Fixed Income

VETA provides a fixed income analytics suite for government and corporate bond traders.

FI Trading workspace

FI traders (trading style: fi_voice) land on the FI Trading workspace by default, which includes:

• Yield Curve panel
• Spread Analysis panel
• Duration Ladder panel
• Vol Surface panel

Navigate to this workspace via ?ws=ws-fi-trading or select it from the workspace picker. A separate ws-fi-analysis workspace is available for deeper credit and curve research.

Yield Curve

The Yield Curve panel shows a Nelson-Siegel interpolated spot yield curve with forward rates. It visualises the term structure from 3-month to 30-year maturities.

Spread Analysis

Compute credit spreads for corporate bonds against the government curve:

Spread	Description
G-Spread	Simple yield spread against the interpolated government curve
Z-Spread	Zero-volatility spread: constant spread over the spot curve that prices the bond
OAS	Option-Adjusted Spread: adjusts for any embedded optionality

Click Compute Spreads to calculate all three metrics for the selected bond.

Duration Ladder

The duration ladder shows DV01 key-rate attribution across tenor buckets:

• Portfolio DV01 summary at the top
• Stacked bar chart showing exposure by maturity bucket (1y, 2y, 3y, 5y, 7y, 10y, 20y, 30y)
• Useful for identifying interest rate risk concentrations

Vol Surface

The Vol Surface panel displays an implied volatility heatmap:

• 5 expiries by 9 strikes (moneyness from 0.70 to 1.30)
• Click any cell to prefill the Option Pricing panel with that strike and expiry
• OTM puts show higher IV due to skew
• Darker colours indicate higher implied volatility

Bond Order Ticket

Switch to the Bond tab in the order ticket to place FI orders:

1. Select a bond from the dropdown.
2. Enter a yield.
3. Review the computed bond price (clean + accrued = dirty).
4. Submit the order.