ICE Bonds Sees Record Trading for Corporate, Municipal and Agency Bonds in 2024
ICE Bonds reported record trading volumes across multiple bond categories in 2024. Corporate bond trading reached $212 billion, up 40% from 2023, while municipal bonds hit $178 billion, a 5% increase, and agency bonds reached $28 billion, up 20% year-over-year.
The growth is primarily attributed to increased adoption of trading protocols by retail-oriented brokerage firms and institutional investors. Notably, the Risk Matching Auction (RMA) protocol saw significant growth, with volumes increasing 100% in Q4 2024 compared to Q3, and over four-fold versus Q4 2023. The RMA system currently has 50 registered firms and over 400 users participating.
ICE Bonds' platform offers multiple trading protocols including click-to-trade, sweeps, auctions, and RFQ, supporting various fixed income products from odd-lots to blocks.
ICE Bonds ha registrato volumi di scambio record in diverse categorie di obbligazioni nel 2024. Il trading di obbligazioni societarie ha raggiunto i 212 miliardi di dollari, con un aumento del 40% rispetto al 2023, mentre le obbligazioni municipali hanno toccato i 178 miliardi, con un incremento del 5%, e le obbligazioni di agenzia hanno raggiunto i 28 miliardi, in aumento del 20% anno su anno.
La crescita è principalmente attribuita all'adozione crescente dei protocolli di trading da parte delle società di intermediazione orientate al retail e degli investitori istituzionali. In particolare, il protocollo di Asta di Abbinamento del Rischio (RMA) ha visto una crescita significativa, con volumi aumentati del 100% nel Q4 2024 rispetto al Q3, e oltre quattro volte rispetto al Q4 2023. Attualmente, il sistema RMA conta 50 aziende registrate e oltre 400 utenti partecipanti.
La piattaforma di ICE Bonds offre molteplici protocolli di trading tra cui click-to-trade, sweeps, aste e RFQ, supportando vari prodotti a reddito fisso, dagli odd-lots ai blocchi.
ICE Bonds reportó volúmenes de negociación récord en múltiples categorías de bonos en 2024. La negociación de
El crecimiento se atribuye principalmente a la mayor adopción de protocolos de negociación por parte de firmas de corretaje orientadas al retail y de inversores institucionales. Notablemente, el protocolo de Subasta de Igualación de Riesgos (RMA) experimentó un crecimiento significativo, con volúmenes aumentando un 100% en el Q4 2024 en comparación con el Q3, y más de cuatro veces en comparación con el Q4 2023. El sistema RMA cuenta actualmente con 50 firmas registradas y más de 400 usuarios participantes.
La plataforma de ICE Bonds ofrece múltiples protocolos de negociación que incluyen click-to-trade, sweeps, subastas y RFQ, apoyando varios productos de renta fija desde odd-lots hasta bloques.
ICE Bonds는 2024년 여러 채권 카테고리에서 기록적인 거래량을 보고했습니다. 회사채 거래는 2,120억 달러에 달하며, 이는 2023년 대비 40% 증가한 수치입니다. 지방채는 1,780억 달러에 도달하여 5% 증가했고, 기관채는 280억 달러에 이르렀으며, 전년 대비 20% 증가했습니다.
성장은 주로 소매 지향의 중개업체와 기관 투자자에 의한 거래 프로토콜의 채택 증가에 기인합니다. 특히, 위험 매칭 경매(RMA) 프로토콜은 Q3와 비교하여 Q4 2024에서 거래량이 100% 증가했으며, Q4 2023 대비 4배 이상 증가했습니다. 현재 RMA 시스템에는 50개의 등록된 회사와 400명 이상의 사용자가 참여하고 있습니다.
ICE Bonds의 플랫폼은 클릭투트레이드, 스윕, 경매 및 RFQ를 포함한 여러 거래 프로토콜을 제공하며, 다양한 고정 수익 상품을 지원합니다. 상품은 소량에서 블록까지 다양합니다.
ICE Bonds a rapporté des volumes de négociation record dans plusieurs catégories d'obligations en 2024. Le trading des obligations d'entreprise a atteint 212 milliards de dollars, en hausse de 40 % par rapport à 2023, tandis que les obligations municipales ont atteint 178 milliards de dollars, une augmentation de 5 %, et les obligations d'agence ont atteint 28 milliards de dollars, en hausse de 20 % par rapport à l'année précédente.
Cette croissance est principalement attribuée à l'adoption accrue des protocoles de négociation par les sociétés de courtage orientées vers le détail et les investisseurs institutionnels. Notamment, le protocole d'Auction de Correspondance des Risques (RMA) a connu une croissance significative, avec des volumes augmentant de 100 % au T4 2024 par rapport au T3, et plus de quatre fois par rapport au T4 2023. Le système RMA compte actuellement 50 entreprises enregistrées et plus de 400 utilisateurs participants.
La plateforme d'ICE Bonds propose plusieurs protocoles de négociation, y compris click-to-trade, sweeps, enchères et RFQ, soutenant divers produits à revenu fixe allant des odd-lots aux blocs.
