Internet-based multi-dealer credit trading platform MarketAxess is reporting 63% growth in quarter-to-quarter trading volumes during 2001, despite the interruption in operations caused by the 11 September terrorist attack.
MarketAxess posted a record trading volume in Q4 2001 of nearly $5 billion - a 57 per cent increase over the previous quarter. This is in part due to the live participation of Morgan Stanley, BNP Paribas and Dresdner Kleinwort Wasserstein on the platform during the fourth quarter, adding significant inventory, says the company.
Other participating dealers include UBS Warburg, Lehman Brothers, J.P. Morgan Chase, Deutsche Bank Securities, Credit Suisse First Boston, Bear Stearns, Banc of America Securities, ABN Amro, and new member Merrill Lynch.
Since MarketAxess began trading in January 2001, its global investor base has increased to 400 institutions, with North American clients representing nearly two-thirds of US fixed income assets.
Richard McVey, chief executive officer of MarketAxess, says: “Client validation of the MarketAxess business model is accelerating with approximately two-thirds of the US institutional market signed onto the site.”