Confidential Market Maker-Taker
To solve the challenges imposed by the “new normal” of diminishing liquidity, the DelphX ATS is designed to streamline the interaction of market makers and takers, while reducing costs for all market participants.
Subscribers gain dynamic real time access to:
- A centralized Private Book for every security containing all:
- Level 1 quotes from all market/price makers;
- Favorably priced Level 2 quotes from market/price makers with which the subscriber maintains a relationship; and
- Level 2 quotes from other market/price makers seeking to establish a relationship with the subscriber.
- Simultaneous communication of confidential RFQs to individual, selected or all market/price makers.
- Optional communication of each RFQ, Acceptance, Counter and message on an attributed (Lit), or anonymous (Dark) basis.
||Subscribers can drill down on any quote contained in their Book, and review and respond as desired, using the integrated Accept, Counter, instant “Quix” messaging and other communication functionality.
- Private multi-market/price maker auctions/sessions for subscriber’s larger trades.
- Instant quantification of pricing of Level 2 quotes to corresponding Level 1 prices.
- Customized Watchlists and Alerts and continuous S≡ntinel™ searches for prospective counterparties possessing complementary trading interests.
- No transaction fees to market/price makers.
A New Source of Alpha
To provide an alternative source of deployable inventory to market makers for intermediating liquidity, DelphX offers a new contractual protocol through which market makers and DelphX ATS subscribers can negotiate temporary caches of inventory supply and capacity provided by subscribers for maker deployment in pairing trades. In return, makers provide pricing concessions and other incentives to subscribers that generate alpha.
Such inventory caches enable makers to reserve trade-pairing capacity, and the corresponding liquidity-sourcing incentives, and subscribers to indirectly share in those incentives.
Click vs. Call
By digitally augmenting the traditional phone-based trading process, DelphX enables market/price makers and subscribers to simultaneously interact with multiple potential counterparties. In this way, subscribers gain the price transparency required to readily compare prices available to them from all competing makers. The DelphX ATS also ensures the confidentiality of all quotes, orders, RFQs, messages and other trading communications (as well as optional counterparty anonymity) to avoid potential information leakage.
On the limitations of trading by phone
“Assuming the best price of three is the best available assumes that the other ten or more dealers that were not included in the RFQ could not have beaten those prices. This long-held approach is flawed...”
—Greenwich Associates Report, Corporate Bond Best Execution – More Art Than Science
Definitive Trade Analytics
All DelphX ATS subscribers also gain access to:
- Continuously updating MAV≡n® benchmark pricing for all liquid and illiquid issues.
- Automated pre-trade and post-trade Transaction Cost Analysis.
- Definitive Best Execution documentation, including all quotes for subject security and comparable issues current at the time of each trade.
- Dynamic integration with subscriber’s internal applications – enabling seamless interaction with all front, middle and back office protocols.
Instant Quix messaging enables subscribers to simultaneously interact with multiple market/price makers.
All Acceptances, Counters and other confidential quote responses can be communicated on a Lit or Dark basis.
Transactions can be negotiated in less time than it takes for a single phone call, and subscribers can definitively document their best execution compliance for every trade.
DelphX Ownership Opportunity
DelphX is currently offering a $10MM equity investment opportunity in DelphX Corporation.
For more information, contact firstname.lastname@example.org
What the Buy-side is Saying
On behalf of DelphX, Greenwich Associates interviewed 58 institutional corporate bond investors located in the U.S. and Europe regarding their assessment of corporate bond liquidity, the market's evolution and new technology solutions.
Read Their Findings
What the Sell-side is Saying
Greenwich Associates also interviewed most of the top 20 corporate bond dealers to determine which features of an electronic maker/taker communication network they would find most appealing.
Read Their Findings
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Request a live demonstration of the DelphX platform and learn more about how its innovative features can benefit your firm.
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