About DelphX

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 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 innovative caching protocol allows market makers and capacity providers to collaborate to increase trading capacity for makers and increase alpha for investors. 

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.

Quant≡m, a AAA-rated company wholly owned by DelphX, introduces DCRs and CROs, which can be issued and traded via DelphX. This environment has uniquely constructed a system that reduces or eliminates Credit Valuation Adjustment, effectively measuring counterparty risk. By reducing counterparty risk while providing AAA protection, DelphX has made credit default protection affordable again.

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.


The Need for Real Time Corporate Bond Pricing

View how continuously updating benchmark pricing in the corporate bond market can promote investor confidence and stimulate market liquidity.


Larry Fondren, Founder, President and CEO

Larry 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.


Gordon Jardin, Senior Managing Director

Gordon is a Fellow and past Board Member of the Society of Actuaries, a Fellow of the Canadian Institute of Actuaries and a Member of the American Academy of Actuaries. He has been Chief Executive Officer and Chief Operating Officer of reinsurance companies (Generali USA, PartnerRe Life/Winterthur Re), Vice President and General Manager, Reinsurance for Sun Life Canada and, more recently, the Chief Executive Officer of a residential mortgage acquisition and servicing company, Franklin Credit Management Corporation. Gordon's extensive experience in developing and operating complex analytical systems is key to the development of the DelphX platform.


Shant Harootunian, Chief Operating Officer

Shant has broad experience in the fixed income data, analytics, pricing and evaluation sector. Shant built and managed Mergent Pricing and Evaluation Services and later led the strategic direction and operations of the end-of-day and intra-day evaluation units of Interactive Data Corp. While at Reuters America, and later at BARRA, Shant negotiated and managed each of the firm’s strategic partnerships with fixed income data providers and redistributors as well as led acquisitions of related databases.


Steve Bacso, Chief Technology Officer

Stephen is a serial technology entrepreneur whose first start-up, PixStream, developed a video networking platform for Telco/Cable companies that was acquired by Cisco. More recently, he has founded start-ups based in Waterloo, Ontario and focused on healthcare analytics, computer-aided patient diagnostics, blockchain technology, financial asset trading, and document analytics. Stephen has also developed controls and graphics/video display suite applications for the USAF Advanced Tactical Fighter and US ARMY Apache and LHX helicopters with Litton Systems, McDonnell Douglas and Bell Labs.


John “Limo” Lyons, Managing Director, Head of Sales

John led the sales and marketing team of an electronic session-based corporate bond trading platform and, as leader of the strategy group, analyzed traditional market structures and trading protocols and actively interfaced with dealers to identify and secure concentrations of liquidity.  Prior to his work in electronic trading, John covered fixed income dealer sales at Amherst Securities and FTN Financial. His fixed income experience also includes more than 20 years of corporate bond trading at Merrill Lynch, Spear Leeds and Goldman Sachs.

DelphX Ownership Opportunity

DelphX is currently offering a $10MM equity investment opportunity in DelphX Corporation.

For more information, contact info@delphx.com

What the Buy-side is Saying


On behalf of DelphX, Greenwich Associates interviewed 58 institutional corporate bond investors located in the U.S. and Europe regarding their assessment of corporate bond liquidity, the market's evolution and new technology solutions. 

Read Their Findings

What the Sell-side is Saying


Greenwich Associates also interviewed most of the top 20 corporate bond dealers to determine which features of an electronic maker/taker communication network they would find most appealing.

Read Their Findings