MarketAxess reports record year in credit trading

Trading volumes on its Open Trading platform grew 83% over the year, totalling $167 billion.

MarketAxess reported record trading volumes on its global credit markets in 2016, which totalled to $167 billion through 16 December.

Trading volumes on its Open Trading platform grew 83% year on year, with the number of active participants increased by more than 50% in 2016.

“Among the factors driving growth was broadening participation by Europe and an expansion of Open Trading into Asia.  Secondary market liquidity is also becoming more important as interest rates trend upward,” said Rick McVey, CEO, MarketAxess.

MarketAxess’ Open Trading platform allows both buy- and sell-side firms to connect to global credit markets anonymously via a central network.

“All segments of the 1,100 buy- and sell-side institutions on MarketAxess’ global platform are benefitting from the combination of access to a broad universe of bonds, and execution cost-savings to manage their portfolio and trading objectives,” said Rich Schiffman, head of Open Trading product management, MarketAxess.

“We estimate that in 2016 liquidity takers saved over $100 million in transaction costs through Open Trading.”