Execution
Single entry-point for rates, credit
and fixed income derivatives.
Multi-venue smart order routing for bonds and cleared IRS. Web API, broad fixed-income venue coverage.
What is Ediphy Execution
The execution pillar of the Ediphy platform.
Ediphy Execution is where orders meet venues. A single interface (API, blotter, and team workflow) sits in front of the broad electronic fixed-income venue landscape, and an intelligent rules-driven engine directs each order to where it belongs based on protocol fit, venue state, and the specific characteristics of each ticket. The intelligence is in the rules, not in a black box: every routing decision is documented and built for audit.
The same stack that routes the order also prices it (liveMid), scores its liquidity (Liquidity Scores), and evidences the fill with TCA benchmarked against fairMid. One stack, one set of numbers, one story from pre-trade through to best-ex audit.
Ediphy offers two execution models, your choice per order. Matched principal: Ediphy faces the street under its own name, giving you full anonymity. Disclosed agency: your name goes on the ticket, for the cases where you prefer direct attribution. Either way, one relationship and one onboarding gives you access to the full capital markets (bonds, swaps, inflation, across the street), with no need to build or maintain your own sell-side relationships.
REGULATOR VIEW
In several jurisdictions some firms do not provide sufficiently documented analytical efforts to justify their choice of execution venues, and disclose only generic information publicly about their order execution policy.
– ESMA · Consultation Paper on Order Execution Policies (July 2024)
Comprehensive
asset-class support.
Multi-venue access across the full fixed-income spectrum: sovereigns, investment-grade and high-yield credit, cleared IRS, and inflation, across all currencies.
Government Bonds
US Treasuries, UK gilts, and European sovereigns. One interface across the full sovereign space.
MULTI-PROTOCOL
Investment Grade
Investment-grade corporate credit with broad venue coverage. Portfolio trading and streaming all-to-all, routed to the protocol that fits the line.
MULTI-PROTOCOL · PORTFOLIO
High Yield
High-yield corporate credit with liquidity-aware workflows. Bond-level scoring drives sizing and venue choice on the names where it actually matters.
MULTI-PROTOCOL · LIQUIDITY-AWARE
Interest Rate Swaps
Cleared IRS, IMM dates, broken-dated swaps, multi-leg packages, and NPV unwind workflows. Built on the Ediphy rates pricing engine.
CLEARED · MULTI-PROTOCOL
Inflation
Inflation-linked bonds and inflation swaps. Linkers and breakevens in one workflow.
LINKERS · BREAKEVENS
Products and use cases.
The execution stack breaks into a small set of products and the use cases they power; this is where desks typically enter.
fairEx
Smart-order-routed multi-venue execution. The routing engine behind Ediphy Execution across bonds and IRS, with multiple execution protocols in one decision layer.
MULTI-VENUE · ROUTING
EXECUTIONliveMid
Streaming independent live mid-prices that drive fairEx routing decisions and middle-office valuation.
STREAMING · INDEPENDENT
EXECUTIONBest Execution
Automated venue selection and MiFID II best-execution evidencing, produced as a by-product of trading.
MIFID II · AUDIT TRAIL
EXECUTIONTrader Workflow
The team blotter on top of fairEx: receive and normalise orders, delegate and attribute trader actions, and provide PM visibility into live flow.
BLOTTER · TEAM
EXECUTIONStrategy Execution
Out-of-the-box and bespoke execution strategies built on fairEx, spreaders, package execution, and custom baskets.
STRATEGIES · PACKAGES
Four layers, one ticket.
Every trade on Ediphy Execution moves through the same four layers, from venue connectivity through smart order routing to fill and audit.
Venue connectivity
One onboarding, every major bond and IRS venue. Every execution protocol, live behind a Web API and blotter, with no bespoke integration per venue.
Smart order routing
Rules-driven venue selection. The routing engine respects your best-execution policy, protocol-venue fit, and client constraints, every decision logged.
Multi-venue fills
Work orders across multiple venues simultaneously. Fills aggregate back to one blotter view and one ticket, regardless of how many venues were touched.
Best-execution audit
Every routing decision logged with quote state and timestamped rationale. MiFID II evidence exports directly to TCA.
Market-on-Close
Official-close execution in your own time zone.
Target the official close for each market through fairEx, with local close times converted into your desk time zone.
The same workflow records the order, routing decision, fill, and evidence on the ticket.
| Market | Ediphy MOC targetfixed, local time | In your timeyour time zone | Next close |
|---|---|---|---|
| United States | 16:00New York | - | -Next |
| United Kingdom | 16:15London | - | -Next |
| Major European markets | 17:15CET | - | -Next |
| Canada | 16:00Toronto | - | -Next |
| Australia | 16:30Sydney | - | -Next |
| Japan | 15:00Tokyo | - | -Next |
Next step
Speak to the team.
Every fixed-income desk has its own mix of venues, asset classes, and workflow constraints. The best way to understand the fit is a thirty-minute call. We walk through your current routing, your best-ex policy, and what a migration to Ediphy Execution would look like in practice.