SECURITIES & EXCHANGE COMMISSION

FIMSAC PANEL – BOND PRICING DATA SERVICES

June 1st, 2020

www.bondcliq.com
The information you are about to see was 

provided to the SEC and discussed at the 

June 1st, 2020 Fixed Income Market 

Structure Advisory Committee Meeting 

The content was created to respond to 

specific questions from FIMSAC to BondCliQ 

regarding the role of price transparency in 

the US Corporate Bond Market 
What is BondCliQ? (The SIP for Corporate Bonds) 

BondCliQ is a DaaS business for corporate bonds (NOT a trading platform) 

We gather, organize and distribute high-quality institutional US corporate bond data

Real-time & historical trade (TRACE) and pricing (consolidated quotes) data available via:

Data Visualization 

Applications

Direct API Feeds 

Real-time

Flat Files 

End-of-Day Reports

BondCliQ is the ONLY provider of centralized pricing data in the market
FIMSAC Question #1

QUESTION: How does dealer access to pre-trade data improve corporate 

bond data quality and market liquidity? 

BondCliQ Response:

Dealers are the primary providers of corporate bond pricing data

Currently, dealers do not have adequate access to pricing data

Lack of information negatively impacts the quality of dealer prices

Access to pricing data allows dealers to make informed markets
Reliable and 

accurate pricing with 

consistent liquidity 

and limited 

information leakage

Increases 

number of risktaking dealers 

Expected Impact on the Institutional Market 

Dealer access 

to institutional 

pricing data 

Improves 

institutional pretrade data 

quality

Sell-side

Impact

Attracts buyside client order 

flow 

Increases the 

velocity of 

institutional 

trading 

Buy-side

Impact

Better 

institutional price 

discovery

Enhance 

institutional 

market making 

capabilities

Fair & Efficient 

dealer selection 

process

Accelerates 

dealer inventory 

turnover

Expands the 

scope of bonds 

that can trade

Improves a 

dealer’s ability 

to take risk

More alpha 

opportunities

More market 

making 

opportunities
FIMSAC Question #2

QUESTION: How does centralized pricing data help improve evaluated 

pricing solutions and other areas of the market? 

BondCliQ Response:

Current pricing data is fragmented, incomplete and non-standard 

Disorganized pricing data negatively impacts information quality 

Poor quality source data compromises EPS, valuations, and other analytics

Centralized pricing data produces high-quality source information 
BondCliQ Consolidated Quote System 

How does centralized pricing through consolidated quotes create high-quality data? 

Dealers can SEE the institutional market 

Result: Reduction in stale and inaccurate quotes

Market makers can position their markets properly throughout the day

Dealers are ranked based on pricing performance 

Result: Dealers compete for order flow based on customer service

Market makers are ranked according to the quality and consistency of their prices 

Pricing data is presented symmetrically

Result: Eliminates fragmentation and creates the TRUE market

All buy-side participants see the same pricing information at the same time
Essential Architecture for Financial Market Evolution

Centralized data systems are the foundation for market modernization

US OTC Equities 

NASDAQ

1971

US Listed Equities 

CQS

1975

Foreign Exchange

RMDS

1981

European Equities

SEAQ

1986

US Treasuries

GOVPX

1991

Live Electronic 

Markets

Algorithmic Trading 

Real-time Risk

Intra-day NAV 

Calculations

Automated Market 

Making Futures

Index and 

Derivatives

Options

Machine Learning

An environment with comprehensive and sustainable market liquidity
To find out more about BondCliQ, please 

visit our website – www.bondcliq.com

If you are interested in a demo or a freetrial of the system, please email us at 

info@bondcliq.com

Thank you