Market Calculator

Pre-trade price confidence is essential to every fixed income transaction – buying, selling and bidding any bond. From Markup/Fair Pricing to Best Execution, the Effi Market Calculator enables users to examine and capture market conditions prior to executing the trade.

The Effi Market Calculator provides both price confidence and execution efficiency, and:

  • incorporates market data and utilizes the prevailing market price waterfall process,
  • enables each firm to calibrate multiple measurement types, using 20-plus settings, to more precisely meet their firm’s use cases and assumptions,
  • includes the algorithmic measurement for side-of-market and bid-offer spread adjustments by individual security or sector,
  • provides on-demand calculated values for up to five securities, each with up to 8 relevant market observations, and
  • supports compliance and regulatory requirements by archiving calculations and their underlying market data.

The engine empowers users to fine-tune each category of market observations to support specific regulatory requirements.

Calculation details showing PMP step, bond price, and threshold
Calculation details showing trades and quotes

Enhanced

The Effi Market Calculator leverages our proprietary calculation engine and is powered by:

  • QTradesTM (side of market adjustments)
  • QCurvesTM (yield curve adjustments)
  • QScoresTM (comparable bonds)

Archived

Calculations and supporting data can be archived with the option of attaching pre-trade documentation and notes. Saved calculations can be retrieved and exported for further analysis or regulatory inquiries.

Trade Oversight

From Markup/Fair Pricing to Best Execution, Effi’s Trade Oversight Module provides a robust trade monitoring and surveillance process, comparing your trades to current market conditions. Configurable exception handling, reporting, and analytics provide insights that answer business questions and support responses to regulatory inquiries.

Effi leverages the prescribed prevailing market price waterfall process and provides benchmark calculations, values, and supporting data.

Effi Trade Oversight provides a sophisticated yet simple trade monitoring and surveillance process that:

  • provides configurable processes for Markup Monitoring & Disclosure, Fair Pricing, and Best Execution,
  • enables multiple measurement types to support requirements for different workflows,
  • offers customizable exception handling, reporting, and analytics, and
  • archives all calculations, supporting data, and exception handling details.
Trade Oversight - Calculation Step Distribution and Exception Status Distribution for trade monitoring and surveillance processes
Documentation & Actions Widget

Flexible

Effi’s solution for Markup/Fair Pricing is an unbiased approach to the PMP waterfall that provides a quantitatively precise, repeatable, and defendable PMP value, as defined in MSRB Rule G-30.06 and FINRA Rule 2121.01 and .02.

Customizations to benchmark settings, thresholds, and exception handling permits users to configure a solution tailored to their Best Execution objectives.

Enhanced

The Effi Market Calculator leverages our proprietary calculation engine and is powered by:

  • QTradesTM (side of market adjustments)
  • QCurvesTM (yield curve adjustments)
  • QScoresTM (comparable bonds)

Archived

Calculations, supporting data, and exception handling details are archived. Information can be retrieved and exported for further analysis or regulatory inquiries.

Transaction Cost Analysis

Comparing the cost of individual executions with the entire fixed income trading marketplace is a major challenge—yet it’s vital for every transaction. How else can your clients know if you are supplying the most favorable pricing? And how can you effectively evaluate trader performance unless you have a complete—and completely current—view of the market?

The Effi business intelligence platform gives you the answers to these and other key questions with its Post-Trade Transaction Cost Analysis datasets.

TCA - Transaction Peer Analysis showing slippage and mark-up
TCA - Slippage by Category

Enhanced

TCA employs BondWave’s industry-leading QMarksTM data to:

  • Calculate the total cost of a trade
  • Extract slippage from the total cost
  • Identify the appropriate peer group for benchmark comparison

With TCA, you will benefit from BondWave’s proprietary data and analytics to better understand true trading costs.