MarketAxess is set to launch Mid-X protocol in US credit, as part of the firm’s effort to make multiple enhancements to its dealer-initiated protocols.
The firm has said that the launch for US investment grade and high yield bonds on Mid-X, the anonymous mid-point matching session, is scheduled for September this year, with enhancements to Dealer RFQ protocol also expected.
“Today’s market environment calls for easier access to liquidity, increased workflow efficiency and better tools for dealers to recycle risk generated by increased portfolio trading,” said Steve Tait, head of US dealer execution business at MarketAxess.
“By providing dealers with the level of support, tools and technology on par with what they are receiving from sales desks and inter-dealer brokers, we believe that we have been able to create a more inclusive trading environment where dealers feel increasingly comfortable engaging with our growing list of protocols and enhancements.”
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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+), which has now also been enhanced to include a new one-step submit and trade protocol.
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The new US credit offering follows the launch of enhanced Mid-X protocol for emerging markets and eurobonds. Since then, the firm has said that Q2 2025 volumes for Mid-X matching sessions in emerging markets and eurobonds have gone up by 70%, in comparison with the same quarter last year.