Knowledge Center

Gareth Coltman discusses how MarketAxess is using AI, machine learning, and automation to improve liquidity discovery, counterparty selection and execution, while exploring the opportunities and challenges of agentic AI in institutional trading.

Stellantis’ February reset drove sharper, persistent spread widening than auto peers, while bid-ask widths recovered and Open Trading® indicators remained comparatively resilient over time overall.

Discover how AI is reshaping fixed income trading by enhancing workflows, improving access to data and making human judgement, trust and context more valuable than ever.

Explore how objective measures of axe quality, combined with analytics and dealer selection tools, help traders identify liquidity, improve transparency and enhance execution outcomes.

As private banks face growing pressure to scale efficiently, automation, AI and data-driven execution are moving from competitive advantage to business necessity. Erik Tham, Head of Product Management, Global Private Banking and Andre Cherbonnier, Head of Client Sales, Singapore, shares how MarketAxess’ suite of solutions for private banks and wealth managers are helping desks scale more efficiently while delivering a better client experience.

Trading activity on MarketAxess highlights the Malaysian ringgit (MYR) as one of the fastest-growing emerging market local currency bond markets on the platform in 2026, with participation accelerating across a broad range of offshore investors.

Fixed income markets have evolved but has regulation kept pace? This article examines the reforms that could help support a more efficient, transparent and resilient market structure.

While Oracle may still carry an Investment grade rating, its 30-year bonds are increasingly trading with high yield characteristics. Our latest AxessPoint dives into the recent liquidity dynamics and trading behavior around the recent rating downgrade.

Drawing on insights from our Global Fixed Income & FinTech Institutional Leaders Summit in June, Roheet Shah, Head of Dealer Sales, APAC & Head of Hong Kong, and Cathy Cai, China Business Lead, explores how a shifting macro landscape marked by elevated yields, fragmented liquidity and data-driven policymaking is reshaping fixed income markets. As financial institutions turn the focus to building resilience where integrating data, execution, and AI into workflows are becoming essential sources of edge.

Executive SummaryMarket impact is measurable and manageable. It is driven by liquidity, size, and execution choice.Median post-trade impact is 13% of the bid-ask spread in US HG and 11% in EUR IG.Liquidity matters most: low-liquidity US HG bonds show nearly twice the median impact of high-liquidi...

The Federal Reserve recently announced the removal of forward guidance. In this analysis we examine how US HG and HY trading activity behaves around historical hike cycles.

The global repo market is entering a decisive phase in its evolution. These themes were at the heart of discussions among senior market participants gathered in London this March for a dedicated forum on the future of repo. Bringing together buy-side firms, banks, market infrastructure providers and industry bodies, the conversations reflected a shared recognition: repo is being reinvented, structurally.

Spencer Lee of MarketAxess on the evolution of automation, liquidity provision and the case for a single trading cockpit. Creating more effective ways for traders to match orders takes technology, strategic vision and trading experience.

Electronic trading in Brazil is up, since MarketAxess become an accredited platform supporting a new regulatory initiative aimed at making the secondary market for Brazilian sovereign debt more liquid and observable.

Access the right liquidity at the right time through a connected, multi-protocol approach that includes partnerships and data.

Block trading is increasingly being done electronically. Gareth Coltman, Head of Product, EMEA and APAC, MarketAxess, explores what's driving this trend and why it will continue.

AI is reshaping how trading decisions are made across the fragmented fixed income markets, being integrated into pricing, liquidity discovery and execution workflows. Julien Alexandre, Global Head of Research at MarketAxess, outlines the key developments and explores where AI in fixed income might go next.

Explore how integrating SIX pricing into Axess IQ streamlines CHF bond trading, combining trusted benchmarks, broader liquidity insights and efficient, controlled execution workflows.

Targeted Axes replaces manual outreach with a scalable electronic workflow by delivering axes directly to selected clients with precision and control. It enables real-time, firm engagement in a single, transparent workflow, helping traders move quickly on relevant opportunities while maintaining confidentiality and execution certainty.

Oil shocks test high-yield energy markets fast. This piece explores how liquidity changes under stress, why execution costs rise, and where competition can still unlock better outcomes.

Automation in European credit trading is moving from early adoption to mainstream execution, driven by greater transparency, deeper liquidity pools and the rapid expansion of high-quality data.

Europe’s bond transparency rules are increasing data, not necessarily clarity. This article explains why usability, cleansing, and context matter now more than ever, and how MarketAxess TraX Tape aims to deliver decision-grade data to the market. 

