Transparent pricing for every desk size

The Deep MM model processes new TRACE prints within two to three minutes of post-trade reporting. For a bond that trades, the model incorporates the new print and refreshes the fair value in the next regular five-minute update cycle. For bonds that have not traded recently, the model updates on cross-asset and dealer axis signals continuously throughout the trading day.

Coverage is actively expanding. Floor License and Enterprise clients can submit CUSIP extension requests, and we evaluate these based on data availability and model fit. Most USD IG and HY corporates with some TRACE history qualify. Frontier EM credits are evaluated case by case. If a CUSIP is not currently in coverage, the API returns a clear not-covered status rather than a low-confidence estimate.

Yes, with the caveat that signals update every five minutes rather than tick-by-tick. The API supports polling intervals down to 30 seconds, but signal values will not change more frequently than the five-minute model refresh. For risk systems, the recommended integration pattern is a batch pull at open, hourly refreshes during the trading day, and an end-of-day snapshot for mark archives. FIX delivery via Enterprise tier eliminates the need for polling infrastructure.

Desk Access and Floor License are available on monthly or annual billing. Annual billing carries a 15% discount. There is no minimum contract period on monthly billing. Enterprise licenses are negotiated individually and typically include a custom MSA with multi-year terms. All pricing is in USD. For institutional procurement requirements including formal MSA, data licensing agreement, or vendor onboarding documentation, contact the sales team.

Deep MM holds the necessary data subscriptions and licensing arrangements for the underlying market data inputs including TRACE post-trade data, dealer inventory information, and cross-asset data feeds. Clients access only Deep MM's model output (the fair value signal), not the underlying raw data, so clients do not need separate TRACE licensing for the Deep MM signal. Enterprise clients requiring raw data access alongside the signal should contact sales to discuss bundled arrangements.

We offer a structured 14-day early-access evaluation for institutional desks going through our onboarding process. During the evaluation period you have full access to the web terminal and, for Floor License evaluations, API access on a limited CUSIP set. Evaluations are available for qualified institutional desks after a brief introductory call with the Deep MM team. Request access to begin the evaluation process.