TS Imagine, a leading platform for integrated electronic front-office multi-asset trading, portfolio management, prime brokerage, and financial risk management, today announced that OpenYield, an SEC-registered ATS bringing equity-like efficiency to fixed income, is now connected to its TradeSmart platform
As electronification accelerates across fixed income markets, access to transparent, price-driven liquidity is becoming increasingly critical. Nowhere is this more acute than in municipal bonds, a market of over a million securities where less than 1% trade on any given day. The integration gives TS Imagine clients direct access to OpenYield’s all-to-all fixed income alternative trading system, allowing trading desks to access firm, automated liquidity across municipal, corporate, and government bonds.
TradeSmart is a multi-asset execution management system that helps trading desks electronically manage, route and execute orders. With OpenYield, clients can route fixed income orders to a venue purpose-built for programmatic execution, supporting the systematic flows, rebalancing and portfolio execution that now make up the majority of fixed income volume.
Reflecting OpenYield’s independently validated execution quality, the company engaged BondWave to provide Transaction Quality Analysis, benchmarking its Q3 2025 execution data against the broader market. The analysis found an average price improvement of 44 basis points in municipal bonds, 17 basis points in corporate bonds and one basis point in government bonds.
The partnership comes as fixed income trading desks continue to address fragmented liquidity, manual workflows and rising expectations around best execution. These challenges are especially pronounced in the municipal bond market, where more than one million CUSIPs and limited pre-trade transparency can make efficient execution difficult, especially for smaller sized trades. The integration also supports best execution obligations under Reg BI, with live, automated, third-party benchmarked quotes providing a transparent and defensible audit trail for every routed order.
“Fixed income trading is becoming more automated, data-driven and workflow-intensive, but desks still face fragmented liquidity and inefficient execution processes,” said Alexis Sainte Marie, Head of Fixed Income Product at TS Imagine. “Connecting OpenYield to TradeSmart gives our clients access to a robust source of executable liquidity, while advancing our broader goal of helping fixed income teams improve efficiency and control across the execution lifecycle”.
Jonathan Birnbaum, CEO of OpenYield, added: “OpenYield was built to make fixed income trading more programmatic and efficient, and our automated pricing is designed to be embedded in modern execution workflows. By connecting to TradeSmart, we’re bringing that liquidity directly into the systems institutional trading teams rely on each day”.
