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Managing compliance risk has become increasingly challenging in today’s regulatory environment. MarketAxess is helping buy-side compliance officers and trading supervisors meet these challenges with a comprehensive set of tools and reports designed to review and monitor credit trading activity.
- Best Execution Reports - going beyond the best price, with detailed reporting and cost saving analysis.
- Market Context Reports - utilizing extensive TRACE information; put your trades in the context of the market.
- Customized Reports - a flexible interface to run and save reports in a variety of formats for both compliance and management reporting.
- Historical Analysis - providing a detailed review of your trading activity, in a format that allows you to drill into the trade details and dealer responses.
- Exception Monitor - identifying trade outliers based off your firm’s compliance policy
- BondTicker Tools - including watchlists, alerts, charting and trade summary statistics to monitor and evaluate trade activity.
Where the Best Execution Process Begins
Best execution begins with the inquiry. With MarketAxess, multiple dealers (up to 22 for U.S. High-Grade) may be selected to provide competitive pricing on clients’ trade inquiries. The MarketAxess trading system electronically captures all critical trade details to ensure that users have the information and audit trail they need to review trading activity.
The Best Execution report provides a view of savings that may be generated by trading on the MarketAxess platform and offers a quantitative measure of the value of price discovery from multiple dealers. Users can compare trading activity with their best execution policy.
The Compliance Summary provides a snapshot of each inquiry placed on MarketAxess, including the number of dealers selected, number of responses, the executed level, cover, and the most recent high, low and last TRACE level. In addition, the Compliance Detail Report provides a printed history of the inquiry, displaying dealers who received the inquiry along with whether they executed the trade, covered, missed, passed or timed out, as well as the level they submitted, if applicable.
To aid the documentation of best execution efforts, the Exception Monitor allows users to identify trades that may have been done outside of the prevailing market conditions by comparing your firm’s trading activity on MarketAxess with outside market context – TRACE reported information or Interactive Data Corp. (IDC) Theoretical End of Day Price. The Exception Monitor report and charts can be customized based on the parameters users enter.
