OpenDoor Information

OpenDoor was a transformative financial technology company that provided institutional investors with tools to improve their execution quality in the most illiquid segments of the US Treasury market: Off-the-run Treasuries and TIPS. OpenDoor's all-to-all platform a private sector, market-based solution for a public sector problem. The anonymous order book was the first US Treasury venue to offer non-discriminatory pricing in benchmarks regardless of a user's designation. OpenDoor's cloud-based matching engine eliminated data center colocation advantages or disadvantages for speed of execution. All participants adhered to the same set of rules including a minimum size requirement of $10 million in nominals and $5 million in TIPS. These elements combined to create an incentive structure where both buy-side and sell-side could find one another without fear of being disadvantaged, all while protecting their information content. In its last year of operation, OpenDoor facilitated $275 billion in Orders with a Matched Trade Volume of over $19 billion. Actionable Order volume (orders placed at or through mid-market levels) was $45 billion. The Actionable Order hit rate was 14.3%. Trades executed on the platform averaged $32 million, over six times the market average. During this same period, buy-side to buy-side match rates exceeded 65% with dealer to buy-side match rates of 33% and dealer to dealer 1.5%. OpenDoor was a pioneer in addressing the structural challenges in the US Treasury market, hidden to many, but no less threatening to our economy. Introducing change to any established market is never easy, but OpenDoor made breakthroughs that will help others to more easily finish the job we started. The OpenDoor Team would like to thank our clients, investment banking and other strategic partners for their courage and vision as they supported our efforts.