Where buy-side firms
Access CLO liquidity from broker-
dealers and buy-side simultaneously
Buying CLOs? Bid the Seller directly.
Submit bids directly
to the Seller
Flat clearing fee
Sending a BWIC? Engage Buyside Peers.
feedback to unlimited
Retain detailed records
for best execution
Getting started -
3 easy steps
Why We Created DirectBidding
What we are trying to create has huge potential. The CLO market consists of roughly 1,000 buy-side firms and 30+ broker-dealers. Wouldn’t it be great if you could access this liquidity in a single trading session?
This provides competitive execution and improved liquidity.
Typically, BWICs involve endless back and forth between counterparties. DirectBidding simplifies trading through direct negotiations and anonymous trades with other buy-side accounts. This reduces execution time and improves liquidity.
Best bid aggregation
We built our platform to enable buy-side accounts to bid directly and trade anonymously via a clearing bank. We have direct connectivity to 15 banks and the capability to enter trades from off-platform participants as well. DirectBidding is the most complete bid aggregation platform. Say goodbye to your spreadsheets!
Feedback is critical for traders. Current BWIC processes do not guarantee any feedback, leaving traders missing out on valuable information. DirectBidding automates feedback for all bids, giving bidders detailed color. This process significantly improves and simplifies the communication flow.
Simple fee structure
With DirectBidding, fees are low and transparent. The clearing bank charges all bidders a flat commission of 2 cents which simplifies trading, and should be especially valuable in times of market disruption.
Why Electronic Trading?
Electronic trading has taken off in many asset structures, including high yield bonds, increasing liquidity and enabling investors to transact seamlessly online. Using the high yield bond market as a proxy, CLO trading can grow 10x.
Frequently Asked Questions (FAQ)
How do I access DirectBidding?
How do I request access from a clearing bank?
Can I customize how I run my BWIC?
Get answers to popular questions below.