Retail broker largest selection? (FI)

[kmiklas]

What is the retail broker that has the largest set of Fixed Income offerings, both total number of products, and types of products.

As I understand it, Marketaxess and Tradeweb are the primary professional bond execution venues. Retail brokers will contract with one of them to provide and inventory for their clients.

The only offerings I’ve seen are Treasury, Corporate, Muni, and Agency. I haven’t seen any retail MBS, CRS, IRS, Repos, Commercial paper, etc. Probably because most retail traders are priced out… but _something_ would be nice to have.

- IB/TWS has the best selection I’ve seen so far
- Schwab/Streetsmart Edge is absolutely in the toilet. Embarrassing. I couldn’t find their offerings at all… I even called, and they said that they don’t really have a bond scanner.
- I haven’t checked eTrade, TD Ameritrade, etc. but my expectations are low
- Anyone have experience with Fidelity?

Can anyone guide me to a retail broker that has the best selection of fixed income offerings?

Thanks, Keith :^)
Non-professional - not licensed - opinion only

 

[MrMuppet]

For stuff like MBS, IRS, etc. you'd need an ISDA agreement.
These are traded OTC institution vs. institution.

Treasury, Corporate, Muni and Agency are the games available to retail. It hurts to say that but IB might be the best bet here.

 

[ETJ]

Many of the e-commerce brokers are simply offering up the inventory of a size bank. So you can a sense of what's available from their inventory. You can still do an agency trade if you have a particular instrument you are looking for.

 

[kmiklas]

Many of the e-commerce brokers are simply offering up the inventory of a size bank. So you can a sense of what's available from their inventory. You can still do an agency trade if you have a particular instrument you are looking for.

You lost me.

1. What is the inventory "of a size bank?"
2. What do you mean by an "agency trade?"

Thanks, Keith