Continuous
Fixed
Income
Evaluated
Pricing

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Greater pre-trade transparency support and price discovery throughout the trading day - across multiple fixed income asset classes.

Interactive data is well positioned to deliver this ground breaking service. as a leading provider of evaluated pricing and related services, our clients include the top 5o mutual funds, 49 OF THE top 50 asset managers and top 10 investment banks globally.

Live Pricing

Continuous Evaluated Pricing overview video

AT A GLANCE

CHANGING STRUCTURE

Fixed income market structure is changing due to regulatory pressures and post-crisis deleveraging

FROM VOICE TO ELECTRONIC

Movement away from voice to a more electronic market

REDUCED INVENTORY

Sell side has significantly reduced inventory levels

PROTOCOL DIVERSITY

Investment in different trading protocols from sell side and traditional equity platforms

50 currencies

100 countries

2.7m instruments

40 years experience

EVALUATOR COMMAND AND CONTROL

Interactive Data has teams of evaluators operating in the U.S., U.K., Germany, Hong Kong and Australia. Evaluators maintain and develop market contacts on both the buy and sell-side.

SYSTEM ANALYSIS

MARKET DATA ENRICHMENT

Asset managers


49 of top 50

Banks (US)


48 of top 48

Investment banks


10 of the top 10

MARKET DATA FEED

Continuous evaluated pricing is available throughout the day from our FIX Protocol-based market data feed or Interactive Data's Consolidated Feed. Use this data to take your price validation tools and reports to the next level.

DISPLAY

Display: VantageSM is a Web application that increases transparency and provides workflow tools to improve operational efficiency and support pricing, trade execution and compliance functions.

EXCEL ADD-IN

Our new Excel add-in allows clients to integrate Continuous Evaluated Pricing into custom spreadsheet tools and watch lists, easily commingling data from Interactive Data and other third party sources.

SNAPSHOT FILES

Our traditional snapshot platform now supports Continuous Evaluated Pricing, delivered at client-defined snap times. This option is well-suited for those accustomed to FTP-style data delivery.


STREAMING EVALUATED BOND PRICES IN SUPPORT OF INTRA-DAY VALUATION PROCESSES

Our clients tell us that finding a comprehensive solution for measuring execution quality in Fixed Income has been elusive. The sporadic nature of the trading activity for all but the most liquid bonds in the most liquid asset classes, make it difficult to assemble the right package of comparable trades around which to build out these tools. Changes in market structure and increasing regulatory focus, globally has both the buy-side and the sell-side searching for answers. A combination of factors is altering the way information flows around the market. Regulators are moving to expand post-trade transparency. At the same time, many dealers have scaled back their trading operations, while new e-trading venues are launching, some with new protocols.

Interactive Data has been a leader in providing end-of-day evaluations to clients for more than 40 years, and is now first to market with its multi-asset class continuous fixed income evaluated pricing service. This service includes new tools that leverage our Continuous Evaluated Prices to provide a basis for the measurement of Best Execution. These tools can be used by traders, portfolio managers and compliance officers to more closely monitor trading activities across the growing number of venues and protocols.

Continuous Evaluated Pricing empowers funds to calculate NAVs at any time during the trading day, using continuously updated evaluations for constituent securities. Institutions are able to match the timing of their official NAV setting with local market conventions. Continuous Fixed Income Evaluated Pricing facilitates the intraday monitoring of a fund's holdings to isolate those positions most likely to require review during the official NAV setting process.