During times of volatility, established trading patterns often break down. The usual playbook goes out the window, liquidity providers can step back, and market participants scramble to locate buyers and sellers. This is precisely where Open Trading — our global, all-to-all electronic marketplace — delivers value.

New data highlights how axe quality continues to strengthen across electronic credit markets, with axed dealers consistently delivering higher response rates, stronger win rates, and more competitive execution than non‑axed alternatives. Drawing on CP+™ pricing data, the analysis shows that well‑maintained axes remain one of the most reliable signals of real liquidity, while greater transparency and performance‑based metrics are helping raise standards across the ecosystem.

Tradability is an AI-generated score designed to predict market liquidity for bonds at a detailed level, factoring in bond, side, and order size to enhance trading decisions. It helps traders identify optimal securities, timing, and execution strategies based on live market conditions and provider interest.

Dan Burke, Global Head of Emerging Markets at MarketAxess spoke to GlobalCapital about developments in the EM bond market and how the electronic bond trading platform his company operates is evolving.

New data shows axe content expanding across major markets while quality and reliability continue to improve, with axed activity consistently outperforming non‑axed trading on response rates, win rates, and execution quality. Powered by CP+ pricing data, axes are an increasingly clear signal of real liquidity and better outcomes for buy‑side traders.

Trader’s Table event highlight: Backed by resilient macro fundamentals and a strong primary market, Asia Credit is staging a solid recovery in 2025. Cathy Cai, Senior Sales Relationship Manager, shares her outlook on the evolving landscape, how MarketAxess’ data and protocol solutions support market makers, and key takeaways from a Trader’s Table discussion on the fixed income market landscape in 2025. 

Unprecedented AI infrastructure spending has driven hyperscaler bond issuance to record levels, normalizing once-superior liquidity metrics as dealers adopt a more selective trading posture.

The buy and sell sides are increasingly becoming comfortable with and utilizing automation in credit trading. Ryan Steffen, Product Specialist, explains what's behind this growth and how traders can gain a competitive edge using the MarketAxess suite of automation products, Auto-X™.

Designed in collaboration with leading institutions, our auction protocol helps investors access deeper liquidity pools and more transparent pricing for US high-grade and high-yield bonds—exactly when traders need it most.  

MarketAxess is seeking to bring a feature of fast-twitch equity markets to the relatively sedate $9 trillion universe of corporate bonds: the daily closing auction. The electronic trading company plans to launch a daily “closing print” for corporate bonds – the first standardized end-of-day price in a market long defined by opaque, ad hoc quotes.  

The first standardized fixed income market-wide auction protocol from MarketAxess has landed. The TRADE delves into the new offering facilitating a liquid end-of-day event for US high-grade and high-yield bonds and the further potential opportunities on the horizon. 

Using CP+ tick data, this first independent academic study focusing on CP+ performance evaluates CP+ in the U.S. corporate bond market from both accuracy and coverage perspectives.

Research shows that delayed Treasury spot trades (DTSTs) — where the credit spread is negotiated earlier but the trade is reported at the 4:00 PM index close — systematically distort corporate bond closing prices. 

Bond markets in the Middle East & North Africa (MENA) region have seen primary and secondary activity surging in 2025, reflecting individual country’s sovereign strengths, regional corporate expansion, and greater international investor appetite, positioning the region as a growing hub for global fixed-income investors. Dan Burke, our global head of emerging markets, shares his observations on the e-trading trends of the region.

In late October, Argentine President Javier Milei’s party won in the country’s midterm elections. A political triumph that significantly strengthens his mandate in congress to implement radical economic reforms. For traders, this surprise was measurable in the increased use of block trades. MarketAxess’ data reflects spikes in trading volume, but trade sizes did not, indicating that trading was conducted at speed across large and small orders.

Argentina’s bond markets have been notoriously challenging for investors. Twenty years after the country underwent a major debt restructuring, and just five years after it defaulted on a half billion US dollars of debt due to creditors, political uncertainty is again creating both risk and opportunity for long and short position holders. The Argentinian market has seen a rise in trade volumes, with ARGENT being the number one emerging market hard currency ticker globally, according to our data.   

CP has once again ranked among the top pricing providers in the 2025 SSC Fixed Income Evaluations Benchmark Study. Chisom Amalunweze, Senior Manager of Quant Research, explains how CP secured this ranking and provides clients with the reliable pricing they need to navigate today's markets with confidence.

Riad Chowdhury, Head of Asia-Pacific, and Paulo Costa, Global Head of Data Sales, sits down with The TRADE to discuss the importance of data transparency across fixed income. Diving specifically into its potential impact across the APAC sphere, possible challenges posed by the region and what the buy-side is thinking.  

