U.S. Fixed Income

Real-Time, Institutional Trading of Benchmark U.S. Treasuries Securities

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FASTER. SIMPLER. MORE TRANSPARENT.

Nasdaq executed in its mission to rewrite tomorrow through the November 2018 restructuring of our U.S. Fixed Income trading platform. Today, we offer a simplified, transparent liquidity platform for transacting U.S. Treasuries, operating on NFF, the Nasdaq Financial Framework. Comprised of state-of-the-art matching engine, business functionality and protocol technologies, a single operational core ties everything together to deliver robust solutions to financial infrastructure providers and end users alike.


Explore our product slate:

On-the-Run Treasuries

NFI supports U.S. Treasury benchmark securities, the most recently issued Notes and Bonds. NFI’s Central Limit Order Book matches orders on a Price/Time priority basis.

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Off-the-Run Treasuries

NFI also offers liquidity in U.S. Treasury Off-the-Run securities, which are previously issued U.S. Government Notes and Bonds.

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Fixed-Ratio Curve Trades

NFI Curve Trades are comprised of one buy and one sell, executed as a single instrument via yield spread with no leg risk.

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U.S. Treasury Bills

TBills, short-term discount instruments with maturities less than 12 months which mature at Par, are quoted and traded on a discount yield basis on NFI.

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Test Instruments

Test Instruments behave like Live symbols of the same Product Type, with a few practical exceptions. Available to all users of NFI FIX or OUCH order entry protocols and also available on select third-party platforms.

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Bloomberg TSOX

A new access point for traders to interact with a central limit order book for on-the-run treasuries directly from the Bloomberg terminal. This direct connection allows current Bloomberg subscribers to streamline access and get trading immediately.

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Depth Lite

Simplified and flexible, this top-of-book market data feed allows for valuable trading and information with 5 levels of depth. This new and modern alternative to the Nasdaq NFI API Market Data feed provides real-time updates for flexible participation and reduced technology needs.

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ITCH 4.0

The goal of the new Market Data (ITCH) and Order Entry (OUCH, FIX) specs is to simplify price levels and reduce the amount of calculation on the client end required to determine an order’s price. The new protocols do away with 256-based price display and order entry to show the equivalent values explicitly, to 9 decimal places.

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Connect to Nasdaq Fixed Income

Key Benefits

  • Transparency and Fairness

    Nasdaq is trusted for complete order anonymity and impartiality. All client orders are treated identically, and interact with NFI-displayed liquidity on a pure, price-time basis.

  • Cooperation and Partnership

    With over 20 years of experience, NFI is the longest running electronic US Treasury trading business. Today, powered by Nasdaq and standing at the forefront of trading technology, we are well-positioned, willing and able to partner with all manner fixed income market participants. We are actively working with several partners on both existing and novel, bespoke e-liquidity solutions.

  • Technological Leadership

    Nasdaq American Markets team is an industry leader in liquid U.S. Treasuries, Equities and Listed Options offering innovative technological services to over 100 banks and exchanges globally.

Related Solutions

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Contact us to get started, get more information and get trading on NFI.

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