Strategic Exchanges connects innovative markets to a select group of service providers that place a strong emphasis on impacts of regulatory change. Each consortium member provides services that offer unique views and solutions to help financial institutions navigate the new mandates.

DelphX is an innovation leader in the development of optimal credit markets.
DelphX is an unbiased service provider dedicated to promoting liquidity in the credit markets through innovation, digital market maker-taker communication, effective liquidity incentives and market-wide transparency.

The DelphX ATS communication network facilitates optimal maker-taker interaction through efficient digital communication of recipient-specific quotes, orders, RFQs, instant messaging and simultaneous multi-dealer negotiation processes.

The proprietary MAV≡n® functionality continuously calculates and validates the current fair-value prices of all securities tracked by DelphX based on historical and current transaction pricing of securities determined to be ratably congruent and current events, economic and market conditions and other relevant factors.

What DelphX Is Not
DelphX is not owned or controlled by any entity with a vested interest in the success of particular issuers, securities or market participants. It is an independent, privately owned firm that does not directly or indirectly compete with any participating market/price maker or subscribing investor.

Larry FondrenLarry Fondren , Founder, President and CEO, is dedicated to restoring confidence in private-market securitization and building utilities that sustain a robust and informed credit supply. Over his career, he has designed and implemented a variety of facilities that provide transparency, liquidity and lower costs to financial markets. In the 1990s, he developed and operated InterVest, the first regulated market for anonymous online trading of corporate bonds and other fixed income instruments, and the first web-based auction facility for the offering and sale of new ABS and corporate bonds to institutional investors. Larry has testified before U.S. Congress regarding the need for greater efficiency and transparency in the U.S. fixed income markets and the profoundly adverse impact of those inefficiencies upon investors.