The BondWave Electronic Communication Network (ECN) brings disclosed bond buyers and sellers together in a familar way of doing business, but with added efficiencies. It is designed to enable traditional relationships, rather than replacing them. Buyers and sellers can communicate with electronic negotiation tools built into the environment or with traditional means, such as phone or e-mail.
The environment contains tools designed to create more efficient bond trading workflows. With these tools, users can instantly match large groups of offerings and inquiries to find specific and appropriate matches broken down by seller, buyer, offering or inquiry. Daily reports that show relevant matches can also be customized and delivered to participants via e-mail.
BondWave ECN is comprised of three integrated solutions: Inquiry Manager®, Inquiry Routing Manager and Marketplace Manager®.
Inquiry Manager® - Buyer Interface
Inquiry Manager is the buyer interface to the BondWave ECN. This tool provides the trust or retail buyer with a convenient and centralized means to aggregate and organize bond orders.
Buyers are able to electronically search against sellers' inventories in a number of ways - either with pre-loaded criteria or with ad-hoc search parameters.
Inquiry Manager includes the following functions:
- Transmits and receives inquiries
- Organizes inquiry data
- Displays appropriate offerings
- Matches inquiries with potential purchases
- Displays portfolio holdings
- Allocates bonds to appropriate inquiries
- Generates customized historical reports
- MSRB Trade Data
- Bond Descriptive Data available from Interactive Data Pricing and Reference Data, Inc.
Inquiry Routing Manager - Inquiry Entry and Tracking
Inquiry Routing Manager streamlines and facilitates effective communication of Buy and Sell requests between the bond portfolio manager and the centralized buyer or trading desk.
Specifically, it lets the portfolio manager:
- Generate Buy or Sell inquiries with user-friendly, web-based request forms
- Transmit inquiry data to the centralized buyer using a real-time communication link, where it appears in the trading desk interface (Inquiry Manager).
Data encryption ensures the privacy of all account information during transmission.
- Review the status of existing inquiries
Marketplace Manager® - Seller Interface
Marketplace Manager is the sellers' interface to the BondWave ECN. Marketplace Manager is a web-based application that lets sellers view live demand data and post offerings. It allows sellers to aggregate and organize buyers' demand in the form of open inquiries. Sellers can then match their most appropriate bond offerings against the open inquiries.
Marketplace Manager includes the folowing functions:
- View live, disclosed demand
- Match offerings with appropriate inquiries
- Run ad hoc reports on municipal demand
- Direct offerings to buyers
- Receive daily inquiry/offering match reports
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