MarketAxess CEO Rick McVey discusses liquidity trends in the US and European markets
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MarketAxess' award-winning European trading system offers exceptional market transparency and enhanced trading flexibility.
MarketAxess pioneered fixed income electronic trading over a decade ago and today is the leading electronic platform for global credit trading. European institutional investors have access to the global credit markets with the ability to trade European corporate bonds, supras, sovereigns and agency bonds, covered bonds, emerging markets local market debt, U.S. corporate bonds, and credit default swaps (CDS).
Flexible trading protocols allow European investors to efficiently trade fixed income and credit derivative instruments. Investors can submit inquiries to multiple dealers simultaneously through a request-for-quote (RFQ), execute immediately with click-to-trade (CTT) or submit comingled bid and offer inquiry lists denominated in multiple currencies, including EUR, GBP and USD.
Enhanced Price Discovery of European Credit:
Supported by its growing global network and award-winning technology, the MarketAxess trading system provides superior ease of execution. Now incorporating robust end-of-day pricing data, provided by Trax, and integrated into European BondTicker™, MarketAxess is a powerful source for price discovery with functionality including:
- European BondTicker enhanced with a comprehensive set of end-of-day pricing data provided by Trax
- Integrated RFQ and CTT protocols in one inquiry screen, allowing investors to seamlessly compare pricing
- Access to previous trade prints and iBoxx data, providing enhanced price discovery
- Fully customizable portfolio alerts for real-time pricing updates
- Integration with order management system (OMS) providers, streamlining straight-through processing (STP)
Global Credit Trading on MarketAxess:
MarketAxess offers a broad trading network for over 1,000 active institutional investors and broker-dealers to trade cross-border credit instruments and derivatives. Highlights include:
- Global trading connectivity and customer support
- U.S. high-grade, high-yield, and agency bond trading
- Emerging markets debt trading, including local market debt in Brazil, Mexico, Hungary and Poland
- Access to CDS trading of single-names and indices, including the ability to enter and manage resting and limit orders
Broader Regional Dealer Participation:
MarketAxess is working to enhance the pool of liquidity on its European trading platform. By increasing the participation of regional and specialist dealers in Europe, MarketAxess aims to better serve the institutional credit markets through:
- Greater market visibility with enhanced access to specialist credit liquidity
- Regional product expertise for diverse fixed income instruments
- Advanced price discovery with a broader dealer network
- Superior global product depth
In February 2013 MarketAxess completed its acquisition of Xtrakter Ltd., a leading provider of regulatory transaction reporting, financial market data and trade matching services to the European securities markets. In May 2014 Xtrakter rebranded to Trax, consolidating the firm’s suite of data and post-trade solutions under the reinvigorated Trax brand. Together, MarketAxess and Trax are uniquely placed to help their clients prepare for the broad-reaching changes taking place in the European fixed income markets due to incoming regulations. The combination of extensive market and reference data, a broad suite of protocols for trade execution and robust post- trade services mean that MarketAxess and Trax can offer dealers and investors a full suite of valuable tools to help manage their fixed income trading and investment risk.
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