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Regulatory and fixed income market structure change, as well as monetary policy, has contributed to a challenging secondary trading environment for credit. In the midst of this change, investors and dealers are increasingly seeking liquidity from new and alternative sources and electronic trading has never been more integral to helping firms execute their trading strategies.

MarketAxess is helping the institutional trading community meet these challenges by providing intelligent and efficient solutions alongside its subsidiary Trax®, acquired by MarketAxess in 2013. Together, MarketAxess and Trax address pre-trade, trade and post-trade demands on European investors and dealers with one of the most comprehensive data, trading and operational solutions in Europe.

PRE-TRADE

MarketAxess and Trax, offer institutional investors and dealers unique and unparalleled insight into the European fixed income markets well as advanced solutions for managing MiFID II transparency obligations.

Enhanced price discovery solutions

The MarketAxess Global Composite Price is generated for over 15,000 bonds per day across all major fixed-income instruments, prices are updated every 15 seconds and data is sourced from the MarketAxess trading system, Trax traded prices in Europe and FINRA TRACE traded prices in the U.S. Clients benefit from quality pre-trade price discovery, real-time streaming data and a solution which can help them meet their MiFID II best execution requirements.

Axess All®, the first intra-day for European fixed income, is sourced from over 30,000 bond transactions, covering all major bond sectors. Clients are given a considered level of transparency in the market to help boost liquidity and aid price discovery, whilst also allowing users to observe market trends.

Advanced pre-trade transparency offering

The Trax Transparency Solution offers a suite of tools to meet MiFID II obligations, including pre-trade transparency, Systematic Internalliser determination and instrument liquidity assessment. Trax’s solution is cross-asset class and can help clients identify quotes which are eligible for publication, determine and apply waivers and publish quotes.


TRADE

MarketAxess providers investor and dealer clients with the leading global electronic fixed income marketplace that connects global participants and helps support best execution through quality data solutions.

Product diversification

European institutional investor clients have access to liquidity in European corporates, European government bonds, SSA (Sovereign, Supranational and Agency), US investment grade/high-yield, US agency bonds, emerging market debt (local marker and hard currency) and covered bonds.

Expanded execution options

MarketAxess' all-to-all Open Trading™ marketplace provides European traders with increased liquidity and access to over 1,300 global participants. Open Trading’s range of trading protocols and integrated market data allow firms to engage with the market in the style that best fits their needs and thoughtfully make prices.

Improved trading flexibility

Enhanced RFQ offers firms completely unrestricted access to credit market liquidity, removing restrictions on the number of counterparties on an inquiry across all trade sizes. Participants have the ability to execute on either price or spread, creating more options in timing and price making.


POST-TRADE

Trax Insight™, with a proven track record under MiFID I, provides comprehensive trade confirmation tools and post-trade reporting services for MiFID II and EMIR to ensure trades are matched, enriched, validated for reporting eligibility and reported and published in near real-time.

Post-trade transparency

Trax’s APA (Approved Publication Arrangement) will identify if a trade is eligible for reporting, assess reporting responsibility to ensure no duplicate reporting, validate and enrich content, identify, apply and manage deferrals and publish when required. Clients benefit from an early opportunity to view the effect of the post-trade transparency regime and test their technical readiness ahead of the MiFID II implementation date.

Intelligent regulatory reporting

Trax Report is a multi-regulation, multi-asset class regulatory reporting solution designed for all market participants, managing deferrals/waivers and filtering, including identifying reporting responsibility. Trax is an Approved Reporting Mechanism (ARM) under MiFID I and MiFID II and also supports EMIR derivatives reporting.

Advanced matching solution

Trax Match is designed to reduce operational risk, giving firms the ability to confirm and reconcile cash and repo transactions in near real-time. It helps reduce client’s risk by confirming all economic details within minutes of execution, auto-pairing of potential matches to identify discrepancies, match both trade economics and SSIs, including PSET and allow firms to benchmark their performance against the industry.