MarketAxess Holdings Inc. (Nasdaq:MKTX), the operator of a leading electronic trading platform for fixed-income securities and the provider of market data and post-trade services for global fixed-income markets, today announced that it has launched the industry’s first client-to-multi-dealer electronic trading platform for leveraged loans, which is designed to provide efficient access to the growing leveraged loan market.
According to The Loan Syndications and Trading Association (LSTA), loan trading volume has remained strong in 2016 at $394 billion year-to-date through the end of August. MarketAxess’ platform seeks to offer institutional market participants access to this growth through broader access to liquidity, better price discovery and greater efficiency in investing in the secondary loan market.
“There is an increasing demand for access to leveraged loans trading in what has traditionally been an opaque and underserved area of the market. We saw an opportunity to bridge that gap with our technology and bring greater efficiency and transparency to leveraged loan trading,” said Sandy White, High Yield and Leveraged Loan Product Manager, MarketAxess. “The launch is a natural extension of our high yield trading capabilities and underscores our commitment to providing a unique marketplace for institutional investors and dealers to facilitate trades with greater confidence, transparency and speed.”
Key features of the new leveraged loan trading platform include:
Request-for-quote model: The only client-to-multi-dealer trading platform for list and single-item loan trading
Search Function: Search for loans using the LX number, deal or tranche CUSIP or Issuer name
STP Integration: Straight-through-processing (STP) connectivity for full trade automation including trade ticket details and trade activity log.