Execution: How it works
The Ediphy execution model.
Two execution models, one relationship. Execute as riskless principal for full anonymity, or as disclosed agent with your firm name on the ticket. Your choice per order, across the full fixed-income venue landscape.
Four layers, one ticket.
Every trade on Ediphy Execution moves through the same four layers, from venue connectivity through directed routing to fill and audit. One workflow, end-to-end.
Venue connectivity
One onboarding, every major bond and IRS venue. CLOB, RFQ, and streaming protocols, all live behind a single API and blotter. No more bespoke integration per venue, no more split operational footprint.
Directed routing
Rules-driven venue selection at order time. 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. Streaming quote capture runs throughout for audit purposes. 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 time-stamped rationale. The audit trail exports directly to TCA, MiFID II evidencing produced as a by-product of trading.
Why this matters
Outsourced execution desk and technology in one.
Most fixed-income execution alternatives require you to assemble the stack yourself: venue memberships maintained separately, EMS layered on top, best-ex reporting reconstructed after the fact.
The Ediphy model separates the three concerns that determine fill quality: connectivity, direction, and evidence. The result is a platform that holds up on the difficult trades: size, illiquid issuers, curve packages, as well as the straightforward flow where any approach would produce an acceptable result.
| Ediphy Execution | Full front-to-back stack (self-assembled) | Single-venue UI | |
|---|---|---|---|
| Multi-venue connectivity (CLOB + RFQ + streaming) | Requires separate memberships | – | |
| Rules-driven directed routing | Requires separate EMS | – | |
| Best-ex evidence as by-product of trade | Reconstructed | – | |
| Quote-state capture for audit | – | – | |
| Single blotter across protocols | Partial | – |
Do we have to keep our existing venue contracts? +
You can keep them if you choose, but you may no longer need them. Ediphy provides execution reach across the major venues under its own membership. A startup fund can connect to Ediphy alone and access broad execution reach without maintaining its own venue memberships.
How is the routing policy configured? +
Your best-execution policy is encoded as rules, protocol-venue fit, size thresholds, client constraints, and venue-state signals. Every parameter is reviewable; every decision logged.
Can compliance see the audit trail in real time? +
Yes. Routing decisions and quote state are written to an audit log accessible to compliance and risk during the trading day.
What happens on venues we do not yet connect to? +
Onboarding a new venue is a configuration exercise, entitlements, FIX session, certification. The timeline is driven primarily by your internal process; Ediphy is optimised to fold into your existing onboarding workflow. Once live, the venue is immediately available.
In practice
Clients connect to us.
We trade with the street.
Ediphy offers two execution models, your choice per order. Riskless principal: Ediphy executes with the street under its own name, giving you full anonymity. Disclosed agency: your firm name is on the ticket. Either way, you get broad access to the fixed-income venue landscape through one relationship, one API, and one onboarding.