Fenics Overview

Fenics U.S. Treasuries (“Fenics UST”) is a fully electronic U.S Government securities (“USTs”) trading venue owned and operated by BGC Financial, L.P. (“BGC”). Fenics UST operates a Central Limit Order Book (“CLOB”). Subscribers to the platform are banks, broker-dealers, professional trading firms (PTFs) and institutional investors.

The CLOB will compete with well-entrenched incumbents in a marketplace designed for low-latency hedgers and arbitrageurs utilizing the tightest tick size in the U.S. Treasury Market, 1/16th of 1/32nd.

Fenics UST is the fastest, most stable, and most reliable ultra-low latency matching engine in the cash UST marketplace. All modern forms of electronic connectivity are supported, including binary protocol, FIX protocol and high-speed internet access with secured VPN.

Fenics Exchange API

TT® supports the following:

  • Prices: Mulicast BIMP Feed
  • Orders: FIX 4.4

Available Products

TT supports trading of all On-The-Run U.S. Treasury instruments will trade in increments of 1/16th of 1/32nd.

Supported Exchange Functionality

The following lists exchange functionality that TT currently supports:

  • Fenics products utilize the tightest tick size in the U.S. Treasury Market, 1/16th of 1/32nd
  • Deploying the most modern state of the art technology available today
  • Execution is binding and fully Anonymous – No Last Look
  • Pulling from the widest range of price makers and takers ever assembled in one pool
  • CLOB Order Type:
    • Limit
    • Immediate Or Cancel (IOC)
    • Fill or Kill (Fok)

Unsupported Exchange Functionality

TT does not currently support Fenics OTC and block orders.

Trading Hours

Trading Hours: Sunday evening through Friday, 6:30 PM - 5:35 PM Eastern Time (NY)

Connectivity Options

Refer to TT Access for more details about your connectivity options for connecting to TT.