Built for the desk. Used across the floor.
Three ways institutional fixed-income teams use Deep MM pricing signals today.
Quote off a number you can defend to risk
An IG desk managing a book of 200 positions will have 80-100 of them with no recent trade print. When a client request comes in on a name that last printed three weeks ago, the trader faces a choice: quote wide to protect against uncertainty, or quote tighter and risk being onside on a mismarked position.
Deep MM gives the trader a third option: a model fair value updated from this morning's CDS moves, the last print six weeks ago, and two dealer axes that have updated in the last 48 hours. It is not a quote. It is a defensible reference level.
Relative value across a fragmented market
HY bonds are structurally less liquid than IG. Many single-name credits go days or weeks without a print. A relative value desk trying to identify cheap-versus-rich relationships across an HY portfolio is effectively working with incomplete data on half the positions.
Deep MM's HY model, calibrated separately from the IG model to account for HY-specific liquidity dynamics, provides a consistent OAS fair value across the full book. This allows the desk to surface relative value opportunities that are invisible when half the positions have stale marks.
A mark-to-model supplement that risk accepts
Portfolio managers at asset managers face a different version of the same problem: end-of-day marks on illiquid positions. The traditional options are broker marks, which are inconsistent and often slow to update, or last-print, which may be weeks stale.
Deep MM provides a consistent, systematic model mark that is updated throughout the day. It does not replace broker pricing for official NAV purposes, but it provides a real-time reference that PM teams use to verify marks, flag outliers, and give risk teams a current read on estimated portfolio value.
When a bond goes quiet for weeks, our current tools give us nothing but last trade plus a gut check. Deep MM gave us a number we could actually defend to risk.
See how it works for your desk
Request access and speak with the Deep MM team about your specific workflow. We onboard new institutional desks within one business day.