Hedge fund administrator GlobeOp Financial Services says that it is adding access to MTS Group’s BondVision electronic fixed income trading platform to its GoMarket electronic trading connectivity platform.
The MTS controlled BondVision inter-dealer trading platform that has average daily trading volumes of Euros 75 billion in both cash and repot. It aims to offer price discovery as well as real-time, tradable prices from the leading MTS market makers.
GlobeOp clients will now be able to access BondVision’s multi-dealer platform in addition to trading via the telephone or accessing multiple electronic platforms from various dealers or for particular product types. Clients, through the request-for-quote or request-for-switch-quote functionalities offered by BondVision, will simultaneously send trade requests to a maximum number of preferred dealers. Based on the dealers’ replies, BondVision will then execute the trade at the best price.
“Adding BondVision’s European fixed income securities trading to our GoMarkets platform further enhances the remarkable power of the connectivity we are rapidly building for our clients,” says Hans Hufschmid, chairman and chief executive officer of GlobeOp. “GoMarkets now makes possible straight through processing for FX through Currenex, CDs through T-Zero and global equities through Instinet. With BondVision and the future connections we are planning, we see GlobeOp continuing to build its leadership position as an innovative solutions provider to the hedge fund community.”
GlobeOp says direct connectivity via GoMarket to BondVision will also give its clients higher rate of automation in the processing of fixed income transactions.
BondVision, on the other hand, will gain access to GlobeOp’s hedge fund clients, which account for a significant share of the daily European bond market trading volume.
“Permitting the participants of the market to automate the processing of the transactions to their clearing and settlement houses of choice has always been the top priority in all the markets we manage,” says Gianluca Garbi, chief executive officer of MTS Spa. “This agreement with GlobeOp will extend to the hedge fund community the level of post-trading flexibility that BondVision is committed to providing to the 1,000 fund managers active in its market.”