Intercontinental Exchange, the Atlanta-based owner of exchanges and clearing houses, is continuing to push into bond markets with the purchase of a trading venue owned by a group of investment banks.

ICE, the owner of the New York Stock Exchange, said in a statement on Tuesday that it has agreed to acquire TMC Bonds, an electronic venue for trading a variety of fixed income instruments, including municipals, corporates, and treasuries, for $685m in cash.