Composite+ (CP+) is MarketAxess’ proprietary algorithmic pricing engine for corporate bonds.

The increased need for buy- and sell-side firms to more efficiently manage fixed income execution costs has given rise to the greater adoption of electronic trading and wider use of automated trade processes and strategies. CP+ addresses this issue by supporting the automation of a range of trading functions, including pre-trade price discovery, liquidity provision, transaction cost analysis, auto-execution and crossing.

As a global pricing tool, CP+ is generated from a range of high-quality sources:

  • MarketAxess trading platform activity
  • Trax® traded prices
  • FINRA TRACE traded prices

Covering 23,000 securities globally, CP+ levels are generated as quickly as every 15 seconds. CP+ is streamed via the MarketAxess trading system, integrating directly into the trading workflow. CP+ can also be streamed directly into a client’s systems via a FIX API feed.