ICE Best Execution Platform Expands Coverage to Over 2 Million Fixed Income Securities

13 June, 2022 - Intercontinental Exchange (ICE) has announced enhancements to its Best Execution service, which more than doubles coverage to over 2 million fixed income instruments.

This product expansion includes a library of both liquid and less liquid, hard-to-value instruments across sovereigns, investment grade and high yield corporates, emerging markets, money market, U.S. municipals, agency pass-throughs, convertibles, and securitised assets including CMOs, ABS and MBS.

Tim Monahan, Senior Director, Product Development for ICE’s Best Execution service said, “For many fixed income securities, which don’t trade often, there is little-to-no trade data in the public domain, making them difficult to value, and requiring large amounts of proprietary data or history to properly examine, track and document best execution metrics. ICE’s Best Execution service provides trade-by-trade measures of relative execution quality for both on-the-run securities and those that do not generally have robust transactional data or fit into traditional execution workflows.”

The new web-based Best Execution platform offers a graphical interface and allows customers to analyse best execution results for more than 2 million securities including many that are not captured by the Municipal Securities Rulemaking Board (MSRB) and Trade Reporting and Compliance Engine (TRACE) datasets. It allows different stakeholders within a company to view, compare and analyse execution data and results across the fixed income trading business. Together, these enhancements offer an easier-to-use interface and more detailed best execution data and transaction cost analysis, which helps customers quantify and compare relative performance for their trades and execution strategies.

“ICE has had extensive experience evaluating and providing analytics for both liquid and thinly traded fixed income securities, which customers need help valuing,” said Amanda Hindlian, President of Fixed Income and Data Services at ICE. “Our broad coverage has been a hallmark of our fixed income data offering, and it allows us to deliver benchmarking and trading solutions across the lifecycle of a trade, from pre-trade analysis straight through to the front-, middle- and back-office.”

ICE’s Best Execution service leverages ICE Continuous Evaluated Pricing™ to help traders, portfolio managers and compliance officers more closely monitor trading activities, meet regulatory compliance requirements and measure trading effectiveness across a growing number of venues and protocols.