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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.
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.
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.
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.
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...
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...