AxeTrading Signs Partnership with BGC Partners
AxeTrading, a leading provider of trading solutions to fixed income market participants worldwide, has signed a technology partnership with BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. Under the agreement, BGC Partners is immediately extending its use of AxeTrading’s fixed income e-trading system “AxeTrader” in the first implementation phase of a deployment across a number of its agency brokerage businesses.
The move comes as BGC Partners extends its regulatory compliance, with immediate attention to the cross-asset best-execution requirements of its agency brokerage businesses under MiFID II, which came into effect on 3rd January, 2018.
“BGC Partners is pleased to have identified a next-generation e-trading system engineered for the evolving market structure and regulatory environment of today’s fixed income agency brokerage business. We have tested AxeTrader in one of our global agency brokerage services and both the technology and the team at AxeTrading have delivered a product which addresses our needs,” said Arran Rowsell, BGC Partners.
“BGC Partners’ decision is a testament to the uniqueness and effectiveness of our agency broker solution,” said Mark Watters, director at AxeTrading. “We’re seeing increased interest as the markets continue to ready themselves for MiFID II, and we’re delighted to partner with an industry leader like BGC Partners to help their agency broking business both remain compliant with the new regulations and thrive in this new ecosystem.”
AxeTrader provides both sell-side and buy-side fixed income traders with a holistic view of the fixed income markets by integrating internal systems with multiple venues (OTC, exchanges, MTFs, OTFs and SEFs), data sources and all electronic and voice workflows within a single trading application, and automates trade processing after execution. With this dashboard of pre-trade information, and a full audit trail of post-trade activity, institutions can achieve best execution and improve the efficiency of their operations.
With a hosted deployment, the rollout of AxeTrader solution with BGC Partners has been accomplished within relatively short timescales and has enabled its agency businesses to undertake MiFID II-compliant trading.
Within the last 12 months, AxeTrading has received a €2m investment from Illuminate Financial, hired a regional sales director and opened an office in Sydney and in Singapore as part of its APAC expansion, and more than doubled its staff.
AxeTrading is planning further global expansion as its business already extends across four continents .
More clients have been using automated trading in the last two years.
Enhancements to the scheme are expected to include hedging solutions.
In the EU only France, Belgium and Poland have issued green bonds.
Block trade allocation is one factor for China’s inclusion in global bond indexes.
Regional regulators appear to be gauging the impact of MiFID II.