Terrapin Compass

Post-trade data from all European venues in one consolidated source

Spot oportunities, improve risk models, and get a bird's eye view of European Bond markets (more OTC markets coming soon)

Unlock new insights from market dynamics with trade-level data

  • Observe market depth and detailed price action across all European trading venues
  • Track intra-day liquidity and historical patterns over longer periods of time
  • Buy side: improved pre-trade models and ex-post assessment of best execution
  • Sell side: evaluate and improve performance by comparing lost RFQ with executed prices
  • Combine with internal data sets to track exposure and risk statistics
  • Enhanced regulatory reporting

Why Terrapin Compass?

The lack of a consolidated tape for bond trades in Europe means that many market participants do not have the full picture of the market when assessing fair value, liquidity and risk. Terrapin Compass automates the complex task of collecting of post-trade reports from all European venues, unifying all trades into a single, easy-to-use source.

Engineered from the ground-up to provide fast, complete, and compliant market visibility

European coverage

Our software collects, processes and aggregates MiFID II post-trade reports from over 15 EU/UK APAs, covering over 50 execution venues, including electronic, systematic internalizer and off-exachange trades. Trades are collected within 1 minute of publication so you can stay on top of the latest market moves. If it trades in Europe, we find it.

Direct connectivity

Connect via an API to fetch the clean data, or use SCP for direct access to the raw reports. Easily integrate with your internal tools, dashboard, and models, or combine it with our reference data for faster development. 

$ curl --request GET \
  --url 'https://your-subdomain.terrapinfinance.com/api/trades' \
  --header 'accept: application/json' \
  --header 'authorization: Bearer [token]'

{
  "data": [
    {
      "isin": "US05971KAA79",
      "notional_amount": 200000,
      "price": 98.8,
      "price_currency": "USD",
      "price_type": "PERC",
      "publication_datetime": "2023-02-07T07:16:47",
      "quantity": 200000,
      "source": "TraxApa",
      "trade_datetime": "2023-01-05T15:07:17",
      "venue": "XOFF"
    },
    {
      "isin": "US05971KAA79",
      "notional_amount": 4200000,
      "price": 98.305,
      "price_currency": null,
      "price_type": "PERC",
      "publication_datetime": "2023-01-09T18:32:44",
      "quantity": 1,
      "source": "BloombergApa",
      "trade_datetime": "2023-01-05T15:23:27",
      "venue": "SINT"
    },
    ...
  ]
}

Want a demo? Email us at team@terrapinfinance.com