Intercontinental Exchange, Inc. announced the launch of Price Improvement Volume Clearing (PIVC) on May 6, 2025. This patent-pending innovation enhances ICE Bonds’ Risk Matching Auction (RMA) protocol for corporate bond trading.
PIVC is designed to deepen liquidity and improve pricing outcomes for market participants by allowing dealers to increase volume and improve prices in a follow-on auction session. This helps uncover residual interest and execute additional volume.
Trading on ICE Bonds saw record notional volume of $62 billion for corporate bonds, up 27% from Q1 2024, and $48 billion for muni bonds, up 26% from Q1 2024. This enhancement further strengthens ICE's suite of electronic trading protocols and is expected to drive continued growth.
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