Source: MarketAxess Holdings
MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for U.S. and European high-grade corporate and emerging markets bonds, today announced that it has signed new two-year agreements with sixteen of its U.S. high-grade corporate bond broker-dealer clients.
These sixteen dealers accounted for 95.9% of total U.S. high-grade volume traded on the platform in 2004, and 96.2% in the January 2005 to May 2005 period. The new fee agreements were executed well in advance of the scheduled August 2005 renewal period and became effective June 1, 2005.
The new pricing plan for spread-based transactions executed on MarketAxess' electronic trading platform incorporates higher fixed monthly fees and lower variable fees. The new plan provides volume incentives to broker-dealer clients that are designed to increase usage of the trading platform.
"The early renewal of our broker-dealer agreements strengthens our leadership in U.S. high-grade corporate bond electronic trading and is a further validation of MarketAxess' preeminent position in the client-to-dealer credit trading space," said Richard M. McVey, Chairman and Chief Executive Officer of MarketAxess. "The new fee agreements are another example of MarketAxess' continuing focus on delivering competitive trade execution, front to back trade efficiency, and increased market transparency."