ICE Bonds berichtete 2024 von Rekordhandelsvolumen in mehreren Anleihekategorien. Der Handel mit Unternehmensanleihen erreichte 212 Milliarden Dollar, was einem Anstieg von 40% gegenüber 2023 entspricht, während Kommunalanleihen 178 Milliarden Dollar erreichten, ein Anstieg von 5%, und Agenturanleihen 28 Milliarden Dollar, was einem Anstieg von 20% im Jahresvergleich entspricht.
Das Wachstum wird hauptsächlich der zunehmenden Akzeptanz von Handelsprotokollen durch auf den Einzelhandel ausgerichtete Brokerage-Firmen und institutionelle Investoren zugeschrieben. Besonders bemerkenswert ist, dass das Risk Matching Auction (RMA)-Protokoll ein signifikantes Wachstum verzeichnete, mit einem Anstieg von 100% im Q4 2024 im Vergleich zum Q3 und mehr als einer Vervierfachung im Vergleich zum Q4 2023. Das RMA-System hat derzeit 50 registrierte Firmen und über 400 aktive Nutzer.
Die Plattform von ICE Bonds bietet mehrere Handelsprotokolle, darunter Click-to-Trade, Sweeps, Auktionen und RFQ, und unterstützt verschiedene festverzinsliche Produkte von Odd-Lots bis hin zu Blöcken.
- Record trading volume of $212B in corporate bonds (+40% YoY)
- Municipal bond trading reached $178B (+5% YoY)
- Agency bond trading volume hit $28B (+20% YoY)
- RMA protocol volumes increased 100% QoQ and 4x YoY in Q4 2024
- Expansion of customer network with 50 registered firms and 400+ users
- None.
Insights
The record trading volumes across ICE Bonds' platform represent a significant milestone in the evolution of electronic bond trading, with the $212 billion in corporate bond volume marking a
The success of the Risk Matching Auction (RMA) protocol, with its 100% quarter-over-quarter growth in Q4 2024, demonstrates the market's appetite for innovative trading solutions that can effectively match buyers and sellers while optimizing pricing through ICE's Continuous Evaluated Pricing (CEP™) system. This is particularly significant as it addresses one of the fixed income market's persistent challenges: efficient price discovery in less liquid securities.
The expansion to 50 registered firms and over 400 users in the RMA protocol indicates strong network effects, which typically create sustainable competitive advantages in electronic trading platforms. The combination of multiple trading protocols (click-to-trade, sweeps, auctions, and RFQ) positions ICE to capture flow across different trading scenarios and client types, from retail to institutional.
The
The platform's emphasis on both anonymous and disclosed trading options, coupled with support for various trade sizes, indicates a well-thought-out strategy to maximize market participation while addressing the diverse needs of different market participants. This flexibility, combined with the integration of extensive fixed income data, creates a compelling value proposition for traders seeking efficient execution in an increasingly complex market environment.
Demand for enhanced sweeps session-based protocol for corporate bonds increases in Fourth Quarter
Trading on ICE Bonds reached record notional volume of
“The volume growth we are experiencing is primarily driven by increased adoption of our trading protocols by a combination of retail-oriented brokerage firms and institutional investors,” said Peter Borstelmann, President of ICE Bonds. “Over the past year, we’ve made significant progress in expanding our customer network, expanding our execution protocols and workflows, and introducing our unique liquidity to a more diverse set of market participants, which is resulting in record transactional activity.”
ICE Bonds attributes its strong growth in corporate bond volumes to customer adoption of its enhanced sweeps session-based protocol called Risk Matching Auction (RMA). In the fourth quarter of 2024, RMA volumes increased by
The ICE Bonds RMA allows traders to efficiently upload their inventory of bonds and our proprietary algorithm then proposes potential matches between buyers and sellers of the same bond or list of bonds. The protocol leverages ICE’s Continuous Evaluated Pricing (CEP™) to propose a pricing level for the bonds, which traders can either affirm or reject on a line-item basis or in bulk. We believe that this process gives traders an efficient way to reduce risk exposure as they access a broadening pool of fixed income liquidity.
ICE Bonds offers deep liquidity pools that support multiple trading protocols including click-to-trade, sweeps, auctions and RFQ, with a vast breadth of fixed income data. Focused on execution efficiency, ICE Bonds enables both anonymous and disclosed counterparty interactions, and trading from odd-lots to blocks for Corporates, Municipals, Agencies, Treasuries and Certificates of Deposit.
For more information about ICE Bonds, please visit https://www.ice.com/fixed-income-data-services/fixed-income/ice-bonds.
About ICE Bonds
Trading and execution services are offered through ICE Bonds Securities Corporation or ICE Bonds, member FINRA , MSRB and SIPC . The information found herein, has been prepared solely for informational purposes and should not be considered investment advice, is neither an offer to sell nor a solicitation of an offer to buy any financial product(s), is intended for institutional customers only and is not intended for retail customer use.
Continuous Evaluated Pricing (CEP™) are provided in the US through ICE Data Pricing & Reference Data, LLC and internationally through ICE Data Services entities in
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges -- including the New York Stock Exchange -- and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming
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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 6, 2025.
Category: Fixed Income and Data Services
SOURCE: Intercontinental Exchange
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ICE Media Contact:
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Source: Intercontinental Exchange
FAQ
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