Mirae Asset Securities (USA) has been appointed as the fully disclosed clearing broker of Cboe Global Markets’ new US treasuries trading platform.
Cboe’s US treasuries platform is a full amount trading platform — where any incoming marketable order will trade in full with only one counterparty — for on-the-run US treasuries.
It aims to achieve execution for institutional-sized orders to an anonymous full amount platform, and will help clients access curated liquidity by consolidating streaming quotes from dealers into a single best price at each volume level.
In addition, Cboe indicates that its platform is designed to provide customised liquidity curation services to help participants manage liquidity segmentation and offer pre-trade market data transparency and post-trade reports for analytics.
Mirae Asset Securities, a New York-based institutional capital markets platform, is a Depository Trust & Clearing Corporation (DTCC) Fixed Income Clearing Corporation (FICC) member. The firm says it will ensure anonymity on Cboe’s trading platform, with all trades facing Mirae and settling against the FICC.
James De Alto, head of correspondent clearing services at Mirae, says: “Cboe’s matching platform aims to solve some of the biggest trading and liquidity challenges faced by the US treasuries dealer community today.
“We are pleased that Cboe has selected Mirae as its fully disclosed clearing broker, and we look forward to providing our correspondent clearing services to support the continued success of their new trading venue.”
James Arrante, senior director, FX and US treasuries product and business management at Cboe Global Markets, adds: “Cboe is pleased to partner with Mirae, a well-respected and trusted institution in the capital markets with significant experience acting as a clearing broker.
“Our collaboration with Mirae will help ensure that clients on Cboe’s US treasuries platform remain fully anonymous, so that they can interact directly with high-quality order flow, while reducing information leakage and market impact.”
