# OpenYield

> OpenYield is an SEC-registered Alternative Trading System (ATS) operating an automated bond marketplace. OpenYield delivers firm, executable quotes across U.S. Treasurys, corporate bonds, municipal bonds, CDs, and Agencies — replacing the indicative and evaluated pricing that dominates fixed income markets today.

OpenYield Trading LLC is a wholly-owned subsidiary of OpenYield Inc., a broker-dealer registered with the SEC and MSRB, and a member of FINRA/SIPC. OpenYield Trading LLC operates an Alternative Trading System (ATS) registered with the SEC. Founded by Jonathan Birnbaum (Founder & CEO), the company serves institutional participants only.

OpenYield offers programmatic access to its bond marketplace via three integration surfaces: a REST Data API for traditional developer workflows, an Agentic API (currently in beta) purpose-built for AI agents and autonomous decision-making, and standard FIX connectivity for institutional trading integrations.

OpenYield Data Services delivers institutional bond market data derived from real trading activity on the OpenYield ATS — not modeled marks or evaluated pricing. Available data includes real-time top-of-book bid and ask pricing, intraday price series for backtesting, and historical data for liquidity analysis and strategy development, all across Treasurys, corporates, municipals, CDs, and Agencies. Data is delivered via REST API, FIX protocol, or flat-file batch — no terminals or proprietary software required. Documentation uses consistent schemas and predictable responses, structured for both human developers and LLM/AI agent parsing. Common use cases include quantitative research, compliance monitoring, portfolio construction, execution workflows, and liquidity studies.

The platform's coverage includes the full U.S. Treasury curve, thousands of corporate bonds, and tens of thousands of municipal bonds, alongside CDs and Agencies. Named clients include TD, Apex, Virtu, Flow Traders, Public, Ediphy, FMS, Middlegate, Maritime, Brownstone, and BCM. Data and connectivity partners include Pyth, Tradeweb, ICE, RBC, FlexTrade, Moment, and Fabkom.

## Products

- [Marketplace](https://openyld.com/marketplace/): Automated bond marketplace offering firm, live quotes with no minimum trade size, competitive fees, ticket aggregation, and post-trade settlement flexibility.
- [Data Services](https://openyld.com/openyield-data-services/): Institutional bond market data from the OpenYield ATS — real-time top-of-book pricing, intraday price series for backtesting, and historical data for liquidity analysis. Coverage: Treasurys, corporates, municipals, CDs, and Agencies. Delivered via REST API, FIX protocol, or flat-file batch, with consistent schemas built for developer and AI agent parsing.

## APIs and developer resources

- [Data API](https://docs.openyld.com/dataapi): REST API returning live top-of-book bid and ask pricing from the OpenYield order book. The Bond Search endpoint (`/prices/search`) supports filters on coupon, maturity, yield, S&P rating, sector, and asset class across Treasurys, corporates, municipals, CDs, and Agencies — returning matching CUSIPs with firm, executable prices.
- [Agentic API (Beta)](https://docs.openyld.com/agentapi): Purpose-built API for AI agents and autonomous workflows. Designed for LLM-based applications and agentic systems that need to programmatically discover bond pricing, screen inventory, and integrate OpenYield data into automated decision-making.
- [FIX Spec](https://docs.openyld.com/fixspec): FIX protocol specification for institutional trading integrations and order routing. Uses standard FIX message formats and includes OpenYield's RFO ("summon") protocol — a mechanism to summon liquidity from market makers on demand, structured like a familiar RFQ message flow.
- [Documentation home](https://docs.openyld.com/): Full technical reference across all APIs.

## Solutions

- [Brokers, Advisors, and Asset Managers](https://openyld.com/brokers-advisors-and-asset-managers/): For retail brokerages delivering fixed income to end clients, for advisors sourcing bond inventory, and for asset managers accessing automated liquidity.
- [Market Makers](https://openyld.com/market-makers/): Low-latency venue built for algorithmic trading and reaching new counterparties.

## Company

- [About Us](https://openyld.com/about-us/): Background, leadership, and mission.
- [News & Views](https://openyld.com/news-views/): Announcements, media coverage, and perspectives on the bond market.
- [Careers](https://openyld.com/careers/): Open roles.
- [Contact Us](https://openyld.com/contact-us/): Get in touch or request a demo.

## Key facts

- Company type: SEC-registered Alternative Trading System (ATS); broker-dealer registered with SEC and MSRB
- Regulatory memberships: FINRA, SIPC, MSRB
- Asset classes: U.S. Treasurys, corporate bonds, municipal bonds, CDs, and U.S. Agencies
- Pricing model: 100% firm, executable quotes — not indicative marks or evaluated pricing
- Data provenance: Data reflects real trading activity on the OpenYield ATS, not modeled or evaluated marks
- Data delivery: REST API, FIX protocol, flat-file batch delivery
- Data types available: Real-time top-of-book bid/ask pricing, intraday price series, historical data for backtesting
- Authentication: Token-based with role-based permission tiers
- Audience: Institutional participants only (broker-dealers, advisors, asset managers, market makers)
- Integration options: REST Data API, Agentic API (beta), FIX protocol
- Trading protocols: Standard FIX (Limit and Market orders) plus RFO ("summon") — OpenYield's protocol for summoning liquidity on demand
- Founder & CEO: Jonathan Birnbaum
- Contact: intro@openyld.com

## Optional

- [Privacy Policy](https://openyld.com/privacy-policy/)
- [Terms of Use](https://openyld.com/terms-of-use/)
- [BCP Disclosure Brochure](https://openyld.com/bcp-disclosure-brochure/)
- [Cybersecurity Disclosure](https://openyld.com/openyield-cybersecurity-disclosure/)
- [Trading & Exposure Limits](https://openyld.com/trading-exposure-limits/)