MarketAxess Builds New Issue Ecosystem for Primary Access and Secondary Trading as Automation Hits $144 Billion
Updated
Updated · Markets Media · Jul 7
MarketAxess Builds New Issue Ecosystem for Primary Access and Secondary Trading as Automation Hits $144 Billion
2 articles · Updated · Markets Media · Jul 7
Summary
MarketAxess is building a partner-based new issue ecosystem that lets clients access primary bond deals and move straight into secondary trading, rather than launching its own primary market.
February’s DirectBooks tie-up underpins that push by giving mutual clients deal announcements, indications of interest and allocation messages in one workflow, addressing what the firm called a fragmented and clunky process.
Block trading is another focus as clients automate larger and more sensitive trades; Targeted Axes is live in U.S. credit and due in Europe, while some large asset managers are using Adaptive Auto-X for big blocks.
Generative AI and data tools are being added to pre-trade workflows, including natural-language queries, dealer suggestions and comparable-bond analysis when investors miss desired allocations.
MarketAxess is widening connectivity through partners including Moment, ICE Bonds and DirectBooks, building on Q1 record automation volume of $144 billion from 258 active automation client firms.