Browse Investing

Bond Trading, Quotes, and Market Infrastructure

Fixed-income terms for bond brokers, bond markets, bond quotes, FICC, workable indications, and XD symbols.

Bond trading, quotes, and market infrastructure terms describe how bonds are priced, indicated, brokered, cleared, and settled in secondary markets.

Use this branch when the reliability of a quote, trading venue, clearing process, or market convention affects analysis.

Key Terms in This Branch

TermWhat it clarifies
Bond BrokerAn intermediary in bond transactions.
Bond MarketThe market where debt securities are issued and traded.
Bond QuoteA displayed or communicated price or yield indication.
Fixed Income Clearing Corporation (FICC)A clearing infrastructure term for fixed-income markets.
Workable IndicationA quote-like indication that may be closer to tradable than a stale screen value.
X or XD SymbolA symbol indicating ex-distribution or related bond-market convention.

Common Mistakes

  • Treating every quote as firm.
  • Ignoring accrued interest, minimum size, and bid-ask spread.
  • Comparing evaluated prices with executable dealer markets.
  • Forgetting clearing and settlement can affect timing and counterparty exposure.

In this section

Choose a subsection first. Deeper term pages live inside each subsection, which keeps large topic hubs readable.

Bond Broker

A bond broker helps buyers and sellers execute fixed-income trades, source liquidity, and compare prices in dealer-driven markets.

Bond Market

The bond market is where debt securities are issued and traded, shaping borrowing costs, yields, credit spreads, and investment income.

Bond Quote

A bond quote shows the price, yield, or spread at which a bond may trade, helping investors compare value and execution levels.

Workable Indication

A workable indication is a non-firm bond trading quote that signals a price range where a dealer may be willing to trade.

X or XD Symbol

An explanation of the X or XD symbols used in newspapers to signify when a stock is trading ex-dividend or when a bond is trading without accrued interest.

Revised on Sunday, June 21, 2026