Liquidity Scores: Ediphy Analytics

What are Liquidity Scores

Liquidity, measured
bond by bond.

Liquidity Scores answer one question per bond: how recently has it really been trading, and in what size? For every instrument we measure how quickly recent trades and notional have built up, tuned to the asset class. The read moves with the market: a bond that was active in January and quiet by March reflects the change as the trading slows, while a regulatory liquidity flag carries a once-a-year classification that stays put until the following review.

What you get

The full liquidity picture.

Per-bond trade and notional measures, full coverage, and a continuous refresh, all grounded in observed market activity and tuned per asset class.

COVERAGE

Full universe

Every bond with observable post-trade activity, US Treasuries through European sovereigns, investment-grade and high-yield credit, identified by ISIN.

SOVEREIGN · CREDIT · ISIN

METHODOLOGY

Grounded in real trades

Built on observed market activity and tuned to each asset class, so the read stays intuitive and consistent with how the instrument is actually trading.

TRADE-BASED

INTEGRATIONS

Embedded in workflow

Consumable via API or as a daily file. Already wired into fairEx routing, Ediphy TCA, and eContext pre-trade, the same liquidity read that informs the trader view feeds the execution decision.

API · FAIREX · TCA

REFRESH

Continuous refresh

The full universe updates continuously as new market activity lands, so the read always reflects how the instrument is trading right now.

CONTINUOUS · POST-TRADE

The metrics

Liquidity measures, configurable per desk.

For each instrument we return a set of liquidity measures, configurable to the windows and notional thresholds your desk works to, capturing how quickly recent trades and notional have built up.

The read is direct: the faster recent activity has accumulated, the more liquid the instrument. Every measure is grounded in observed market activity and tuned to the asset class.

# GET /v1/liquidity/XS2434891219

{

"isin": "XS2434891219",

"as_of": "2026-04-28T15:30:00Z",

"asset_class": "credit_ig",

"liquidity": {

"trades_recent": { ... }, // configurable windows

"time_to_notional": { ... } // configurable thresholds

},

"score": 0.74,

"source": "post-trade"

}_

How desks use it

Where Liquidity Scores pay off.

One data surface, three operational use cases across the trade lifecycle.

PRE-TRADE

Sizing and timing

Size and time each ticket to how actively the bond is trading. An instrument printing several trades a day supports a larger ticket than one that has traded a handful of times in the last quarter.

SIZING · TIMING

PORTFOLIO

Liquidity budgeting

Feed the liquidity-budget line in the risk model: which names can realistically be exited in a day, a week, or a month, given how often they actually trade.

RISK MODEL · EXIT

COMPLIANCE