Steve Tait, Head of US Dealer Execution Business at MarketAxess, explains what’s behind the growing success of the Mid-X protocol.

Dealers are competing fiercely to support clients in emerging market bonds, jumping between optimal electronic execution methods and developing nascent trading algorithms themselves where data is available. With inflows into EM debt funds rocketing, sell-side traders must navigate individual markets which are tossed and turned by a multitude of macro-economic dynamics.

Asia Credit is trading bigger—and smarter. In this article, Andre Cherbonnier, Head of Sales, Singapore at MarketAxess, explores how technology and data innovations are enabling larger, more efficient trades across the region.

Dan Barnes talks to Chris Egan from MarketAxess about the barriers to engagement in block trading and the benefits it can bring.

The study examines investment-grade (IG) index-eligible bond activity in TRACE and market dynamics around Bloomberg index closing time and demonstrates clustering of daily trading volume and lower transaction costs at the index close by using CP+ as a benchmark.

The study uses RFQ Response data and CP+ to illustrate that traders use Lists differently, with active traders optimizing prices while many asset managers focus on operational efficiency.

The long end of the US investment grade curve is quietly transforming. Curve steepening has created attractive yields while liquidity has dramatically improved—RFQ responses have nearly doubled and spreads have tightened significantly. With enhanced tools and deeper markets, long-duration trading is more accessible than ever.

Traders and portfolio managers are becoming more confident putting automation to work to optimize their fixed income trading workflows, and are increasingly harnessing a greater risk appetite, as both dealer and buy-side algos continue to offer immense time savings.

MarketAxess won the Best Sell-Side trading network category in this year’s Sell-Side Technology Awards, thanks largely to its recently launched DealerAxess offering. Patrick Bailey, Head of Open Trading® and DealerAxess, EMEA and APAC, MarketAxess discusses the thinking behind the launch, the ben...

The study combines RFQ data with Refinitiv green bond classifications to show that compared to conventional bonds, green bonds trade with narrower spreads, faster execution, and higher dealer engagement, and issuing green bonds improves liquidity in an issuer’s conventional bonds.

Kat Sweeney, Global Head of ETFs and Data Solutions at MarketAxess, sat down with Jeff Lenamon, Head of Portfolio Construction and Senior Portfolio Manager at DWS, for a conversation on how innovation is reshaping ETF management. Their discussion centered on how DWS is leveraging CP technology to enhance ETF performance, integrating it into both daily workflows and the create/redeem process.

RMB bonds are increasingly viewed as a stable and appealing option for global investors, offering diversification benefits alongside competitive total returns and Sharpe ratios. Cathy Cai, our Senior Sales Relationship Manager, shares her key takeaways at the Bond Connect Anniversary Summit 2025. 

Hard Currency EM bond trading is characterised by fragmented markets, multiple time zones, noisy data and growing trade volumes. Traders need timely insights on counterparties to execute pre-trade decisions effectively while enhancing efficiency and ensuring best execution.

Anju Sima, Head of UK, Netherlands & Nordic Sales, at MarketAxess tells Dan Barnes, CEO Europe at Markets Media, how traders are leveraging our toolkit to optimise Hard Currency trading.

During April 2025’s tariff-driven turbulence, credit markets saw notable but orderly volatility, unlike the severe disruptions of the COVID-19 crisis. The April 2 tariff announcement triggered uneven global market swings, highlighting credit markets’ growing resilience through increased dealer algos and steady PT performance, which are strengthening market structure.

For the third consecutive year, MarketAxess has been recognized as the Best Secondary Market Trading Platform for Emerging Markets Bonds at the GlobalCapital Bond Awards. Dan Burke, Global Head of Emerging Markets at MarketAxess, shares insights on evolving EM dynamics, product development, and the future of secondary bond trading in emerging markets.

Riad Chowdhury, Head of Asia-Pacific, and Dan Burke, Global Head of Emerging Markets, sit down with WatersTechnology to discuss e-trends in EM fixed income, and how AI fits into the enhancement of Targeted RFQ.

In February 2025, J.P. Morgan announced it would reclassify Qatar and Kuwait as developed markets, leading to their removal from its Emerging Market Bond Index (EMBI). We talked to The Desk about the changes in trading behaviour we have observed on the platform since the announcement.

Regulators in the UK and EU are introducing new post-trade bond transparency rules, aligning with the US TRACE system to provide clearer market data. Though consolidated data offerings have the promise to increase transparency, there are complexities. In this environment, TraX® dataset by MarketAxess stands out by refining data quality, ensuring actionable insights for trading strategies. Discover more key points of consideration and insights across this evolving market landscape.

