MarketAxess Deploys Caplin for Real-time Pricing
Caplin Systems has announced that MarketAxess Holdings has gone live with Caplin Platform to disseminate real-time bond prices on its EM Actives emerging market bond-trading service and its Corporate BondTicker premium service. EM Actives is web page that streams indicative prices for emerging market bond inventory submitted by dealers organised by country, corporate issuer, and local market. Institutional investor clients can click on a price to launch a request for quote (RFQ) to as many as 20 global broker-dealers who trade emerging markets debt on MarketAxess. The company had previously embedded the Caplin platform in its Corporate BondTicker information service, which enhances Financial Industry Regulatory Authority (FINRA) TRACE data with MarketAxess tools to provide professional market participants with a set of corporate bond price information. The data includes actual execution prices as well as MarketAxess estimated spread-to treasuries. Caplin’s web platform delivers information in real-time via the Internet using an Ajax front end, which allows MarketAxess to exchange information with clients’ browsers without the web page having to reload each time to display the updates.