The NYSE Bond marketplace provides opportunities for both liquidity takers and liquidity providers to interact in a fair, open environment. There are no subject orders — all orders are firm. All trades are locked in and uploaded to DTCC with the appropriate accrued interest adjustments made for clearing and settlement.
The NYSE Bonds orders are matched on a strict price/time priority basis. Undisplayed reserve interest will always yield to displayed orders at a particular price. All orders will only be matched with orders resident in the order book. Bonds will trade in decimal increments to 2 decimal places (e.g. 101.32).
The NYSE conducts two daily bond auctions – an Opening Bond Auction at 4:00 a.m. ET and a Core Bond Auction at 8:00 a.m. ET. Orders not executed in either auction become eligible for continuous trading immediately after the auction.
Bond orders that trade on the NYSE are represented by a nine-character CUSIP.
An order to buy $25,000 face value of bonds issued by IBM with a coupon rate of 6.50% maturing on January 15, 2028, would appear in the NYSE system as:
Execution Fee per bond for orders that take liquidity from the NYSE BondBook:
| Executions of one to ten (10) bonds | $0.00 per bond |
| Executions of eleven (11) to twenty-five (25) bonds | $0.00 per bond |
| Executions of twenty-six (26) bonds and above | $0.00 per bond |
| Bond Liquidity Provider rebate | $0.05 per bond |
| Bond Liquidity Provider rebates are subject to a $50.00 maximum fee per execution. |
To trade on the NYSE Bonds platform, your firm must have membership to NYSE and complete the NYSE Bonds Membership Application.
For questions regarding the application, please contact Client Relationship Services.
NYSE Bonds offers a range of connectivity options to access our market.
As a Bloomberg Trade Order Management System (TOMS) customer, a preferred strategic partnership with NYSE Bonds will give you an additional avenue of liquidity—at no added cost. For more information, please visit the Bloomberg TOMS page.
NYSE Bonds leverages an all-electronic trading platform to provide efficient and transparent trades.
Post Trade Processing
Once a trade has been executed, trade details are transmitted to the National Securities Clearing Corporation (NSCC®) for clearance and settlement via the Regional Interface Organization (RIO). All DTCC/NSCC RIO eligible bond trades executed on the NYSE Bonds platform will be submitted to NSCC® without an omnibus account as "locked-in transactions" meaning that the bond platform has matched the details of the trades from buyer and seller.
Clearance and Settlement Notices
All DTCC / NSCC RIO eligible bond trades executed on the NYSE platform will match the trade details of both buyer and seller by submitting them to NSCC® as locked-in transactions without an omnibus account.
NYSE Bonds Ex-Clearing Securities
NYSE Bonds Participant Clearing Numbers
If you have trade breaks or have clearing questions on the new bond platform, please contact us between 8:00 a.m. and 6:00 p.m. ET.