Fenics USTreasuries (“Fenics UST”) is a fully electronic U.S. Government securities (“USTs”) trading venue owned and operated by BGC Financial, L.P. (“BGC”), a FINRA registered broker- dealer, and counterparty to all transactions. Fenics UST operates two electronic marketplaces: a Central Limit Order Book (“CLOB”) and a “Block Book”. Subscribers to the platform are expected to be banks, broker-dealers, professional trading firms (“PTFs”) and institutional investors.
The CLOB competes with well-entrenched incumbents in a marketplace designed for low-latency hedgers and arbitrageurs.
The Block Book will compete with the voice and Request for Quote (“RFQ”) markets and will enable institutional investors to trade large blocks of USTs with traditional liquidity providers making streaming markets.
We designed Fenics UST to be one of the fastest, most stable, and most reliable ultra-low latency matching engines in the cash UST marketplace. All forms of electronic connectivity are supported, including: binary protocol, FIX protocol and high-speed internet access with secured VPN.
- the clob competes with well-entrenched incumbents in a marketplace designed for low-latency hedgers and arbitrageurs.
- Immediate Or Cancel (IOC) As much of the order’s size as possible is executed immediately. The remaining size, if any, is canceled.
- fill or kill (fok) The entire size is either filled immediately or killed immediately.
- Limit As much of the order’s size as possible is executed immediately. The remaining size, if any, stays in the CLOB until it is executed or canceled.
- the block book is designed to improve upon voice and RFQ protocols. The Block Book will enable institutional investors to trade large blocks of UST’s with traditional liquidity providers making streaming and binding markets.
- Immediate Or Cancel (IOC)