Our strategic partnership with S&P Global Market Intelligence is delivering groundbreaking innovation for fixed income markets. By integrating CP+ with S&P’s evaluated bond pricing, we're setting new standards for data quality and market responsiveness. Read the Q&A with our own Kathryn Sweeney and S&P's Tasha Gonska in Traders Magazine as the pair discuss the synergies that make this collaboration so successful.

In our Portfolio Trading vs RFQ List White Paper, we found that PT provides superior execution outcomes for illiquid bonds, particularly when these lower-liquidity instruments are included in well-balanced baskets compared to traditional RFQ list methods. In this AxessPoint, research confirms that PT serves as an effective price discovery mechanism for US IG and HY bonds, with traders leveraging the protocol to access bonds they would otherwise have little opportunity to trade.

In today’s increasingly complex and fragmented fixed income landscape, private banks in APAC face a unique set of challenges when trading fixed income securities. Axess IQ and Axess IQ Lite bridge the gap in enabling smarter and more efficient trading.

While conventional AI chatbots can't tell you when to portfolio trade, We can. Our platform combines real-time market data with AI-driven tools like CP+™ pricing and Tradability metrics to guide your execution decisions. From pre-trade cost estimates to post-trade analysis, discover how our comprehensive data suite helps you choose the optimal trading protocol and achieve better outcomes for every bond transaction. 

Private banks face a complex trading landscape with tight regulations and demanding clients. Axess IQ revolutionizes trading by combining liquidity, data, and efficiency features into an intuitive EMS. It supports the 'US HG on Price' protocol, allowing traders to handle cash price limits with precision and execute trades faster. The ASAP Protocol further enhances bond trading speed and efficiency, providing direct access to deeper liquidity pools and offering more competitive pricing.

Portfolio Trading has significantly evolved in the fixed income landscape, driven by the expansion of fixed income ETFs, increased indexation, and technological advancements. The growth in 'jumbo' PTs and average line-item sizes reflects the market's comfort with portfolio-based execution approaches. Despite technological advancements, dealers face challenges with residual positions, necessitating more effective risk transfer mechanisms. The introduction of "Axed PT" aims to improve risk redistribution and liquidity for all participants.

Algorithms command a significant and growing share of trading volume in the largest market segments, while rapidly expanding into the HY space (both US and EUR). This rise has been fueled in part by the growth of the electronic bond market and by the increasing availability and depth of data from platforms, allowing dealers to continuously refine pricing and liquidity‐prediction models. It is becoming clear that algos are dominating the liquidity pool and will continue to increase in importance.

USHG ASAP Price protocol is primarily used by Private Banks and Wealth Management execution desks across various order sizes. We observe strong liquidity and favorable execution outcomes for odd-lot and retail-sized orders within this protocol. Especially smaller orders below 150K benefit from deep liquidity and faster execution.  

SURA Investments, one of Latin America’s largest asset managers and pioneers of e-trading, transformed its trading operations by leveraging the MarketAxess platform. Learn more about this powerful partnership in our latest case study.

Technology is reshaping execution strategies in EM Hard Currency. MarketAxess’s recent client panel in London highlighted the growing importance of electronic solutions like TRFQ and Open Trading® when trading larger sizes.

A decision that clients often face is which trading route to take—a high touch or low touch approach. The latest innovation is the opportunity to execute larger trades with strong execution, while gaining the transparency, competitive pricing and straight through processing benefits of e-trading.

Maria Calderon, Head of LATAM Sales at MarketAxess, spoke with Asset Servicing Times to discuss what's in store for the asset servicing industry in LATAM in 2025. Original article published by Asset Servicing Times.

We're out with the next installment of our 2025 Outlooks, with our Data and Technology experts forecasting key trends shaping their sectors in 2025. Will policy have an impact on fixed income in 2025? See what our featured leaders are forecasting for fixed income within Technology and Data.

Our thought leaders in international markets share their 2025 outlooks in their respective product areas. From the role of AI to the proliferation of e-trading, our experts expect 2025 to be a pivotal year for the fixed income market. See what our leaders featured here are forecasting for 2025. ...

CP+, our AI-powered algorithmic pricing engine for the global credit and rates markets, is an integral part of the MarketAxess trading system and a critical data input and pricing source for multiple trading protocols. CP+ consumes millions of data points across various sources to help power solutions like Auto-X™ and Portfolio Trading. Beyond fuelling trading protocols, CP+ delivers consistent and unbiased data to help provide value across the entire investment lifecycle for traders, portfolio managers and quants. 

