On Friday afternoon, NYSE Group said it received exemptive relief from the "Kestral and TAL to Provide Access to NYSE Bonds," I mainly talk about Kestrel developing a Web-based front-end. In response, a spokewoman for TAL contacted me, pointing out that what Kestrel is developing is "strictly for bonds. Real Tick users will be able to electronically trade fixed income from NYSE right along with stocks, options and other asset classes —‘all with a single point of entry, notes the TAL spokesperson.

While selected to provide electronic access to NYSE corporate bonds, "RealTick offers an immediate advantage for trades seeking hedging and arbitrage opportunities: simultaneous trading of equities, futures, options, fixed income and foreign exchange across multiple venues globally using a single platform," stated Tal's release last Monday.

John Holman, VP, Fixed Income Markets, NYSE Group, stated it best in the release when he said, “Now if you want to trade Ford bonds with Ford equity, you can ‘ all right here in one place."

In addition to institutional traders, the average investor can trade NYSE Bonds through Real Tick, notes the TAL spokesperson. The only requirement is that the broker dealer they use is an NYSE member. Investors can view a list of retail broker dealers on the RealTick site but one of the biggest ones is Chicago-based Terra Nova Trading, adds the TAL spokesperson.