U.S. Fixed Income

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

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FASTER. SIMPLER. MORE TRANSPARENT.

At Nasdaq, rewriting tomorrow started with restructuring our U.S. Fixed Income solution. Today, our simplified, transparent, liquidity platform for transacting U.S. Treasuries operates on the Nasdaq Financial Framework—Nasdaq's evolutionary, harmonized approach to delivering robust end-to-end solutions to financial infrastructure providers and end users alike. Our state-of-the-art matching engine, business functionality and protocol technologies all reside on the framework where a single operational core ties everything together.

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Explore our product slate:

On-the-Run Treasuries

NFI supports US Treasury benchmark securities, most recently issued Notes and Bonds. NFI’s Central Limit Order Book  matches customer orders on a Price/Time priority basis for fair and equal market access. 

Fully FIFO market, no locked markets, open 22 hours per day 
Low risk, highly liquid asset class back by the US Government
Low cost fully electronic trading market that supports a wide range of trading strategies by diverse participants

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Off-the-Run Treasuries

Defined as the first, second, and third old benchmark securities. NFI supports outright OTR treasury trading versus the traditional Swap Box. 

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Fixed-Ratio Curve Trades

NFI Curve trades are two-legged trades (one buy, one sell) executed as a single instrument, on yield spread, with
no leg risk. The drop copy feed provides execution details for the two constituent instruments (legs) of the curve
trade, delivered at market prices with a consistent notional ratio. The buyer of the curve is always entering a
steepener, and the ratio is fixed—that is, not constantly updated to account for duration weighting changes. Trades
are delivered at market prices to avoid P&L drift.

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U.S. Treasury Bills

Short-term instruments with maturities of 12 months or less. TBills are quoted and traded in discounted yield (basis) and mature at Par. 
Settlement in a commission adjusted yield. 
12-month TBills are quoted and traded in quarter-basis point price increments and auctioned every four weeks
1-month, 3-month and 6-month TBills are quoted and traded in half-basis point price increments and auctioned weekly 

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Key Benefits

Opportunity

One of the largest electronic markets in the U.S.
Supports a wide range of trading strategies by diverse participants
Narrow bid and offer spreads

Capital Efficiency

New low-cost electronic roll solution
New Functionality offerings allow for lower transaction costs and high-quality liquidity

Ease of Access

Minimal development work required
(Supports FIX and ITCH)
Simulated testing environment
Risk management tools, including pre- and post-trade risk controls

Related Solutions

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

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