NYX Nyse Euronext

NYSE Euronext is developing a revamped push into corporate bond trading that will see the exchange operator bring in electronic trading firms and retail-level investors.

The parent of the Big Board seeks to offer trading in the debt of companies listed on NYSE Euronext's markets, with a new pilot program expected to launch in the first quarter of next year.

The venture, called NYSE Bonds, marks a new effort in debt-trading for NYSE Euronext, which has for years listed bonds but with little trading activity. It also comes as Chief Executive Duncan Niederauer works to more broadly realign NYSE Euronext's business, developing new ventures in futures, technology and trade-clearing alongside its core business of share trading and listing.

Underpinning the effort is NYSE Euronext's proposal to launch a new "liquidity provider" program for bond-trading that will mirror a designation for firms trading in the company's stock markets.

Such bond liquidity providers will operate under obligations to trade on the platform, ensuring a market for the retail investors NYSE Euronext is targeting with the venture. Currently four to eight firms are expected to be online with the program when NYSE Euronext introduces it early next year, according to exchange officials.

Additional approvals would be needed to trade the corporate debt of companies listed on other venues, such as Nasdaq OMX Group Inc. (NDAQ).

-By Jacob Bunge, Dow Jones Newswires; 312-750-4117; jacob.bunge@dowjones.com

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