Fixed Income Execution Quality Suite

Order execution transparency and compliance tools for corporate, municipal and TRACE eligible agency bond trades.

S3’s Fixed Income Execution Quality Suite offers order execution transparency and compliance tools for corporate, municipal, and TRACE eligible agency bond trades. With the increasing decentralization of the fixed income market, along with the fragmentation resulting from electronic trading systems, the transparency provided by S3’s Suite is essential for clients to prove best execution. The platform incorporates data from a variety of sources, including TRACE, EMMA, evaluated prices and market maker quotes.

The Suite’s proprietary technology and advanced methodologies can be used for both internal and external reporting and analysis. Clients utilizing the Suite have the ability to examine historical prices and orders, as well as to compare their fixed income executions with other trades in the market. This depth of analysis is critically important, as there has historically been little execution data available for fixed income trades, and provides firms with the information necessary to determine execution quality for these volatile securities that often have wide spreads.

The Suite simplifies the compliance process and validates the execution data that S3’s clients submit to regulators. FINRA, MSRB and other entities have increased their oversight of the fixed income markets in an effort to bring further transparency to these historically opaque securities. Firms are required to provide data proving that their fixed income trades benefit customer order flow and meet best execution obligations. The Suite allows S3’s clients to compile a robust audit trail to prove that their orders are executed to the greatest benefit of their customers, ensuring full compliance with execution quality regulations.

The Fixed Income Execution Quality Suite allows customers to navigate increasingly complex regulations, ultimately improving trust in the fixed income space. The platform was developed entirely on client feedback to support their compliance needs and to simplify the pursuit of best execution for fixed income trades. The Suite allows S3’s customers to more effectively and fairly trade fixed income securities as the market continues to change.