ICE Bonds has introduced price improvement volume clearing (PIVC) to its risk matching auction (RMA) corporate bonds protocol.
RMA executes dealer-to-dealer sweep auctions, matching buyers to sellers and providing pricing suggestions.
PIVC offers a follow-on auction session, where dealers can increase their volumes in securities not traded during the initial RMA. ICE states that this will prompt tighter spreads and further participation, giving clients better liquidity and pricing outcomes.
Peter Borstelmann, president of ICE Bonds, commented: “We continue to invest in tools that help our customers manage risk and access liquidity. The launch of PIVC is a direct result of market feedback and our drive to deliver solutions that optimise execution quality.”
Currently, more than 66 registered firms and 700 users are active RMA users. Volumes executed using the protocol increased by 400% between Q4 2023 and Q4 2024, ICE reported.
More broadly, ICE Bonds reported record corporate bond trading volumes of US$212 billion in 2024 – up 40% year-on-year.
In February, Borstelmann stated: “The volume growth we are experiencing is primarily driven by increased adoption of our trading protocols by a combination of retail-oriented brokerage firms and institutional investors.”
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