Trading and data platform BondXN has partnered with BlackRock’s Aladdin to accelerate the mortgage-backed securities (MBS) market’s electronic transition.
Through the multi-year agreement, Aladdin’s order and execution management system will be connected to BondXN’s data, analytics, trading and processing capabilities, giving users the ability to view aggregated markets, compare pricing and identify liquidity.
“This partnership allows common clients to access deeper liquidity, simplify complex workflows, and accelerate trade execution,” said BondXN’s chief product officer Nic Tandon.
Shared clients will be able to directly connect to BondXN’s bid-wanted-in-competition (BWIC) workflows, dealer inventories and screening tools. Orders submitted through Aladdin will flow directly to BondXN. This will reduce friction and manual processes for users, the companies say, streamlining execution across e-trading protocols.
“If you look across fixed income, most major markets went electronic nearly 20 years ago. The mortgage-backed securities market is really the largest market that hasn’t fully made that transition yet,” BondXN CEO Neil Arora told The DESK.
BondXN’s specified pool and to-be-announced (TBA) trading services will be accessible through Aladdin. According to SIFMA, specified pools saw average daily trading volumes of US$19.4 billion in 2025.
“BondXN transforms the path from idea to execution into a seamless, end-to-end experience – empowering users to search thousands of bonds, engage dealers directly, and execute trades with confidence,” Arora stated.
“It’s a powerful extension of order management systems like Aladdin, designed to accelerate decisions and drive results.”
The firm intends to expand its structured product coverage in the future, with plans to offer the same services to agency collateralised mortgage obligations (CMOs) and derivatives, commercial and residential MBSs (CMBS/RMBS), asset-backed securities and collateralised loan/debt obligations (CLOs/CDOs).
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