Credit Bonds: IG
Investment-grade corporate credit,
across every venue and protocol.
IG credit executed globally across RFQ, all-to-all, and streaming pools, routed by liquidity, priced against independent fair-value prices, evidenced on every ticket.
Market context
E-trading in IG credit, a structural shift.
Electronic execution in investment-grade credit has undergone a structural shift over the past decade. What was once a niche channel for smaller tickets has become the dominant execution mode for a large share of the market, and the infrastructure expectations that come with it have risen accordingly.
How a ticket gets routed
- 01 Score the bondLiquidity Score assessed at order entry, active streamer, off-the-run, or illiquid line classified accordingly.
- 02 Match the protocolStreaming for active names, RFQ for axe-rich, A2A for anonymity.
- 03 Size for liquiditySizing and pacing calibrated to bond-level Liquidity Scores at order entry.
- 04 Route via fairExSame fairEx directed routing logic, applied per ticket.
- 05 Benchmark the fillAttribution against fairMid and the pre-trade quote state.
- 06 Hand off STPAllocations and settlement flow to middle office without rekey.
Coverage
Global IG, across every protocol.
Corporate credit is fragmented by design, names trade differently across venues, protocols, and sessions. Ediphy Markets consolidates that fragmentation into a single routing layer. Every major IG liquidity pool is reachable from one workflow: RFQ for dealer axes, all-to-all for anonymous price discovery, streaming for the most active tickers.
Bond-level Liquidity Scores drive the protocol choice so every order lands on the venue most likely to fill it at the best price.
Built for credit traders.
Liquidity-aware routing, evidenced execution, and post-trade attribution, on the desks where IG credit actually trades.
Liquidity-aware routing
Bond-level Liquidity Scores feed the routing engine in real time. Liquid names go to RFQ or streaming; less-liquid names route via all-to-all or targeted dealer flows, sized and timed to minimise market impact.
RFQ · A2A · STREAMING
Best-execution evidencing
Every fill carries a full audit trail, venues considered, protocols evaluated, prices received, benchmarked against independent mid. MiFID II best-ex discharged as a by-product of trading.
MIFID II · AUDIT TRAIL
Workflow integration
Integrate with your OMS, drop tickets into the team blotter, or drive execution programmatically via the EMS Client API. Allocations and settlement flow STP to middle office.
OMS · EMS API · STP
Analytics coverage
fairMid and liveMid reference prices, Liquidity Scores, and post-trade TCA. The same analytics that route your orders evidence the quality of the fills.
FAIRMID · LIQUIDITY · TCA
Why Ediphy
Independent prices. Impact-aware routing.
Credit execution quality hinges on two things that sit together: an independent fair-value price to benchmark against, and a routing engine that respects liquidity. Ediphy Markets was built with both, fairMid and liveMid are produced independently of any execution venue, and the routing engine is driven by bond-level liquidity classification rather than venue rebates.
The result is a credit workflow that applies consistent execution discipline to a liquid five-year bullet and an off-the-run long-dated name alike, without requiring the trader to move between separate systems.
Best-execution evidence, single ticket
Electronic execution trends
E-trading penetration across IG and HY.
The shift to electronic execution is not limited to one segment of the credit market. For the most liquid and standardised instruments, electronification now rivals that of equities and FX, while take-up in less-liquid names continues to build, a structural change that demands institutional infrastructure at every point in the workflow.
MARKET CONTEXT
A market large enough that small basis-point improvements compound into millions a year, and one where an SI-dominated structure makes dealer-stream coverage and routing logic the primary drivers of execution quality.