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FICross – Easy-to-use, flexible platform that enables participant to
anonymously trade when and how they choose.
Bulletin Board Postings – institutions are able to dynamically post bids and offers for a range of asset classes with associated size and levels, creating a real-time marketplace for trading. Live screens enable participants to view indications from all buy-side participants and take action by calling State Street’s experienced sales and trading desk. State Street bond professionals will anonymously negotiate the transaction.
Key Attributes
- Quick order entry provides the ability to post one or multiple issues through quick order entry, bulk order import or standard cut-and-paste key strokes
- Validation of security identifier performed on input via built-in security master file
- Dynamic filtering of views based on asset type/subtype
- Supports corporates, CMBS, ABS/MBS, CMO, CDO/CLO, bank loans and non-dollar issues
- Ability to edit or unpost bonds at trader’s discretion
- Express Monitor allows for quick navigation to asset class-specific bids and offerings, saving valuable desktop space
- Transparency of fees displayed in grid
Bid Wanted in Competition – sellers are able to submit and schedule lists of corporate bonds for a pre-determined time period, giving interested buyers the ability to bid direct on any issues within the list anonymously. Sellers who have submitted a list have access to screens that show depth of market without revealing the names of corresponding institutions, thereby protecting the informational integrity of all parties.
Key Attributes
- Customizable screens, including column layout and sorting capabilities
- Filters allow for display of high-yield or high-grade lists
- State Street trading desk sees all incoming bids and confirms dollar prices with client
- Depth of market may be displayed with bids aggregated best to worst
- High-grade bids are input as spread to benchmark, and high-yield bids are dollar priced
- Fee schedules are displayed for each trade and structured based on rating
- Confirmed prices are displayed as the State Street trading desk works on each winning issue
- All activity is captured in the status column and trade information is maintained historically
- Dynamic and flexible post-trade best execution reports are available intraday and historically for timely feedback
