The firm has said that by adding emerging market bonds to IBVAL’s offering, both buy-side and sell-side traders will be able to integrate automated pricing into their trading workflows across new markets and execute trades with higher confidence.

The move also sees IBVAL pricing coverage expanding to 22 hours a day, five days a week for the most actively traded securities. 

“As global traders evaluate opportunities to unlock alpha and improve execution in international fixed income markets, there is increasing demand for more real-time pricing insights to add greater transparency to their trading workflows,” said Eric Isenberg, head of enterprise data pricing at Bloomberg.   

“These expansions bring IBVAL’s high-quality, AI-driven pricing insights to some of the most liquid international bond markets, giving both buy-and sell-side traders across time zones more confidence in their trading decisions and execution outcomes.” 

Through this expansion, IBVAL’s coverage increases by approximately 6,000 bonds, and has brought in issuers from 98 LatAM, EMEA and APAC countries, such as Mexico, Brazil, Turkey, and China.  

The expansion also means that real-time pricing is now available across more than 95% of trade emerging market USD bonds, including both corporate and sovereign bonds, as well as emerging market EUR/GBP corporate bonds.  

Read more – Bloomberg extends IBVAL front-office pricing to cover Europe 

The push to emerging markets follows recent IBVAL expansion, after the solution was launched in 2023 to price USD credit securities. In April 2023, Bloomberg announced that the offering would cover EUR and GBP investment grade and high yield credit bonds included in Bloomberg’s flagship Europe and UK credit indices.  

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The solution, called SIX Fixed Income Data, is designed to provide banks, asset managers, wealth managers and hedge funds globally with reliable fixed income data, based off an array of information sourced from global markets.  

The provider has said that the offering will give clients access to data for 3.6 million US instruments across municipal, corporate and government debt, and structured finance, and will reduce reliance on inconsistent and error-prone sources to price securities, manage risk, and comply with regulations.  

“Until recently, many market participants were constrained by offerings with inflexible commercial terms or forced to combine disparate data sources that lacked completeness and accuracy,” said Swati Bhatia, head of fixed income, financial information at SIX. 

“By launching SIX Fixed Income Data, we are giving market participants the coverage, reliability, and pricing flexibility they need in the asset class that represents the largest segment of the global capital markets.” 

SIX highlighted that the original issuance and lifestyle documentation of the offering is fully owned by the provider and will be available through its centralised platform.  

Similarly, it has said that SIX’s API-driven infrastructure will tackle issues of long onboarding times and disruptions that arise from using alternative solutions, by streamlining the integration of data into clients’ workflows, combined with transparent pricing and scalable licensing.  

Read more – SIX rolls out regulatory data service for digital assets 

In recent months, the expansion and launch of new data services has been a focus for the company. SIX Fixed Income Data’s announcement follows the Digital Assets Regulatory and Tax Service launched by the provider at the beginning of April 2025, designed to provide institutions with a single information source to help identify their exposure to digital assets and remain compliant with evolving regulations.   

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The new solution supports real-time transparency and collaboration across the post-trade lifecycle by pairing data to improve pre-matching accuracy and reduce fail rates. It also aims to streamline workflows, deliver actionable insights, and resolve exceptions in real time. 

Settlement netting builds on Synergy’s data platform, which will enable the normalisation, visualisation, and aggregation of transaction data. It allows participants to net obligations across repos, TBAs, cash transactions and other asset classes, with the goal of improving operational efficiency and liquidity management. 

The platform enables automated communication between clients and custodians via API, reducing the need for manual intervention. 

JP Morgan contributed to the use case development and provided input and refinement during the design phase with Citi.  

“We have partnered very closely with AccessFintech on this collaboration solution as we believe it will transform the smooth operation of the repo market,” said Anthony Fraser, global head of prime financial services operations at JP Morgan. “Integrating JP Morgan’s best-in-class operating model and workflow tools with AccessFintech’s state-of-the-art technology enables us to establish a model of standardisation, transparency and seamless communication. We’re committed to delivering solutions which drive enhanced settlement efficiency and result in better outcomes for our clients.” 

The netting programme, initially piloted in the €15 trillion EMEA repo market, matches transaction details centrally across trading counterparties, replacing manual spreadsheet calculations for netting obligations.  

It also supports structured counterparty communication through APIs or user interfaces, aiming to improve fail rates, reduce asset movements, and lower transaction costs associated with repo settlements. 

