ORB Launched on 1 February 2010,
ORB Launched on 1 February 2010, the Order book for Retail Bonds (ORB) offers continuous two-way pricing for trading in UK gilts and retail-size corporate bonds on-exchange. ORB acts as an electronic secondary market for retail investors. 2009 saw highest ever inflow into bond funds, net total of £10.7bn, this inflow driven almost entirely by retail investors (90% of total), with corporate bonds being the bestselling sector.
ORB offers an open and transparent
ORB offers an open and transparent market model for trading in retail-size. Currently there are five dedicated market makers committed to quoting two-way prices in a range of retail bonds throughout t he trading day. New market models means private investors will be able to see prices on-screen and trade in bonds in a similar way as they currently do for shares. This creates a greater efficiency of electronic on-book execution and option to use straight-through-processing to settlement system.