Best fixed-income interdealer
eSpeed
eSpeed provides realtime prices globally via its proprietary front-end trading software, third-party software or the web. Transactions can be processed in 300 milliseconds and eSpeed can process more than 150 transactions per second per product. Its Multiple Order Link Engine (Mole) pricing engine and analytical software can offer prices on illiquid products based on data from existing cash and futures markets. So users can get prices for deals where no market prices actually exist.
As well as calculating positions and risk exposures, the platform's credit and risk management systems automatically prevent trading once a client reaches its credit limit.
Fully electronic volume was $6.9 trillion for the third quarter of 2004. eSpeed has been adding new products to its platform. Fully electronic notional volume for mortgage-backed securities, foreign exchange, interest rate swaps, futures, and repos was $376 billion in the third quarter of 2004.