We’re excited that you’re interested in integrating with Moment!

Moment is purpose-built for digital platforms. Paired with our automated execution technology, Moment’s fixed income data solution is the most comprehensive offering in the market and the only solution that makes launching a complete, enterprise-grade fixed income offering possible — and in just weeks. Everything needed for fixed income data is accessible through Moment’s simple REST and Websocket APIs.

In order to complete an efficient integration, we’ve created the following comprehensive guides (updated regularly as we launch updates and new features) to help you navigate Moment's reference data products successfully. Reach out to our team at [email protected] with any questions!

Introduction

How does Moment make fixed income reference data easy?

For digital platforms looking to offer a fixed income solution for the first time, understanding exactly what is needed to offer an end-to-end institutional-grade solution is not obvious. There are many hidden nuances and complexities to offering fixed income data and trading experiences. We created these guides to make using Moment's reference data easy:

1. Learn about fixed income reference data basics in our Guide: Overview of Fixed Income & Reference Data
2. Visualize exactly how to offer fixed income for users with our Guide: Case Study: Visualizing Fixed Income Data
3. Understand everything you need to know about each Reference Data field offered by Moment, including available values for each field, why each field is important, and where each field can be found in Moment's API endpoints in our Guide: Reference Data Glossary.
4. Understand how Moment's evaluated pricing engine works in our Guide: Understanding Evaluated Pricing

How Moment Differs from Other Data Vendors

Unlike in equities, data in fixed income has traditionally been opaque, messy, and prohibitively expensive. Traditional solutions often require clients to spend 6-12 months on integration and development. With Moment, data is clean, affordable, and immediately accessible through simple REST API endpoints. Moment offers seamless scalability with friendly redistribution restrictions.

Overview of What Moment Offers

Moment's data suite includes 5 offerings:

🌏 Reference Data

Moment provides comprehensive, institutional-grade reference data with 50+ fields on over 1 million global fixed income securities including corporates, treasuries, agencies, municipal bonds, CDs, and sovereigns. Additional asset classes are continuously being added.

📘 Top of The Order Book

Moment provides real-time order book data from trading venues and dealers. API users can request the top of order book to receive the price, yield to maturity, yield to worst, minimum quantity, and maximum quantity for the order book's best bid and best ask.

📈 Real-Time & Intraday Evaluated Pricing

Moment's real-time and intraday evaluated pricing enables clients to mark positions, display intraday price charts, and show estimated market prices on all bonds, available in both price and yield.

🕰️ Historical Prices

Moment's historical prices help users provide transparency, display historical price charts, and perform historical analyses, available in both price and yield.

📊 Advanced Analytics

Moment's all-in-one analytics suite empowers investors and wealth managers to convert between price and yield, calculate markups, and show bond analytics to investors including liquidity scores, probability of default, and more.

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Note: All of these data products require separate data licenses.

Deep Dives

Live Order Books

Why is showing a live order book necessary?

Most vendors do not offer real-time limit order books, but doing so is important for a few reasons. Real-time order books offer transparency into buy / sell activity in the bond market by aggregating all buy and sell orders in the market for a particular bond, including the number of bonds being offered and the prices at which traders are willing to buy or sell. A live order book is helpful for not only price discovery, but also a real-time view into the market's depth and the liquidity of securities, all of which are important for making informed trading decisions.

How does Moment provide a live order book?

Moment compiles data from multiple sources, including trading venues and dealers, to show live order books through the Top of the Order Book API. Without Moment, showing real-time order books can require up to ~6 months of development effort to build a pipeline to ingest 2B+ market data messages per day.

What is included in the Top of The Order Book API?

Moment's Top of the Order Book API enables partners to pull the current top of order book for a given transaction size. For bids, the top of order book includes live bid price, yield to maturity, yield to worst, trade size, and minimum tradable size. For offers, the top of the order book also includes live offer price, yield to maturity, yield to worst, trade size, and minimum size. All of the prices and yields are adjusted for relevant fees and markups.

Reference Data

Why is reference data necessary?

Reference data is a crucial aspect of fixed income trading, providing basic information about a fixed income security such as the bond's description, type, issuer, issue date, price, maturity date, par value, coupon, and many other fields that must be shown to users when purchasing a bond.

Beyond informing trading decisions and execution, reference data is also necessary for risk management, bond pricing and valuation, compliance and reporting, settlement and clearing, and portfolio analysis and management. See our guide: Overview of Fixed Income & Reference Data for more information. . See our guide: Overview of Fixed Income & Reference Data for more information.