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USE CONTINUOUS EVALUATED PRICING FOR:

  • Best execution analysis and performance attribution
  • Post-trade compliance
  • Transaction cost analysis

HELPING TO SUPPORT:

  • Identification of intraday movers and streamlining end-of-day tolerance break monitoring
  • NAV calculations at user- specified times throughout the day, to reflect local market conventions around the world
  • Consistent and updated valuation points incorporating the most up-to-date market movements observed and processed by Interactive Data
  • Intraday money market fund valuation requirements arising from the SEC's new rules for money market mutual funds

An independent, continuous stream of fixed income evaluations that can help you adapt to the changing bond markets

In today's challenging trading environment, the flow of pre-trade pricing information is changing. Traditional sources of pre-trade transparency focus on a narrowing segment of the market. New trading venues are providing alternative sources but the anonymity many of these markets provide to their participants may leave pre-trade participants seeking additional information about the quality of the prices they see. The trading community increasingly looks for prices from recognized independent sources to help them quickly identify the best option for each trade. Interactive Data's Continuous Evaluated Pricing Service can provide clients with the tools to assess quote quality and enhance price discovery and therefore assist them with making quicker decisions.

Interactive Data has been a leader in providing end-of-day evaluations to clients for more than 40 years, and is now first to market with its multi-asset class continuous fixed income evaluated pricing service. Interactive Data's award winning * Continuous Fixed Income Evaluated Pricing extends our industry leading end-of-day evaluations by incorporating market information throughout the day. Our innovative approach combines both quantitative and qualitative assessments, overseen by our global 190 member evaluation team, to generate an independent, continuous stream of fixed income evaluations that can be used to support trading, transaction cost analysis, and best execution.

CONTACT A REPRESENTATIVE
TRY A DEMO

PRE-TRADE REFERENCE PRICE

  • A growing number of e-trading venues are incorporating Interactive Data's Continuous Evaluated Prices into their own pre-trade transparency tools, helping institutions to navigate the changing market.



CONTINUOUS EVALUATED PRICES PROVIDE A KEY INPUT TO MAKE "BEST EXECUTION" A REALITY FOR THE FIXED INCOME MARKET

  • Interactive Data's Best Execution Scores quantify the execution quality of each trade. These measurements allow clients to objectively assess their market relationships, trading strategies and the operational efficiency of their trading process.



*Interactive Data's Continuous Evaluated Pricing Service was named Most Innovative Market Data Project at the Inside Market Data / Inside Reference Data Awards 2015

An independent, continuous stream of fixed income evaluations that can be used to support trading and transaction cost analysis

As the fixed income market structure moves to an increasingly electronic model, liquidity providers need to automate components of their trading operations in order to meet the speed demands and economic realities of the new environment. Should all-to-all trading models take hold, the buy-side will also need tools that allow them to transform from price-takers to price-makers in the marketplace.

Interactive Data has been a leader in providing end-of-day evaluations to clients for more than 40 years, and is now first to market with its multi-asset class continuous fixed income evaluated pricing service. Interactive Data's Continuous Fixed Income Evaluated Pricing extends our industry leading end-of-day evaluations by incorporating contributed market information throughout the day. Our innovative approach combines robust market monitoring tools, overseen by our evaluation teams to generate an independent, continuous stream of fixed income evaluations that can be used to support trading and transaction cost analysis.

CONTACT A REPRESENTATIVE
TRY A DEMO
  • Pre-trade transparency
  • Reference point for price discovery vs ECN quoted market levels
  • Pre-trade compliance checks
  • Rich/Cheap analysis and trade idea generation
  • Pre-trade insight into P&L impact

Helping to support:

  • Real-time profit and loss monitoring
  • Enhanced price discovery and trading workflows
  • Improved ability to perform best execution analysis
  • Gains in pre-trade insight into nav and / or portfolio impact

Coverage & Delivery

Clients can select from a range of delivery options which best suit their needs.

  • Snapshot Files: Our traditional snapshot platform now supports Continuous Evaluated Pricing, delivered at client-defined snap times. This option is well-suited for those accustomed to FTP-style data delivery.
  • ExcelŪ API: Our new Excel add-in allows clients to integrate Continuous Evaluated Pricing into custom spreadsheet tools and watch lists, easily commingling data from Interactive Data and other third party sources.
  • Display: VantageSM is a Web application that increases transparency and provides workflow tools to improve operational efficiency and support pricing, trade execution and compliance functions.
  • Market Data Feed: Continuous evaluated pricing is available throughout the day from our FIX Protocol-based market data feed or Interactive Data's Consolidated Feed. Use this data to take your price validation tools and reports to the next level.

