TWS, which is based in Salt Lake City, has been operational and self-funded since 1998. The firm provides gateway adapters under the "ProOMS" product name for connecting order management and trading systems to fixed income venues.

TWS-branded products acquired by MarketAxess in the transaction also include front-end and middle-tier pricing and trading products for the fixed income and equities markets.

"TWS has developed a superior portfolio of connectivity software that will help us further deepen our integration into investor and dealer trading workflows," says T Kelley Millet, president of MarketAxess. "Direct connectivity with client OMS systems makes our trading solutions more efficient for our clients, and is a critical driver of secondary trading volumes. In addition, we believe that TWS will be instrumental in accelerating the growth of our technology services business."

MarketAxess says the acquisition is not expected to have an impact on its earnings in 2008.