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OpenYield Launches Automated Bond Trading Platform

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OpenYield Trading LLC, a relatively new player in the financial markets, has commenced its operations as a broker-dealer and alternative trading system (ATS) registered with both FINRA and the SEC, by executing its first trade.

The OpenYield platform is designed to democratise access to the bond market, catering to broker-dealers, financial advisors, and asset managers by offering a combination of liquidity, technology, analytics, flexible APIs and comprehensive data services, aiming to provide a low-cost, equity-like marketplace for bond trading.

A significant milestone for the company is its onboarding of leading algorithmic market makers, including Flow Traders and TD Securities Automated Trading. It is also working with Apex Clearing, which supports over 100 brokerages with assets under custody surpassing $100 billion. This collaboration is set to widen the platform’s reach, connecting a diverse spectrum of financial technology firms and established asset managers.

OpenYield aims to address longstanding obstacles within the fixed-income sector, such as the traditional reliance on indicative quotes and the complexities surrounding trade execution. By leveraging pricing algorithms, the platform promises firm prices and instant execution, eliminating human intervention and operational uncertainties. Furthermore, OpenYield simplifies the investment process by curating a selection of liquid bonds from various categories, including corporate, municipal, and Treasury bonds.

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure,” said Jonathan Birnbaum, Founder & CEO of OpenYield.

Key elements of the platform include algorithm-driven liquidity, low-latency execution, and a technology architecture optimised for automated trading. It also introduces an equity-like trading protocol featuring no minimum investment sizes, alongside tiered liquidity pools and fee optimisation strategies through ticket aggregation.

Marty Mannion, Co-Head of TD Securities Automated Trading, commented: “Greater use of technology and automated trading protocols are transforming the execution process in fixed income markets. We are excited to be working with OpenYield to help deliver actionable liquidity to their innovative platform, with the goal of creating a premier execution experience for investors.”

Jason Wallach, VP & Head of Capital Markets at Apex Clearing Corporation added: “Our goal is simple: provide cutting-edge technology enabling fixed-income products to be traded with the same agility as equities. We’re thrilled to support OpenYield as they pave the way for broker-dealers, advisers, and beyond to enter the bond trading arena seamlessly. We’re not just participating in the next chapter of capital markets; we’re actively shaping its future.”

Founded in 2023 by a seasoned team of fintech, capital markets, and hedge fund professionals, OpenYield has secured funding from Fin Capital and received additional support from TD Bank.

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