More NewsMarketAxess Adds Trading in FRN’s

MarketAxess Adds Trading in FRN's

MarketAxess has launched trading in floating rate notes (FRNs) on its European platform, MarketAxess Europe Ltd. Floating rate notes are debt instruments with a variable interest rate. Coupon adjustments are made periodically, often every six months, and are tied to a money-market index. All transactions on the European platform are executed using a multi-dealer disclosed counter party model and ‘one-step’ trading protocol. The disclosed counter party model is an inquiry-based trading system that allows institutional investors to view multiple bids or offers from participating dealers on a ‘request for quote’ basis. The one-step trading protocol delivers bond price, spreads and government bond levels simultaneously, and accommodates the diverse benchmarks used in Europe.

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