Archipelago to launch bond trading platform

Archipelago to launch bond trading platform

Archipelago Holdings, operator of the ArcaEx electronic stock market, says it plans to file a proposal with the US Securities and Exchange Commission to launch a corporate bond trading platform.

Archipelago, which is being acquired by the New York Stock Exchange, says it plans to introduce bond trading by the end of the year, pending regulatory approvals.

In a statement, the firm says the proposed platform would enable users of its ArcaEx stock exchange to trade certain bonds listed on, or issued by companies listed by US markets and exchanges, through unlisted trading privileges. ArcaEx will initially focus on US exchange-listed corporate bonds.

Mike Cormack, Archipelago president, says: "Our entry into bond trading furthers our stated strategy of leveraging technology, connectivity and our solid relationships with our customers to trade multiple products over the ArcaEx platform."

The bond marketplace is expected to offer both limit and reserve orders, match on a price/time priority basis and initially interact solely within ArcaEx's internal liquidity.

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