Business
MarketAxess Adds New Efficiency and Cost-Saving Enhancements to Portfolio Trading Capabilities
NEW YORK, June 23, 2021 (GLOBE NEWSWIRE) -- MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income
About this update from Marketaxess Holdings, Inc.
[{"type":"text","content":"NEW YORK, June 23, 2021 (GLOBE NEWSWIRE) -- MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, and the provider of market data and post-trade services for the global fixed-income markets, today announced a series of new enhancements for clients using portfolio trading on the MarketAxess platform to better integrate with a full suite of trading solutions. MarketAxess has enhanced its portfolio trading solution to include support for multi-directional lists and multi-currency lists, designed to sit seamlessly alongside existing list RFQ functionality. These enhancements give clients a streamlined workflow to efficiently execute single, list and portfolio trades according to their preferred strategy. Integrated net spotting capabilities are also available through MarketAxess’ trading protocols, including portfolio trading, backed by the superior pricing available via the MarketAxess Rates marketplace, formerly LiquidityEdge. Portfolio trading today accounts for a small but growing portion of the U.S. credit market with approximately $1.5 billion in average daily volume, or an estimated 3.8% of U.S. High Grade and U.S. High Yield TRACE volume. Since the recent technology release in late-May, more than 50 portfolio trades have been completed on MarketAxess with 17 unique investor firms and 9 dealers. “We’ve seen a steady but important increase in client adoption of portfolio trading since enhancing our service,” commented Kevin McPherson, Global Head of Sales with MarketAxess. “Certainty of execution across a broad basket of instruments has become more important to our clients, particularly at the illiquid end of the spectrum. We’ve enhanced both our pricing data and our portfolio trading tools to provide a complete set of efficient tools to address clients’ execution objectives.” Paul Glezer, who leads J.P. Morgan's North American Portfolio Trading team commented, “J.P. Morgan continues to see rapid growth in its portfolio trading business globally. Clients benefit from additional avenues of interaction with dealers when looking to leverage the liquidity tool that portfolio trading has become. Additionally, high quality data and workflow efficiency for both the buy-side and sell-side continues to be the main drivers in this space.” Andrew Ruskulis, Director in...