The complex secondary market in corporate bonds is characterised by strict regulatory requirements and by a high degree of fragmentation in terms of liquidity. As a result, market participants place numerous, sometimes contradictory, demands on a trading venue that has over 13,000 listed bonds. Boerse Stuttgart has introduced a new technical access that not only facilitates connections to the hybrid market model but also allows sell-side customers to define their own parameters over the entire life cycle of a bond. Thanks to an innovative multi-access interface, they can now communicate proactively and autonomously using different parameters for the same bond. On request, they can also submit orders to the order book of the electronic trading system Xitaro. The interface also ensures that Boerse Stuttgart receives a continuous stream of price information. To ensure that it remains future-proof, the interface was developed with FIX technology, the open, universally compatible standard protocol used in the financial sector. FIX version 5.0 is the most up-to-date market standard in bond trading.
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