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:
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.Explore
NFI also offers liquidity in U.S. Treasury Off-the-Run securities, which are previously issued U.S. Government Notes and Bonds.Explore
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.Explore
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.Explore
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.Explore
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.Explore
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.Explore Market Data Vendors
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.Explore
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.
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.
ITCH 4.0 Fact Sheet Download ITCH 4.0 Fact Sheet
Coupon & Bill Rolls Download Coupon & Bill Rolls
Test Instruments Download Test Instruments
NFI & Bloomberg Integration Download NFI & Bloomberg Integration
Nasdaq Fixed Income Download Nasdaq Fixed Income
GUI 2.0 Download GUI 2.0
Mid-Ticks in the NFI ATS Download Mid-Ticks in the NFI ATS