EM Actives is a Web page that streams indicative prices for emerging market bond inventory submitted by dealers organised by country, corporate issuer and local market.

In addition to using the Caplin technology for delivering prices to EM Actives, MarketAxess has previously embedded the software in its Corporate BondTicker information service, which delivers transaction data for more than 25,000 daily trades in over 35,000 unique securities.

Caplin says MarketAxess installed its thin-client technology on Linux servers in New York before first going live in April 2006, enabling users to access the streaming data through its Corporate BondTicker premium subscription service. Following the successful uptake of Corporate BondTicker, MarketAxess went on to embed the Caplin Platform in its emerging markets trading platform.

"Prior to adopting Caplin Platform, updating Web-based data on BondTicker required periodic polling to refresh our pages," says Michael Sacks, head of software production at MarketAxess. "Now, with Caplin, we have seamlessly integrated true real-time capabilities into our BondTicker premium service and more recently into our EM Actives offering, providing our investor clients with fast and easy access to real-time levels."

Paul Caplin, CEO, Caplin, says the technology enables MarketAxess to "offer its clients true real-time pricing in a web browser as well as in its trading system".