ICE’s Continuous Evaluated Pricing (CEP) provides high quality continuous, evaluated pricing for approximately 2.5 million fixed income instruments globally from liquid to less liquid and hard-to-value instruments across sovereigns, investment grade and high yield corporates, emerging markets and money market instruments. As a leading provider of evaluated pricing and related services, we're uniquely positioned to deliver this ground-breaking service. ICE’s evaluation process is driven by market data, including axes, trades, bids, quotes and various forms of market color from buy-side, sell-side sources, electronic trading platforms and public trade reporting systems. ICE combines extensive content, technology and algorithms, and experienced evaluators and data science teams to rapidly process and apply incoming data while retaining close evaluator oversight
As a leading provider of evaluated pricing and related services, we're uniquely positioned to deliver this ground-breaking service. Our innovative approach combines both system and human analyses to generate a continuous stream of fixed income evaluations that processes and incorporates market data throughout the day.
Our approach is rooted in the judgment and expertise of our evaluation team and does not rely solely on black box models.
This approach allows clients to benefit from CEP in many activities including price discovery and idea generation, enhanced trading workflows, best execution and transaction cost analysis, intraday operational valuation processes and real-time risk and credit utilization monitoring.
Specifications
Key Features
ICE Continuous Evaluated Pricing™ (CEP™) provides high quality continuous, evaluated pricing across global asset classes including fixed income securities, and global American Depository Receipts (ADRs). Other key features include:
- Measuring Execution Quality: The sporadic nature of trading activity for all but the most liquid bonds in the most liquid asset classes makes it difficult to assemble the right package of comparable trades around which to build out tools for assessing execution quality. At ICE Data Services, we’ve developed new tools that leverage our Continuous Evaluated Prices to provide a basis for the measurement of Best Execution. These tools can be used by traders, portfolio managers and compliance officers to more closely monitor trading activities across the growing number of venues and protocols.
- Automation: As electronification and automated trading become an increasingly important part of the fixed income market structure, liquidity providers seeking to participate will need to explore automating certain components of their trading operations in order to meet the speed demands and economic realities of the new environment. Should all-to-all trading models take hold, the buy-side will also need tools that allow them to transform from price-takers to price-makers in the marketplace.
- Pre-Trade Price Transparency & Discovery: The flow of pre-trade pricing information is changing. Traditional sources of pre-trade transparency focus on a narrowing segment of the market. New trading venues are providing alternative sources but the anonymity many of these markets provide to their participants may leave pre-trade participants seeking additional information about the quality of the prices they see. The trading community increasingly looks for prices from recognized independent sources to help them quickly identify the best option for each trade. Our Continuous Evaluated Pricing – CEP™ Service can provide you with the tools to assess quote quality and enhance price discovery and therefore assist you with making quicker decisions.
- Intraday NAV Calculations: Continuous Evaluated Pricing – CEP™ empowers funds to calculate NAVs at any time during the trading day, using continuously updated evaluations for constituent securities. This facilitates the intraday monitoring of a fund’s holdings to help identify and isolate those positions most likely to require review during the official NAV setting process. Some institutions elect to match the timing of the official NAV setting with local market convention.
- Global Coverage: Corporate Bonds (IG & HY), Emerging Markets, Money Markets, and Sovereigns, as well as US Agencies, TBA Mortgages, MBS Pass-throughs, and Municipal Bonds
- Delivery Options: multiple delivery options are available, including
Snapshot - Delivered through our traditional snapshot platform at snap times you choose; well-suited for those accustomed to FTP-style data delivery.
EXCEL® API - Add-in for Excel allows you to integrate Continuous Evaluated Pricing into custom spreadsheet tools and watch lists.
Market Data Feed - FIX protocol-based market data feed or Consolidated Feed enables access to Continuous Evaluated Pricing – CEP™ throughout the day.
Products
The evolution of our file-based offering. Bringing together, in a unified solution Corporate Actions, Reference Data, Analytics and our wealth of pricing datasets including ICE Evaluations, CEP, Fair Value Information Services & Listed Market Pricing.
Buy-side and sell-side front offices continue to embrace more data and more technology in order to expand their opportunities and gain an edge over the competition. Enrich front office systems with ICE’s Data API solution, providing intraday access to fixed income pricing, on-demand analytics, reference data and more.
ICE Consolidated Feed is ICE’s Resilient, distributed and normalized Market data solution: providing Realtime access to Level 1,2 & 3 Market Data, News and Fundamental datasets through zero-footprint and throughput optimized API and connectivity options.
ICE Consolidated History is ICE’s Bulk History Offering: providing incremental updates and direct access to ICE’s archive of up to 15 years of tick-by-tick Level 1,2 and 3 historical tick level Market Data.
ICE Connect brings together access to cutting-edge trading tools with real-time cross-asset data, global news, and analytics all on one platform. Whatever your role, our platform can be tailored to your workflow for optimal efficiency.