MarketAxess has acquired a majority stake of RFQ-hub Holdings LLC, as part of the firm’s drive to globally support and expand the exchange-traded funds (ETF) and derivative request –for quote (RFQ) platform.
As part of the move, MarketAxess will hold an approximate controlling stake of 90% in RFQ-hub, which serves as a bilateral multi-asset and multi-dealer RFQ platform for equity and fixed income listed and OTC derivatives, as well as structured products and ETFs.
“We see immense potential in combining RFQ-hub technology with our global client network. We have been working with the consortium and the RFQ-hub team for over two years and are already experiencing synergistic wins,” said Kat Sweeney, global head of data and ETF solutions at MarketAxess.
“MarketAxess is focused on supporting and expanding the role of fixed income ETFs and credit futures, as they become increasingly important tools for our clients to manage their exposure to the fixed income market and unlock liquidity in the underlying bonds.”
In May 2022, Virtu Financial announced the creation of RFQ-hub Holdings LLC as a consortium to support RFQ-hub’s growth, with MarketAxess serving as a founding consortium member alongside liquidity providers including Citadel Securities, Flow Traders, Jane Street Capital and BlackRock.
Read more – S&P Global Market Intelligence and MarketAxess partner to improve fixed income transparency and efficiency
Following the acquisition, all founding members will continue to hold a minority stake and will enter a partnership with MarketAxess through the new ownership.
Driving growth in the fixed income markets has been a key focus for MarketAxess in recent months. In November 2024, the firm entered a strategic data partnership with S&P Global Market Intelligence (SPGMI), in a bid to increase transparency and efficiency for the fixed income markets.
Read more – MarketAxess extends BlackRock partnership to enhance credit markets connectivity
Similarly, in September 2024, the firm expanded its decade-long partnership with BlackRock to integrate its credit trading protocols, pricing and data into the latter’s Aladdin order execution management system (OEMS).