Category Archives: [MKTX] MarketAxess

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[MKTX] MarketAxess

I first wrote about fixed income trading platforms in 2020. To recap: this market has consolidated into an oligopoly, with MarketAxess, Tradeweb, and Bloomberg at its center. A number of other competitors have emerged over the years, some are still around (Trumid), others have failed (Bondcube, Algomi). But, for the most part, when an asset […]

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[MKTX, TW] Market infrastructure: part 3

During the mid/late-90s, electronic trading networks eSpeed (acquired by NASDAQ) and BrokerTec (acquired by NEX, which was then acquired by CME) rolled out central order limit booking (CLOB) for the inter-dealer trading of US Treasuries.  Today, more than 80% of dealer-to-dealer Treasury volumes are electronic, the overwhelming majority of which is executed via CLOB.The dealer-to-client […]

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