MarketAxess has re-launched Mid-X in Europe, providing anonymous matching sessions at the mid-point price within the region.
Mid-X leverages the MarketAxess Open Trading network which offers access to a pool of sell-side and ETF liquidity to maximise matching opportunities.
Mid-X claims to provide full anonymity, and limits information leakage with size only revealed when trades are complete and only to those involved in that trade.
The fees are embedded in MarketAxess’ predictive pricing engine Composite+ (CP+), removing the need for end-of-month invoicing.
Indication of Interests (IOIs) will be submitted by clients which the matching algo will then deliver fills, DNT items and failed trades.
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MarketAxess also stated that it supports enhanced risk controls to monitor net buy/sell risk, ensuring clients are not left in a skewed position post matching session.
“Our matching algo aims to maximise the number of matches for all users with smaller sizes matched first and, where multiple items of the same size on same side, submission time of the order will be considered,” said MarketAxess in a statement.
“Once the session is matched, a pop up will appear prompting you to view your activity for the session, and then users will see all done trades, partial fills, DNTs, and unmatched/failed IOIs displayed in the same window. Our smart matching algo prevents partial executions that would be below the minimum denomination for that item.”