Fixed Income & FX

Consistency, Reliability and Excellence

For over 15 years, we’ve been one of the largest market makers in global fixed income and currency markets.

Across all market conditions, we’re an integral and reliable partner to the world’s largest central banks, global financial institutions, government agencies, corporations, insurance companies and sovereign wealth funds. We maintain a relentless focus on best-in-class liquidity provision, competitive and firm pricing, exceptional client service and superior thought leadership.

We leverage world-leading quantitative research and technology to modernize fixed income market making and meet client needs. Our culture of innovation allows us to attract the industry’s brightest and best talent.


Markets where we’re active, serving over 1,000 clients


Ranking on major FX platforms across futures and spot FX1


in U.S. Treasuries on Bloomberg2

One of the world’s largest market makers in USD Interest Rate Swaps, we partner with our global client base to provide a variety of vanilla and custom derivatives-based risk management solutions.

Our innovative, industry-leading automated quoting technology delivers the fastest response times to liquidity requests across all trading venues.

We offer full-service client relationship management, high-touch coverage, large-scale risk transfer and truly global distribution.

Clients around the world value the depth of our global offering across the full Treasury curve, including TIPS, delivered via a best-in-class systematic and high-touch offering.

We are the only dealer to offer a truly innovative 100% firm executable stream for both active and off-the-run U.S. Treasuries on Bloomberg and Tradeweb.

Leveraging our powerful quantitative and engineering capabilities, we focus on delivering consistent, competitive prices to clients, driven by systematic real-time axe management and internalization.

We are a leading market maker in spot FX across G10 and emerging market currencies. We aim to deliver customizable liquidity with high execution quality and consistent pricing to clients globally. Advanced technology enables us to offer unique solutions that meet our clients’ diverse needs.

Our market making model allows for low market impacts for clients, while state-of-the-art risk management provides reliable liquidity. Our proven track record makes us a key counterparty, particularly in times of market volatility.

Driving Change in the Bond Markets

Global Head of Linear Rates Trading Michael de Pass explains how our focus on transparency, efficiency and resiliency is changing the structure of the bond market—and expanding access to continuous liquidity and reliable pricing.

Our Policy

We research and promote policies that will drive efficiency, transparency and resilience in equities markets.

View Policy Insights

Make Your Next Career Move