MarketAxess Holdings Inc. (NASDAQ:MKTX) and BlackRock, Inc.
(NYSE:BLK) are expanding their Open Trading™ alliance into the
Asian credit markets. Open Trading is an all-to-all trading
marketplace that allows global participants, including buy- and
sell-side firms, to connect via a central network on the
MarketAxess trading platform. The strategic alliance builds upon
the success of the firms’ existing partnership in U.S. and European
credit, with the goal of improving liquidity and reducing
transaction costs for global participants in the Asian fixed income
market. The partnership brings together order flow from one of the
world’s largest asset managers and its broad Aladdin client
community with MarketAxess’ network of more than 1,300 global
investor and dealer firms to improve the range of trading
connections available to Asian credit market participants.
BlackRock and its Aladdin community of
approximately 90 asset managers1 will have the benefit of
streamlined access to MarketAxess’ expanded liquidity options and
data products through the Aladdin platform. In addition, BlackRock
and the Aladdin community will add buy-side perspectives, including
input on strategic direction and innovations in trade execution
capabilities. The alliance will offer increased choice in trade
execution options and counterparties, while providing valuable data
and market insights to better inform trading decisions for Asian
credit market participants during local trading hours.
Rick McVey, Chairman and CEO of MarketAxess,
said, “Since the original Open Trading strategic alliance with
BlackRock in 2013, we have seen meaningful adoption of new trading
models from credit market participants. Far-reaching regulatory
changes are causing buy- and sell-side traders to seek out broader
and more efficient liquidity pools. In 2017, 16.2% of all
MarketAxess platform volume was executed via Open Trading, up from
13.2% in 2016. With the growth in Open Trading, market participants
are seeing a wider range of bond trading opportunities with lower
transaction costs.”
“MarketAxess has been a tremendous partner and
we are excited to extend our partnership with them to Asian credit
markets,” said Richie Prager, Head of Trading, Liquidity and
Investments Platform for BlackRock. “As the Asian credit market
evolves, we remain committed to delivering innovative liquidity and
investment solutions that benefits our Investment and Aladdin
clients around the world.”
Richard Schiffman, Head of Open Trading at
MarketAxess, added, "Open Trading has become a meaningful source of
liquidity for MarketAxess’ buy- and sell-side customers. In 2017,
950 individual firms actively used Open Trading to trade credit, up
from 840 firms in 2016. This expanding pool of participants helped
drive a 65% year-over-year increase in Open Trading price
responses. This is new and actionable liquidity that is only
available by bringing together investors, dealers and other market
participants onto a single all-to-all platform.”
In addition to trading innovations, global
clients will benefit from access to unique market data from Trax®,
a subsidiary of MarketAxess, with volume and pricing data from
30,000 transactions processed daily by Trax through its
post-trade services, and quoted and traded prices on over 50,000
unique bonds. Trax data covers all major fixed income sectors
including corporate and government bonds, convertibles, covered
bonds, Emerging Market debt and Asian corporate and sovereign debt.
Trax data products offer a unique view into the European fixed
income markets as Trax processes approximately 65% of all fixed
income transactions in Europe.
1 Source: BlackRock
About MarketAxessMarketAxess
operates a leading electronic trading platform that enables
fixed-income market participants to efficiently trade corporate
bonds and other types of fixed-income instruments using
MarketAxess' patented trading technology. Over 1,300 institutional
investor and broker-dealer firms are active users of the
MarketAxess trading platform, accessing global liquidity in U.S.
high-grade corporate bonds, emerging markets and high-yield bonds,
European bonds, U.S. agency bonds, municipal bonds, credit default
swaps and other fixed-income securities. MarketAxess also offers a
number of trading-related products and services, including: market
data to assist clients with trading decisions; connectivity
solutions that facilitate straight-through processing; technology
services to optimize trading environments; and execution services
for exchange-traded fund managers and other clients. Through its
Trax® division, MarketAxess also offers a range of pre- and
post-trade services, including trade matching, regulatory reporting
and market and reference data, across a range of fixed-income
products. Trax is the trading name of Xtrakter Ltd., a MarketAxess
group company.
MarketAxess maintains its headquarters in New
York and has offices in London, Boston, Chicago, Los Angeles,
Miami, Salt Lake City, San Francisco, São Paulo, Hong Kong and
Singapore. For more information, please visit
www.marketaxess.com.
About Trax®Trax is a leading
provider of capital market data, trade matching and regulatory
reporting services to the global securities market. Trax processes
on average over 1 billion annual transactions on behalf of its
community of over 600 entities including approximately 12 million
fixed income transactions. Trax operates an Approved Publication
Arrangement (APA) and Approved Reporting Mechanism (ARM) for MiFID
II trade and transaction reporting in addition to providing support
for other regulatory regimes. Trax additionally provides capital
market firms with information to assist them in conducting net
asset valuations, mark-to-market calculations, fixed-income
portfolio mapping, liquidity and volume modelling, as well as
reference data population updates. Trax data products include a
universe of over 300,000 fixed income securities with unique
pricing and volume information on approximately 60,000 individual
bonds.
Trax is based in London and was originally
established in 1985. Acquired by MarketAxess in 2013, Trax is a
trading name of Xtrakter Ltd. and is a wholly owned subsidiary of
MarketAxess Holdings, Inc. For more information, please visit
www.traxmarkets.com.
About BlackRock BlackRock helps
investors build better financial futures. As a fiduciary to our
clients, we provide the investment and technology solutions they
need when planning for their most important goals. As of December
31, 2017, the firm managed approximately $6.288 trillion in assets
on behalf of investors worldwide. For additional information on
BlackRock, please visit https://www.blackrock.com/hk.
About AladdinAladdin® is an
operating system for investment managers that connects the
information, people and technology needed to manage money in real
time. The Aladdin platform combines sophisticated risk analytics
with comprehensive portfolio management, trading and operations
tools on a single platform to power informed decision-making,
effective risk management, efficient trading and operational
scale. Aladdin’s trading network is a liquidity portal,
leveraging connectivity to aggregate external liquidity and
integrate the marketplace within Aladdin’s tools.
Media ContactsBlackRockCynthia Ng
(Hong Kong)+852 3903 2553 cynthia.ng@blackrock.com
MarketAxessKyle White (London)+44 (0) 20 7709
3219kwhite@marketaxess.com |
Anthony Arthur (Hong Kong)+852 3903
2915anthony.arthur@blackrock.com Mary Sedarat (New York)+1 212 813
6226 msedarat@marketaxess.com |
Important notes for
MarketAxessThis material is issued by MarketAxess Holding
Inc.
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