Execution Protocols

Direct Match is an electronic trading venue that offers all clients equal access to the US Treasury market.


  • On-the-Run Treasuries (2Y, 3Y, 5Y, 7Y, 10Y, 30Y)
  • Orders are executed on an anonymous basis with a CCP in the middle of the trade
  • Trades are settled Fed Wire or FICC via our clearing firm
  • All participants can leave resting orders


  • All orders are live tradable limit orders
  • Time in Force modifiers of Day and Immediate or Cancel (IOC)


  • 1/16th of a 32nd (2Y, 3Y, 5Y)
  • 1/8th of 32nd (7Y, 10Y, 30Y)
  • Minimum quantity of $1,000,000 and minimum increments of $1,000,000


Monday - Friday 8:00am to 5:00PM EST

Connectivity available at 7:30am

Markets available at 8:00am


Direct Match follows SIFMA's holiday schedule


  • Direct Match's data center is located in the Equinix NY4 Data Center
  • Direct Match supports direct connection through FIX 4.4
  • Clients can also connect via ISV's (Independent Software Vendors) such as ION Trading, TT, GX2, and others to be announced soon.

Contact our sales team

If you'd like to find out more about Direct Match, please send us your details and we'll be in touch.

Tel: +1 (917) 819 6582