed and the Treasury describe the U.S. Treasury market as, “the deepest and most liquid government securities market in the world.” While arguably true for the six on-the-run (OTR) benchmark securities, those six securities make up less than 2% of the total $13.4 trillion of total outstanding supply. It is the other 98%, known as off-the-runs (OFTRs) that should be of greater concern to market participants and policy-makers alike.
read moreOpenDoor Appoints Robert Grillo as President
OpenDoor Trading (“OpenDoor”), a platform designed to improve liquidity in the U.S. Treasury bond markets, has appointed Robert Grillo as its President. He is the second senior hire by OpenDoor this month, as it prepares to launch an innovative session-based trading platform.
Grillo, a Bank of America Merrill Lynch veteran with nearly 30 years’ industry experience, is joining a seasoned management team headed by CEO Susan Estes. In his new role, Grillo is responsible for driving product development and electronic distribution. He will help expand the growing pool of primary dealers, central banks, asset management firms and other institutional investors supporting the pending launch. His appointment follows the recent hire of Guy Haselmann as Managing Director of Product Solutions.
read moreOpening the Door to a Better Market Structure
While there is broad agreement about the liquidity challenges of the US Treasury market, there is still much debate on how best to address them.
I had the opportunity to participate in the lead panel discussion at the TabbForum Fixed Income Conference: Panel Video . I spent a reasonable amount of time addressing the multiple layers of bifurcation in the Treasury market, and why it was necessary to include the entire curve (and not just the six most recently auctioned securities) in any discussion about the changing market structure.
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