Intercontinental Exchange (ICE) has launched a new AI-powered trading analytics platform – ICE Compass – aimed at buy-side fixed income trading desks.
Varun Pawar
Specifically, the platform gives desks prioritised trader counterparty rankings and price estimates before executing trades.
T. Rowe Pricehas signed on as an anchor client, The TRADE understands, following the firm’s involvement and feedback during the development process and beta testing.
Dwayne Middleton, global head of fixed income trading, T. Rowe Price, said: “At T. Rowe Price, we are focused on using data, technology, and market insight to make faster, more informed trading decisions and enhance execution outcomes for our clients.
“Our collaboration with ICE on Compass reflects that priority and supports our continued evolution toward a more transparent, data-driven, and scalable trading model.”
Read more: Dwayne Middleton accepts Lifetime Achievement Award at Leaders in Trading New York 2025
The offering will enable users to combine ICE’s market data and pricing streams with their own real-time and historical trading data, in addition to the bids and offers, indications of interest and other pricing data points from their trading counterparties.
It estimates counterparty price commitment before trading intent is indicated and ranks counterparties by pricing competitiveness across global corporate and sovereign bond markets, with its data model continuously refined as new trading data is incorporated.
The analytics model “tracks intraday market movements, trading costs and trading behaviours to generate estimates that help support counterparty selection and pre-trade cost analysis”, according to ICE.
“Finding useful, pre-trade intelligence in the enormous amount of data that buy-side firms are bombarded with each day has become increasingly difficult,” explained Varun Pawar, chief product officer, data services at ICE.
“By pooling together data from across firms, trading counterparties and ICE’s vast data warehouse, we’re able to create a pre-trade view of dealer rankings and final cost-of-trade estimates across the market, giving customers a powerful new tool for optimizing their trading strategies and managing risk.”
ICE Compass, an AI-driven analytics platform, has been built on ICE’s proprietary data assets, including ICE Continuous Evaluated Pricing, fixed income liquidity metrics and indices.