New York Fed Designates MarketAxess as Eligible Seller for SMCCF
NEW YORK, Sept. 09, 2020 (GLOBE NEWSWIRE) — MarketAxess (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, and the provider of market data and post-trade services for the global fixed-income markets, today was designated by the Federal Reserve Bank of New York as an Eligible Seller for the central bank’s Secondary Market Corporate Credit Facility (SMCCF).
The SMCCF supports market liquidity for corporate debt by purchasing individual corporate bonds of Eligible Issuers and exchange-traded funds (ETFs) in the secondary market. Eligible Sellers will be the designated entities that will transact with the SMCCF as it carries out its program.
“MarketAxess is honored to participate in this important program to support the recovery of the American economy,” said Rick McVey, Chairman and CEO of MarketAxess. “Ensuring the resilience of fixed-income markets and maintaining the strength of the secondary market are critical to restoring the health of American business, rebuilding employment opportunities and helping communities address the impact of the Covid-19 outbreak.”
MarketAxess is well positioned for this role in view of the rapid growth in Open Trading, its global, all-to-all market that has proved an essential source of liquidity during the recent period of credit market stress. With its Eligible Seller designation, MarketAxess provides end investors and broker-dealers the opportunity to use Open Trading to respond directly and anonymously to the Fed’s requests to purchase bonds.
BlackRock Financial Markets Advisory is investment manager for the SMCCF. More information on the SMCCF can be found on the New York Fed’s website here.
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