Banc One, Goldman Sachs, HSBC, and Spear, Leeds & Kellogg Join MarketAxess Platform; Enhanced Functionality and BondTicker Data Push 2002 Trading Volume to Record Levels.Business Editors NEW YORK--(BUSINESS WIRE)--Jan. 23, 2003 MarketAxess, the leading Internet-based, multi-dealer trading platform for credit products, today announced that Banc One Capital Markets, Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. , HSBC HSBC Hongkong and Shanghai Banking Corporation HSBC Humane Society of Broward County (Florida) HSBC Humane Society of Bay County (Bay County, Michigan) , and Spear, Leeds & Kellogg have joined its platform, bringing the total number of market making dealers to 16. The firm also said that 2002 trading volume Trading volume The number of shares transacted every day. As there is a seller for every buyer, one can think of the trading volume as half of the number of shares transacted. That is, if A sells 100 shares to B, the volume is 100 shares. reached record levels. "As part of our goal to be the global standard online trading Online Trading Making trades via the Internet. Notes: The use of online trading increased dramatically in the mid to late 1990's with the advent of high-speed computers and Internet connections. Stocks, bonds, options, futures, and currencies can all be traded online. platform for credit products, we are committed to providing institutional investors with access to the leading dealers in the market," said Richard McVey, MarketAxess' chief executive officer. "Banc One Capital Markets, Goldman Sachs, HSBC, and Spear, Leeds & Kellogg have all responded to the needs of their customers by joining the MarketAxess trading system. The MarketAxess product offering and liquidity base will expand significantly with the addition of these firms. "We have provided the specialized electronic trading tools required for more frequent and efficient trading between dealers and institutional investors in credit products. The result has been explosive growth in our trading community and trading volumes, which we fully expect to continue in 2003 and beyond," added Mr. McVey. Volume Surge Supported by New Products Trading volume on the MarketAxess platform continued its exponential growth Extremely fast growth. On a chart, the line curves up rather than being straight. Contrast with linear. in the fourth quarter, bringing 2002 total volume to $48.4 billion. Trading volume for 2002 shows a 316 percent increase over 2001 total volume of $11.6 billion. Trading volume in the fourth quarter alone reached a record $17.7 billion, a 48 percent increase over third quarter 2002 volume of $11.9 billion and a 265 percent increase over fourth quarter 2001 volume of $4.8 billion. "MarketAxess trading volume has grown solidly since the platform's inception. The addition of new enhancements such as bid/offer lists and the MarketAxess Corporate BondTicker(TM), as well as the improving credit market environment made the fourth quarter 2002 exceptionally strong," said Mr. McVey. "The dual forces of greater market transparency, and better use of technology to connect buyers and sellers, will lead to rapid growth in corporate bond trading volumes in 2003." About MarketAxess MarketAxess (www.marketaxess.com) is the leading Internet-based, multi-dealer platform for credit product trading. MarketAxess offers institutional investors and leading securities dealers with technology solutions that provide seamless access to credit market data, transactional services in the primary and secondary markets, and straight through processing In financial technology, the ability to process a stock transaction by computer from beginning to end without manual intervention at any of the stages. . The MarketAxess Corporate BondTicker is the industry's only corporate bond price data system providing real time access to estimated spread-to-Treasuries for all publicly disseminated NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). TRACE data. Current MarketAxess participating dealers include: ABN Amro, Banc of America Securities, Banc One Capital Markets, Barclays PLC, Bear Stearns, BNP Paribas, Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. , Deutsche Bank Securities, Goldman Sachs, HSBC, J.P. Morgan Chase, Lehman Brothers, Merrill Lynch, Morgan Stanley, Spear Leeds & Kellogg, and UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System Warburg. MarketAxess was named by Forbes magazine as a 2002 "Best of the Web" business-to-business web site in the trading platform category. |
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