MarketAxess Adds 'Auto-Spotting' Feature To Bond-Dealing Platform
MarketAxess, the Internet-based, multi-dealer trading platform for credit products, has added a new feature – ‘Auto-spotting’ – which uses live dealer-supplied U.S. Treasury price feeds to progress trades instantaneously from spread to Treasury spot to final price. According to the firm, the traditional phone-based process for trading corporate bonds – a multi-step iterative process involving several people that can take 5 minutes or more to complete – can be compressed so that institutional investors can execute trades with their dealers in seconds. In April, volume reached a new monthly record of $3.4 billion and year-to-date volume surpassed total 2001 volume, the firm said.
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