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Overbond First to Integrate Euroclear LiquidityDrive Into Real-Time Bond Trading Automation

Integrating settlement-layer fixed income data from over-the-counter (OTC) trades enables more accurate AI liquidity modelling and enhanced pre-trade analytics

Overbond continues to lead the way in the automation of global fixed income trading. The provider of AI quantitative analytics for institutional fixed income capital markets is now the first to integrate Euroclear LiquidityDrive settlement-layer data for fixed income trade automation purposes.

“The lack of a centralized source of trade data is one of the biggest hurdles to automating fixed income trading. But now, using Euroclear LiquidityDrive, Overbond can access volume information for OTC trades that is not found in any other electronic venue-specific data feed. Integrating OTC trade volumes into AI models enhances the precision of bond liquidity scoring and best executable pricing. Adding settlement-layer data to our AI is the last frontier in data aggregation necessary for real-time bond trading automation,” said Vuk Magdelinic, CEO of Overbond.

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Euroclear LiquidityDrive is a new data service that offers in-depth liquidity analysis on all fixed income instruments settled within Euroclear. Euroclear LiquidityDrive covers more than 460,000 global corporate and government bonds, and in 2019 the Euroclear post-trade ecosystem settled the equivalent of EUR 837 trillion in securities transactions. The service combines executed trade settlement data with custody activity data and is agnostic of whether the instrument is traded via an electronic platform or voice traded.

Overbond’s COBI-Pricing LIVE is a customizable AI pricing engine designed to assist traders in automating pricing and trading workflows. As part of COBI-Pricing LIVE, Overbond’s liquidity scoring model uses Euroclear LiquidityDrive data as one of the various inputs to the AI liquidity scoring engine.

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Overbond’s AI generates a single liquidity score per CUSIP/ISIN. This allows for more accurate risk measurement and enables trade automation in three different execution styles: no-touch, one-touch or trader supervision. Using AI liquidity scoring, COBI-Pricing LIVE tiers all trades accordingly and determines if they qualify for full automation or trader supervision, or if they should not be traded at the current time.

Liquidity scores are generated for more than 100,000 fixed income instruments with an industry-leading refresh rate of less than three seconds — giving sell-side trading desks the ability to fully automate 30% of their requests for quotes (RFQs) and execute an additional 20% with trader supervision.

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