Traders may publish executable quotes from their internal trading system simultaneously across the major ATS platforms such as TMC Bonds, Tradeweb Direct, KCG BondPoint, and Bloomberg. This assures the broadest distribution of the bond bids and offerings as the users on each ATS receive the quotes simultaneously.
- A bid is received from one ATS.
- The FIRE™ server ensures that an updated offering quote for a reduced quantity is immediately sent to all ATSs so that the position is not oversold.
- The system either executes the trade or delivers the bid to the trader’s desk for manual confirmation.