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David Krein

Head of Research

Algorithmic Pricing in the US Corporate Bond Market

Composite+ (CP+) is MarketAxess’ proprietary algorithmic pricing engine for corporate bonds. It is designed to support a variety of trading functions such as pre-trade price discovery, liquidity provision, transaction cost analysis, auto-execution, and crossing. It outputs an unbiased, two-sided market for more than 22,000 instruments globally. Updated every 15 to 60 seconds (depending on the liquidity of the instrument), the engine generates nearly 20 million levels per day covering 90-95% of trading activity in its markets.

In this paper, we will review CP+’s methodology, characteristics, and applications with a focus on TRACE-reportable US securities. This transparency provides more specific insight into the CP+ design and potential roles in traders’ workflows.

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Bond Trading Roupie

Europe's Bond Trading enters a New Evolution
Christophe Roupie, Head of Europe and Asia at MarketAxess, talks evolving dynamics within fixed income markets, the impact of MiFID II, electronic trading’s inflexion point and Brexit one year out.
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Technology Transforming a Vast Corporate Bond Market

Technology Transforming a Vast Corporate Bond Market
"84% of Investment-Grade investors utilize electronic trading, accounting for 20% of overall volume" and MarketAxess is leading the pack in market share and penetration according to Greenwich Associates research.
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