NEW YORK, May 27, 2021 /PRNewswire/ -- MarketAxess
Holdings Inc. (Nasdaq: MKTX) today announced that Barclays (NYSE:
BCS) has committed to become a dedicated market maker and is
actively contributing streaming prices for US investment grade
corporate bonds to the MarketAxess Live Markets™ order book for
institutional credit markets.
Leveraging the anonymous all-to-all Open Trading marketplace,
Live Markets provides a single view of two-way, actionable prices
for the most active US investment grade bonds, including recently
issued debt, benchmark issues and news-driven securities. Live
Markets gives institutional credit investors and dealers the
ability to place resting live orders in the market and engage firm
prices provided by dealers and investors with a single click.
Barclays joins Goldman Sachs and another systematic dedicated
market maker as a streaming liquidity provider in Live Markets.
Drew Mogavero, Co-Head of US
Credit Trading at Barclays commented, "As the credit market
evolves, exploring new ways to both provide and access liquidity is
important. We're committed to leveraging technology to
service our customers and providing real-time, systematic liquidity
to our customers on Live Markets is one way we can achieve
that."
Justin Lada, Head of Global
Credit Electronic Strategy at Barclays added, "We are excited to
support new and innovative trading technologies, as it allows us to
diversify our electronic offering to our clients. We expect
the firm, systematic execution and technological integration
offered through Live Markets will lead to more workflow automation
on the buy-side and sell-side."
Volume conducted via Open Trading reached a record $246.3 billion in the first quarter of 2021, up
20% from the same period the prior year, and represents 33% of
MarketAxess' total global credit trading volumes. The
enhanced global liquidity offered through Open Trading drove
estimated transaction cost savings* of $196 million for both liquidity takers and
liquidity providers in the first quarter. In a recent report
from Greenwich Associates, all-to-all trading comprised 12% of US
investment grade volume in 2020, with MarketAxess accounting for
the majority of that activity through Open Trading.
Richard Schiffman, Head of Open
Trading with MarketAxess, added, "We're excited to add Barclays to
our growing community of dedicated liquidity providers in our Live
Markets order book. As a new innovation in the credit
markets, a streaming order book requires commitment from all
participants to succeed. It's our belief that offering a
diverse suite of trading protocols allows participants to engage
with the market in the best way that meets their trading strategy
and therefore drives greater market turnover."
*Estimated liquidity taker cost savings is defined as the
difference between the winning price and the best disclosed dealer
cover price. Estimated liquidity provider cost savings is defined
as the difference between the winning price and then current
Composite+ bid or offer level (offer if the provider is buying, bid
if provider is selling) at the time of the inquiry.
About MarketAxess
MarketAxess operates a leading,
institutional electronic trading platform delivering expanded
liquidity opportunities, improved execution quality and significant
cost savings across global fixed-income markets. A global network
of over 1,800 firms, including the world's leading asset managers
and institutional broker-dealers, leverages MarketAxess' patented
trading technology to efficiently trade bonds. MarketAxess'
award-winning Open Trading™ marketplace is regarded as the
preferred all-to-all trading solution in the global credit markets,
creating a unique liquidity pool for a broad range of credit market
participants. Drawing on its deep data and analytical resources,
MarketAxess provides automated trading solutions, market data
products and a range of pre- and post-trade services.
MarketAxess is headquartered in New
York and has offices in London, Amsterdam, Boston, Chicago, Los
Angeles, Miami,
San Francisco, São Paulo,
Hong Kong and Singapore. For more information, please visit
www.marketaxess.com.
MarketAxess Media Relations Contacts:
Mary Sedarat
MarketAxess Holdings Inc.
+1 212 813 6355
msedarat@marketaxess.com
Davis MacMillan
RF | Binder
+1 212 994 7509
MarketAxessPR@rfbinder.com
Barclays Media Relations Contact:
Matt Scully
Barclays
Tel +1 212 526 7844
matthew.scully@barclays.com
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SOURCE MarketAxess