By pre-screening the credit quality of all participants in the system, Blackbird is able to allow participating dealers to negotiate the terms of derivative contracts anonymously without threatening participants' risk management controls. Users can post interests in particular contract instruments or can search the system's database of interests posted by other users. In addition, users can target communications to other participants who are the most likely potential counterparties. The system allows anonymous real-time negotiation of all the terms of a contract, including price, size, rates, term and basis, among others. The system also helps users anonymously identify switch opportunities with other participants.
Fees are on a per-transaction basis.
The system is accessible through a secure intranet.