Refinitiv, MarketAxess Ink Redistribution Deal
Refinitiv and MarketAxess Holdings Inc. (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, have entered into an agreement to redistribute MarketAxess’ fixed income market data to Refinitiv’s customers via its Elektron Data Platform.
The relationship combines the leading fixed income data capabilities of MarketAxess with the vast Refinitiv market information network, which feeds the global financial community with an average of 40 billion market updates a day, giving market participants the actionable insights necessary to stay ahead of an evolving market.
The data made available through Refinitiv as a part of the agreement includes MarketAxess’ award-winning Composite+™ and Axess All® pricing tools.
Composite+ is a leading algorithmic pricing engine for corporate bonds that leverages a range of proprietary and industry data sources, with updates up to every 15 seconds on over 24,000 bonds. It combines public data from the FINRA Trade Reporting and Compliance Engine (TRACE) with proprietary data from the MarketAxess trading platform and Trax®.
Axess All is the first intra-day trade tape for the Europe fixed income markets. Sourced daily from over 30,000 bond transactions, powered by Trax post-trade services, Axess All displays aggregated volume and pricing for the most actively traded European fixed income instruments, providing some of the most robust European fixed income trade data available today.
The Elektron Data Platform is Refinitiv’s integrated content and capabilities platform that enables customers to get the data and analytics they need from a single trusted platform with the ability to integrate their own data, offering a range of delivery options to distribute information to wherever it is needed.
“The increasing electronification of the bond market and heightened regulatory pressure to demonstrate best execution mean fixed income traders and investors need more data to power smarter trading engines, find an investment edge, and meet their reporting obligations,” says Brennan Carley, Managing Director for Enterprise at Refinitiv. “As customers look to simplify their data management by using a single trusted source of data across their business, we’re excited to be expanding our fixed income data choice for customers with MarketAxess’ innovative and award-winning market data.”
Chris Concannon, President and Chief Operating Officer with MarketAxess added, “The integration of real-time, enhanced market data throughout the fixed income trading workflow has never been more critical than today. Data based on liquidity and transactions will benefit the entire investment process to better manage liquidity risk and portfolio execution performance. The collective resources of MarketAxess and Refinitiv are bringing near real-time and actionable insights necessary to stay ahead of an evolving market.”
Electronification of the municipal bond market also presents a large opportunity.
The success of Northbound trading showed electronic execution is way forward for the bond market.
IRS trading volumes have fragmented without an equivalence agreement.
Increased electronification has created useable and accessible real-time and historic trade data.
Members are evaluating payment-versus-payment for currencies not yet eligible for CLSSettlement.