BlackRock and Standard Chartered have successfully executed the first trade on MarketAxess Holdings’ new fully electronic trading solution for Indian government bonds (IGBs).
Riad Chowdhury
The inaugural trade follows the launch of the electronic trading solution in June, designed to allow foreign portfolio investors (FPIs) and market makers to trade IGBs electronically.
The launch also made MarketAxess the first platform to allow fully electronic workflow for IGB trading.
“We are excited to see access to India’s onshore bond market becoming more efficient and scalable,” said Jatin Vara, head of international trading at BlackRock.
“India offers compelling opportunities for foreign investors, especially in its expanding onshore bond market, where continued inclusion in major global indices is fuelling strong investor interest.”
Read more – MarketAxess first to provide fully electronic workflow for Indian government bonds trading
MarketAxess has previously said that its IGB offering is set to increase workflow efficiency, spanning pre-trade allocation to post-trade reporting, and is integrated directly with the NDS-OM system operated by the Clearing Corporation of India Limited.
In addition to the launch of IGBs, MarketAxess’ trading platform also offers 29 other local currency bond markets for investors.
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Riad Chowdhury, head of Asia-Pacific at MarketAxess said: “Our solution for India has been purpose-built to meet the specific needs of institutional investors and dealers, and we look forward to increased client adoption in the coming months.”