ICAP and MarketAxess form Strategic Alliance to Provide Electronic Trading of Government Bonds.Business Editors LONDON & NEW YORK--(BUSINESS WIRE)--March 22, 2004 ICAP (1) (Internet Content Adaptation Protocol) A high-level protocol for requesting services from an Internet-based server. iCAP provides a common format for requesting services using standard HTTP messaging. plc, the world's largest voice and electronic interdealer broker, and MarketAxess Holdings Inc. the operator of the leading electronic multi-dealer to client trading platform for U.S. and European high-grade corporate and emerging markets bond trading today announced a strategic alliance to offer electronic trading  This article or section is in need of attention from an expert on the subject.Please help recruit one or [ improve this article] yourself. See the talk page for details. of U.S. Treasury U.S. Treasury Created in 1798, the United States Department of the Treasury is the government (Cabinet) department responsible for issuing all Treasury bonds, notes and bills. Some of the government branches operating under the U.S. Treasury umbrella include the IRS, U.S. benchmark securities over the MarketAxess platform. This strategic alliance will allow Market Axess' dealer participants to provide their institutional investor Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. clients access to the benchmark liquidity of ICAP's BrokerTec government bond trading system The introduction to this article provides insufficient context for those unfamiliar with the subject matter. Please help [ improve the introduction] to meet Wikipedia's layout standards. You can discuss the issue on the talk page. . Investors will select a MarketAxess participating dealer to instantaneously represent their order in the BrokerTec trading system, preserving the counterparty relationships in today's government bond market. The approximately 600 investor firms on MarketAxess will benefit from the benchmark liquidity and multiple order types available in the BrokerTec system. The new U.S. Treasury service will be integrated seamlessly into the existing MarketAxess trading platform and is expected to be launched early in the 3rd quarter of this year, with first phase introduction to U.S. customers and future implementation to European customers. "We are pleased to join MarketAxess in an alliance that significantly enhances execution efficiency for participants in the U.S. Government Securities market," said Michael Spencer, Group Chief Executive Officer of ICAP. "The pairing of MarketAxess with BrokerTec will allow participating dealers to meet accelerating demand from institutional investors for more efficient government bond execution." "Institutional investors will have access to both the benefits of multi-dealer electronic trading in credit products and immediate benchmark government bond liquidity through the MarketAxess trading system," said Richard McVey, Chief Executive Officer of MarketAxess. "Our trading alliance with BrokerTec will further enhance the overall transactional efficiency that we bring to institutional participants in fixed income markets." About ICAP ICAP is the world's largest interdealer broker and following the recent acquisition of the BrokerTec fixed income securities businesses is one of the world's leading electronic brokers of fixed income securities with a daily average transaction volume in excess of $600 billion, 50% of which is electronic. The Group is active in the wholesale market for OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). derivatives, fixed income securities, money market products, foreign exchange, energy, credit and equity derivatives. About MarketAxess MarketAxess (www.marketaxess.com) operates the leading electronic, multi-dealer to client platform for U.S. and European high-grade corporate and emerging markets bond trading. MarketAxess' proprietary technology enables it to deliver efficient and reliable price discovery and trade execution services to institutional investor and broker-dealer clients. MarketAxess offers institutional fixed-income investors the ability to trade a broad range of credit securities; access to a deep pool of liquidity; real-time, competitive price discovery and execution; and automated post-trade messaging. MarketAxess offers broker-dealers a solution that enables them to achieve broader and more efficient distribution, lowers their overall transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). and offers them the opportunity for increased turnover of their bond inventory relative to traditional bond trading methods. The MarketAxess Corporate BondTicker(TM) is a leading bond information service that provides real-time access to trade time and sales information, including execution prices and MarketAxess estimated spread-to-Treasuries data for publicly-disseminated NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). TRACE-eligible bonds, as well as execution prices and spread-to-Treasuries levels for trades executed on MarketAxess, and a comprehensive database of historical bond spreads, yields and prices. MarketAxess current participating dealers are: ABN AMRO, Banc of America Securities, Banc One Capital Markets, Barclays PLC, Bear Stearns, BNP Paribas, Citigroup Global Markets, 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 HSBC Hongkong and Shanghai Banking Corporation HSBC Humane Society of Broward County (Florida) HSBC Humane Society of Bay County (Bay County, Michigan) , J.P. Morgan Chase, Lehman Brothers, Merrill Lynch, Morgan Stanley, SG Corporate & Investment Banking, Spear Leeds & Kellogg, 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 , and Wachovia Securities. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion