TraX®
Powering pricing, liquidity, and transparency
Powered by real-time contributions from market participants across Europe, Asia and CEEMEA, TraX products deliver reliable, cleansed, and enhanced platform-agnostic data that captures approximately 85% of the European credit market ensuring you can act with confidence at every stage of the trade lifecycle.
For the world’s leading financial institutions, our suite of TraX market data products serve as a source for real-time trading, end of day processes, and reporting.
TraX Tape
A Smarter, faster, broader consolidated stream of globally executed trades including CTP data.
TraX Pricing
High, low, median, and last executed traded price across global markets.
TraX Volume
Aggregated daily traded volumes, ticket sizes, directionality, and liquidity metrics.
TraX APA
MiFID II-compliant pre- and post-trade transparency data across asset classes.
Who is TraX for?
Designed for every step throughout investment and trade lifecycles.
Active traders
Real-time pricing with directional skew for execution clarity without aggregating multiple feeds.
Quant strategies
Historical datasets from 2005 to power models, liquidity analysis, and alpha research.
Middle office & regulatory reporting
Fully compliant and aligned view of market conditions, exposure, and liquidity risk.
Back office
Integrity from trade validation and reconciliation to settlement.
coverage of the European Credit Market*
global trades captured daily*
unique ISINs*
How TraX works
TraX is your one-stop shop for global transaction data, delivering daily market volumes and prices on over 45,000 fixed income securities.
Exceptional market coverage
Capturing global prices including 85% of trading activity on the European fixed income market.
Extensive global contribution network
With 60+ real-time contributors across Europe, APAC and CEEMA.
Robust data aggregation
Combining multiple sources with proprietary datasets.
Proven data quality and history
Built on over 10 years of data cleansing expertise.
Ahead of the Curve
With more than 2,000 dealers and clients on the MarketAxess platform, producing 325,000 firm prices every day, we have access to the richest proprietary data, which we combine with data from public sources around the globe.
Cleansing and aggregating
Real-time pricing on a single platform
Bespoke data fields and file formats, with enrichment overlays
Historical volume and price data back to 2005
A unified view of intra-day and end-of-day markets
TraX Tape: Unmatched European market transparency
TraX Tape is a single, consolidated data feed that provides a clean, standardised view of global bond market activity. It delivers decision-grade data that trading desks can use immediately, removing the need for additional consolidation or cleansing processes.
Leveraging our proprietary and public trade data, we enhance the final output of Trax Tape to help firms better understand liquidity, pricing, execution quality, and market sentiment. The result? Unparalleled insights that put other CTPs in the shade.
Compliment TraX coverage with Axess All
AxessAll provides aggregated trade volume and price data for the most actively traded bonds throughout each trading day. Delivered with a short (~15 minute) delay to protect anonymity, this near-real-time transparency complements the TraX suite of data products by bridging the gap between live trading and end-of-day data. AxessAll offers a same-day view of market activity helping enhance transparency for the bond market.
Thought leadership
Enhancing data usability and market visibility under new regulatory changes
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.
Europe’s bond transparency regimes put data in the spotlight
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 from Geoff Morton, Head of Strategists at MarketAxess, across this evolving market landscape.
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