Our Company

Who we are


We are an extension of our clients’ fixed income and technology teams. Agnostic to the source of liquidity — we are solely focused on helping our clients choose the right bonds.


Our team is continuously working with clients to identity needs and then develop solutions to improve financial professionals’ ability to execute and improve investment outcomes.

Fixed income people

Our team has deep experience in fixed income, data technology, and Wall Street. We are technologists, data scientists and former traders and portfolio managers. We understand you.


Since BondWave is not party to any trade executions, we are singularly focused on helping financial professionals make informed decisions. We don’t compete with our clients on any level.

Our mission

Our mission is to empower financial professionals with technology solutions that improve investment decision-making while accelerating the evolution of fixed income markets.

Since our founding in 2001, BondWave has been at the forefront of fixed income technology, introducing solutions to increase transparency, improve data and enhance market intelligence. With the onset of a new wave of regulation over the past decade, we’ve made it our business to reimagine fixed income — driving innovations in monitoring, trade opportunity mining, proposal generation, analytics & reporting, best execution, transaction cost analysis (TCA), compliance tools, and market transparency.

The centerpiece of our current offering is Effi®, a technology platform that consolidates our portfolio and transaction analytics capabilities into a flexible, intuitive and customizable user interface. Through the BondWave Lab, we are able to equip financial professionals with powerful data and drive unique and innovative insights. By applying machine learning and advanced data science to FINRA and MSRB trade data, we develop proprietary data sets which serves as the foundation for BondWave’s Transaction Analytics suite.

Meet the leadership


Michael Ruvo

President & CEO

Michael Ruvo joined BondWave as President in December 2013 and assumed the dual role of CEO in March 2016. In these roles, Michael is leading the next stage of BondWave’s evolution into a premier fixed income intelligence platform to facilitate insight driven trading, enhance market liquidity and improve fixed income transparency.

Previously, Michael spent over 10 years at DPC DATA, the last 7 as President and Director, during which time he transformed the company into the premier provider of disclosure at the point of sale and monitoring solutions for the municipal bond market. Prior to his tenure at DPC DATA, Michael served as EVP of Global Operations at Capital Access International, a provider of global fixed-income data solutions, and helped facilitate the sale of the company to Reuters in 2002.

Michael holds a BS in Finance from Saint Joseph’s University in Philadelphia, PA.


Michael Chintala

Managing Director, Chief Information Officer

Michael Chintala joined BondWave in November 2014 and currently serves as Chief Information Officer responsible for data and product management.

Prior to joining BondWave, Michael spent almost 10 years as a Senior Vice President at DPC DATA, where he was responsible for securities reference and disclosure databases, managing both on and off-shore data operations, and assisting in product development and support. Prior to his tenure at DPC DATA, Michael served over 8 years as Vice President of Global Data Operations for Capital Access International, a provider of global fixed-income data solutions, building experience in global securities markets and expertise in managing large-scale reference and holdings databases.


Paul Daley

Managing Director, Fixed Income Lab

Paul Daley joined as Managing Director of BondWave’s Fixed Income Lab after serving as head of execution and account management for SunGard’s Fox River Execution where he was responsible for overseeing trading activities in the US, Canada and Japan. In addition to managing the firm’s strategic relationships, Mr. Daley published papers on high-frequency trading, spread time series studies, liquidity modeling, dark pool trading and the nickel spread pilot program. He was also responsible for designing new algorithmic trading strategies and trading suites.

Prior to joining Fox River, Mr. Daley was head of quantitative trading at UBS O’Connor, a multi-strategy hedge fund. He was also head of derivative and portfolio trading sales at Merrill Lynch and served as the global head of equity indexing at ANB Investment Management (now a part of Northern Trust Global Advisors).

Mr. Daley graduated from the University of Chicago with a Bachelor of Arts in Economics, and received his MBA from the University of Chicago with a concentration in Finance.


Michael De Feo

Managing Director, Chief Operating Officer

Mike De Feo oversees the operational areas of the firm including compliance, human resources, client and vendor agreements and billing.

Prior to joining BondWave, Mike worked as a registered representative and mortgage-backed securities trader at First Trust Portfolios, LP. In addition to his current duties, Mike’s responsibilities over his 16-year career have included fixed income trading, sales, as well as related technology design and development.

He earned his BS in Finance from Northern Illinois University in DeKalb, IL.


Tony Miscimarra

Managing Director, Business Development

Tony Miscimarra joined BondWave as Managing Director of Business Development in June 2016. Tony has more than 30 years of experience as a bond salesman, bond trader and electronic fixed income financial technology innovator. In addition to his business development responsibilities, Tony also oversees BondWave’s other revenue and business development initiatives. Tony’s addition to BondWave’s management team adds an important perspective to our plans to further innovate fixed income intelligence tools.