Jaime Healy-Waters, global head of cash equity middle office and EMEA cash securities settlements at Citi, said: “We are pleased to bring this important collaboration solution to the repo market with AccessFintech. We remain intensely focused on creating solutions that enhance our clients’ investment performance and success.” 

Additionally, the Synergy network uses AI-based tools to generate settlement netting candidates in real time and draws on historical data to inform counterparty behaviours, such as settlement performance and amendment rates. 

The Synergy platform captures data across securities, derivatives, alternatives, and payments, supporting data transformation and collaboration among network participants. 

Tom Granelli, head of netting product, Synergy at AccessFintech said: “We are continuously driving industry transformation to prepare and strengthen market operations for the future. We remain intensely focused on creating solutions that enhance our clients’ investment performance and success.” 

Granelli added: “Settlement Netting is another example of our deployment of the transformative Synergy network, enabling the ecosystem to magnify their operational effectiveness and reduce unnecessary manual processes.” 

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The offering will allow clients to execute anonymously, due to ICE Bonds sitting in the middle of the transaction. Requests will be transmitted electronically to a wide community of MBS dealers, market makers and investors on the multi-asset class alternative trading system ICE TMC.  

The functionality is also designed to work alongside ICE Bonds’ existing ‘click-to-trade’ functionality, with the aim of delivering increased liquidity and execution efficiency to the MBS market.  

The platform is aimed at wealth management and retail brokerage clients, and by enhancing MBS trading capabilities, ICE Bonds claims this is a step forward in achieving an electronic mortgage market and will create a “more flexible and efficient trading environment”. 

Read more: ICE Bonds and MarketAxess connect liquidity networks to bolster bond market efficiency 

Pete Borstelmann, president of ICE Bonds said: “The launch of our RFQ protocol represents a key step forward in electronification of a traditionally voice and message driven market, supporting more efficient price discovery while giving customers greater flexibility to execute trades aligned with their evolving strategies.” 

According to ICE Bonds, the functionality will address challenges facing mortgage clients, namely to move towards electronification in a market which still relies heavily on transactions over voice and chat messaging.  

The firm has also announced plans to integrate pricing and analytics from ICE Mortgage Technology (IMT) later this year, with a combined MBS execution on ICE TMC with IMT’s real estate solutions expected to deliver a unified platform for trading the MBS asset classes. 

Enhancing liquidity offerings in fixed income markets is a key focus for ICE Bonds. In August 2024, the firm connected ICE TMC with MarketAxess’ Open Trading network to bolster price transparency, best execution and overall market liquidity for all users. 

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Gerry Corcoran

The merger is expected to be completed in Q3 2025 and marks an important step for StoneX as it seeks to provide greater access to liquidity in fixed income markets.  

StoneX is set to add over 75,000 of RJO’s client accounts following the acquisition, including brokers, commercial and institutional clients and individual investors, who will be given access to a wide range of markets, products and services such as StoneX’s over the counter (OTC) hedging platform.  

The move is also set to expand StoneX’s client float by almost $6 billion, with clear listed derivatives volume projected to increase by 190 million contracts annually. 

Chief executive and chairman of RJO, Gerry Corcoran, will continue in a senior leadership role with StoneX as part of the acquisition. 

“In addition to all the products we offer today, our clients and brokers will have a plethora of new products and services across asset classes available at their fingertips, bringing meaningful new trading and hedging opportunities,” said Corcoran. 

“At the same time, our organisation will benefit from new efficiencies, premier technologies, and greater growth potential.” 

StoneX’s merger with RJO follows recent acquisitions of investment banking firm, The Benchmark Company and Paris-based fixed income brokerage firm, Octo Finances earlier this year.  

Read more: StoneX adds investment banking capabilities with acquisition of The Benchmark Company 

Sean O’Connor, executive vice-chair of StoneX, said: “This is a transformational transaction for StoneX, establishing us as a leading global derivatives clearing firm and reinforcing our position as an integral part of the global market structure across asset classes. 

“Combining RJ O’Brien’s extensive client network and proven clearing capabilities with StoneX’s deep liquidity, innovative OTC hedging solutions, and leading risk management infrastructure, we are well-positioned to continue to deliver exceptional services, broader market access, and industry-leading trading solutions to our combined client base.” 

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Ali Dibadj

The partnership is set to close by Q3 2025.

