Precision without disruption: strengthening CHF trading workflows with integrated reference pricing

In the quality-focused world of private banking, execution is defined by control, consistency, and accountability. Priorities are placed on structured workflows, ensuring each trade is defensible and meets best execution obligations. Reference pricing plays a central role in that process, providing the benchmark against which execution quality is measured.

For CHF bonds, the SIX Swiss Exchange has long served as this primary reference point, particularly for smaller orders and odd lots. It provides a familiar and trusted view of the market, supporting decisions that need to be transparent and aligned with recognised benchmarks.

However, the process of checking exchange pricing has historically introduced inefficiency into otherwise streamlined workflows. Even as institutional liquidity continues to migrate to electronic request-for-quote protocols, traders have often needed to consult the SIX order book separately before execution. This creates a workflow break, requiring multiple systems and adding time to a process that depends on timeliness, precision and auditability.

The integration of SIX reference pricing into Axess IQ addresses this directly. By embedding live exchange levels alongside dealer axes, indications, and RFQ responses, the need to move between platforms is removed. Pricing validation and execution can now take place within a single environment, both pre-trade and during execution.

This is not a change in how trades are approached. It is an operational refinement. Existing behaviours are preserved, but the process becomes more efficient, controlled and easier to evidence. For workflows that prioritise process integrity and efficiency, removing friction without introducing risk is critical.

Expanding the pricing framework beyond visible markets

While exchange pricing provides an important anchor, it does not always reflect the full depth of institutional trading conditions. Order books tend to capture smaller trade sizes and visible liquidity, whereas much of the real activity in CHF credit occurs outside that view.

CP+™, the proprietary MarketAxess reference price, extends the pricing framework to reflect this broader reality. It is derived from trading activity across the MarketAxess network, including RFQ flows, streaming prices, and block trades from both local and global participants. This incorporates liquidity and pricing that does not appear on exchange venues.

When combined with SIX pricing in Axess IQ, CP+ provides a complementary perspective. One reflects a recognised exchange benchmark, while the other captures where institutional investors are actively transacting across sizes and market conditions. The result is a more complete and statistically robust foundation for decision- making.

For desks that rely on reference-driven execution, this additional layer of data enhances confidence. Limit setting becomes more informed, execution outcomes more predictable, and pricing decisions more clearly justifiable. This is particularly relevant in environments where avoiding adverse outcomes is just as important as maximising client alpha.

Accessing institutional liquidity within a controlled workflow

Liquidity access remains a defining factor in execution quality. MarketAxess aggregates a broad network of dealers and buy-side participants, creating a competitive environment for each inquiry. For CHF bonds, this results in tighter pricing and deeper liquidity than is typically available through exchange order books or bilateral trading channels.

Crucially, this liquidity extends beyond what is visible. Dealer axes, risk-based pricing, and block appetite are all incorporated into the platform, representing interest that may not otherwise be accessible within traditional workflows. This provides a more accurate reflection of where trades can be executed at scale.

Within Axess IQ, this liquidity is fully integrated with pricing and reference data. The workflow remains data-driven, structured, and controlled, but access to institutional interest is materially expanded. This supports better execution outcomes while maintaining the process discipline that is required on the trading desk of a private bank. 

Supporting evolution across trade sizes

The immediate benefits of integrating SIX exchange pricing are most apparent in smaller and automated trades. Exchange order books have traditionally guided decision- making in these areas, particularly as a reference check. By embedding those levels directly into Axess IQ, automated workflows gain an additional safeguard. Orders can be executed electronically on MarketAxess with confidence that pricing remains aligned with established benchmarks.

Over time, this integration is also likely to influence behaviour in larger block trades.

Historically, block-sized CHF trading has remained largely voice-driven, with exchange infrastructure used primarily for booking and reporting rather than liquidity discovery. However, as pricing confidence increases and workflows become more integrated, electronic RFQ protocols are well positioned to capture a greater share of this flow.

In this context, the combination of SIX reference pricing, CP+, and aggregated institutional liquidity becomes particularly relevant. It supports a model where larger trades can be executed electronically without compromising on pricing transparency, control, or execution quality.

A more precise execution standard

Swiss private banking workflows are built on precision and consistency as basis for value generation for the client. Efficiency is valuable, but only when justified and controlled. Any enhancement must align with these priorities and integrate seamlessly into existing processes.

By embedding SIX reference pricing into Axess IQ, MarketAxess strengthens the core elements of CHF trading workflows. Reference validation remains central, but is now integrated. Pricing insight is broadened through CP+, without replacing established benchmarks. Liquidity access is expanded, while best execution discipline is maintained.

The result is a more precise execution environment—one that reduces operational friction, improves visibility, and supports better execution outcomes across all trade sizes.