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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The initiative was established to further develop BondVision, a multi dealer-to-client (D2C) trading platform for rates, credit and repo, alongside promoting competition within the market.

“Sustainably competitive and straightforward” fees will be introduced by the initiative for all BondVision dealers.

This will incentivise improved service levels to clients from supporting dealers as they tap into the benefits offered, while also building on MTS’s market presence, dealer and end-user network, and proprietary technology.

The top ten BondVision dealers support the initiative’s underlying principles. This includes: Barclays, Bank of America, BNP Paribas, Crédit Agricole Corporate and Investment Bank, Citi, Deutsche Bank, JP Morgan, Morgan Stanley, Nomura and UniCredit.

“MTS is a critical component of Euronext’s growth ambitions for the coming years,” said Stéphane Boujnah, chief executive and chair of the managing board of Euronext.

“The initiative announced today with Euronext’s longstanding partners demonstrates our commitment to adapt our solutions to meet the evolving needs and priorities in the fixed income world”.

As a subsidiary of Euronext Group, MTS is committed to investing in talent and technology to support the initiative.

“We are excited to support this initiative as it fosters innovation, which has benefits for the entire European bond market,” said Pierre Morel, global co-head of investment grade trading at JP Morgan.

“By addressing key concerns like cost pressures and enhancing data use provisions, BondVision improves efficiency and delivers significant advantages to all market participants.”

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The company said in a statement that the dealer-to-client platform has undergone a complete graphical user interface (GUI) redesign and introduced several new features, including the automated RFQ trading, to bring further efficiency to low-touch trades.

Traders will able to upload trades directly from their order management system (OMS) where BondVision handles the RFQ and execution. More than 20 auto-execution parameters can be configured in the platform, giving traders more control over orders, according to MTS.

“Automation is key to trading strategies in today’s fixed-income market, so it is critical that participants have the best tools available to ensure efficient execution,” said Fabrizio Testa, CEO of MTS.

“The redesigned MTS BondVision places its users front and centre, delivering an intuitive platform that’s not only easy to use, but supports participants to make the best trading decisions through innovative automation features including auto execution and real-time data.”

MTS added that the BondVision upgrade puts its interdealer data at the centre of the user experience, with real-time trade data from 18 interdealer markets available via a single dashboard.

“The European government bond market’s velocity and ever shrinking margins require dealers to be able to auto-quote and enable automated trading strategies with RFQs between themselves and also with the buy side,” Josephine de Chazournes, senior analyst at Celent, also commented.

“As the buy-side is also under more costs constrains they need to be able to leverage technology to increase their speed and accuracy to request and respond to quotes with automated trading tools such as the one MTS BondVision has just released.”

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