OpenDoor closes for business

Dan Barnes
Susan Estes, CEO and president, OpenDoor.

OpenDoor, the trading venue for US Treasuries, has ceased trading, effective 13 January 2021.

In a statement posted online, Susan Estes, CEO and president of the firm which had targeted the off-the-run Treasuries trading space, said, “I’m proud of what we have achieved at OpenDoor Securities. Together we have shone a bright light on the pressing needs of the less liquid segments of the US Treasury market. These efforts are by no means in vain. As the increase in Federal government spending means that US Treasuries will play a critical role of the Biden Administration in the months and years to come. Now more than ever, it is essential that investors have access to greater transparency and liquidity to ensure the smooth running of these markets.

She continued, “OpenDoor was a pioneer in addressing these challenges, hidden to many but no less threatening to our economy. Introducing change toe market structure is never easy, but we have made breakthroughs that will help others to more easily finish the job we started.”

Estes concluded by saying, “I would like to thank our team, as well as our clients, investment banking and other strategic partners, for the courage and vision they have shown in supporting OpenDoor. I would also encourage those that have resisted change to think again, as the opportunity exists to lead the way to a brighter future for our industry an all who participate in it.

Estes co-founded OpenDoor in 2014, after nearly 30 years in bond trading, building a strong reputation for enabling positive evolution of the market, including anonymous trading for on-the-run treasuries which OpenDoor launched in June 2020.

©The DESK 2020