Intercontinental Exchange (ICE) launched ICE Compass on Tuesday, a pre-trade analytics platform for buy-side fixed income desks that ranks counterparties and estimates prices before execution across global corporate and sovereign bond markets.
Asset manager T. Rowe Price signed on as an anchor client after providing feedback during development and beta testing, The TRADE reported.
The platform combines ICE’s market data and pricing streams with a client’s own real-time and historical trading data, along with bids, offers, and indications of interest from counterparties. ICE said Compass estimates counterparty price commitment before a desk signals trading intent, and ranks dealers by pricing competitiveness.
“At T. Rowe Price, we are focused on using data, technology, and market insight to make faster, more informed trading decisions and enhance execution outcomes for our clients,” said Dwayne Middleton, global head of fixed income trading at T. Rowe Price. “Our collaboration with ICE on Compass reflects that priority and supports our continued evolution toward a more transparent, data-driven, and scalable trading model.”
ICE said the model is refined as new trading data is incorporated, tracking intraday market movements, trading costs, and trading behaviours.
The platform is built on ICE’s existing fixed income data assets, including Continuous Evaluated Pricing, liquidity metrics, and indices.