How does Moment provide reference data?

Moment sources and sanitizes raw data inputs from multiple upstream vendors and calculates certain fields internally using proprietary technology. Users can access Moment's reference data in a few different ways including through the List Reference Data Endpoint, by retrieving reference data for a single security, and through a bulk download of reference data. Users can also access the latest timestamp for a reference data update.

What is included in Moment’s reference data product?

Comprehensive Coverage. Moment provides 50+ data fields across 500,000 global fixed income instruments including corporates, treasuries, agencies, CDs, ABS, MBS, and structured products.

Quality. Unlike other data offerings, Moment’s reference data has clean issuer names and shortened descriptions for easy mobile use by retail applications.

Ease of Use. With traditional data vendors, purchasing SFTP reference data deltas, building complex ETL pipelines, cleaning data, and building internal models requires ~2 months of development. With Moment, access everything through a simple REST API endpoint.

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Learn about each of our reference data fields in our Reference Data Glossary.

Real-Time & Intraday Evaluated Pricing

Why is real-time & intraday evaluated pricing necessary?

Real-time intraday / end-of-day prices enable clients to retrieve the latest price for a group of bonds and mark portfolios.

How does Moment provide real-time & intraday pricing?

Moment provides a Get Marks endpoint which can be used to retrieve the most recently observed price for each ISIN in a collection of ISINs (up to 100 maximum). Intraday / end-of-day prices are calculated by Moment through direct observation modeling (TRACE and dealer quote data) and inferred factor modeling for bonds that Moment’s sources do not cover.

What is included in Moment's real-time & intraday pricing?

Moment's real-time and intraday evaluated pricing enables clients to mark positions, display intraday price charts, and show estimated market prices on all bonds. The package includes clean and dirty prices, accrued interest, yield to maturity, yield to worst, and others. Calculations are made using a proprietary evaluated pricing model and are updated minute-by-minute.

Historical Evaluated Pricing

Why is historical evaluated pricing necessary?

Historical pricing data is important for providing pre-trade transparency and helping investors assess volatility and risk of bonds over time. It can be used to benchmark performance of bonds and portfolios over time, develop valuation models, and help investors understand how bond prices have reacted to different market conditions. Clients can use Moment's historical pricing data to display historical price charts and perform historical analyses.

How does Moment provide historical evaluated pricing?

Moment provides a Get Price Chart endpoint which returns aggregate data for a given bond identifier over a specified time period. Historical prices are generated by Moment based on live market data, historical market data, and past trades.

What is included in Moment's historical evaluated pricing?

Moment's historical prices help users provide transparency, display historical price charts, and perform historical analyses. For example, users can access price and yield to worst for bonds from over the last 5 years with up to 1-minute precision, calculated through modeling of live and historical market data.

Integration with Moment's EMS

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Moment’s data product is fully integrated with our execution system. This means:

• We will always have reference and pricing data for every bond that is executable through Moment.
• Liquidity scores are based on what’s actually executable for retail size through Moment, rather than availability in the broader institutional market.

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Read more about each of these fields at our Understanding Evaluated Pricing guide.

Advanced Analytics

Why are analytics necessary?

Moment’s advanced analytics suite enables clients to convert between yields and prices, as well as show spreads, liquidity scores, implied default probabilities, cash flows, benchmarks, and more

How does Moment provide analytics?

Moment provides a Convert Prices to Yields endpoint as well as a Get markup-adjusted prices and yields endpoint. All analytics are calculated by Moment using a proprietary analytics library.

What is included in Moment’s analytics products?

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With Moment, there is no need to worry about bond calculations:

1. We always provide clean price, dirty price, yield to maturity, and yield to worst.
2. We make it easy to determine the total trade size and perform pre-trade checks.

Moment provides the following analytics through only one integration:

1. Yield Curves (By Issuer / By Benchmarks by Asset Class and Rating)

   25th percentile YTM/YTW

   50th percentile YTM/YTW

   75th percentile YTM/YTW

   Average YTM/YTW

2. Portfolio-Level Analytics

   Average Coupon

   Average Price

   Average Current Yield

   Average YTW

   Min years to maturity

   Max years to maturity

   Average duration

   Weight by asset class

   Weight by rating

   Weight by sector

   Portfolio total return

3. Bond-Level Analytics

   Duration

   Convexity

   Spread to treasuries

   Z-Spread

   Implied default rate

   Projected cash flows

   Liquidity scores

   Total return calculations