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The London Stock Exchange Group completed the acquisition of Yield Book and Citi Fixed Income Indices from Citigroup Inc. The acquisition represents a significant step in acquiring a world-class fixed income analytics and index business, enhancing our ability to provide customers with broader multi-asset capabilities and a deeper data and analytics offering.
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As we look to the future, we reflect on our past. Developed at Salomon Brothers in 1989, The Yield Book has a proud legacy as a pioneer in fixed income analytics. Over the past 25 years, we have relentlessly focused on delivering impactful tools that help our customers make informed decisions. This unwavering commitment drives us forward as we embark on a series of new initiatives that we hope will redefine our business and build upon our rich history.
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Like many releases and enhancements, the Yield Book Add-In was created at the request of our customers. This product allows users to easily and directly interact with Yield Book data and analytics inside Microsoft Excel®. Originally designed as a single security tool, the Yield Book Add-In has been subsequently updated to mirror the functionality of The Yield Book itself, including robust portfolio analysis capabilities. It serves as an alternative to The Yield Book and has been broadly adopted by both broker-dealers and institutional money managers.
Click here to learn more about the Yield Book Add-In
Microsoft and Excel are trademarks of the Microsoft group of companies.
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In an effort to distribute Yield Book analytics through alternative channels, the first Yield Book Business Partner relationship was formed in 2003. The joint solution allowed customers to access Yield Book’s analysis tools for securitized securities directly from within the partner’s platform. Today, selective business partnerships create an important link between Yield Book analytics and our partners’ products, creating solutions that meet diverse needs.
Click here to learn more about Yield Book's Integrated Solutions.”
Advertisement for first business partner’s solution
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One of the driving forces behind the creation of The Yield Book in 1989 was a desire to define an industry standard for fixed income analytics. To achieve this goal, it was essential to secure widespread usage by both institutional money managers and fixed income broker-dealers. In 2002, the licensing of The Yield Book to sell-side broker-dealers began. Today, a vast majority of the primary broker-dealers and many regional broker-dealers in the US use The Yield Book in market making, research and strategy, and risk management.
Click here to learn more about the Yield Book for Broker-Dealers.
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The tragic events of September 11th, 2001 presented unique challenges for customers in accessing The Yield Book. Many of the dedicated network connections that delivered The Yield Book were severed. With US trading at a standstill, The Yield Book was identified as a critical application for the fixed income business so, in turn, great efforts were put forward to have the system up and running when the US markets reopened. Enduring chaotic conditions and limited resources, 12 dedicated Yield Book team members worked around the clock. As a creative response, the team was able to deliver a solution that allowed customers to access The Yield Book over the Internet. Today, the Internet is the primary delivery mechanism for all Yield Book products.
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As the user base in the US. steadily increased throughout the 90s, demand for The Yield Book grew internationally. This demand was driven both by multinational institutions with operations outside the US and by money managers in international markets. In 2000, a Yield Book office was opened in London to service European clients. By 2001, 12 customers signed up to use The Yield Book in Europe with the bulk of the users located in the UK, France, and Germany. Today, The Yield Book has offices across the globe including London, Tokyo, Hong Kong, Taipei, and several locations in the US.
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The first Yield Book training workshops were hosted in New York City and San Francisco in 1998. These workshops offered users the opportunity to learn the intricacies of The Yield Book, pose questions to the account management team, and network with fixed income professionals from other institutions. Today, workshops are held regularly around the globe and are a cornerstone of the Yield Book training regimen.
Click here to view our upcoming workshop schedule
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A change in policy gave all institutional money managers the opportunity to license The Yield Book for a fee, regardless of their trading relationship with Salomon Brothers. Salomon Analytics Inc. was created as a separate legal entity to operate at arm’s length from the broker-dealer. In the six months following, 43 new customers signed up to use The Yield Book. As a result of the change in licensing policy and the rapid expansion in the user base, a concerted focus was placed on excellence in customer service and system support – both of which are hallmarks of The Yield Book today.
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The initial success of The Yield Book led to a rapid expansion in the project’s scope. Shortly after its internal release, The Yield Book was deployed on a complimentary basis to Salomon Brothers’ most valued customers as a way to strengthen the firm’s key relationships. By the end of 1991, The Yield Book had developed a substantial following, both internally and with 25 institutions externally. Over the next year, the customer base further expanded to 125 institutions, with many more expressing an interest in access.
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Throughout the 1960s, 70s, and 80s, the research department at Salomon Brothers produced countless publications, known as "brown books," that helped shape the way the investment community thought about and analyzed bonds. To expand on Salomon Brothers’ preeminence in research and analytics, development began on an innovative fixed income analytics software platform in 1989. "The Yield Book" was chosen as the name for the platform as an homage to the price/yield tables that were common in the 1960s and to the classic investment tome "Inside the Yield Book: New Tools for Bond Market Strategy" written by Sidney Homer and Martin Leibowitz in 1972.
On July 1, 1989, the first version of The Yield Book was deployed to select Salomon Brothers’ salespeople and branch analysts internally and to three customers externally. The impact of The Yield Book was quickly apparent as it enhanced the dialogue between the firm and its customers, allowing customers to make more informed investment decisions. The original version of The Yield Book was delivered via workstations over a dedicated network and allowed users to perform single security price/yield calculations and scenario rate of return analysis.
Early illustration of proposed Yield Book platform