This AxessPoint takes a look at intraday liquidity trends and the factors that impact this activity. A deep dive reveals that access to liquidity is strong throughout the trading day as indicated by cost of trading and depth of liquidity. We start by looking at market liquidity through the traded...

The electronification of Mexico's fixed income market is in its early stages, yet progressing at an impressive pace. As the "last frontier" in Latin American markets, Mexico presents exciting opportunities for growth in electronic trading. As we continue to modernize the industry, MarketAxess rem...

Bringing high-touch service to you. Did you know that MarketAxess is a top client for many of the world’s dealers? Our Open Trading® network is a top 3 counterparty for most of our dealers on the platform and is even often #1! If we’re going to be your premium counterparty you should expect a pre...

Combining the best of liquidity and white glove service. After 25 years of working for traditional IDBs and in sales trading roles, I had a front-row seat to the inefficiencies in the dealer-to-dealer markets. Why aren’t dealers interacting with each other the way they do with the buy-side? Why h...

Aidan Kempin, a relationship manager working with MarketAxess Post Trade, speaks with Securities Finance Times for their Emerging Talent column about his experience in the securities finance industry and the significance of maintaining the industry’s human-centric aspect.Original article publishe...

Emerging market (EM) bonds have continued to see broad gains over the first half of 2024, despite diverse and persistent macroeconomic headwinds. A positive market development is the continued growth in global fixed income exchange-traded funds (ETFs). According to MarketAxess’ TraX® data, we hav...

The study uses RFQ data for European corporate bonds to examine two dimensions of liquidity: the probability of trade and the speed of execution, which are systematically influenced by dealer behavior and RFQ design (number of invites, use of Open Trading®, trade size, buy vs. sell).

この記事を日本語で読む As the global financial landscape evolves, Japan's bond market stands at a pivotal crossroads. Our recent partnership with Coalition Greenwich to launch the whitepaper, "The Evolution of Global Bond Trading in Japan", reveals a market in transition, driven by rising demand for fixed i...

This AxessPoint, Blockbusting Part 4, provides an update on the liquidity profile of block-sized trades on MarketAxess, with a specific focus on the $5mm-$10mm segment in US High Grade (blocks) for maturities over 5 years. In response to client inquiries and driven by the record trade volume in t...

As Japanese investors seek newer, higher-yielding opportunities away from home, electronic trading is playing an increasingly important role in how they navigate the global market challenges today. We explore this in our latest white paper that was published in collaboration with Coalition Greenw...

As a leading provider of transition management, Russell Investments is one of the largest and most diverse fixed income trading groups in the industry. This case study details the relationship between the two firms and how Russell has been able to harness the power of our unique data toolset.

Setting the scene: Fixed income in ChinaChina’s fixed income market has continued to thrive and flourish despite recent volatility in global fixed income markets. Relative to other Emerging Markets, investors and traders have been benefitting from the People’s Bank of China (PBOC)’s accommodating...

Long a major player in hard currency emerging market trading, MarketAxess continues to expand its unrivalled platform in local markets across Latin America. The firm’s focus on innovation and its unique understanding of client needs is generating record growth across products and trading pr...

With a growing level of scrutiny coming from European Regulatory bodies about the quality of data reporting, firms would be wise to consider the extent to which their Control Framework is effective. But what constitutes a “control framework”? What elements should a firm consider when designing an...

We’re all familiar with Algorithmic Trading: Using software programs given certain parameters and set to work on millions of pieces of real-time market data. The aim? To locate and execute trading opportunities the programs identify as falling within their criteria.“Algos” in tr...

MarketAxess is on a mission to optimize trading workflows and technology resources by enhancing and expanding our Auto-X™ suite of automation protocols. The efficacy of our classic Auto-X RFQ (launched in 2018) is evidenced by the impressive growth in auto-executed trade volume, surpassing ...

Following our fourth consecutive win as “Best Securities Trading Platform” at the Asia Asset Management’s Best of the Best Awards, Riad Chowdhury shares with the publication shares with the publication how, through technology innovation and client partnerships, we’re setti...

Reporting transactions by an investment firm to a regulator, or National Competent Authority (NCA), has been around in its current form since the advent of MiFID II (Markets in Financial Instruments Directive: 2002/92/EC) came into effect in January 2018. Investment firms trading in a wide variet...

Paul Graham talks with MarketAxess. Accuracy and timeliness should go hand in hand. However, for Senior Managers, regulatory reporting often means dealing with problems today, caused by inaccuracies introduced in the past. To help you guard against this eventuality, MarketAxess recently spoke wit...