Previously, Tony spent the past two plus years as a Managing Director at Tradeweb Direct, a Wealth Management ATS, where he helped manage Tradeweb’s acquisition and assimilation of BondDesk Group. Tony’s professional history includes senior management roles at BondDesk Group, Instinet Fixed Income, UBS Securities, among others. He has a long history as a registered securities professional.

Additionally, Tony holds a BA in Political Science & Economics from the University of Pittsburgh.


Ken Mwangi, CFA

Managing Director, Product Management

Ken Mwangi leads product management at BondWave and also plays a key role in client training and ongoing client relationship management. Ken oversees the firm’s software products and manages requested client enhancements for existing BondWave products. Ken has been awarded the designation of Chartered Financial Analyst (CFA) and is a member of the CFA Society of Chicago and the CFA Institute.

Prior to his role in product management, Ken championed BondWave’s former service-oriented business, where he managed fixed-income strategy; strategy implementation; and credit research.

Ken is a graduate of Northern Illinois University with a B.S. in Finance.


Matt Treter, CFA

Managing Director, Product Design & Strategy

Matt Treter is responsible for product design and strategy at BondWave. Matt oversees the design and content of the firm’s software products as well as BondWave’s service-oriented products and fixed-income research.

Prior to joining BondWave, Matt worked as a municipal bond trader at First Trust Portfolios. Matt’s responsibilities over his 20-year career have included bond trading, fixed income portfolio strategies, and technology design & development. Matt is a recipient of the Chartered Financial Analyst (CFA) designation.

He graduated with a BA in Economics from Wheaton College in Wheaton, IL. He is also a member of the CFA Society of Seattle and the CFA Institute.


Jonathan Volle

Managing Director, Chief Technology Officer

Jonathan Volle is responsible for technical direction and product development.

Prior to joining BondWave, Jonathan was a managing director at Enterprise Group, Ltd., where he was responsible for managing business intelligence and web site development projects for Fortune 50 companies. Jonathan’s responsibilities over his 20-year career as an IT professional include designing, developing, and managing projects in manufacturing, pharmaceutical, cartographic, and financial sectors.

He earned his BS in Industrial Engineering from Northern Illinois University in DeKalb, IL.


Since our founding in 2001, BondWave has been at the forefront of fixed income technology, introducing solutions to increase transparency, improve data and enhance market intelligence.



BondWave adds Rules to Effi, enabling users to define and enforce custom investment criteria for their portfolios.

BondWave Milestone


Transaction Analytics Suite

BondWave expands Trade Oversight to serve the calculation and oversight requirements for best execution.

BondWave Milestone


Benchmark Data & Trading Indices

BondWave launches Benchmark Data & Trading Indices, now QMarks and QTrades.

BondWave Milestone


Trade Oversight & Market Calculator

BondWave adds Trade Oversight to Effi, to meet disclosure calculation and oversight requirements.

BondWave Milestone


Engine for Fixed Income (Effi)

BondWave launches Effi, replacing older products with a state-of-the-art platform.

BondWave Milestone



BondWave adds a web-based tool allowing integration with DeskView for registered reps.

BondWave Milestone



BondWave introduces a portfolio monitoring capability within DeskView.

BondWave Milestone


Porfolio Compliance Manager

BondWave launches a portfolio management tool, later to be renamed DeskView.

BondWave Milestone


BondWave Founded

BondWave is founded and launches its flagship product, Inquiry Manager.


Marketplace Manager

Marketplace Manager launched as a sell-side compliment to the demand aggregation of Inquiry Manager.

BondWave Milestone


BDA forms FIPV

The Bond Dealers of America form the Fixed-Income Pricing and Valuation Division, with BondWave as a founding member.

Market Event


Mark-Up Disclosure Rule

FINRA & MSRB implement requirements that dealers disclose additional information regarding mark-ups on retail confirms.

Market Event



The Fixed Income Market Structure Advisory Committee is formed to advise on efficiency and resiliency of the bond market.

Market Event


FINRA Best Execution Rule

FINRA Rule 5310 requires dealer transactions to be as favorable as possible to the customer.

Market Event


EMMA Introduced

The MSRB debuts its Electronic Municipal Market Access (EMMA) product.

Market Event


MSRB Trade Reporting

The MSRB begins to require real-time reporting for municipal bond transactions through RTRS.

Market Event


TRACE Introduced

Trade Reporting and Compliance Engine consolidates taxable bond transaction data.

Market Event