Product Listings

Unlike other trading products with standardized market structures, bonds have certain peculiarities due to the decentralized nature of bond trading, including:

• Bond quotes are not firm and order minimums can vary. Some TradeWeb and Knight BondPoint quotes may have a minimum size requirement that is not displayed. These factors can make smaller trades (<100k) extremely difficult to execute, and may preclude your order from being executed.
• While NYSE Arca and Timber Hill Auto-Ex orders are immediately executable when marketable, TradeWeb and Knight BondPoint orders can take up to five minutes to become executable due to the manual nature of these market destinations.
• NYSE Arca has a tick increment of 0.125 while TradeWeb, Knight BondPoint and Timber Hill Auto-Ex have a tick increment of 0.001. This difference in tick increment may determine the exchange on which your non-marketable order is held for execution.
• Bond prices are specified as percentage points of the face value of the bond. Effective April 7, 2008, the face value for Treasuries, including T-Bonds, T-Notes and T-Bills is 100. Most other bonds have a face value of 1,000.
• Some TradeWeb and Knight BondPoint quotes may have a minimum size requirement that is not displayed, which may preclude your order from being executed on this exchange.
• Direct routing of bond orders is not supported. All bond orders must be Smart Routed.
• Click here for information on distressed bonds.
• Buy side RFQs are not supported at ValuBond or MuniCenter.
• Bond trading is not available to Australian legal residents.