By Flora McFarlane.
New Jersey-based startup trading platform OpenDoor Securities has completed a third US$10 million investment round, which will facilitate new front office hires and continuing technology developments.
The fixed income startup, which offers anonymous, all-to-all trading for illiquid, off-the-run US Treasuries was launched in April 2017.
While the funds will be used to hire experienced sales and marketing executives, the company announced that it will also enhance the existing offerings, such as ‘SuperGrid’ and ‘ClearView’.
SuperGrid is an interface which allows traders to choose which issues, orders, and trades they can see from the full set of off-the-runs and Treasury Inflation-Protected Securities (TIPS). Traders receive updated information as liquidity shifts along the curve.
ClearView uses OpenDoor’s internal pricing models tracking curve moves and on-the-run premia, combines with dealer and third-party feeds to offer insights into price drivers, and offering pre-trade insights.
Over the last nine months the firm has seen the represented size in assets under management of the financial institutions trading on it grow by 84%, up to US$7.3 trillion. It has facilitated over US$275 billion in orders since launch. The first week of January 2018 reported matched trading volume of US$1 billion.