CiX - Fixed Interest Module (FI)

Overview

The CiX Fixed Interest module allows a wide range of Bonds to be traded on the Internet.

For each Security type, there are several parameters for maximum flexibility, including:

  • Number of days per year and basis
  • Coupon frequency and basis
  • Valuation method
  • Issuer, including profile and rating
  • Capital repayments (Credit Foncier)
  • Table-driven Roll/Coupon schedules

As with all CiX modules, the Fixed Interest module is multi-currency. A mixture of Bonds in any currency may be traded. 

Primary Markets Trading

The Fixed Interest module may be used for on-line book builds for new Bond issues. Using CiX details of new Bond issues may be input in minutes, allowing Internet-based "book builds" to be configured and running with a minimum of effort.

A Bond Issue is created, specifying the amount to be issued, start data and finish data of the issue and how the issue is to be priced. The Bond type is also specified, along with any special instructions.

  • Investors may log into the site, review current Bond issues and place orders for them. The orders may be conditional, for example at a given price or margin, or unconditional market bids.
  • Issuers may log into the site while their issue is open and review the progress of the book build. Graphs and reports show issuers how the pricing of the issue is progressing.
  • Dealers can use CiX to review orders and the level and pricing of the issue. Dealers may also place orders on behalf of clients. CiX is designed to manage orders, including those received over the phone and manually input.
  • Closing at the end of the issue, the final book build is calculated, orders executed as confirmed trades and the issue is closed, no longer appearing on the trading site.

Multiple Bond issues may be run concurrently, consisting of one or many issuers and a mix of Bond types. Once a new bond issue has closed, details of the bond and portfolios are automatically available for secondary markets trading in CiX.

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Secondary Markets Trading

The Fixed Interest module also operates secondary markets trading in an over-the-counter trading environment. CiX replicates and automates the dealing process over the internet, supporting 

  • A portfolio of Bonds is displayed, along with pricing details.
  • Clients may log into the site and place orders against the portfolio of Bonds offered. 
  • Yield curves
  • Pricing matrix
  • live dealer quotes with progress bar for expiry
  • middle-office
  • back-office integration

Clients

Brokers/Agents

Dealers

Administration

clients can request a live quote from a dealer, including chat function

 

publish portfolios and prices to portals using flexible COM objects

email confirmations

maintain and revalue client portfolios

switch between instruments

portfolio views with derivatives