“I recently had the privilege of attending the China Bond Market Forum in Beijing, hosted by the International Capital Market Association (ICMA). The forum served as a melting pot for fixed income experts from across the region, and delved into how innovation is pivotal in navigating the challeng...

Highlights:The unique position of MarketAxess as a leading electronic trading platform allows CP+ to leverage insights from both trades and non-traded inquiries.Our analysis reveals that on-platform trades are more reliable inputs for CP+ than off-platform trades and that even inquiries that Did ...

At MarketAxess we actively seek to build communities through our ESG initiatives and partnerships with organisations that align with our core values. We successfully built our business foundations using this approach, and we firmly believe that communities define our identity and purpose, remaini...

From an investment perspective, there are different metrics to look at. Amidst the market volatility in Asia-Pacific (APAC), bond traders and investors are increasingly relying on metrics and enhanced liquidity to manage risks. Riad Chowdhury, Head of Asia-Pacific at MarketAxess, emphasises ...

The impact of Federal Reserve's decisions on Asia-Pacific local currency bonds reflects in interest rates. The transmission of Fed policies to local currency bonds in the Asia-Pacific (APAC) region unfolds through two primary channels: global interest rates and currency valuations, according to t...

As we navigate the early days of 2024, it's helpful to take stock of the year gone by—a year that was replete with global events and policy decisions that have left an indelible mark on the Asia-Pacific bond markets. Let’s delve into the economic undercurrents of 2023 and cast an eye ...

Highlights and objectives We aim to investigate any key drivers of Portfolio Trading (PT) Trading Cost Analysis (TCA) outcomes, as measured by PT price outcomes versus CP+™ side. An analysis of PT features found no meaningful driver of TCA outcomes for PTs across ETF overlap and L...

On Research and Data "In 2024, AI will continue to be front and center in conversations with our clients. When combined with our unique data, it will allow us to further elevate our suite of top-tier data products for pricing and liquidity. From Adaptive Auto-X to our cutting-edge trading i...

Driven by heightened market volatility and yields not seen in over a decade, MarketAxess saw record monthly trading volume and client engagement last month. In October 2023, clients traded over $7.4bn on the MarketAxess platform, surpassing the previous monthly volume record of $5.8bn set just la...

Renovating an English cottage and electronic trading have more in common than you may think. For both projects, you need to manage a limited resource pool, prioritise the order in which to complete tasks based on their relative importance and complexity, and plan for market events such as interes...

In a rapidly changing and interconnected world, transparency in financial markets is more crucial than ever. We recently hosted a discussion titled “Transparency in APAC fixed income markets” in collaboration with the Asia Securities Industry & Financial Markets Association (ASIFMA) t...

At a time when interest rates demand that funds perform, hedge funds are emerging as the new ‘liquidity begets liquidity’ bastions and with that they are seeking new, forward-thinking trading and data solutions. MarketAxess has observed this evolution across our businesses; when look...

Institutional firms investing in Asia’s fixed income markets face the unique challenge of dealing with a wide range of countries and investor segments. They also are challenged with the availability and transparency of data. During times of heightened market volatility amid an uncertain ec...

Highlights and objectives We aim to examine the price impact of client-initiated inquiries on the market, during a period of extreme volatility, to examine what drives information leakage. When trading large EUR IG blocks on MarketAxess in March 2023 , traders managed to minimize market...

In the ever-evolving landscape of fixed income electronic trading, automation technologies are quickly gaining popularity as a necessary trading tool. In our last blog on automation, we discussed how the MarketAxess automation toolkit has seen rapid growth in the recent past, even through times o...

This is the first in a short series of AxessPoints that will explore the benefits of trading larger block sizes electronically, and how our tools and protocols are being developed to help optimize execution regardless of size, side, and timing. Tradability: An AI-powered liquidity gauge Underst...

Portfolio Trading: The next big thing for Asian bond markets? Maybe. The answer is a little more nuanced. Asia has seen an acceleration in adoption of electronic trading in the bond market in recent years, but in a dynamic region with volatility and uncertainty often higher than developed marke...

Highlights In 2022, LQD and HYG constituents generated 61% of the inquiry volume seen by Open Trading® in US IG & HY on MarketAxess The proportion of buy inquiry volume on Open trading in US IG & HY increases when the corresponding ETF is trading at a premium according to CP+™. Introd...

The multifaceted nature of emerging markets means that successful trading platforms need to deliver cutting-edge technology and a deep understanding of different clients’ needs and workflows. MarketAxess excels on both fronts. Combining world-class data and analytics, unique execution proto...

