CP+™ ranks as a top provider in the 2025 SS&C Fixed Income Study

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CP+, our award-winning, AI-powered, algorithmic pricing engine for global credit and rates markets -- has once again ranked among the top pricing providers in the 2025 SS&C Benchmark Fixed Income Study. Chisom Amalunweze, Senior Manager of Quant Research, explains how CP+ ensures clients have the reliable pricing they need to navigate today’s markets with confidence.

“We are delighted to have once again secured a leading position in the SS&C Fixed Income Study. It’s a testament to our unwavering commitment to accurate, intraday pricing, providing an edge in price discovery, transaction cost analysis, and trading strategies.”

Can you explain what drives the unparalleled level of accuracy in CP+?

It really comes down to the winning combination of advanced artificial intelligence and our proprietary data.

CP+ uses a variety of data inputs, both public and proprietary. With data from the MarketAxess platform, CP+ uses the entire stack of inquiry responses sent to the platform by liquidity providers, regardless of whether the bond traded or not. In Q3 of 2025, CP+ saw over 350,000 firm prices back per day. This allows CP+ to gain valuable information that reflects the market's collective view, enabling it to refine pricing predictions and adapt quickly to changing market conditions by leveraging the full context surrounding each inquiry.

The AI methodology behind CP+ is built on a suite of robust machine learning algorithms that are meticulously calibrated to maximize accuracy. These algorithms select the optimal approach for pricing each bond based on the market conditions and available data. More information on our methodology is available in our White Paper.

In addition to accuracy and transparency, to what other factors can CP+ attribute its competitive edge?

Beyond accuracy and transparency, CP+ stands out for its frequency and flexibility. It updates pricing every 15 to 60 seconds across the tradable bond universe, covering over 97% of market prints daily, and offers a variety of connection options. Users can access CP+ pricing through the MarketAxess platform, intraday via FIX API, through file deliveries, or through an Excel add-in.

For very illiquid bonds, CP+ extends its coverage by partnering with S&P Global Market Intelligence. Through this collaboration, CP+ is incorporated into the End of Day Evaluated Bond Price (EVB).

2025 SS&C Valuations Study


How is CP+ integrated into the full suite of MarketAxess offerings?

We leverage the power of CP+ across MarketAxess trading protocols, including portfolio trading, open trading, Auto-X and Axess IQ. It delivers value across the trading lifecycle, for traders, portfolio managers and quants, who use it for critical functions like price discovery, intraday risk monitoring, research analysis and automated trading.

What services do you offer in support of CP+ as part of the Research team?

The research team works closely with clients to incorporate their feedback into product development, creating a cycle of continuous improvement. Additionally, the research team provides standardized and custom analytics using CP+ to empower clients with market insights and visibility into their own trading.