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STRIPS trading is an important, but often underestimated, component of global bond markets. Historically, this has been seen as a specialised area and so the software used has been niche, designed only for STRIPS trading workflows. As a result, the software has been expensive and has inhibited innovation.

STRIPS traders have been restricted in their ability to meet their clients’ expectations. They currently take hours to manually set up new instruments and start serving customers.

In today’s rapidly evolving, more electronic bond markets, traders need a more holistic integrated trading system that, not only, handles their STRIPS trading but delivers pricing, electronic trading and auto-quoting all in one single application.


The AxeTrader Quoting and Execution Management System (QEMS) is the solution. It offers an advanced STRIPS trading workflow that not only surpasses that of product limited software systems, but is also completely integrated into the broader workflow needs of fixed income traders. This cutting-edge fixed income trading technology will free them from the legacy STRIPS trading solutions provided by incumbent providers.
With AxeTrader’s Custom Security Static Data (CSSD) feed, setting up STRIPS can be fully automated and take only seconds. Traders can price more accurately, competitively and be quicker to market, meaning they can now service their clients faster and more efficiently.

AxeTrader users can benefit from continuous real-time "rich/cheap" analysis of STRIPS vs. bonds, and the fully automated booking process for stripping or reconstitution takes the burden from traders - allowing the easy handling and more active trading of STRIPS.

With this powerful tool on hand, trading and pricing of strippable bonds and their constituents (principals and coupons) becomes as easy as trading and pricing straight bonds. AxeTrader not only supports the full process of pricing, handling and trading of STRIPS, but can also automatically update the corresponding static data of STRIPS and their constituents. This capability significantly enhances the ability to analyze and trade STRIPS.

STRIPS instruments are listed across many venues including TradeWeb, Bloomberg, MTS and CanDeal. AxeTrader is fully integrated with these and is ready to trade.
STRIPS image

Companies who have previously had to develop and maintain their own platforms can now easily move on to AxeTrader’s industry leading QEMS with advanced STRIPS capabilities.

AxeTrader meets the vital requirements of STRIPS traders, including:

  • Continuous real-time ‘rich/cheap’ analysis.
  • Pricing of coupons and principals using methods of the traders choice.
  • Stripping bonds into coupons and principal components.
  • Reconstitution of coupons and principals into bonds.
  • Generation of all tickets for downstream systems including the ability to cancel and to revert all trades at once.
  • Inventory management.
  • Value analysis and P&L calculations.
  • Automation of importing, maintaining and updating relevant static data.

AxeTrader is built from significant and deep fixed income market expertise and experience. It is designed to bring enhanced speed and efficiency to bonds and STRIPs trading workflows, and will continue to evolve and develop.

It works for traders at every step, providing:

  • Analysis of underlying bonds and strips in one pricing sheet.
  • Breakdown of principals and coupons.
  • Supports standard identifiers (CUSIP/ISIN/BBG ID)
  • Yield, price and present value of the STRIPS components
  • Ability to specify trade details (portfolio, trade date, counter-party, settlement date, etc) for the selling of the original bond and buying of the individual STRIPs.
  • Automated ticketing process generates all tickets required to:
    Strip: Sell original bond and buy for its STRIPS components
    Reconstitute: Buy the original bond and sell its STRIPS components


Currently in Canada, all significant types of bonds; Canadian Treasury Bonds, Munis and corporate bonds can be stripped – in fact at any one time approximately 10% of Canadian Treasury notes and bonds are held in a stripped form.

Each time a bond is stripped or reconstituted it must be reported to the Canadian Depository for Securities (CDS). AxeTrader delivers the necessary data seamlessly to the back-office systems to meet this requirement.
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