We were recently awarded ‘Best Trading and Execution Solution' at the Asian Private Banker Technology Awards 2023, and behind this great achievement is a tale of technological innovation, unwavering dedication, and customer-centricity. To understand more about our success, Erik Tham, Head ...

At the end of March, a client, unannounced to the market, ran an Investment Grade buy program on the platform, trading approximately $1.6bn over the course of five days. That wasn’t a one off—several weeks ago, another client executed a similar program, this time in High Yield. We ran...

Building on its decade-long initiative to integrate minority, veteran and women-owned dealers into its high yield investment process, Shenkman Capital Management, Inc. (“Shenkman”) joined the MarketAxess Diversity Dealer Initiative in August 2021, with the goal of efficiently engaging...

Increased demand for Latin American debt securities by both local and international investors, coupled with new technology solutions, has continued to drive the adoption of e-trading in Brazil, Mexico and other major Latin American markets. Access a complimentary copy of this new research report ...

Automation technologies touch so many parts of our lives that we often forget how integral they are to our every day. From setting the thermostat before you go to sleep to the camera in your smartphone and the advent of self-driving cars, automation has penetrated our lives to a degree that would...

Highlights Time to trade is on average 13 times faster in the EU markets than in the US: the median time to trade is 43 seconds in EUR IG vs 10 minutes in USD IG. Growth of algos in both EU and US markets means that trading can be faster than it used to be. Submitters already calibrate their...

Following our win as Best Bond Trading Platform at the Asia Asset Management’s Best of the Best Awards for the third consecutive year, Christophe Roupie, CEO of EMEA and APAC, and Riad Chowdhury, Head of APAC, talked to the publication about the innovations behind our continued success, and...

The International Capital Market Association (ICMA) released its latest edition of the Asian International Bond Markets report, and MarketAxess is proud to be a contributor for the third consecutive year. This report leverages our TraX data to provide global market stakeholders with an updated ov...

Last year, the markets were a one-way trade. Aggressive rate increases leading to horrible returns.  Sell everything! And ask questions later... In the first quarter this year, it was the exact opposite. Now, everyone is chasing bonds. Especially New Issues. After a dismal 2022, at 6% yields...

Highlights Liquidity measures such as Bid-Ask spread in 144A and Regulation S (Reg S) bonds across markets can vary widely for otherwise identical bonds. Reg S and Rule 144A securities have distinct regulatory backgrounds and key differences. Issuers wanting to maximize buy-side engagement m...

Will 2023 be the year of transparency in fixed income markets? If 2022 will be remembered for something in bond markets, it will certainly be the highest volatility and some of the most challenging liquidity conditions we’ve seen since 2008. Now the question on everyone’s mind is, w...

Identifying the potentialTham opens the conversation by zooming straight in on the private banking and wealth management community, explaining why the firm tailored its proprietary Axess IQ solution for traders and relationship managers (RMs). “The most taxing problem I faced when I worked at the...

Riad Chowdhury, Head of Asia-Pacific (RC) Erik Tham, Head of Global Private Banking Product (ET) MarketAxess has been named Best Trading and Execution Platform at the Technology Awards for the 2nd consecutive year. What do you think makes MarketAxess an increasingly indispensable tool for fixed ...

Earlier this month, PIMCO, one of the world’s largest fixed income asset managers, published their view on how to improve the functioning of the US Treasury market. The paper was picked up quickly by Robin Wigglesworth at the FT – which served to further highlight how market participa...

Asian fixed income markets in the first half faced the twin threats of accelerating inflation and slowing economic growth. Several media reported global investors have reduced their bond holdings in emerging markets as yields rise in the U.S and other developed countries, whose central banks have...

Since early April, the leveraged loan market has trended in one direction. Risk assets have continued to sell off this week, as Fed Chair Powell was firm in his commitment to get inflation under control, even to the extent that there may be some pain involved. Along with increased volatility, bid...

Following our win as Best Bond Trading Platform at the Asia Asset Management Best of the Best Awards for the second time in a row, Christophe Roupie, CEO of EMEA and APAC, and Riad Chowdhury, Head of APAC, talked to the publication about what made MarketAxess stand out from the crowd and the futu...

Fixed income markets are evolving at pace, with smarter electronic trading protocols, more sophisticated, automated investment strategies and a greater availability of useful data. Read our joint paper on how the new MarketAxess US Investment Grade 400 Corporate Bond Index, is driving greater inn...

Last week State Street Global Advisors launched the SPDR MarketAxess Investment Grade 400 Corporate Bond ETF (LQIG). Designed to blend the advantages of an ETF with the tradability benefits of investing in US Investment Grade corporate bonds with higher liquidity compared to the broader U.S. corp...

