BondCliQ

BondCliQ is a financial technology firm operating as the first central market system for U.S. corporate bonds, aiming to modernize institutional trading within the multi-trillion dollar credit market. Founded in 2016 by Chris White, the New York-based company was established to address the critical need for greater price transparency in the opaque corporate bond market. White, the company's CEO, has a career spanning over two decades in finance, with a focus on fixed income market development at institutions like MarketAxess, Barclays Capital, and Goldman Sachs. At Goldman, he was responsible for creating the GSessions corporate bond trading platform, a precursor to the concepts behind BondCliQ. This deep industry experience informed his mission to create a centralized system that could improve market structure and integrity.

The company operates a Data-as-a-Service (DaaS) model, generating revenue by licensing access to its consolidated data feeds through various products. Its clientele includes global investment banks, tier-1 buy-side institutions like asset managers, and other financial technology companies. The business model incentivizes participation from dealers by sharing a significant portion of the revenue back with them based on the quality of their data contributions. BondCliQ has secured significant backing from major industry players, including LSEG (London Stock Exchange Group), FactSet, Aflac Ventures, and SEI, and has formed a strategic partnership with Vanguard.

BondCliQ's core offering is a consolidated quotation system (CQS) that aggregates institutional pre-trade quotes and post-trade data from over 40 dealers. This platform centralizes pricing information, creating a formalized price formation process and a more competitive environment for market makers. For buy-side clients, this translates into higher-quality pre-trade data and more efficient trade execution. For sell-side dealers, it provides critical market intelligence and performance analytics, allowing them to rank their competitiveness on individual bonds in real-time. The system delivers data through several products, including BondTIQ, a browser-based visualization tool for real-time and historical data, and enriched API feeds for both pre-trade quotes and post-trade TRACE data. This consolidation of pricing information covers the securities that account for over 95% of the average daily trading volume, offering a comprehensive view of the market.

Keywords: corporate bond trading, fixed income data, central market system, price transparency, institutional trading, pre-trade data, post-trade data, consolidated quote system, market structure, fixed income technology, liquidity solutions, dealer quotes, TRACE data, BondTIQ, Chris White, sell-side analytics, buy-side execution, data-as-a-service, financial data, credit market