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.