OpenYield engaged BondWave to conduct a Transaction Quality Analysis (TQA) of our Q3 2025 trading activity. Using a proprietary methodology refined over more than 20 years, BondWave benchmarked OpenYield executions against the broader market.
The results confirm what our clients are already experiencing: automated, firm liquidity delivers measurable price improvement.
Key Findings
- U.S. Municipal Bonds: Average price improvement of 44 basis points vs. peers, 78th percentile for execution quality.
- Corporate Bonds: Average price improvement of 17 basis points vs. peers.
- Government Bonds: Consistent price improvement on an absolute basis, averaging 1 basis point.
Clients win when OpenYield’s live, automated liquidity is integrated into their routing stack – improving execution outcomes at scale.
