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The Bond Market
You’ve Been Waiting For

Automation is rapidly transforming the fixed income space. OpenYield is optimized to deliver access to this growing form of liquidity on our cutting-edge marketplace.

Explore Our Marketplace

Access the growing pool of algo-enabled liquidity in:

Corporate Bonds

USD denominated corporates across investment-grade and high-yield

Typically thousands of offerings

Municipal Bonds

An expansive universe of products

Typically tens of thousands of offerings

US Treasurys

The full curve from bills to bonds

Typically hundreds of offerings

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Equity-Like Trading Experiences

Trading bonds is finally as easy as trading stocks. We’ve enhanced efficiency and access to the bond market through the same modern capabilities that have transformed equities, enabling all participants to take full advantage of automated actionable liquidity.

Automated Liquidity

Algorithmic fixed income trading is rapidly increasing. The OpenYield ATS aggregates this growing pool of liquidity, unifies it on a single protocol and enables participants to trade with all other participants via a single connection. This centralization, combined with the elimination of last-look privileges, means traders can enjoy instant executions, pursue automated strategies and achieve greater efficiency overall.

We maintain an competitive pricing schedule designed to minimize costs, no matter your specific strategies or preferences. We are also committed to innovative means of reducing costs, such as minimizing post-trade fees through batch settlement. And more broadly, by democratizing the bond market for new audiences, we are adding to the pressure on clearing fees, regulatory reporting fees and more.
Other bond venues often shown quotes with high minimum sizes, effectively pricing many retail participants and the firms that serve them out of the market. We support transactions of any size – minimum piece size or hundreds. This creates greater flexibility while exposing all participants to a new and more diverse liquidity pool.
We make it as straightforward as possible for institutions to enjoy the benefits of a modern bond marketplace, whether they’re moving into the asset class for the first time or bolstering existing connectivity. Our flexible APIs, modern tech stack and array of data services are designed to ease adoption while promoting modern, equity-like trading experiences.
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OpenYield By the Numbers

50000 +

Unique bonds quoted since launch

10 +%

Average monthly volume growth

0 +

Institutional subscribers

An Array of Efficiencies

We make it far easier to locate the information you need, rapidly access liquidity and pursue your strategies with precision. What will you achieve on OpenYield?

Historical Market Data
Easily view a wide variety of historical market data to inform decisions – OHLC price bars, real-time volumes, daily summaries, historical TRACE, OpenYield enriched tape and more
Leverage straightforward execution capabilities – easy order entry with a live order book at your fingertips
Enjoy post-trade flexibility to trade disclosed or anonymous
Execute instantly against firm liquidity, with elimination of last-look privileges and no more manual trade confirmation
Post familiar limit orders, or instantly sweep the order book with marketable orders – your strategies won’t be compromised by last-minute decisions from counterparties
Search for a massive array of corporate, Treasury and municipal bonds via easy, intuitive lookup capabilities
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An Active Marketplace

OpenYield is home to a diverse range of broker-dealers, asset managers and quantitative liquidity providers. The common thread: a desire to take full advantage of bond market automation.

Explore Solutions For:

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Flexible Integration

Built on modern, high-performance technology, OpenYield is built to support a wide range of paths to integration – because a modern marketplace should be as easy to access as possible.

FIX API

Connect directly with our marketplace to pursue automated, fully customizable trading strategies at low latency

Want to explore our APIs?
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Web GUI

Access an intuitive user interface for easy order entry, robust lookup capabilities and impactful data services

Want to learn more?
Explore Our Solutions

Third-Party Integration

Trade on OpenYield via your existing connections to our third-party intermediary vendor partners

Want to suggest a partnership?
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Our Partners

Features, Details and More

Want to learn more about our marketplace and how it operates? We’ve got you covered.
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  • Hours: 8:30 am – 4 pm EST
  • Breadth: Live top of book and depth of book
  • Feed: Bid, ask, last price (tape), high, low, delta on day
  • Execution Confirmations: Delivered via FIX drop copy
  • Market/Reference Data: Wide sample of the most impactful intelligence

The Bond Market You’ve Been Waiting For

Our marketplace promotes efficient trading through modern technology, 100% firm quotes and competitive pricing. Start your trading journey today.

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  • © 2024 OpenYield Inc.

© 2024 OpenYield Inc. OpenYield Trading LLC, a wholly-owned subsidiary of OpenYield Inc., is a broker-dealer registered with the SEC and MSRB, and is member FINRA/SIPC. OpenYield Trading LLC operates an Alternative Trading System (ATS) registered with the SEC.

The views and opinions expressed on or through this website are for informational and educational purposes only. OpenYield Inc. (and its affiliates) make no representation or warranty as to the current accuracy, reliability or completeness of, and does not accept liability for, any investment or trading decisions based on such information. Information presented does not constitute an offer or solicitation of an offer to buy/sell securities or any other products. Information presented is for institutional investor use only and is not intended for use by retail investors. Information or services offered may not be available or appropriate for use by all potential subscribers. There is no intention to offer products and services in countries or jurisdictions where such an offer would be unlawful under the relevant domestic law.

The Automated
Bond Marketplace

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.