US treasuries trading platform, OpenDoor Securities, has ceased its operations following an announcement from chief executive and founder, Susan Estes, on social media.
Estes, formerly global head of treasury trading at Morgan Stanley and Deutsche Bank, confirmed that the trading platform shut down on 13 January in a statement posted on her personal LinkedIn account.
“Together we have shone a bright light on the pressing needs of the less liquid segments of the US treasury market,” Estes said. “These efforts are by no means in vain, as the increase in federal government spending means that US treasuries will play a critical role for the Biden administration in the months and years to come.
“Now more than ever, it is essential investors have access to greater transparency and liquidity to ensure the smooth running of these markets.”
The OpenDoor Securities platform launched in April 2017 in a bid to give traders access to the less liquid segments of the US treasury market, including off-the-run treasuries and treasury inflation protected securities.
The fixed income trading platform launched several initiatives last year including an all-to-all continuous order book for illiquid US treasuries, with State Street acting as a riskless principal intermediary, in January.
More recently in June, OpenDoor became the first US treasury venue to offer non-discriminatory pricing in benchmarks regardless of an account’s designation following the launch of its all-to-all anonymous order book for on-the-run (OTR) US treasuries.