The Continuous Evaluated Pricing Service is available for the following asset classes:

  • US
  • Treasuries
  • Agencies
  • Corporate Bonds (IG & HY)
  • TBA Mortgages
  • MBS Pass-throughs
  • Money Markets
  • Municipals
  • EMEA
  • Sovereigns
  • Corporates - Investment Grade
  • Corporates - High Yield
  • Emerging Markets
  • Money Markets
  • APAC
  • Sovereigns
  • Corporate Bonds - IG
  • Corporate Bonds - HY
  • Money Markets

Evaluator Command & Control

  • Interactive Data's approach is rooted in the judgement and expertise of its evaluation team, and does not rely solely on black box models
  • Evaluators map out the characteristics of the securities and data sources in their assigned sectors
  • Automation tools drive evaluation changes continuously as market data is processed and alert evaluators to outliers in the data
  • Evaluators review exceptions and apply various tools to resolve outliers, including, as appropriate, application of market knowledge and information obtained through market contacts and/or based on evaluator experience
  • The pattern of alerts is examined regularly to help adapt the alert configurations to everchanging market conditions

Coverage & Delivery

Clients can select from a range of delivery options which best suit their needs.

  • Excel® API: Our Excel add-in allows clients to integrate Continuous Evaluated Pricing into custom spreadsheet tools and watch lists, easily commingling data from Interactive Data and other third party sources.
  • Display: VantageSM is a Web application that increases transparency and provides workflow tools to improve operational efficiency and support pricing, trade execution, best execution assessments and other compliance functions.
  • Market Data Feed: Continuous evaluated pricing is available throughout the day from our FIX Protocol-based market data feed or Interactive Data's Consolidated Feed. Use this data to take your price validation tools and reports to the next level.
  • Snapshot Files: Our traditional snapshot platform now supports Continuous Evaluated Pricing, delivered at client-defined snap times. This option is well-suited for those accustomed to FTP-style data delivery.

The Continuous Evaluated Pricing Service is available for the following asset classes:

  • US
  • Treasuries
  • Agencies
  • Corporate Bonds (IG & HY)
  • TBA Mortgages
  • MBS Pass-throughs
  • EMEA
  • Sovereigns
  • Corporates - Investment Grade
  • Corporates - High Yield
  • Emerging Markets
  • Money Markets
  • Asia Pacific
  • Sovereigns
  • Corporate Bonds - IG
  • Corporates - HY
  • Money Markets

Evaluator Command & Control:

  • Interactive Data's approach is rooted in the judgement and expertise of its evaluation team, and does not rely solely on black box models
  • Evaluators map out the characteristics of the securities and data sources in their assigned sectors
  • Automation tools drive evaluation changes continuously as market data is processed and alert evaluators to outliers in the data
  • Evaluators review exceptions and apply various tools to resolve outliers, including, as appropriate, application of market knowledge and information obtained through market contacts and/or based on evaluator experience
  • The pattern of alerts is examined regularly to help adapt the alert configurations to ever-changing market conditions. Extensive Network of Market Data Sources

Coverage & Delivery

Clients can select from a range of delivery options which best suit their needs.

  • Snapshot Files: Our traditional snapshot platform now supports Continuous Evaluated Pricing, delivered at client-defined snap times. This option is well-suited for those accustomed to FTP-style data delivery.
  • Excel® API: Our new Excel add-in allows clients to integrate Continuous Evaluated Pricing into custom spreadsheet tools and watch lists, easily commingling data from Interactive Data and other third party sources.
  • Display: VantageSM is a Web application that increases transparency and provides workflow tools to improve operational efficiency and support pricing, trade execution and compliance functions.
  • Market Data Feed: Continuous evaluated pricing is available throughout the day from our FIX Protocol-based market data feed or Interactive Data's Consolidated Feed. Use this data to take your price validation tools and reports to the next level.

