Banc of America Securities joins Market Axess

Banc of America Securities has taken an equity stake in credit product trading platform Market Axess, for an undisclosed sum. The bank joins fellow stakeholders ABN Amro, Bear Stearns, Credit Suisse First Boston, Deutsche Bank, JP Morgan Chase, Lehman Brothers and UBS Warburg.

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Banc of America Securities joins Market Axess

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With its latest recruit, Market Axess now claims to offer trading, new issue product and research in credit products from eight of the top twelve global debt underwriters.

Christiane Mandell, head of e-commerce at Bank of America's global corporate and investment bank, says: "The Market Axess model will allow Banc of America Securities the ability to offer new issues, perform secondary trading and post research on a platform that is fast becoming a preferred destination for investors."

Market Axess has also announced its intentions to acquire Trading Edge, which will further expand its product offering and client base, adding high yield, emerging market, municipal and convertible bonds. The company plans to integrate Trading Edge's anonymous trading capability with its current platform, offering dealers and clients immediate liquidity through disclosed counter party or anonymous trading.

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