The move will see Janus Henderson manage the $45 billion investment grade public fixed income portfolio for Guardian’s general account, as well as more than $147 billion in fixed income assets globally.

The portfolio will include investment grade corporates and securitised credit.

As part of the partnership, Guardian is also set to commit up to $400 million in seed capital to accelerate the firm’s innovation in securitised credit and high quality active fixed income products.

Ali Dibadj, chief executive of Janus Henderson, said: “This multifaceted, innovative partnership, founded on a shared set of client-focused values, leverages our complementary strengths, creates alignment for mutual growth, and intends to achieve mutually beneficial outcomes for policyholders, our clients, shareholders, and employees.

“This strategic partnership also supports the execution of Janus Henderson’s client-led vision of amplifying our strengths in fixed income, multi-asset solutions, and model portfolios, while greatly expanding our presence in the institutional market and insurance space.” 

This move will allow Guardian to leverage Janus’ presence in active fixed income ETFs and increase Janus Henderson’s institutional reach and insurance presence.

Similarly, continuity in the management of assets is a focus, with Guardian’s existing investment professionals focused on in-scope asset classes set to be offered the opportunity to join Janus Henderson.

The joint venture is also expected to broaden investment opportunities for Park Avenue Securities’ (PAS) clients, Guardian’s dually registered broker-dealer and registered investment adviser, through the co-development of proprietary, multi-asset solution model portfolios. 

Andrew McMahon, Guardian chair and chief executive, said: “This strategic partnership with Janus Henderson enhances Guardian’s investment and solutions capabilities and aligns our organisations for long-term, mutual growth. 

“Our shared culture of collaboration and dedication to our clients make them a natural partner for Guardian. By combining Guardian’s exceptional experience with Janus Henderson’s market-leading investment strategies, resources, and capabilities, we will be able to offer innovative investment and wealth management strategies that will benefit customers and policyholders for years to come.” 

The move follows other similar deals, wherein asset managers are looking to expand their remits through key partnerships. 

In January, Assicurazioni Generali and BPCE signed a Memorandum of Understanding which will see them combine their respective asset management operations – Generali Investments Holdings and Natixis Investment Managers. Through this partnership, the entity would become the leading asset management player in Europe by revenue, with more than €1.9 trillion assets under management. 

More recently, in February, Kepler Cheuvreux and Unigestion unveiled a strategic partnership wherein the firms will launch a joint public equities asset management company. Once approved, the new entity – Kepler Cheuvreux Unigestion Equities – is set to focus on quantitative strategies and together will manage more than €3 billion in assets.

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Amit Bhuchar

The investment will provide infrastructure, expanding TransFICC’s electronic trading capabilities in a bid to enhance venue and workflow support.  

Other investors in the funding round include BlackFin Tech, AlbionVC, Citi, HSBC, Illuminate Financial, ING, and Commerzbank Group’s early-stage investor and innovation unit, neosfer. 

To date, the combined investments raised totals $50 million. 

Amit Bhuchar, head of FICC liquidity solutions, Citadel Securities, said: “Citadel Securities has a long history of developing innovative solutions to help our clients and partners address their most complex liquidity and execution challenges.  

“We are pleased to partner with TransFICC to shape the future of fixed income market making through increased automation, connectivity and efficiency.” 

According to TransFICC, the technology aims to address challenges presented by the increased adoption of algo tools, all-to-all markets and the rise of fixed income ETFs that are driving demand for automated solutions. 

TransFICC, which specialises in low-latency connectivity and workflow services for fixed income and derivative markets, launched its TransACT (Automated Customer Trading) service in 2024, which automates request for quote (RFQ) negotiation workflows for banks trading on dealer-to-client (D2C) venues.
 
Read more – TransFICC to bid for fixed income consolidated tapes

In November 2024, the firm announced its intentions to bid to be a consolidated tape provider (CTP) for fixed income, ahead of expected confirmation and authorisation of the new CTPs in Q4 of this year. 

In the same month, Broadridge Financial Solutions’ LTX partnered with TransFICC at the end of last year to enable more efficient venue onboarding via its One API for eTrading platform 

TransFICC co-founder Tom McKee said: “Fixed income trading firms need to support and expand venues and workflows while maximising efficiency. However, the time and development costs of connectivity can be significant.  

“At TransFICC, our intention is to enhance our venue and workflow support so that clients can connect more quickly and at a lower cost.” 

