ICE Bonds’ Risk Matching Auction Named Best Sell-Side Trading Network by WatersTechnology

Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of technology and data, today announced that WatersTechnology has selected ICE Bonds as Best Sell-Side Trading Network for its Risk Matching Auction (RMA) service. This award comes after significant product enhancements and expansion of RMA’s network.

RMA is ICE Bonds’ dealer-to-dealer sweep solution, which was relaunched in July 2023 as part of ICE Bonds’ suite of trading protocols. RMA offers users a strong pool of corporate bond liquidity across all sectors and maturities. RMA has been recognized for its user-friendly web-based user interface and different post trade options to provide users with a seamless post-trade experience.

“The RMA workflow is a foundational piece in expanding ICE Bonds into institutional corporate bond trading, and establishing sell-side connectivity is crucial in this initiative,” said Peter Borstelmann, President, ICE Bonds. “We’re delighted to be recognized for our RMA solution, which empowers traders to access liquidity post-sessions for tail risk management through existing protocols. By leveraging our assets in execution and data, we are confident that our modernized solution can deliver robust risk proposals and a cost-effective alternative for customers.”

RMA provides an efficient way for traders to potentially reduce their risk exposure by providing a robust pool of liquidity in the corporate bond space. In the past year, some enhancements to RMA include:

• Removing the manual aspect of post-trade services by establishing extremely high STP penetration across several different connectivity options with the dealer community, including preexisting and new connections.
• Creating a sophisticated pricing algorithm that uses continuous evaluated pricing (CEP) derived mid-price, ICE’s proprietary pricing data, in addition to real-time market related inputs.
• Expanding the RMA user base by adding Investment Grade and High Yield traders across all sectors and most of the systematic trading desks across the street.

“RMA's differentiated functionality helps us navigate markets, leveraging explicit preferences and profiles to support strategic decision-making,” said Marty Manion, co-Head of TD Securities Automated Trading. “We're pleased to work with ICE Bonds, whose platform delivers efficiencies to help support our risk management process.”