ICE Bonds Launches RFQ Protocol for MBS Trading

ICE Bonds has announced the launch of a new Request-for-Quote (RFQ) protocol for Mortgage-Backed Securities (MBS) on the ICE TMC platform. The update adds to the platform’s existing Click-to-Trade functionality, giving wealth managers and retail brokerages improved access to liquidity and broader execution options within an anonymous all-to-all trading environment.

The ICE TMC platform now offers multiple trading protocols for MBS, designed to streamline trade execution and price discovery in a segment that has remained largely dependent on voice and message-based workflows. The new RFQ feature allows users to send quote requests directly within the platform’s anonymous trading pool, targeting more efficient, competitive pricing.

“Greater flexibility to execute trades aligned with evolving strategies”

Pete Borstelmann, President of ICE Bonds, commented, “The addition of RFQ trading meaningfully enhances our MBS offering, expanding the ways our clients can access liquidity and engage with the market. The launch of our RFQ protocol represents a key step forward in electronification of a traditionally voice and message driven market, supporting more efficient price discovery while giving customers greater flexibility to execute trades aligned with their evolving strategies.”

ICE Bonds expects to extend the platform’s capabilities further in 2025 through the integration of pricing and analytics tools from ICE Mortgage Technology. The move will support more informed decision-making by combining trading functionality with access to real estate data and tools related to customer acquisition, loan manufacturing, servicing, and settlement.

ICE TMC, operated by ICE Bonds, supports trading in municipal, corporate, agency, and government bonds, in addition to MBS and Certificates of Deposit. As part of Intercontinental Exchange, ICE Bonds offers diverse execution models and expanded access to fixed-income liquidity across asset classes.