ICE Bonds Unveils RFQ Protocol for Mortgage-backed Securities

Intercontinental Exchange’s ICE Bonds has unveiled a new request-for-quote (RFQ) protocol for mortgage-backed securities (MBS) according to a story in The Trade news.  The offering will allow clients to execute anonymously, due to ICE Bonds sitting in the middle of the transaction. Requests will be transmitted electronically to a wide community of MBS dealers, market makers and investors on the multi-asset class alternative trading system ICE TMC. The functionality is also designed to work alongside ICE Bonds’ existing ‘click-to-trade’ functionality, with the aim of delivering increased liquidity and execution efficiency to the MBS market.  The platform is aimed at wealth management and retail brokerage clients, and by enhancing MBS trading capabilities, ICE Bonds claims this is a step forward in achieving an electronic mortgage market and will create a more flexible and efficient trading environment.