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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.
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.
Originally published by Bloomberg | November 5, 2025
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.
Originally published by The TRADE on December 15th 2025
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.
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.
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.
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.
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.
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...
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 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...
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...