MarketAxess Approved to Trade Local Currency Debt in Brazil
MarketAxess, the operator of an electronic trading platform for US and European high-grade corporate bonds, emerging markets bonds and other types of fixed-income securities, has received authorisation from the Comissão de Valores Mobiliários (CVM) (Securities and Exchange Commission of Brazil) and the Central Bank of Brazil to offer e-trading of local currency debt. Brazilian local currency government and corporate bonds are available on the MarketAxess trading platform.
“We are very pleased to be able to offer Brazilian local currency debt trading to our global customers. The current estimated average daily volume in the Brazilian local debt market is approximately US$5.1bn and we believe access into this marketplace represents an important development for our emerging market clients, eager to participate in one of the world’s fastest growing local currency debt markets. We currently have 10 dealers prepared to provide liquidity in Brazilian local currency bonds on the platform and expect that number to grow. We have had strong interest from clients in North America and Europe in accessing these markets and anticipate continued appetite for cross-border trading both locally and globally,” said Kevin McPherson, head of sales, MarketAxess.