Fenics U.S. Treasuries (“Fenics UST”) is a fully electronic U.S Government securities (“USTs”) trading venue owned and operated by BGC Financial, L.P. (“BGC”). Fenics UST operates a Central Limit Order Book (“CLOB”). Subscribers to the platform are banks, broker-dealers, professional trading firms (PTFs) and institutional investors.
The CLOB will compete with well-entrenched incumbents in a marketplace designed for low-latency hedgers and arbitrageurs utilizing the tightest tick size in the U.S. Treasury Market, 1/16th of 1/32nd.
Fenics UST is the fastest, most stable, and most reliable ultra-low latency matching engine in the cash UST marketplace. All modern forms of electronic connectivity are supported, including binary protocol, FIX protocol and high-speed internet access with secured VPN.
The Fenics Gateway supports trading of all On-The-Run U.S. Treasury instruments will trade in increments of 1/16th of 1/32nd.
Trading HoursTrading Hours: Sunday evening through Friday, 6:30 PM - 5:35 PM Eastern Time (NY)
Supported Exchange FunctionalityThe following lists exchange functionality that TT currently supports:
- Fenics products utilize the tightest tick size in the U.S. Treasury Market, 1/16th of 1/32nd
- Deploying the most modern state of the art technology available today
- Execution is binding and fully Anonymous – No Last Look
- Pulling from the widest range of price makers and takers ever assembled in one pool
- CLOB Order Type:
- Immediate Or Cancel (IOC)
- Fill or Kill (Fok)
Unsupported Exchange Functionality
The following lists exchange functionality that TT does not currently support:
- OTC and block orders
The following are the Fenics U.S. Treasury trading platform market states per instrument:
|Market State in X_TRADER||Description||Exchange Market State|
The instrument is temporarily disabled from trading. All open orders are cancelled and new orders are rejected.
|Open||Orders are accepted and matched. Prices update based on market activity.||T (Trading)|
|Non-Tradeable||The instrument is not available to trade. Orders are rejected by the TT Gateway and no prices are available||N (Non-Tradeable)|