Pyth Expands Into Fixed Income: Fenics, OpenYield, and Tradeweb Join The Network

Fixed income sits at the foundation of capital formation, monetary policy transmission, collateral management, and institutional portfolio construction. As firms build new digital workflows and applications, demand is growing for additional ways to access high-quality fixed income data through modern delivery infrastructure.

Responding to this demand, Fenics Market Data, the data distribution arm of BGC Group (Nasdaq: BGC), OpenYield, the automated bond marketplace, and Tradeweb Markets Inc. (Nasdaq: TW), one of the leading electronic marketplaces in fixed income, are joining the Pyth Network as data providers. Together they add institutional fixed income pricing to Pyth Pro and the Pyth Data Marketplace, sourced directly from the institutions closest to price formation and accessible through a single integration. The contributions span three distinct corners of the market: dealer-to-dealer OTC, automated electronic trading, and benchmark closing prices for government bonds, brought into one network built for continuous markets, programmable applications, and modern financial infrastructure.

Fenics Market Data

Fenics Market Data is the exclusive data distribution arm of BGC Group, one of the world's largest interdealer brokers. The business represents data from more than $1 trillion in daily OTC transaction volume across rates, credit, FX, commodities, and energy. By publishing through Pyth, Fenics brings executable pricing from institutional trading activity into the network, making one of the largest pools of dealer-to-dealer fixed income data accessible through a single integration.

"At Fenics, innovation is in our DNA, and we have always been committed to driving the next generation of finance forward. By contributing our global OTC pricing to the Pyth Network, we're supporting the creation of a more connected, efficient, and data-driven financial system that brings institutional-grade transparency to the digital asset frontier." — Rich Winter, President - Market Data and Information Analytics at Fenics

OpenYield

OpenYield operates an automated bond marketplace built to bring equity-like efficiency to fixed income. As an SEC-registered Alternative Trading System, it delivers firm, executable quotes across US Treasuries, corporates, and municipals, rather than the indicative or modeled prices common elsewhere in the market. Its coverage spans the full US Treasury curve, thousands of corporate bonds, and tens of thousands of municipals.

By publishing through Pyth, OpenYield brings real-time, firm Treasury pricing derived from its orderbook into the network, strengthening Pyth's US Treasury coverage alongside Fenics and extending the network deep into corporate and municipal markets that have historically been among the hardest to price in modern software systems.

"Bond data has always trailed equities - expensive, fragmented, hard to reach. As fixed income goes electronic, OpenYield is closing that gap: equity-like execution, and now equity-like data. We're proud to work with Pyth to put real-time Treasury, corporate, and municipal data in front of a global base of applications and institutions."  — Jonathan Birnbaum, Founder & CEO, OpenYield.

Tradeweb

Tradeweb operates one of the world's leading electronic marketplaces for fixed income, connecting institutional clients across government bonds, credit, and rates products. Its fixed income pricing, drawn from live electronic trading across its platforms, is now distributed through Pyth.

In addition, Tradeweb is extending the distribution of its licensed Tradeweb FTSE Benchmark Closing Prices to include distribution through Pyth: the benchmark end-of-day closing prices for government bonds, covering UK Gilts, US Treasuries, and European government bonds. These prices are calculated by Tradeweb from executable bid and offer quotes on its electronic platform and administered by FTSE Russell, the registered benchmark administrator. They are the official closing prices used in the FTSE World Government Bond Index and are relied on by institutions for portfolio valuation, trade-at-close execution, and as reference rates for derivative contracts.

Benchmark closing prices are among the most consequential datasets in fixed income. They are the marks institutions value portfolios against at the end of each trading day, the inputs behind one of the world's largest government bond indices, and a foundation for downstream products. Distributing regulated benchmark government bond pricing through Pyth Data Marketplace extends it to the trading systems, risk engines, and financial applications that increasingly run across digital and onchain markets.

"Benchmark closing prices are central to how institutions value fixed income. Distributing the Tradeweb FTSE Benchmark Closing Prices through Pyth extends regulated, executable government bond pricing to a new generation of trading systems and applications." — Michael Zaladonis, Global Head of Data Products and Analytics, Tradeweb.

Why Fixed Income, and Why Now

The $50 billion market data industry has long centered on exchange-traded data. Listed instruments trade in standardized, public order books, and that pricing has been the most widely consumed market data in finance. But exchanges are only one layer of the market.

Fixed income is larger than the equity market in most major economies, and the prices formed in these markets feed directly into how institutions value portfolios, manage risk, and price downstream products. A significant share of trading happens over the counter, where banks and dealers transact bilaterally across rates and credit. Electronic fixed income marketplaces have been capturing massive daily trading volumes and generating key market analytics, which can now be incorporated into programmable workflows through Pyth.

Fenics, OpenYield, and Tradeweb sit at three of the most important points in that flow. Fenics captures executable dealer-to-dealer pricing from real OTC trading activity. OpenYield brings firm, executable quotes across Treasuries, corporates, and municipals from its automated marketplace. Tradeweb captures pricing from electronic execution across its institutional venues, including the regulated benchmark closing prices for government bonds. Bringing all three into Pyth means applications, trading venues, risk systems, and financial firms can reach institutional fixed income pricing through a single integration, helping to enable scalability through onchain infrastructure.

"Fixed income pricing underpins global financial markets. Making it available through the same infrastructure that already distributes equities, futures, FX, crypto, and commodities is a structural step toward a unified, modern market data standard." — Mike Cahill, CEO of Douro Labs and Contributor to Pyth Network

The Broader Institutional Wave

The addition of Fenics, OpenYield, and Tradeweb follows a sustained cascade of institutional publishers joining Pyth. Recent additions include Fidelity Investments, Kalshi, and Euronext FX, expanding the network's coverage across FX, precious metals, ETFs, derivatives, prediction markets, and reference datasets. Together with global exchanges, market makers, trading firms, and now leading fixed income venues, the network spans the full breadth of institutional price formation.

A pattern is forming in how the world's largest institutions choose to distribute market data. Legacy vendor networks, closed terminals, and opaque redistribution models were built for a market that operated on slower clocks and bilateral relationships. The institutions closest to price formation are increasingly publishing through infrastructure built for continuous markets, onchain finance, autonomous financial applications, and real-time risk systems.

What Comes Next

The institutions closest to price formation are choosing Pyth. Three leading fixed income data sources today. A growing roster of institutional publishers across every major asset class and geography. And a pipeline of additional institutions across banking, brokerage, and market infrastructure preparing to join.

What began as infrastructure for decentralized markets is becoming a distribution layer for institutional finance. Fixed income is one of the largest layers of global markets and one of the least accessible. Bringing it into the same network that already powers equities, futures, FX, crypto, and commodities is a structural step toward making the price of everything accessible to a broader audience.

The network continues to evolve.