Approved customers will be able to post buy and sell requests, including price and volume information, to a central order book on an anonymous basis. All customers will be able to view the entire book, and price discovery will take place through negotiation between participants.
Customers are likely to include medium to large institutional investors.
Prices and sizes of completed trades will be viewable by all participants. There will be no minimum transaction size. BondMart will earn a fee on each completed trade. BondMart will also provide several means by which customers can automate the transmission of completed transaction information to back-office systems for trade processing. The system is expected to become active beginning in October 2000, pending regulatory approvals.