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MarketAxess Interdealer Program Underway.
MarketAxess revealed last week that it began operation of its DealerAxess interdealer trading system in June. Seventeen dealers are currently trading U.S. high-grade corporate bonds anonymously and electronically among themselves. During the companyOs earnings call Wednesday, CEO Richard McVey said DealerAxess Ois ahead of our internal expectations in terms of committed dealer participants and trading activity. In the high-grade market, we estimate that 25 percent of daily corporate bond volume is conducted between dealers, and we have established first-mover advantage in the electronic space.O
Until this extension, which www.securitiesindustry.com reported Feb. 8 was under development, the New York-based electronic trading platform had focused exclusively on providing request-for-quote bond trading to institutional clients, with liquidity coming from dealer backers and sell-side participants.
MarketAxessO broker-dealer subsidiary, MarketAxess Corp., acts as a riskless principal facilitator in the interdealer transactions. Trades are matched and netted through what MarketAxess spokesperson Stephen Davidson described as a traditional, independent clearing firm, though he would not name it. DealerAxess is based on a combination of MarketAxess core technology with that of Trading Edge, which MarketAxess acquired in March 2001 along with its anonymous trading platform, BondLink.
In the interdealer business, which remains predominantly voice-brokered but is rapidly automating, Market-Axess is competing against Cantor Fitzgerald, GFI Group, Icap and ...
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