WHAT IS OPENDOOR?
A unique and cost-effective platform designed to address the principal pain points in the US Treasury Market. OpenDoor unlocks liquidity via an anonymous, all-to-all, session-based platform, trading at session levels or better with Zero Information Leakage™.
WHAT ARE THE KEY BENEFITS?
Unlike RFQs, Single Dealer Platforms and Central Limit Order Book models, OpenDoor directly connects buyers and sellers, providing open and equal access with no price discrimination.
WHO SHOULD JOIN?
HOW IS IT DIFFERENT?
OpenDoor is the only clearing-dealer, all-to-all, session-based platform focused on facilitating orders that creates a market with buyers and sellers in the OFTR Treasury and TIPS markets. While the solution in the past has been sell-side driven, the future must integrate the buy-side for additional liquidity. All-to-all makes buy-side an integral player in this process while the session-based system channels liquidity at particular points in time.
HOW MUCH DOES IT COST?
Joining the OpenDoor platform is free; there are no monthly access or subscription fees associated with joining the platform. Participants pay a volume-based transaction cost that is included in the clearing price of the transactions in OFTR’s and TIPS. They realize significant savings by transacting at or near mid-market price. There is a $10 million minimum order size for Treasuries and $5 million minimum order size for TIPS.
HOW DO THE TRADING SESSIONS WORK?
Trading occurs during multiple daily session-based auctions. Orders can be placed before or during the auctions. Orders that match in price-time priority are immediately executed. Trade information and confirmations are sent following each 20-minute session.
HOW IS THE PLATFORM DEPLOYED?
Participants log into the OpenDoor platform through a secure web-based portal or through OpenFin’s secure container.
ARE ORDERS EVER ROUTED TO THIRD PARTY TRADING VENUES?
No. All orders and transactions are matched with other participants directly on the OpenDoor platform.
IS OPENDOOR THE COUNTERPARTY TO THE TRADE?
No. OpenDoor is a trading platform that matches buyers and sellers.
DO YOU PROVIDE FULL STP?
Yes. As soon as the 20-minute matching session ends, participants who have a matched trade receive an electronic notice of execution (in the format of their choice) that easily populates their risk and settlement systems.
WHO CREATED OPENDOOR?
A core group of successful industry executives came together to leverage their experience in investment banking, trading, portfolio management and technology to produce a private sector solution to a public sector problem.
WHO OWNS OPENDOOR?
Owned by the employees of OpenDoor and non-market participant investors. OpenDoor is a registered Woman-Owned Business.