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Nicola Danese

The development will cover UK Gilts, EUR and single currency notes, and establishes Tradeweb as the first institutional marketplace to offer electronic portfolio trading for both credit and government bonds.

Citi has become the first dealer to support the newly expanded solution.

Head of rates business development for UK & Europe at Citi, Todd Coletto said: “The expansion of the functionality from credit to rates bonds is an exciting development for the dealer community, as it allows us to provide our government bond clients with competitive and transparent pricing for instruments of varying liquidity profiles.”

In 2019, Tradeweb became the first platform to launch portfolio trading for corporate bonds.  

Nicola Danese, co-head of international developed markets at Tradeweb, said: “As institutional clients continue to embrace the benefits of portfolio trading, there is huge potential for its use cases to expand beyond cash credit and across the fixed income spectrum. Traders have already transcended market silos, and portfolio trading perfectly exemplifies how technology can help to further break down barriers and harmonise execution workflows.”

Tradeweb said the expansion will facilitate portfolio trades to be made with varying liquidity profiles and allow traders to match specific strategies and reach best execution by replicating a benchmark or customising portfolios.

According to the firm, Tradeweb’s European Government Bond marketplace noted a record average daily volume of  over $212 billion in 2024, marking an increase of 45.6% from the previous year.

Tradeweb has expanded its electronic portfolio trading significantly in recent years, with the addition of on spread at market close to increase flexibility and efficiency in 2022, as well as incorporating a Trade at Close offering in 2021.

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Named the BondVision Dealer-to-Client (DCT), the newly launched offering is a multi-dealer buy– and sell-side focused protocol that covers rates, credit and repo.

The offering was developed as part of the BondVision partnership announced by Euronext’s MTS in September last year.

Read more – Euronext’s MTS partners with BondVision on growth initiative launch

 “The BondVision Partnership was established to improve market efficiencies, increase liquidity and promote market competition,” said Patrick Whelan, global head of FICC digital markets at JP Morgan.

“As early supporters of this growth initiative, leading the adoption of the new DCT protocol further underscores our commitment to fostering innovation. By automating the process trade workflows, dealers can now focus on delivering service to clients, ultimately improving our capacity to serve clients with greater precision and speed.”

MTS and BondVision confirmed that the new protocol will “address key operational challenges and enhance efficiencies in processed trade workflow through automation”.

Dealers can send processed trades to clients via an API. MTS said dealers will drive the process to book risk internally and dispatch processed trades to their clients. Dealers can also input trades via the MTS BondVision sales GUI.

 “As part of Euronext’s ‘Innovate for Growth 2027’ strategic plan, MTS is committed to innovation in fixed income trading by continually developing its technology offering to meet the evolving needs of the market,” said Angelo Proni, chief executive of MTS.

“DCT has been specifically developed as part of the BondVision Partnership and provides an elegant, functional solution to support our strategy.”

MTS said the service will remove the need for manual trade entry of ticket fields for clients, improving STP connectivity.

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Tom McKee, TransFICC

In order to keep Yieldbroker’s connected dealers, their connectivity had to be changed to what is now called Tradeweb Australia.   

Following Tradeweb’s purchase of Yieldbroker, TransFICC’s service was used to improve connectivity and manage migration to the new platform.  

Read more: Tradeweb completes Yieldbroker acquisition 

TransFICC’s One API translates APIs from various venues into a single normalised format allowing for simplified venue integration.  

“NAB was seeking a single integration to Bloomberg and Tradeweb, and now including the Yieldbroker migration, to support its trading of IRS and government bonds. TransFICC’s One API was selected as the right solution to ensure ongoing connectivity and seamless API changes,” said Tom McKee, co-founder of TransFICC.  

“Adding the complex order workflows for Tradeweb Australia in short timescales was an interesting challenge. Our daily UAT release process enabled the NAB team to test their applications and provide feedback quickly and ensure readiness for cut-over dates.”  

The move follows TransFICC entering a strategic partnership with Broadridge’s LTX last November, enabling dealers to efficiently onboard and connect to LTX, via TransFICC’s One API for eTrading platform. 

Read more: Broadridge’s LTX and TransFICC enter strategic partnership 

The development aims to offer sell-side clients simplified integration and connectivity to LTX, reduced operational risk and implementation costs, and improved time-to-market. 

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