The Karn Group

Fixed Income
Automated Bidding

Automating Requests-For-Quotes

TKG has automated the complex process of real-time pricing and calculation of bids for the municipal and credit markets. For over ten years, TKG has steadily advanced fixed income technology in what is among the most difficult asset classes to trade. With connectivity to a broad range of electronic marketplaces and consolidators, TKG offers a solution to market participants with a wide variety of trading desk configurations.

Automated Bidding Features:

Automated Bidding Features:

  • Prices on recent market activity, comparables and micro-sector yield curves.
  • Processing in real-time RFQs, intra-dealer trades, offerings and comparable bond trades.
  • Customizes pricing methods and bidding parameters.
  • Discounts bids from fair value by the characteristics of both the RFQ and bond.
  • Connects to alternative trading systems, order management systems and electronic market consolidators.
  • Displays graphically market data and interactively shows market activity, pricing and bidding levels.


How are customers supported?

A subject matter expert is assigned as your primary support. In addition, you will have access to alternative support staff to ensure you can always get immediate support when needed. You will be provided with the email addresses and telephone numbers of all support personnel.

How is implementation managed?

A subject matter expert will lead your implementation. Experts in business requirements, data analysis and security will be involved at the appropriate stage to ensure a smooth and satisfactory experience.

How does TKG maintain data security?

Your data is secured both at rest and in transit. Data at rest is encrypted using either PGP, GPG or PKA. Data is transmitted to TKG using SFTP, SSH Web Services, VPN and dedicated telecommunications connections. TKG accepts fixed and delimited files, XML messages and FIX messages.

Does TKG support Single Sign On (SSO)?

TKG supports SSO with Security Assertion Markup Language (SAML) protocol. We can also implement custom SSO solutions to client specifications.

How is access managed and workflow documented?

TKG’s comprehensive entitlement system allows customers to control access to review and approve data and exceptions. In addition, all actions and entries are logged and automatically archived.

Can the system be customized?

Users can customize system parameters through the user interface. TKG can implement additional rules and features during system setup or later on an ad hoc basis.

What market data is used by the system?

TKG sources security master information, MSRB and FINRA reported last prints (municipal, corporate, agency bonds and structured products), ATS RFQs, offerings and situational bids, broker’s broker bids and bid stacks and US Government Bond prices.

What customer data file formats does TKG accept?

TKG recommends customers format data according to our file specification. Alternatively, TKG accepts a broad range of file formats from third parties, order management systems, clearing firms and customer internal systems.