MarketAxess launches real-time fixed income pricing

Axess All Prints will offer an enhanced real-time transacted price service for the most actively traded fixed income instruments in the UK and EU.

MarketAxess, the electronic trading platform for fixed income securities, has added to its existing intra-day fixed income tape with real-time pricing for the UK and EU’s most actively traded debt instruments.

Axess All, the first intra-day trade tape for the EU and UK fixed income markets, was launched in 2015 (well before the MiFID II mandate) with delayed intra-day transaction data aggregated at the bond level on around 7,000 instruments. The new All Prints service will add to this with trade-by-trade pricing data, publishing prices in real-time on more than 15,000 executed trades across around 4,250 unique instruments within the trading day.

Christophe Roupie, head of EMEA and APAC at MarketAxess, pointed to the urgent and growing need for “more accurate, actionable, and cost-efficient fixed income data” to better inform execution strategies as the driver behind the new service. “By putting real-time market data directly in the hands of trading desks, this has the potential to greatly improve transparency and execution quality,” he said.

Fixed income market data is a hot topic right now, as the EU moves closer towards the requirement for a consolidated tape for each asset class as part of its Capital Markets Union (CMU) update. Several firms have recently entered the game to work towards a consolidated tape: TransFICC recently launched a pilot in the hope of becoming the technology provider of choice for unified fixed income data in the EU, while Ediphy today revealed plans for a consolidated tape prototype in partnership with 10 financial institutions.