BONDTICKER CONVERTS

BondTicker Convertible Bond Data Service

MarketAxess now offers a product specifically tailored to investment managers and hedge funds employing a convertible arbitrage investment strategy. The product, BondTicker Converts, combines the Financial Industry Regulatory Authority (FINRA) TRACE data for convertible bonds with the underlying equity price at the time the bond trade was executed. BondTicker Converts provides professional market participants with a comprehensive set of convertible bond price data that are critical for convertible arbitrage trading models.

Linking Bond and Equity Prices

Approximately 2,000 convertible bond trades are disseminated by FINRA on a daily basis. MarketAxess collects and matches these bond trades with the equity price (open, high, low and last) based on one-minute increments from equity exchange feeds. The data set allows traders to identify relative value and exploit anomalies in convertible bond prices.

Delivery Options

Delivery is simple and straightforward. We provide our clients with a daily CSV file, which can be automatically downloaded from our FTP server. Click on one of the following links to download a day's trading activity from the sample set of data listed below.

March 11, 2005 March 17, 2005 March 23, 2005
March 14, 2005 March 18, 2005 March 24, 2005
March 15, 2005 March 21, 2005 March 28, 2005
March 16, 2005 March 22, 2005 10 day sample

For More Information:

Please contact Chris McGuigan at (212) 813-6367 or by email at cmcguigan@marketaxess.com for more information on BondTicker Converts data.

About MarketAxess:

MarketAxess operates one of the leading platforms for the electronic trading of corporate bonds and certain other types of fixed-income securities, serving as an electronic platform through which our more than 500 active institutional investor clients can access the liquidity provided by our broker-dealer clients. MarketAxess' multi-dealer trading platform allows our institutional investor clients to simultaneously request competitive, executable bids or offers from multiple broker-dealers, and to execute trades with the broker-dealer of their choice. MarketAxess offers our clients the ability to trade U.S. high-grade and high yield corporate bonds, European high-grade corporate bonds, agency securities and emerging markets bonds. MarketAxess also provides data and analytical tools that help our clients make trading decisions, and we facilitate the trading process by electronically communicating order information between trading counterparties. MarketAxess' current participating dealers are: ABN AMRO, Banc of America Securities, Barclays PLC, Bear Stearns, BNP Paribas, Citigroup Global Markets, Credit Suisse First Boston, Deutsche Bank Securities, DZ Bank, FTN Financial, Goldman Sachs, HSBC, ING Financial Markets, J.P. Morgan Chase, Lehman Brothers, Merrill Lynch, Morgan Stanley, The Royal Bank of Scotland, Santander Investment Securities, SG Corporate & Investment Banking, UBS and Wachovia Securities.

About BondTicker:

MarketAxess' Corporate BondTickerTM combines the Financial Industry Regulatory Authority (FINRA) TRACE data with MarketAxess tools and data to provide professional market participants with a comprehensive set of corporate bond price information. The data include actual execution prices-as well as MarketAxess-estimated spread-to-Treasuries-for every trade disseminated by FINRA, as well as prices for certain trades executed on the MarketAxess U.S. platform, many of which are not otherwise publicly disseminated. Corporate BondTicker can be customized, exported into Excel, and is available in real time. The service is intuitive and, simple to use and can be accessed through an Internet website, or through an automated download service (FTP). For more information please go to www.marketaxess.com/bondticker.html


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