Barclays Bank is to join MarketAxess, the Internet-based multi-dealer trading platform for credit products
John Kreitler, Barclays' global head of credit trading, says MarketAxess is providing trading tools and data that are fundamentally changing the way the bond markets operate.
He says: "Barclays' clients will benefit from MarketAxess' breadth of product, as well as the increased transparency, liquidity and efficiency the platform generates."
With the addition of Barclays, MarketAxess now offers a central pool of aggregated liquidity from thirteen top global debt dealers.
Richard McVey, MarketAxess' chief executive officer, says: "While other platforms struggle for survival in this environment, another major global dealer has joined MarketAxess."
Barclays joins the platform just as Merrill Lynch and Morgan Stanley go live with investor clients on MarketAxess Europe, the company's European trading arm.
With the new dealer additions, MarketAxess Europe credit product inventory now regularly exceeds 20 billion euros per day, says McVey.
MarketAxess also announced the launch of Sales View, a platform enhancement that provides dealer sales teams real-time access to their trading desk inventory and their clients' trade activity.