Overbond and Rapid Addition team up for 50% RFQ automation

Overbond and Rapid Addition have formed a strategic alliance for protocol and system agnostic integration with venues and e-trading systems used by sell-side and buy-side trading desks. The collaboration is expected to help fixed income traders around the globe automate up to 50% of RFQs.

Overbond’s COBI-Pricing LIVE is a customizable AI pricing engine designed to assist traders in automating pricing and trading workflows for global investment-grade bonds. It can generate prices and liquidity scores for more than 100,000 fixed income instruments and build curves for more than 10,000 issuers in various real-time liquidity scenarios. COBI-Pricing LIVE has an industry-leading refresh rate of less than three seconds — giving sell-side trading desks the ability to fully automate 30% of their RFQs and execute an additional 20% with trader supervision.

Rapid Addition’s expertise in FIX protocol, counterparty and market-place connectivity via its open API enterprise software platform will allow global fixed income trading desks to integrate AI-driven bond pricing and liquidity scoring analytics into their workflow, regardless of which internal OMS, e-trading system, direct venue connectivity, cloud or on-premise solution they currently use. These API connections allow for internal system integration, pre- and post-trade external data vendor ingestion, and liquidity venue connectivity — ultimately creating a system capable of automating RFQ flow using Overbond’s AI engine.

With the internal system connectivity facilitated through Rapid Addition’s Open API, sell-side bond trading desks can make Overbond’s AI models their own by accessing recorded transaction history to train the model according to the trading style of the desk. By maximizing the precision of these models with cross-venue coverage, desks can optimize P&L performance.

“Great tools are most powerful when they are easy to deploy, easy to use and a seamless part of your workflow. Overbond has a powerful suite of AI modeling and visualization tools for trading automation, and with Rapid Addition’s ability to provide interoperability and market connectivity we can now provide sell-side traders with a system that is not just capable of automating RFQ flow in any currency they make markets in, but is fully integrated from front to back,” said Vuk Magdelinic, CEO of Overbond, in a statement.

Rapid Addition CEO, Mike Powell, said in a statement: “We continue to see increased electronification across capital markets, partly driven by changes to regulation and market structure, but also driven by the deployment of new technologies…At a time when firms are looking to improve ROI and competitive differentiation, this new generation of flexible, open technology will help empower the next phase of their business growth.

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