Internet-based multi-dealer bond trading platform MarketAxess is reporting record trading for Q2 2003 with volumes reaching $41.9 billion, a 45% increase over Q1 volumes and a 298% increase over the year ago period.
Trading volume totalled $70 Billion in the first half of 2003. June was a record month for the platform, with global trading volume reaching $16.5 billion and average daily volumes increasing 16.4 per cent over May 2003 levels.
MarketAxess says the strong trading volume growth is a result of increased investor participation, the addition of new dealers and continued improvements to the service.
Six new dealers have joined the platform so far this year - Banc One Capital Markets, Citigroup Global Markets, Goldman Sachs, HSBC, Spear, Leeds & Kellogg and Wachovia Securities. Dealer participants collectively account for more than 99% of corporate bond new issue underwriting activity.
In April the vendor added FIX messaging capabilities to the platform, providing users with full STP functionality to the credit markets.
Richard McVey, MarketAxess' chief executive officer, says "In addition, our eurobond, emerging markets and new issue systems are strong contributors to our 2003 volume totals. Volume in all three areas is now substantially greater than the full year totals for 2002."