NEW YORK and LONDON, Sept. 12 /PRNewswire-FirstCall/ -- MarketAxess
Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading
platform for U.S. and European high-grade corporate and emerging markets
bonds, today announced that it has launched the first client to multi-dealer
electronic credit default swap (CDS) index trading system in London and New
York.
MarketAxess' CDS index trading system has been developed with the
assistance of eleven global dealers, who have provided extensive feedback on
the specifications for the new trading platform. The eleven dealers include
ABN AMRO, Banc of America Securities, Bear Stearns, BNP Paribas, Dresdner
Kleinwort Wasserstein, Goldman Sachs, JPMorgan, Lehman Brothers, Merrill
Lynch, The Royal Bank of Scotland and UBS. Eight of these dealers have
completed their systems integration with MarketAxess and will be live on
launch day, with the remaining three dealers and others expected to be live
within weeks. CDS index trading will be offered in conjunction with cash
trading on MarketAxess' U.S. and European high-grade corporate and emerging
markets bond platform.
"Our CDS index trading solution, developed in conjunction with leaders in
the industry, is another example of MarketAxess providing superior technology
solutions for clients, while at the same time meeting the critical industry
need to decrease the number of unconfirmed trades outstanding. From pre-trade
to post-trade, our solution is designed to eliminate trade errors and
discrepancies through a robust trade verification and auto-matching and
confirmation process," said Richard M. McVey, Chairman and Chief Executive
Officer of MarketAxess.
"In conjunction with our CDS launch, we are pleased to announce that Andy
Brindle, most recently Global Head of Credit Derivatives at JPMorgan Chase,
has joined MarketAxess as a Senior Advisor for the credit derivatives
business. Andy's extensive global market knowledge and experience with
dealers, clients and market participants will be an asset to the Company as we
continue to build out our CDS index trading solution and move into single
names in 2006," added Mr. McVey.
Industry leaders with whom MarketAxess worked in developing the new
trading system include The Depository Trust & Clearing Corporation's wholly
owned subsidiary, Deriv/SERV, a full-service provider of automated trade
processing solutions in the OTC derivatives market. MarketAxess has
integrated its front-end CDS index trading system with Deriv/SERV, allowing it
to offer an end-to-end electronic trading solution designed to eliminate trade
discrepancies and expedite the confirmation process. MarketAxess also
recently announced its subscription to Markit Group Limited's RED service, the
industry standard for reference entity and reference obligation identifiers in
the credit derivatives market. The Markit RED data will help MarketAxess
achieve straight through processing from pre-trade to confirmation.
"We are extremely pleased with the broad participation of our dealer
partners in launching our new CDS index trading system. The high level of
dealer participation is a clear validation of our approach to developing our
CDS trading solution, characterized by a focus on incorporating and
integrating industry protocols and initiatives to improve the trading process,
rather than creating alternative solutions that undermine industry efforts,"
said Barry Goldenberg, Credit Derivatives Product Manager at MarketAxess.
Thomas Benison, vice president and head of credit product management for
North America at JPMorgan, stated, "Working with DTCC and Markit, MarketAxess
has demonstrated its commitment to building a high-end electronic CDS solution
for clients, dealers and the industry. MarketAxess is well positioned to
combine its cash credit trading with a 'straight through processing' CDS
trading platform, helping to promote efficiency and reduce lags in
confirmations. We are very pleased to be participating on the platform."
About MarketAxess
MarketAxess operates one of the leading platforms for the electronic
trading of corporate bonds and certain other types of fixed-income securities,
serving as an electronic platform through which our more than 550 active
institutional investor clients can access the liquidity provided by our
broker-dealer clients. MarketAxess' multi-dealer trading platform allows our
institutional investor clients to simultaneously request competitive,
executable bids or offers from multiple broker-dealers, and to execute trades
with the broker-dealer of their choice. MarketAxess offers our clients the
ability to trade U.S. high-grade corporate bonds, European high-grade
corporate bonds, agencies, high yield and emerging markets bonds. MarketAxess
also provides data and analytical tools that help our clients make trading
decisions, and we facilitate the trading process by electronically
communicating order information between trading counterparties. MarketAxess'
current participating dealers are: ABN AMRO, Banc of America Securities,
Barclays PLC, Bear Stearns, BNP Paribas, Citigroup Global Markets, Credit
Suisse First Boston, Deutsche Bank Securities, DZ Bank, FTN Financial, Goldman
Sachs, HSBC, ING Financial Markets, JPMorgan, Jefferies & Company, Lehman
Brothers, Merrill Lynch, Morgan Stanley, The Royal Bank of Scotland, Santander
Investment Securities, SG Corporate & Investment Banking, UBS and Wachovia
Securities. For more information please visit http://www.marketaxess.com.
SOURCE MarketAxess Holdings Inc.
 back to top
Related links:
http://www.marketaxess.com
CONTACT:
Media: Andy Nybo, +1-212-813-6246, of
MarketAxess Holdings Inc., or Melissa Kanter, +1-212-704-8261, of
Edelman, or Will Bowen, +44-0-20-7786-4877, willb@penrose.co.uk,
of Penrose Financial; or Investors: Stephen Davidson,
+1-212-813-6021, sdavidson@marketaxess.com, of MarketAxess
Holdings Inc.; or Michele Loguidice, +1-212-704-8243, of Edelman
for MarketAxess Holdings Inc.
|
