It designates the electronic bond trading system that is operated by the New York Stock Exchange (NYSE) and records bid prices and offer prices for inactively traded bonds until they are cancelled or executed on the exchange. This computerized system allows subscriber firms to automatically carry out orders in corporate, agency, Treasury, and municipal debt securities.

Most of the trading involves corporate debt, including convertible bonds. The NYSE replaced this system with another (the NYSE Bonds System) in April 2007 so to allow for small investors to buy and sell bonds on a public exchange.