MarketAxess has begun trading emerging markets and high yield bonds on our U.S. multi-dealer disclosed platform as part of our goal to deliver a complete range of credit instruments on one trading system. We approached emerging markets and high yield as we approach each new product - with a desire to mirror the way the markets work today. The flexibility of our technology has enabled us to tailor our trading protocols to each product, thereby increasing market participants’ efficiency, reducing errors, improving information flows and liquidity - all without requiring people to change the way they conduct business.

Both the high yield and emerging markets are price-based markets. “Our one-step price-based trading protocol mirrors the current process conducted over the phone - in far less time - virtually eliminating errors and with a complete electronic audit trail,” says Sandy White, Head of Emerging Markets and High Yield.

The High Yield and Emerging Markets trading systems offer powerful features:

• A Front Page of unattributed indicative market data from our dealer partners - on the EMBI countries for emerging markets and on the FIPS 50 for high yield

• An Axe section in which dealers provide information and indicative prices on bonds in which they have a special interest in trading

• An Inquiry engine that offers investors the ability to request either indicative or firm prices from up to four dealers simultaneously. The system allows for a seamless flow between price discovery and trade execution without the need for a series of dealer contacts.

• Commingled Research from our dealer partners

• Dealer Reverse Inquiry that allows dealers to initiate inquiries to clients with live, executable prices

• A Dealer Sales Window that allows salespeople to stay completely in touch with their clients’ trade flow. Salespeople have a real-time view of client transactions and can send clients axe information and reverse inquiries.

MarketAxess is the first multi-dealer platform to offer disclosed trading in emerging markets and high yield bonds. These products will be rolled out in Europe later this year.