Volume Match is an application within the BGC Trader platform. It is an anonymous auction-style trading system, which provides customers with efficient price discovery, order management and execution in credit and FX derivative products.
Volume Match is run multiple times per day for multiple products depending on market demand:
• At specific times and set price levels the market can execute trades anonymously
• Volume Match runs for approximately 5 minutes, several times per day
• At the conclusion of the Volume Match, only those participating will be aware of their transactions
• All unfilled interest remains undisclosed to the marketplace – which aims to remove execution risk
In some markets Volume Match offers an additional price discovery tool allowing traders themselves to post two-way prices. With this additional step, the mid-price is established by the market rather than being inputted by the broker. This offers significantly increased price transparency and efficiency of execution in certain markets.
Volume Match is deployed using Citrix, and is hosted by BGC Partners.