Mostly… fixed income and cross product eTrading

March 25, 2009

Client-client trading

Filed under: etrading — holky @ 8:57 pm

Ah … MarketAxess also looking to get client to client (bidlist) orderflow then …with give up to bank standing as clearer. How much is the execution though …even with some natural crossing the cost could kill it.

Traditionally, MarketAxess allows investors to electronically signal to certain banks they want to execute a trade in any of a range of agency and corporate bonds. In October, however, the platform introduced a facility, known as Market Lists, to allow investors in the U.S. to also signal that interest to each other. MarketAxess’ European customers can already use Market Lists to trade U.S. high-grade corporate bonds with U.S. investors. The company now expects to allow European investors to trade sterling-denominated bonds with each other in late April and floating-rate notes and euro-denominated issues by midyear. Banks aren’t being completely left out of these trades between investors, however, because they have to be routed through banks which then charge a fee for processing the trades.


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