Bonds.com

What Bonds.com does

Bonds.com is an institutional financial technology platform that operates the BondsPro Alternative Trading System (ATS) for US and global corporate bond trading. The platform connects hundreds of broker dealers, asset managers, and liquidity providers through live streaming, click-to-trade markets, and an all-to-all execution model, resting $60bn+ of at-market liquidity daily and providing executable pricing on over 200,000 corporate bond instruments across 22 trading hours per day. Its product portfolio comprises BondsPro ATS for core trading, a Direct Connectivity layer offering FIX 4.4 API and integrations with Bloomberg TSOX/TOMS, Charles River IMS, TradingScreen, TORA, TS Imagine, BondCliQ, MultiLynq, TransFICC, OpenFin, Ion, and Broadway, a Match matching protocol and an RFQ protocol introduced in 2025, and BondsPro Data, which delivers executable bond pricing for 20,000+ securities via GUI, API, or FTP with tick-by-tick historical coverage.

The business generates revenue through three streams: transaction and trading fees on BondsPro ATS executions, market data licensing via BondsPro Data, and connectivity and managed services for dealer-to-client price streaming, axes distribution, and post-trade STP, priced on flexible fixed or volume-based models under non-disclosed contact-based pricing. Bonds.com is a subsidiary of Compagnie Financière Tradition (CFT SW), which acquired the entity (then MTS Markets International) from Euronext in December 2022 and rebranded it back to the Bonds.com name in April 2023. Securities activity is conducted through FINRA/SIPC-member bonds.com, LLC, headquartered at 32 Old Slip, New York, with operationally stated coverage across 55+ countries and a corporate, US Treasury, European, and global/EM bond universe.

Name

Bonds.com

Legal name

bonds.com, LLC

Website

https://bonds.com

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

11–50 employees

Short description

Bonds.com operates the BondsPro ATS, an institutional electronic trading platform for corporate bonds connecting hundreds of broker dealers and asset managers via streaming, RFQ, and matching protocols, complemented by a FIX-based connectivity layer and executable bond pricing data. It is a subsidiary of Compagnie Financière Tradition serving the institutional credit market globally.

Ownership category

akta.pro rank

Product category

Institutional Fixed Income Trading Platform

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Investment Banking and Securities Intermediation (523150)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Corporate Bond Trading Platforms (FSAFACAB)

akta.pro secondary industries

Multi-Asset Alternative Trading Systems (ATS) / Multilateral Trading Facilities (MTF) (FSAFAEAC), Government Bond (Sovereign) Trading Platforms (FSAFACAA)

Keywords

• Institutional bond trading
• Corporate bond ATS
• Bond market data
• Fixed income connectivity
• Dealer-to-client API

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Infrastructure, Personnel, Marketing or Sales, Operations

Revenue model

1. Transaction/Trading Fees: BondsPro ATS operates as an Alternative Trading System (ATS) for institutional corporate bond trading. Revenue is generated through transaction fees on trades executed through the platform.
2. Market Data Licensing: Bonds.com provides real-time, historical, and executable bond pricing data sourced from institutional trading community. Data is delivered via GUI, API, FTP, supporting portfolio valuations, risk assessment, and trading automation.
3. Connectivity Services: Dealer-to-client connectivity services providing turnkey solutions for price streaming, axes distribution, and trade execution. Flexible billing options including fixed or volume-based models.

Go-to-market motion3 records

Distribution channels8 records

Marketing channels3 records

Core offering

Bonds.com operates the BondsPro Alternative Trading System (ATS), an institutional electronic trading platform for corporate bonds that provides live streaming, click-to-trade markets, and access to real-time liquidity and inventory from hundreds of broker-dealers and asset managers. The platform is supplemented by Direct Connectivity (a widely-used bond API and dealer-to-client infrastructure) and BondsPro Data (executable institutional bond pricing data across 20,000+ securities). It serves broker-dealers, asset managers, and liquidity providers with 22-hour daily trading access.

Product overview

Bonds.com is a financial technology platform offering institutional corporate bond trading, market data, and connectivity solutions. The core product is BondsPro ATS, an electronic trading platform providing real-time liquidity, live streaming, and click-to-trade markets. This core platform is supplemented by Direct Connectivity (a turnkey dealer-to-client API solution for price streaming and STP), BondsPro Data (executable bond pricing data sourced from the live order book), and Match (a new matching protocol launched in 2025). The platform connects hundreds of broker dealers and asset managers with $60bn+ of resting at-market liquidity daily.

Differentiator

Problem solved

Functional benefit

Products and services

• BondsPro ATS Institutional Alternative Trading System (ATS) for corporate bond trading featuring real-time liquidity and inventory from hundreds of broker-dealers and asset managers, live streaming and click-to-trade markets, advanced workflows for tiering, axes, and list trading, with $60bn+ of resting at-market liquidity daily and access to over 200,000 institutional corporate bond prices.
• Direct Connectivity

Quantifiable outcome

• $60bn+ of resting at-market liquidity daily
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration13 records

AI capability2 records

Feature6 records

Partnerships

Eleven partnerships are on record, tiered core and general.

