MarketAxess Europe has begun live trading in floating rate notes (FRN) on its Internet-based dealing platform for credit products.
Alan Collins, president of MarketAxess Europe, says: "The addition of floating rate notes to the platform will increase our volume significantly, as demand for FRN's is robust."
Floating rate notes are debt instruments with a variable interest rate. Coupon adjustments are made periodically, often every six months, and are tied to a money-market index.
MarketAxess connects institutional investors and dealers, offering a range of securities, including high grade corporates, Eurobonds, emerging markets, high yield and convertible bonds.
Current MarketAxess participating dealers include UBS Warburg, Morgan Stanley, Merrill Lynch, Lehman Brothers, JPMorgan Chase, Dresdner Kleinwort Wasserstein, Deutsche Bank Securities, Credit Suisse First Boston, BNP Paribas, Bear Stearns, Banc of America Securities and ABN Amro.