OpenDoor Securities Launches All-to-All Platform for US Treasury Market

Almost three dozen firms, accounting for over $5 trillion in assets under management (AUM), and six sponsor-dealers are already on the platform, which will hold its first auction at 11 a.m. EST today.

Clients on the platform include central banks, hedge funds, pension funds, sovereign wealth funds, mutual funds, insurance companies, primary dealers, asset managers and trading firms. OpenDoor also expects firms representing another $16 trillion of AUM, in addition to five more sponsor-dealers, will join the platform by the end of the second quarter of 2017.

“Liquidity conditions remain challenging across many asset classes, even in the off-the-run segments of liquid markets such as US Treasuries,” said Barry Cohen, head of rates sales Americas at Societe Generale. “As an active primary dealer and market-maker in US Treasuries, Societe Generale actively seeks out opportunities to improve the liquidity we can provide to our customers. We absolutely believe that the OpenDoor platform represents an innovative way to utilize technology to achieve added liquidity in the off-the-run and less liquid corners of the Treasuries market. Being involved on day one shows our commitment to the US markets, our customers, and our partnership with the team at OpenDoor.”