Inflation

Inflation-linked bonds and breakevens,
on the infrastructure they already trade on.

Inflation-linked bonds on the government-bond execution stack, breakeven and real-rate structures on the cleared-swap execution stack, composable access to the inflation complex through one workflow.

Composable access

Inflation instruments, on the infrastructure they already trade on.

Inflation trades on two substrates: inflation-linked bonds (TIPS, gilt linkers, OATi, OAT€i, BTP€i) share the microstructure and venue coverage of nominal sovereign bonds; inflation swaps (real-rate swaps and breakeven structures) share clearing, protocol, and curve infrastructure with the cleared IRS complex.

Ediphy Markets delivers both through the established execution infrastructure that already serves each substrate: multi-venue routing for inflation-linked bonds through the same router that covers Treasuries and gilts, cleared swap infrastructure for real-rate and breakeven structures through the same workflow that handles SONIA and SOFR. One UI, one API, one best-ex footprint across both sides of the complex.

CENTRAL BANK VIEW

BEIRs are more prone to technical factors owing to the relatively low levels of liquidity in the ILB market.

– ECB · Economic Bulletin, Issue 3/2024
What you get

Both sides of the complex.

Every inflation instrument you trade, delivered on the execution infrastructure that already covers the underlying curves.

INFLATION-LINKED BONDS

Inflation-linked bonds

TIPS, gilt linkers, OATi / OAT€i, BTP€i and the broader European inflation-linked complex. Venue coverage inherited from the government-bond stack, no separate onboarding.

TIPS · GILTI · OATi · BTP€i

SWAPS

Inflation swaps

Real-rate swaps and breakeven structures. Cleared and routed automatically through the same cleared-swap infrastructure as the vanilla IRS book, executed on the same multi-venue router.

REAL RATE · BREAKEVEN

BEST EXECUTION

Best-execution evidencing

The same audit trail on every inflation ticket, venues considered, protocols evaluated, prices received. MiFID II best-execution evidence produced as a by-product of trading.

MIFID II · AUDIT TRAIL

WORKFLOW

Workflow integration

Inflation-linked bonds and swaps sit in the same blotter, drive the same allocations, flow through the same STP pipeline. Separate instruments, one workflow, where the desk actually needs them.

OMS · EMS API · STP

  • 01 One onboardingInflation-linked bonds ride the sovereign-bond venue stack. Inflation swaps ride the cleared-IRS stack. No new connections.
  • 02 One best-ex frameworkInflation tickets evidence under the same MiFID II policy and audit log as the underlying curves.
  • 03 One analytics surfacefairMid and liveMid reference prices, Liquidity Scores, and post-trade TCA extend to inflation-linked bonds and inflation swaps natively.
  • 04 One blotterInflation orders sit alongside govies and IRS, same view, same allocations, same STP pipeline.

Why Ediphy

Inflation on the infrastructure you already run.

Some platforms handle inflation as an independent module: a separate login, a distinct ticket format, an isolated analytics view. Ediphy treats it as what it is: two substrates of existing markets, routed through the execution infrastructure that already serves each underlying.

Inflation-linked bonds inherit the venue access that sits behind Treasuries and gilts; inflation swaps inherit the clearing, protocol, and curve infrastructure that sits behind SOFR and €STR. The compounding benefit is operational: one onboarding, one best-ex framework, one set of analytics.