MarketAxess Introduces New Trading Protocols in Support of Credit Market Liquidity
NEW YORK--(BUSINESS WIRE)--Jul. 24, 2012--
MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading
electronic trading platform for U.S. and European high-grade corporate
bonds, emerging markets bonds and other types of fixed-income
securities, today announced an expansion of its suite of electronic
trading protocols to help investors and broker-dealers more effectively
source liquidity in the credit markets.
MarketAxess has developed the industry’s first anonymous
request-for-quote (RFQ) trading protocol for the credit markets on
DealerAxess®, its dealer-to-dealer electronic trading platform. The new
functionality allows dealers to electronically place individual orders
or bid and offer lists through the MarketAxess system to other
broker-dealers. As such, DealerAxess is connecting the interdealer
institutional and retail markets to allow dealers to manage their
balance sheet inventories more actively, a key objective in the new
regulatory environment. More than 5,000 trades have been executed since
the anonymous functionality was introduced two months ago. These
transactions were executed by over 600 users across U.S. high-grade,
high yield and emerging markets products.
MarketAxess has also enhanced ‘Market Lists’ on its client to
multi-dealer system. Market Lists allows investors to display any live
order anonymously to the entire MarketAxess institutional community,
consisting of over 1,000 investor and broker-dealer firms. The new
functionality enables investors to create customized alerts and
watch-lists for specific instruments or issuers, and notifies the
investor when live orders are in the system from other investors. Market
Lists promotes investor-to-investor order matching and trades are
cleared through a participating dealer. In June alone, more than 9,500
U.S. high-grade orders worth over $6bn were made available in Market
Lists over MarketAxess.
Rick McVey, Chairman and CEO of MarketAxess, said: “Incoming regulations
such as Basel III are placing greater pressure on dealer balance sheets
and credit market liquidity. In response to these significant shifts in
market structure, we are expanding our suite of electronic trading
options. Our goal is to offer the widest array of protocols, on the
broadest and deepest credit trading network. These new liquidity
solutions will provide greater flexibility for both dealer and investor
clients as they adjust to the new regulatory environment.”
About MarketAxess
MarketAxess operates a leading
electronic trading platform that enables fixed-income market
participants to efficiently trade corporate bonds and other types of
fixed-income instruments using MarketAxess’ patented trading technology.
Over 1,000 investor and broker-dealer firms are active users of the
MarketAxess trading platform, accessing global liquidity in U.S.
high-grade corporate bonds, European bonds, high yield and emerging
markets bonds, agency bonds, asset-backed and preferred securities and
credit default swaps. MarketAxess also offers a number of
trading-related products and services, including: market data to assist
clients with trading decisions; connectivity solutions that facilitate
straight-through processing; technology services to optimize trading
environments; and execution services for exchange-traded fund managers
and other clients.
MarketAxess maintains its headquarters in New York and has offices in
London, Chicago, Salt Lake City, Hong Kong, Singapore and São Paulo. For
more information, please visit www.marketaxess.com.
About DealerAxess®
DealerAxess® is MarketAxess’ electronic
dealer-to-dealer platform. DealerAxess enables broker-dealers to trade
directly with each other using MarketAxess’ patented electronic RFQ
trading protocol across a range of fixed income products including US
high grade, high yield, and emerging markets. Liquidity is provided by
over 100 global and regional broker-dealers, benefiting from
MarketAxess’ established dealer network for credit trading.
Source: MarketAxess Holdings Inc.
Media - US
MarketAxess
Florencia Panizza,
+1 212-813-6029
fpanizza@marketaxess.com
or
William
McBride & Associates
Judith Flynn, + 1 917-902-9726
jflynn@wmmcbride.com
or
UK
MHPC
Elliott
Bishton, +44 (20) 3128 6132
marketaxess@mhpc.com