MarketAxess adds four more to credit trading platform
24 January 2003 | 2896 views | 0
Internet-based multi-dealer credit trading platform MarketAxess has announced that Banc One Capital Markets, Goldman Sachs, HSBC and Spear, Leeds & Kellogg have joined its network, which has reported record levels of trade volumes in 2002.
The new additions to the platform brings its total number of market making dealers to 16.
MarketAxess saw total trading volumes on the platform rise to $48.4 billion in 2002, a 316% increase over 2001 volumes of $11.6 billion.
Trading volume in the Q4 alone reached a record $17.7 billion, 48% more than the Q3 2002 total of $11.9 billion and a 265% increase over Q4 2001 volumes of $4.8 billion.
The firm says the addition of tools to the platform, such as bid/offer lists and the MarketAxess corporate bondticker, and the improving credit market environment made Q4 2002 exceptionally strong.
Richard McVey, MarketAxess CEO, says: "We have provided the specialised electronic trading tools required for more frequent and efficient trading."
"The result has been explosive growth in our trading community and trading volumes," adds McVey.