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The biggest gain for the clients, according to the CIO, is “efficiency.” Clients can source liquidity from over 100 dealers and over 1,000 institutional firms. The system provides the much-needed transparency via pre-trade pricing that gives traders insights for informed trading decision-making. “When it comes to the corporate bond market, protection against information leakage is imperative. Our platform delivers anonymity,” assures Themelis. Another major benefit clients receive is the ‘global access’ provided by trade routing managed by MarketAxess. Further, in order to improve operational efficiencies, MarketAxess offers Post-Trade solutions.
MarketAxess Open Trading is an all-to-all institutional corporate bond and CDS marketplace
Trax traces its roots back to February 2013, when MarketAxess completed its acquisition of Xtrakter, a leading provider of regulatory transaction reporting, financial market data, and trade matching services to the European securities markets. Subsequently in May 2014, Xtrakter was rebranded to Trax, consolidating the firm’s suite of data and post-trade solutions under the reinvigorated 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. To help dealers and investors manage fixed income trading and investment risk, MarketAxess and Trax can offer investors a full suite of valuable tools. These tools are delivered through a combination of extensive market and reference data, a broad suite of protocols for trade execution, and robust post-trade services.
A growing network is always susceptible to investment risks and demands the formation of security and risk management teams with intuitive oversight capabilities. Keeping the inherent risks in mind, MarketAxess has formed a dedicated Cyber Security Team and Risk Sub Committee to counter threats. “We make it a point to continually assess and implement industry best practices to counter phishing and hacking,” asserts Themelis.
For the road ahead, MarketAxess is launching Municipal Bonds and Leveraged Loans, both of which will release in 2016. “Through Municipal Bonds, we expect to have more than 250 institutional clients and 60 dealers connected by launch date while the Leveraged Loans initiative is a natural extension of our high-yield trading capabilities,” concludes Themelis.