TS Imagine has partnered with SEC-registered alternative trading system (ATS), OpenYield, in a move which sees the firm connect the solution to its TradeSmart platform.
Alexis Sainte Marie
The integration will provide TS Imagine’s clients with access to OpenYield’s all-to-all fixed income ATS, with third-party validated execution quality.
Moreover, the move is designed to expand institutional access to fixed income execution, providing trading desks with access to firm, automated liquidity spanning municipal, corporate and government bonds.
Specifically, TS Imagine’s TradeSmart serves as a multi-asset execution management system (EMS) that supports electronic management, routing and order execution on trading desks.
“Fixed income trading is becoming more automated, data-driven and workflow-intensive, but desks still face fragmented liquidity and inefficient execution processes,” said Alexis Sainte Marie, head of fixed income product at TS Imagine.
“Connecting OpenYield to TradeSmart gives our clients access to a robust source of executable liquidity, while advancing our broader goal of helping fixed income teams improve efficiency and control across the execution lifecycle”.
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The collaboration aligns with increasing electronification in fixed income markets, which has highlighted the need for transparent, price-driven liquidity across the industry.
In addition, the partnership is expected to address challenges often faced by fixed income trading desks, such as fragmented liquidity, manual workflows and rising expectations around best execution.
Jonathan Birnbaum, chief executive of OpenYield, added: “OpenYield was built to make fixed income trading more programmatic and efficient, and our automated pricing is designed to be embedded in modern execution workflows. By connecting to TradeSmart, we’re bringing that liquidity directly into the systems institutional trading teams rely on each day”.
Automation across fixed income markets has sped up in recent years, with a recent report by FIS and the ValueExchange revealing that 85% of North American participants are using electronic confirmation platforms for their Asia-Pacific trades.
In addition, in The TRADE’s most recent Q1 magazine, Michael Roberts, head of North America FICC trading at Columbia Threadneedle Investments, highlighted that the firm automated approximately 45% of its investment grade tickets over the course of 2025.