Charles River Partners with OpenDoor
Buy-side order management system provider Charles River Development has formalized an agreement with OpenDoor Securities to provide asset managers with access to OpenDoor’s all-to-all market-based solution for off-the-run US Treasuries and TIPS, directly from the Charles River Investment Management Solution.
Under terms of the agreement, Charles River clients will be able to participate in OpenDoor’s daily anonymous auctions from their trading blotter.
The Charles River IMS provides connectivity to leading global fixed income venues, enabling buy-side clients to source liquidity across asset classes, analyze execution quality from multiple dimensions and demonstrate best execution to investors and regulators.
OpenDoor’s unique market-based solution hosts multiple, anonymous trading auctions, concentrating liquidity at certain times of the day. The platform provides both traders and institutions with anonymous, session-based trading through a dealer-sponsored model with zero information leakage.
In the six months since its launch, OpenDoor’s order volume has exceeded $200 billion, with a matched trade volume of $6.3 billion.
“OpenDoor is delighted to partner with Charles River, a proven leader in innovative connectivity, risk and compliance solutions,” said OpenDoor CEO and President Susan Estes. “Our collaborative effort to provide trade and post-trade connectivity and settlement for our shared customer base of institutional asset managers, banks, wealth managers, hedge funds, pensions, and insurers, speaks to our joint commitment to enhance our mutual clients’ execution quality and access to OFTR US Treasury and TIPS market liquidity.”
“We have been working with leading fixed income venues to provide our clients with a broad range of fixed income execution options directly from the Charles River IMS. Our clients are also facing increased regulatory pressure to demonstrate best execution in fixed-income markets,” said Peter Lambertus, CEO, Charles River. “The OpenDoor partnership is an important step forward to help clients successfully navigate the rapidly changing fixed-income trading landscape and respond to regulatory mandates.”
An efficient electronic market is essential to ensuring transparent and robust liquidity in long-dated bonds.
Tradeweb ICE CMT Rates provide a daily overview of U.S. Treasury yields for standard maturities.
Timely intervention by the Fed may have limited spillovers that could affect financial stability.
Roll-out of anonymous venue is a response to trader concerns about information leakage.
Recent volatility has underscored the need for a reliable and accurate benchmark.