Federal Government Bonds Platform
Development of a platform for trading federal government bonds in the fixed-income market, with the goal of reducing volatility. Although the initiative introduced a new tool, it did not start from scratch. It began with alignment between stakeholders and product managers (PMs), and was subsequently enhanced through successive waves of development iterations.
The design process for the private credit platforms was characterized by a continuous discovery approach and iterative release waves, delivering progressive improvements.
Continuous Discovery
- Ongoing research to understand evolving user needs and market dynamics.
- Continuous analysis of feedback from stakeholders, traders, and other participants.
In the initial version of the platform, trading was conducted daily through a broker. The broker opened trading for NTN-B bonds at specific times of the day, giving traders the opportunity to execute transactions. Assets were displayed sequentially on the screen, and traders could submit two offers in an auction-like format. After a few minutes, the message “about to close” appeared on the screen, and the highest offer secured the predefined NTN-B lot. Throughout this process, prices remained visible to the market.
In the second phase of the platform's development, we implemented significant improvements based on in-depth research. These enhancements expanded the available trading options beyond NTN-B bonds to include LFTs (Treasury bonds). The interface was also significantly improved, making the user experience more intuitive and efficient. This phase reflects our ongoing commitment to excellence and to adapting to market and user needs.
The main challenges were low platform adoption, a preference for phone calls and Bloomberg, and limited stakeholder engagement.
The first solution we identified was to monitor data and screen recordings using tracking software.
