Caplin Systems, a real-time web company, has announced that MarketAxess Holdings, the operator of an electronic trading platform for U.S. and European fixed income securities, has gone live with Caplin’s trading platform to disseminate real-time bond prices on its EM Actives emerging market bond-trading service and its Corporate BondTicker premium service.
EM Actives is a web page that streams indicative prices for emerging market bond inventory submitted by dealers organised by country, corporate issuer, and local market.
Institutional investor clients can click on a price to launch a request-for-quote (RFQ) to up to 20 global broker-dealers who trade emerging markets debt on MarketAxess.
MarketAxess had previously embedded the Caplin platform in its Corporate BondTicker information service, which enhances Financial Industry Regulatory Authority (FINRA) TRACE data with MarketAxess tools to provide market participants with a set of corporate bond price information.
The data includes actual execution prices as well as MarketAxess estimated spread-to-treasuries. Corporate BondTicker serves over 13,000 end users and delivers transaction data for more than 25,000 daily trades in over 35,000 unique securities.
“Prior to adopting the Caplin platform, updating web-based data on BondTicker required periodic polling to refresh our pages,” says Michael Sacks, head, software production, MarketAxess. “Now, with Caplin, we have integrated real-time capabilities into our BondTicker premium service and more recently into our EM Actives offering, providing our investor clients with access to real-time levels,” he continues.
Caplin’s technology provides a system for building browser-based online trading portals. The Caplin platform
manages all aspects of delivery in real-time via the internet, including the management of both order and market data messaging channels. It deals with permissioning, security, access control, latency monitoring and order routing. Additionally, the ability of the platform to transform data in real time allows existing trading applications to be web-enabled.
“With our real-time technology, MarketAxess can now offer
its clients real-time pricing in a web browser as well as in its trading system,” comments Paul Caplin, CEO, Caplin.