In our previous blog, Its time to start thinking like a regulator, Len talked about regulators increasing focus on the quality of your transaction reporting data and the need for you to start looking and evaluating your data like a regulator would. However, this isn’t as easy as it sounds &...

With the impact of the COVID-19 pandemic receding and inflation becoming a key concern for global financial markets, central banks in emerging countries from Brazil to South Korea to South Africa began raising interest rates in 2021. Going into 2022, the adjustments made across many EM government...

Kat Sweeney, head of index and ETF Solutions, and John Keller, ETF and index product manager, share their views with Risk.net on the evolution of credit market structure and how MarketAxess is using its unique vantage point to inject tradeability and transparency into the traditional indexation o...

In financial markets, asymmetry of information is commonplace. With banking regulations like Brexit, CSDR, and SFTR all in the rear-view mirror, European National Competent Authorities (NCAs) are turning their attention to increasing regulatory scrutiny over data quality of regulatory reporting. ...

The story for emerging Asia local market debt in 2021 was one of ups and downs. After a brief hiatus in 2020, yield-hunting investors poured into the region for most of the first half as concern about the COVID-19 pandemic subsided. Yet towards the end of the second quarter, such optimism gave wa...

Highlights Reported corporate bond transaction volumes spike at regular times daily due to the printing of delayed treasury spot trades. Delayed spotting is commonly used to hedge against price movements in the underlying benchmark Treasury and reduce interest rate risk. Delayed spotting has...

At the outset of a new year, it’s common to make new year’s resolutions for personal improvement – eating healthier, exercising more often, keeping a gratitude journal. When reflecting on your business goals for the year, are there specific areas you’ll be focusing on in 2022? One thing we would ...

Asian local fixed income markets in the third quarter halted a brief slowdown that had begun towards the end of the first-half, as concerns eased over US inflation and early withdrawal of pandemic-related support policies, prompting investors to return to the region.Data gathered by our platform ...

As with most other emerging markets, Latin America has seen debts returning to the radar among investors this year. This is partly due to the U.S.’s near-zero benchmark interest rates that has sent them searching for yield premium, and also because of an abundance of liquidity as a result o...

With a record $49 billion traded in H1’2021, Mexico is the largest emerging market traded on the MarketAxess electronic bond trading platform. Owing to the connectivity of an extensive network of global investors, onshore clients, and dealers; the local community in Mexico can request bond ...

Learn about our Diversity Dealer Initiative where you can achieve more diversity and liquidity without extra steps in your daily trade execution process. The opportunity to be impactful and socially responsible now comes bundled with added value to your bottom line through greater pricing efficie...

Early 2021 saw global investors flocking to Asian local fixed income markets in search of more attractive yield and other diversification benefits. This trend has continued well into the second quarter, with foreigners’ purchases of Asian bonds surging to a two-year high in June. Yet by the...

In early 2018, we launched our Auto-Execution tool for corporate bond trading and Parametric was one of the earliest adopters. In addition to their wide-ranging institutional and mutual fund businesses, Parametric provides a separately managed account service for individual investors, Corporate L...

After a brief hiatus in 2020, investors have been returning to Emerging Local markets, and more specifically - Asian fixed income markets in a significant way, as the region gradually recovers from the COVID-19 pandemic. This is partly due to the yield premium Asian bonds offer over their peers i...

Today’s emerging market (EM) traders are different to just a few years ago, with an increasing need for information, access and liquidity across a broader spectrum of emerging markets to meet the investment profile of portfolios. Electronic trading has created liquidity and information opp...

Following MarketAxess' win of the Asia Asset Management’s Best of the Best 2021 award as Best Bond Trading Platform, Christophe Roupie talks about how the firm's leading role in accelerating the transition to electronic trading in the region – helping Asian bond markets to expand and ...

Despite a (slightly) misleading name, the Central Securities Depositories Regulation (CSDR) is not just a regulation for CSDs. The potential impact will reach every single participant executing securities across Fixed Income, Repo and Equity transactions. Although an exercise which aims to increa...

Christophe Roupie and Geoffroy Vander Linden discuss how Axess All, the first European intra-day trade tape for the fixed income community, has been bringing transparency and transformation to European bond markets since 2015. In 2021, as the world continues to come to terms with the COVID-19 pan...

Volatile price fluctuations and market-wide dislocation led trading participants to search for new sources of liquidity. Unlike the Credit Crisis of 2008/9 when all-to-all trading connections were not possible, participants came together to find and create liquidity through Open Trading®