MarketAxess Extends Asian Currency Bond Trading to Platform Users

The group’s foray into APAC will allow Asia-based platform participants to gain access to a global credit community.

MarketAxess Holdings Inc. (Nasdaq:MKTX), an operator of an electronic trading platform for fixed-income securities, has extended its capabilities to include the trading of local currency Asian bonds on its electronic trading platform, according to a MarketAxess statement.

The extension of its trading capabilities is part of MarketAxess’ extant strategy to the Asia-Pacific (APAC) region, which also includes the opening an office in Hong Kong, the second such entity in the region, alongside its existing office and operations in Singapore.

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MarketAxess’ platform helps tap into global liquidity across US corporate bonds, emerging markets (EM) and high-yield bonds, European bonds, US agency bonds, credit default swaps and a pantheon of other fixed-income securities.

The group’s foray into APAC however will allow Asia-based platform participants to gain access to a global credit community that includes over 1,000 institutional investing and broker-dealer firms.

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In particular, MarketAxess has also added capabilities for platform participants, which includes the ability to trade local currency bonds denominated in Indonesian Rupiah (IDR), Thai Baht (THB), and Singapore Dollar (SGD) from ten key market-making dealers to complement the already twenty-nine dealers that provide liquidity in hard-currency Asia bonds. The extension is important as it helps bridge existing platform users with several new currency options in the APAC region, many of which have undergone a rise in their respective use over the past year.

According to Duncan Klein, Head of Asia Sales at MarketAxess, in a recent statement on the extension, “The Asian fixed income markets have experienced tremendous growth in the last several years, stretching across an increasingly diverse client base.”

“MarketAxess brings together this vast network of liquidity through efficient technology to meet the needs of the Asian credit trading community. With the ability to trade local and hard currency debt in Asia and across the globe, MarketAxess is offering unparalleled access for global traders to connect with each other and ultimately improve liquidity in the region,” he added.

“MarketAxess is making a significant investment in Asia to both technology resources and local knowledge. As global credit market liquidity remains challenged, both buy- and sell-side clients are demanding solutions that provide better price discovery and access to more counterparties,” noted Kevin McPherson, Global Head of Sales, MarketAxess, in an accompanying statement.

“Our expanded footprint in Asia and the technical enhancements to our trading protocols demonstrates our commitment to develop a robust secondary credit trading offering in the region.”

Earlier this year, MarketAxess made headlines after it appointed Scott Eaton as its newest Chief Operating Officer (COO) for MarketAxess Europe Limited and Trax. Mr. Eaton joined MarketAxess from UniCredit Bank in London – additional stops also included several senior level roles at Amro, the Royal Bank of Scotland (RBS) and Deutsche Bank.

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