IBKR acts as an agency broker and charges from 2.5 to 10 bps on corporate bonds, with a USD 1.00 minimum per order. We pass through the highest of all bids and lowest of all offers available at the electronic venues we access.
We encourage our clients to make their own bids or offers for issues of interest.
In addition, we have the ability to cross orders in TRACE eligible and certain non-TRACE eligible corporate bonds internally on our integrated ATS should clients post better bids or better offers on our platform than in the market, improving the chances of a favorable fill.
IBKR offers direct market access to US, Canadian and European corporate bonds, US government securities, US Municipal bonds, 1,900+ non-US Sovereign bonds in Asia and Europe, Euro-denominated government bonds, fixed income futures and fixed income options, all from a single integrated account.