The Continuous Evaluated Pricing Service is available for the following asset classes:

  • US
  • Treasuries
  • Agencies
  • Corporate Bonds (IG & HY)
  • TBA Mortgages
  • MBS Pass-throughs
  • Money Markets
  • EMEA
  • Sovereigns
  • Corporates - Investment Grade
  • Corporates - High Yield
  • Emerging Markets
  • Money Markets

Evaluator Command & Control:

  • Interactive Data's approach is rooted in the judgement and expertise of its evaluation team, and does not rely solely on black box models
  • Evaluators map out the characteristics of the securities and data sources in their assigned sectors
  • Automation tools drive evaluation changes continuously as market data is processed and alert evaluators to outliers in the data
  • Evaluators review exceptions and apply various tools to resolve outliers, including, as appropriate, application of market knowledge and information obtained through market contacts and/or based on evaluator experience
  • The pattern of alerts is examined regularly to help adapt the alert configurations to ever-changing market conditions

resource centre

FACTSHEETS

Continuous Evaluated Pricing / POST-TRADERead Now Continuous Evaluated Pricing - Best ExecutionRead Now

WHITEPAPERS

TABB Group Paper Corporate Bonds: The Price is RightRead Now Transaction Costs in the Corporate, Municipal, and Agency Bond MarketsRead Now

resource centre trade

FACTSHEETS

Continuous Evaluated Pricing / TRADERead Now Continuous Evaluated Pricing - Best ExecutionRead Now

WHITEPAPERS

TABB Group Paper Corporate Bonds: The Price is RightRead Now Transaction Costs in the Corporate, Municipal, and Agency Bond MarketsRead Now

resource centre pre-trade

FACTSHEETS

Continuous Evaluated Pricing / PRE-TRADERead Now Continuous Evaluated Pricing - Best ExecutionRead Now

WHITEPAPERS

TABB Group Paper Corporate Bonds: The Price is RightRead Now Transaction Costs in the Corporate, Municipal, and Agency Bond MarketsRead Now

Take some time out to watch the videos

ELECTRONIFICATION OF THE BOND MARKETS

Bill Gartland, Senior Director, Fixed Income Evaluations, Interactive Data.

ELECTRONIFICATION OF THE BOND MARKETS

Bill Gartland, Senior Director, Fixed Income Evaluations, Interactive Data.

MAKING FIXED INCOME BEST EXECUTION A REALITY

Bill Gartland and Anthony Perrotta discuss the challenges of measuring best execution in fixed income markets.

FIXED INCOME MARKETS DEPENDENT ON QUALITY DATA

Interactive Data's Bill Gartland, speaks at the 2015 TabbFORUM Fixed Income Event.

THE EVOLUTION OF CONTINUOUS FIXED INCOME EVALUATED PRICING

Animated Infographic: The evolution of Interactive Data's Continuous Fixed Income Evaluated Pricing Service.

BOND MARKET LIQUIDITY, PRICE TRANSPARENCY AND BEST EXECUTION

Bond market liquidity, price transparency and best execution are top of mind for fixed income traders.





Interactive Data is a leading provider of independent evaluations for over 2.7 million financial instruments issued in over 100 countries and 50 different currencies. Backed by more than 40 years of experience, Interactive Data is renowned as an industry leader in high-quality pricing and evaluations, setting the gold standard for global coverage and reliable delivery through a suite of products that simplify integration with client applications.

As a leading provider of evaluated pricing and related services to 49 of the top 50 global asset managers and 41 of the top 50 global banks, Interactive Data is uniquely positioned to help the industry meet the growing demands for more timely pricing information in over-the-counter markets. Our innovative approach arms our global team of evaluators with state of the art tools to monitor the bond market and adjust evaluations as market conditions warrant.

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