MarketAxess, the operator of an electronic trading platform for US and European fixed income instruments, has received approval to offer its platform in Quebec, Canada.
Having gained authorisation from the Investment Industry Regulatory Organization of Canada, institutional investors in Quebec are now able to trade US dollar- and euro-denominated corporate debt, emerging market corporate and sovereign debt and credit default swaps on MarketAxess.
MarketAxess – which already operates in Canada via its platform in Ontario – uses request for quote technology, allowing institutional investors to request executable bids or offers from multiple broker-dealers, and execute with their dealer of choice.
“Electronic trading can help investors more easily source fixed income liquidity and improve trade execution,” said Kevin McPherson, head of sales at MarketAxess. “As the leading global electronic trading platform for corporate bonds, we’ve seen how investors benefit from increased transparency and efficiency through electronic execution. We have also identified significant, quantifiable cost savings when trading bonds electronically versus the phone.”
The firm’s launch in Quebec follows the launch of its platform in Brazil earlier this year, where MarketAxess offers electronic trading of local currency debt.