Rates RV & Macro
Automated execution management for rates and macro traders
Automate resting limit, stop and spread orders for RV and macro trading — without relying on alerts or leaving orders with dealers and brokers.
The execution gap
Managing limit orders in OTC rates where the options run thin.
When trading target levels in OTC rates — whether relative value, gamma, or macro — reliable options for resting limit and stop orders are scarce; the only two options today are to set alerts and jump on to trade manually, or to give away optionality and information by leaving the order with a dealer or voice broker.
Macro moves do not wait — away from the desk you miss your level; at the desk when everything gaps at once you are easily overwhelmed.
The pattern
Our strategies are built on precision. We were looking for a tactical solution to handle specific order types efficiently, without adding operational friction. Ediphy as an execution partner matched that precision and helped automate our relative value strategies.
– Portfolio Manager · $16.4bn relative-value fund
A systematic order routing service for cleared swaps and bonds.
Anonymised, automated execution on aggregated liquidity, so target levels are worked the moment they are available, not whenever the desk next looks.
Advanced order types
Limit, stop, and contingent orders for cleared swaps and bonds, set the level and let the order rest until the market reaches it.
LIMIT · STOP · CONTINGENT
Conditional triggering
Orders only go to market once your exact executable targets are available in the market, so resting intent is not exposed before it can be filled.
RULE-BASED · TARGET-AWARE
Anonymised execution
Trading intentions are protected and market footprint minimised until the point of execution — no optionality or information given up to a dealer or broker by resting.
ANONYMISED · LOW FOOTPRINT
Desk time recovered
Routine order logistics are automated, freeing the desk to focus on decisions rather than watching screens for a level to print.
AUTOMATED · STP
Evaluating your options
Four ways to cover resting orders, and what each one actually costs.
The choice is rarely framed plainly. Setting alerts and trading manually hands execution to whoever is watching at that moment. Resting orders with dealers or voice brokers gives up optionality and exposes intent before it can fill. Adding headcount buys more eyes but human execution still suffers the same away-from-desk and distraction gaps. Systematic routing removes all three.
Ediphy monitors aggregated liquidity systematically and routes the instant a target is available, reclaiming the slippage that manual latency creates and removing the need for logistical headcount.
| Method | Operational reality | Bottom line |
|---|---|---|
| Alerts & manual execution | Relies on a human watching alerts and trading manually; no automation. | Miss the level when away, overwhelmed when the desk is busy. |
| Resting with dealers / brokers | Leave the order over voice; gives up optionality and information. | Free optionality handed to the dealer, intent exposed before it can fill. |
| Adding headcount | Hiring dedicated traders to watch levels adds compensation and overhead. | Human execution still suffers the same away-from-desk and distraction gaps. |
| Ediphy automation | Systematic monitoring of aggregated liquidity with instant routing the moment a target is available. | Reclaims slippage, removes manual latency, removes the need for logistical headcount. |
WHY IT MATTERS
Asset-class support across the rates and macro book.
Limit · Stop · Contingent
No more alerts, no more resting orders with dealers, no need for further headcount — automate your limit order execution with Ediphy.
Case Study · Client Success
Rates RV & Macro Hedge Fund
Book an OTC rates demo.
With free onboarding there is no capital hurdle to integrate Ediphy. Connect with our global onboarding teams to set up; a core product deck and a macro client case study are available on request.