7 Chord Inc, an independent provider of predictive pricing and analytics, today announced a strategic data partnership with IHS Markit, a world leader in critical information, analytics, and solutions, enabling BondDroid, 7 Chord’s award-winning customizable AI engine, to consume IHS Markit’s reference data for fixed income instruments.
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This partnership paves the way for a significant expansion of the bond universe covered by BondDroid Cloud, the firm’s real-time pricing service, in 2021. BondDroid Cloud currently prices 34,000 debt securities and streams minute-by-minute predictive price updates on more than 18,300 global high grade, high yield, and emerging markets sovereign bonds.
“BondDroid’s flexible architecture puts 7 Chord in a unique position to partner with a variety of firms that enjoy an informational advantage, including trading venues, asset managers, dealers and information providers, such as IHS Markit,” said Kristina Fan, Founder, and CEO of 7 Chord Inc.
Optimized for the live trading environment, BondDroid can be installed behind the client’s firewall as a customizable software package that extracts highly accurate pricing signals from public, vendor, and proprietary data without it ever leaving a client’s corporate environment. 7 Chord also offers BondDroid Cloud, a managed and hosted version of BondDroid that uses its own computing power and datasets curated by its data science team.
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IHS Markit’s timely reference data for newly-issued bonds enables BondDroid Cloud to generate pricing signals before a bond starts trading in the secondary market for approximately 93% of the bond issues within its universe criteria.
“By combining our market-leading fixed income reference data with BondDroid’s predictive pricing intelligence, we are enabling bond traders to gain a competitive advantage in the secondary market based on real-time signals identified across a range of corporate and sovereign bonds,” said Andrew Rogers, Head of Alliance Partner Strategy for Pricing, Valuations and Reference Data at IHS Markit.
7 Chord also leverages IHS Markit’s US Treasury bond reference data for its proprietary T-benchmark selection algorithm that closely tracks the industry consensus and considers the instruments’ embedded optionality features.
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