Overbond has partnered with IPC to integrate IPC’s point-of-trade voice transaction data into Overbond’s artificial intelligence (AI) algorithms for automated fixed-income trading. Overbond’s fixed-income AI pricing and liquidity algorithms harness the industry’s deepest data stack, which now includes voice trades through the partnership with IPC, bringing exceptional precision to the automation of bond trades.
“Roughly one quarter of fixed income trades in the United States and Europe are still executed by voice,” said Vuk Magdelinic, Overbond’s CEO, in a statement. “This heretofore uncaptured data was a significant gap in AI-powered, automated fixed-income trading and modeling, and will be erased by Overbond’s strategic collaboration with IPC.”
Bob Santella, IPC’s chief exec, said in a statement: “IPC embraces an open platform approach to reimagine how financial institutions everywhere trade, share information, and optimize workflows.”
IPC’s Dictation as a Service is a cloud-based Natural Language Processing (NLP) using the firm’s global Connexus Cloud financial ecosystem. The service enables traders to “dictate” trade jargon and translate the output in real-time through a Blotter visualization application. These tools provide a comprehensive end-user solution for converting unstructured voice trade data into a searchable, exportable structured data format in real-time.
Overbond is tackling the data aggregation issues affecting automated trading of fixed income. Overbond’s COBI-Pricing LIVE is a customizable AI pricing engine that assists traders in automating pricing and trading workflows for global investment-grade bonds, generating prices and liquidity scores for more than 100,000 fixed income instruments. The full interoperability of COBI-Pricing LIVE via bilateral REST APIs allows its AI algorithms to ingest, aggregate and process data from live and historical vendor feeds, internal historical records, OTC settlement layer volume records, and now voice transactions.