Offer

Functionality
Competitive advantage over RFQ platforms
Fees Structure
Functionality
Trad XD2C CLOB is available to trade a variety of interest rate derivative products;
  • Non Dealers can access it directly and can execute through by hitting the Bid or lifting the offer.
  • Dealers function as market makers and supply liquidity, consistently offering two-way prices. They are not allowed to conduct trades with other dealers; however, they are free to aggress with the resting orders from Non-Dealers.
  • Participants can access the CLOB through the Trad X native GUI, API, or via OMS/EMS; it is fully STP enabled and provides execution reports via FIX drop copy or email. Trade confirmations are processed through Markitwire.
  • All transactions are mandatory to be cleared via  clearing houses and if a trade fails to clear, it will be regarded as 'Void ab initio'.
  • To address market manipulation, a robust surveillance system has been implemented.
Comeptitive advantage over RFQ platforms
  • The prices for orders listed on the D2C CLOB are firm and available for immediate execution. Additionally, market depth is available.
  • Trade executions occur entirely in an electronic and transparent manner; that is, no brokerage fees are factored into the execution price.
  • Participants (Non Dealers) do not solely function as aggressors; they are also capable of placing their resting limit orders on the CLOB.
  • Participants can determine the duration for which an order will remain valid on the CLOB.
  • Participants place orders and execute them completely anonymously; meaning they are not obligated to reveal their identity at stage of the transaction.
  • A "Single point"  is established to facilitate a streamlined, rapid, and centralised on boarding process.
Fees Structure
  • Non-dealers are incurring the lowest brokerage fees, which are calculated on a per-execution basis.
  • Dealers attracted to a standard fee of 0.02bps NPV calculated on executed size.