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Facing rising demand from retail investors, Apex needed to support fixed income workflows from execution and order management to compliance and reporting, across many correspondents. Building a fixed income stack in-house would have taken years and significant resources to develop. Apex needed an alliance that could deliver a developer-friendly, scalable, and robust infrastructure to support automated bond trading and meet this fast-growing demand.

The collaboration has driven industry-leading results:

• 99.99% of Apex's trades are executed completely electronically

• ~20% of orders filled by Moment would have otherwise gone unexecuted against any leading ATS due to insufficient liquidity for the customer's trade size

• For orders that could have executed on an ATS, Apex's direct access to Moment's dealer network saved clients an average of 3.89 bps per trade

• Apex became the first custodian to launch fractional bond trading with Moment

Apex's Challenge: Delivering competitive execution across 500k+ trades without a single fixed income trader.

Moment's Solution: In just the first year, Moment helped Apex execute on average over 2k+ trades daily, 99.99% of which were fully automated.

Moment helped Apex fully automate its trading flows using Moment's Smart Order Router, which automatically searches for the best possible price and executes without the intervention of a human. Moment's automated system also helps allow Apex operations to perform with a new level of efficiency.

Apex's Challenge: Building and maintaining dealer and venue connectivity in-house would have been prohibitively expensive, both in infrastructure and headcount. Access to high-quality bond pricing and deep liquidity is often limited in fixed income markets, especially for smaller trade sizes. Without a robust liquidity network, Apex risked poor execution quality and regulatory scrutiny as well, under evolving best execution rules.

Moment's Solution: Moment enabled fills on ~20% of orders that otherwise would have gone unexecuted, while often improving pricing. Historically this has saved Apex correspondents an average of 3.89 bps per trade.

These pricing improvements are possible because Moment's proprietary dealer network provides Apex with far more expansive liquidity than previously possible, enabling better execution across the board.

Moment's integrated best execution tools also track how Moment routes orders to the best available price.

Apex's Challenge: Traditional bond markets were inaccessible to many retail investors due to minimum purchase sizes typically being $1k+.

Moment's Solution: Moment and Apex pioneered the first-ever fractional bond trading solution, bringing minimums down to just $100.

For the first time in history, through Moment's APIs, correspondents on the Apex platform are able to offer retail investors exposure to fixed income markets at a fraction of the historical cost. This innovation made Apex the first custodian in the market to enable fractional fixed income trading.

Apex was one of Moment's first design collaborators and played a key role in shaping a truly retail-ready bond trading experience. The two firms launched this first-of-its kind fixed income solution in just 8 weeks, delivering a seamless platform that covers order management, execution, analytics, and portfolio optimization.

Today, Apex and Moment are bringing bond trading closer to the experience of equities—faster, more transparent, and more accessible.