Mirae Asset Securities (USA) Inc. announced it will serve as the fully disclosed clearing broker of Cboe Global Markets’ new U.S. Treasuries trading platform. As a DTCC Fixed Income Clearing Corporation (FICC) member, Mirae will help ensure anonymity on the platform, with all trades on the platform facing Mirae and settling against the FICC.

Cboe’s U.S. Treasuries platform is the first-ever Full Amount trading platform (where any incoming marketable order will trade in full with only one counterparty) for on-the-run U.S. Treasuries. Leveraging Cboe’s proven market expertise and technology in global FX, the new marketplace brings quality execution for institutional-sized orders to an anonymous Full Amount platform. Its innovative matching protocol will provide an efficient way to access curated liquidity by consolidating streaming quotes from dealers into a single best price at each desired volume level.

In addition, the new platform will provide customized liquidity curation services to help participants effectively manage liquidity segmentation and offer pre-trade market data transparency and post-trade reports for analytics.

James De Alto, Head of Correspondent Clearing Services at Mirae, said, “Cboe’s innovative matching platform aims to solve some of the biggest trading and liquidity challenges faced by the U.S. Treasuries dealer community today. We are pleased that Cboe has selected Mirae as its fully disclosed clearing broker, and we look forward to providing our world-class correspondent clearing services to support the continued success of their new trading venue.”

James Arrante, Senior Director, FX and U.S. Treasuries Product and Business Management at Cboe Global Markets said, “Cboe is pleased to partner with Mirae, a well-respected and trusted institution in the capital markets with significant experience acting as a clearing broker. Our collaboration with Mirae will help ensure that clients on Cboe’s U.S. Treasuries platform remain fully anonymous, so that they can interact directly with high-quality order flow, while reducing information leakage and market impact.”

Cboe’s U.S. Treasuries trading platform is owned and operated by Cboe Fixed Income Markets, LLC (“Cboe Fixed Income”), a registered broker-dealer with the U.S. Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority, Inc. Cboe Fixed Income does not provide services to retail customers.

Source: Cboe