• MultiLynqcoreTechnology or Integration · 4 April 2023MultiLynq provides multi-dealer messaging and connectivity capabilities for Bonds.com's RFQ protocol integration into the corporate bond order book.
• Charles RivercoreTechnology or Integration · 10 November 2021Charles River IMS integration with MTS BondsPro ATS enabling all-to-all access across global fixed income markets. Offering customers ability to interact with markets in the most natural way as defined by each client.
• BloombergcoreTechnology or Integration · 1 January 2016Bloomberg TSOX direct trading access integration - BondsPro was the first unaffiliated electronic platform to have direct access connection to Bloomberg TSOX. The partnership won Best Collaboration Initiative and Best Partnership awards at Waters Technology Awards 2016.
• TS ImaginecoreTechnology or IntegrationTS Imagine TradeSmart EMS integration with BondsPro. Partnership revolutionizing buy-side trading experience with workflow automation. David Parker (BondsPro) and TS Imagine collaborating on fixed income execution management.
• TradingScreencoreTechnology or IntegrationBondsPro integrates with TradingScreen for greater client accessibility. Fitting into bespoke workflow that each customer develops on their own accord provides accessible, integrated service for trading.
• TORAcoreTechnology or IntegrationTORA OEMS deepens fixed income offering with BondsPro integration. Integration makes liquidity via BondsPro platform more widely available to TORA's global client base and easily accessible.
• BondCliQcoreTechnology or IntegrationBondCliQ users get BondsPro data for US credit market. Natural step towards establishing better price transparency by consolidating and centralizing corporate bond pre-trade information. Joint liquidity mapping tool launched.
• TransFICCgeneralTechnology or IntegrationDealer connectivity option through TransFICC platform for fixed income electronic trading connectivity.
• OpenFingeneralTechnology or IntegrationDealer connectivity option through OpenFin desktop application framework.
• Ion (Ion Trading)generalTechnology or IntegrationDealer connectivity option through Ion Trading platform.
• BroadwaygeneralTechnology or IntegrationDealer connectivity option through Broadway trading platform.

Scale indicators10 records

Recent moves11 records

Expansion highlights5 records

Direct peers

• Trumid: Electronic trading platform for corporate bonds using an all-to-all, fully electronified model with swap and portfolio trading functionality. Targets the same institutional credit market as bonds.com with a protocol-based execution approach and direct dealer connectivity.
• Tradeweb: Major electronic marketplace for institutional fixed income, derivatives, and ETFs. Competes head-on with bonds.com in US, European, and EM corporate bond trading via request-for-quote and streaming protocols, and serves the same institutional broker-dealer and asset-manager client base.
• ICE Bonds (Intercontinental Exchange): ICE's fixed income electronic trading business (formerly BondPoint) operating institutional credit trading venues. Directly comparable all-to-all corporate bond venue with deep liquidity partnerships, similar dealer-to-client connectivity focus, and global institutional distribution.
• MarketAxess: Leading institutional electronic trading platform for corporate bonds and other fixed income instruments. Direct competitor to BondsPro ATS, operating an all-to-all model across global credit markets with comparable dealer-to-client and portfolio-trading workflows.
• Fenics (BGC Group / Fenics UST/Credit): Electronification initiative from BGC Group (formerly GFI) offering direct streams and all-to-all trading in Treasuries and credit. Competes with bonds.com in institutional credit electronic execution via proprietary protocols and API-based dealer-to-client connectivity.
• Liquidnet Fixed Income (TMX Group): Institutional fixed income trading platform acquired by TMX Group, offering block trading and electronification across credit. Comparable institutional customer base and dealer-network-driven trading model in corporate bonds.

Emerging players

• BondCliQ: Real-time corporate bond pricing and data feed with a growing marketplace business. Pairs closely with bonds.com as both a data partner (BondCliQ distributes BondsPro data) and an emerging trader in the same US credit electronic trading segment.

Broad incumbents

• CME Group (BrokerTec / EBS): Major exchange operator with BrokerTec running electronic US Treasury and European fixed-income cash trading. While primarily a rates venue, CME's scale, balance sheet, and post-trade integration make it a broader incumbent that overlaps with bonds.com's institutional client base.
• MTS (Euronext): Euronext-owned MTS operates electronic regulated markets for European sovereign and repo trading. Bonds.com itself was an MTS subsidiary (MMI) until 2022, and MTS retains deep European fixed-income infrastructure and relationships that materially shape bonds.com's competitive context.
• Bloomberg Fixed Income Trading (TSOX / FIT): Bloomberg's TSOX and FIT platforms are core dealer-to-client execution venues for institutional fixed income. As bonds.com's largest distribution partner, Bloomberg is both a critical channel and the de facto incumbent benchmark against which bonds.com's institutional offering is measured.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/bondsdotcom

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bonds.com