If you've run an RFQ, you already know Summon. Request a bid or offer on any bond and see RFQ-style liquidity from algo market makers right in OpenYield's lit order book, firm and executable.
Too many bonds to stream
One click on the bond
Firm bids in seconds
Hit the bid you want
Summon every position
Dealer algos can price many of them.
But not all at once. That's too much exposure.
When the liquidity you need isn't on screen, summon it.
Follow one request from click to execution. Pick any step to pause on it.
Summon works like the RFQ you know, built for systematic, rules-based trading. The difference is where responses land: on OpenYield's lit order book, next to every other order, instead of a private quote window.
From algo dealers connected to Summon.
Bids and offers already in the book.
Firm liquidity on demand, inside the workflow you already run. Pick a number to see each one in action.
Summon a bond or a whole watchlist and firm, live, executable bids land in the EMS you already trade from. No new screen to learn.
With a firm price on every leg, you can sell and buy in one sitting. Tax-loss swaps, rebalances and portfolio trades stop waiting on a bid list.
A bid list can take 30 to 120+ minutes to come back. Summoned responses start arriving in seconds, so you can price and decide while the idea is fresh.
Summon responses are live orders, not quotes held firm for an hour. Market makers can update or cancel anytime, so there is less hold risk to price in.
Responses post to OpenYield’s lit order book next to every other order, not to a private window. More firm liquidity in one place means more chances to execute.
One summon. Firm liquidity the venue can trade, subject to client and professional tiering.
Summoned bids last about 30 seconds. Not ready yet? Let them expire and summon again for a fresh look, with no new list and no new wait.
Each one starts the same way: summon, see firm prices, decide.
Skip the bid list. Bring firm bids to the bond in seconds and decide on the spot.
Rebalancing or raising cash? Ping every position in one action and see where firm bids are, line by line.
Sell the positions you're harvesting at summoned bids and buy the replacement at a live offer, all within moments, at prices you can see.
The displayed offer is smaller than you need. Instead of running an offer wanted in competition, summon an offer for your size.
Respond only to bonds someone wants to trade, for as long as you choose, without streaming risk across the whole universe.
Less time at risk lets algos price more aggressively.
Each ping is live interest in a specific bond, side and size.
Update or cancel your response at any time.
Short exposure means less risk to price in.
Set sizes and exposure limits that fit your risk framework.
Summon is our take on the RFQ and bid-wanted process, built for systematic, rules-based trading on a lit order book.
Summon from a single bond or a whole watchlist.
Send and respond to requests over one FIX connection. Docs
Ping watchlists programmatically and automate across positions.
Yes. Responses post to the order book as firm, live, executable orders and match by price-time priority like any other order.
Responses post to OpenYield's lit order book like any other order, so participants across the venue can see and trade against them, not only the firm that sent the request. OpenYield's existing client and professional tiering still applies, so what each participant sees follows the same tiering rules as the rest of the book.
Responses are short-lived by design, typically around 30 seconds. If a price expires, summon the bond again for a fresh market.
Algo market makers connected to Summon receive the ping and choose whether to respond. They may respond with all or part of a requested size.
OpenYield is anonymous pre-trade. Post-trade disclosure happens only when both counterparties opt in.
Summon is in production beta with early adopters. Book a walkthrough with the OpenYield team, or email sales@openyld.com.
Our modern bond marketplace enables you to serve clients with modern technology, 100% firm quotes and aggressive pricing. This is the bond market you’ve been waiting for.
Reach out to us today.
