DelphX will soon launch the first multi-level network for confidential trading and inventory caching of corporate bonds and other fixed income securities among dealers and institutional investors. Built on insights gathered from hundreds of buyside and sellside interviews conducted by Greenwich Associates, DelphX has designed its network to optimally provide the features most sought by market participants. Post-crisis regulations have drastically reduced the ability of bond dealers to hold and deploy inventory, draining their capacity to provide liquidity in the credit markets. DelphX has designed a new trading protocol through which dealers can temporarily cache inventory supply and capacity provided by asset managers, in return for their receipt of pricing concessions that generate alpha. DelphX differs from other electronic markets in that its features are designed to enhance the traditional roles of dealers and investors in the OTC market, and to streamline - rather than disrupt - the way dealers and investors interact. Unlike all other markets, DelphX will charge no transaction fee to any participant, and will employ unique structures and protocols to offer: • Confidential one-to-one, one-to-selected and one-to-all communication of recipient-specific quotations, RFQs, orders and messages among dealers and investors; • Caching of deployable inventory supply and capacity provided by asset managers for dealer use in providing robust and resilient market liquidity - even in times of market stress; • Low monthly subscription fees for an array of services; • Optional election of temporary or continuous anonymity by any participant; • Definitive investor-specific best execution compliance services and documentation; and • Real-time valuations and indexes uniquely informed by all currently pending bids and offers. To protect its first-mover advantage and proprietary intellectual property, DelphX has multiple patent applications pending with the USPTO.
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