Fixed Income Trading

Future-proof bond trading for the new paradigm

One unified platform to access the entire fixed income liquidity landscape. More venues, more protocols, more automation — and more alpha.

Year-Over-Year Volumes on TradeSmart Fixed Income Grew 44% in 2025

+607%

Portfolio Trading Volumes

+109%

RFQ Responding Volumes

+81%

Click-to-Trade Protocol Usage

+66%

Direct Dealer Trading Volumes

Fixed income markets are evolving fast. The number of venues is increasing, institutions are diversifying across more asset classes and algorithms, and tighter regulation is driving demand for best-in-class compliance and reporting solutions.

Trade Fixed Income at Peak Efficiency

TradeSmart is the institutional execution platform built for fixed income. A single, unified system that reduces fragmentation, eliminates alpha leakage, and converts real-time workflow intelligence into competitive advantage — across all bond market protocols and asset classes.

Technology Can Have a Major Impact on Your Operational Efficiency

TradeSmart is an essential tool for the modern institutional investor — providing greater transparency, better efficiency, and the scalability to drive returns across fixed income markets.

More Speed

Reduce time-to-fill with rapid pre-trade data, AI-powered routing, and automation tools. React faster to market changes and outmaneuver competitors by accessing preferred execution pathways in real time.

More Safety

Electronic trading preserves best execution integrity with full audit trails, real-time compliance checks, and guardrails embedded into every order lifecycle — ensuring transparent, defensible outcomes on every trade.

Real Savings

Smarter protocol selection, rapid identification of contra opportunities, and embedded automation produce verifiable savings in both time and transaction costs.

Set up to Scale

As volumes and trade counts grow, our SaaS platform gives buy-side trading desks the ability to increase throughput with technology-assisted efficiency gains — no system rip-and-replace required.

Fixed Income Highlights

One Screen to Navigate Complex Bond Markets

Direct Dealer Connectivity
Venue Connectivity
Trading Protocols
Customizable Automation
Multiple Products
Data-Driven Insights

Direct Dealer Connectivity

Direct Dealer Connectivity creates a significant monetary incentive and promotes data privacy for dealers and their customers. Access leading dealers directly — without routing through a venue.

Connected Dealers:

Bank of America
Citi
Jane Street
Barclays
TD Securities
Goldman Sachs
JP. Morgan
Morgan Stanley

Venue Connectivity

Access the entire fixed income liquidity landscape with connectivity to 15+ venues. All price discovery centralized in one platform — no switching between venue GUIs.

Venues:

MarketAxess
Tradeweb
Trumid
Bloomberg
MTS
DirectBooks
TP ICAP
ICE
LTX
Liquidnet
UBS Bond Port
Neptune
Fenics
SWX
Tradewell

Trading Protocols

Increase hit ratios and manage complex workflows with the full range of modern fixed income trading protocols — all from a single interface.

Protocols Supported:

RFQ (Request for Quote)
Click-to-Trade (CTT)
Click-to-Engage (CTE)
RFQ-to-1
Side-by-Side RFQ (SxS)
Portfolio Trading (LIST / PT)
Voice Booking
IOIs
A2A Responding
CLOB
Leave Orders

Customizable Automation

Define, manage, and execute sophisticated rule-based workflows across asset classes — from a single integrated platform.

Build and manage automation rules that route orders to the right liquidity venues and dealers — encoding branching logic, sequencing, fallback actions, and market calendar awareness through the Rule Manager’s visual and code-based interface.
The Workflow Engine executes those rules reliably at scale: processing order events in real time, evaluating conditions, chaining actions, and triggering fallback sequences automatically — with no manual intervention required.

Supported workflows include:

Automate responses to RFQs with MarketAxess, Tradeweb and JPM
Automate A2A responding, bulk executions, aggressing, and best dealer identification

Automation 2.0 Capabilities:

Rule Manager

Visual and code-based rule builder (SDK Rule Builder)
Shared Script Libraries
Scheduled Order Release

Workflow Engine

AutoRoute — rule-based order routing
Sequenced Actions
Fallback Actions
Market Calendar Awareness
Liquidity & Cost Intelligence
Auto Aggressing
Best Dealer Identification
Algo Wheel

Supported Workflows

Auto RFQ — automated RFQ responses across MarketAxess, Tradeweb, and JPM
Automated A2A Responder
Bulk Execution

Multiple Products

Stay ahead of the curve with continuous product expansion as fixed income markets evolve. TradeSmart supports the broadest range of fixed income instruments available in a single EMS.

Instruments Supported:

IG Credit
HY Credit
Emerging Markets
Munis
Govies
CDS / CDX
TBA / SpecPool
MBS
ABS
Loans
IRS

2026 Roadmap:

Enhancements to ABS, MBS, and Loans

Data-Driven Insights

Manage and optimize your trading data with TCLA and Snowflake-powered analytics. Self-service dashboards give trading management, portfolio managers, and quant teams full visibility into execution performance. Cortex AI enables plain-English queries — no SQL required.

Analytics Capabilities:

Transaction Cost Analysis (TCA) and trader metrics
Best execution reporting
Dealer scorecards
AlgoWheel analytics
FI Outlier Analysis
Daily trade exception reports
Activity trends and slippage
Liquidity scoring and back-testing

Go Live in 4–6 Weeks

TradeSmart’s battle-tested implementation process gets your desk trading faster — without disrupting existing workflows. Over the years we have developed and fully refined our approach to ensure every project is set up for success from day one.

7-Step Implementation Process

Planning

Analysis & Design

Development

UAT Deployment

Integration

User Training

Production Preparation → Go Live

Support

Global 24×6 institutional support — New York, Montreal, London, Singapore, Hong Kong. Specialized account management throughout.

New York
Montreal
London
Singapore
Hong Kong

Hear From Our Customers

"Working with TS Imagine has been a rewarding experience from Day 1. The TS team has taken a very collaborative approach to delivering high quality workflow solutions for our mutual customers. Staying focused on user feedback & quickly implementing enhancements is a winning combination. We’re pleased to be a part of their ecosystem & look forward to working together as the electronification of fixed income markets continues to mature. "

MTS Markets International

Introducing Automation 2.0

Event-Driven Automation for Fixed-Income Trading Desks

Download the Product Sheet →

Coalition Greenwich & TS Imagine White Paper

Fixed Income EMS: The Time is Now

100% of trading professionals who responded to a 2023 Coalition Greenwich study believe fixed-income EMSs give them an edge while trading.

Access White Paper

A Better Life for Buy-Side fixed income ems Traders

Video

A Better Life for Buy-Side Traders

TS Imagine’s Chief Markets Officer and Head of Fixed Income, Spencer Lee, discusses his transition from asset management to technology, and his thoughts on the evolution of electronic bond trading.

Watch Now

Glossary

Fixed Income Electronic Trading, Defined

New to electronic trading? Access definitions of commonly used terms in fixed income electronic trading.

Explore

Transaction Cost and Liquidity Analytics

Level the Playing Field with Data

TS Imagine’s powerful data management differentiates the most successful investors, empowering traders to quickly combine knowledge and expertise with data-driven insights. Explore the possibilities.