American money manager BlackRock has expanded its corporate-bond trading alliance with MarketAxess into the European credit markets.
The partnership is aimed at improving liquidity and slash transaction costs for European fixed income market participants as well as boost trading, liquidity and risk management in US credit markets.
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The alliance will provide increased choice in execution options and counterparties as well as data and market insights for trading decisions in European markets. It will also allow the firms to develop new trading protocols that address liquidity challenges in the global credit markets.
Under the alliance, BlackRock and its Aladdin community can access MarketAxess’ expanded liquidity options and data products through the Aladdin platform.
They can also access MarketAxess’s Open Trading network and dealers to access fixed income markets, including European corporate credit and emerging market debt markets.
MarketAxess chairman and CEO Rick McVey: "Over 7% of US high-grade trades on MarketAxess now take place via Open Trading protocols, compared to just 2% a year ago. We have seen an acceleration in adoption rates for Open Trading by both dealers and investors as market volatility has increased."
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By GlobalDataBlackRock global head of trading and liquidity strategies Richie Prager said: "The fixed income investment landscape has evolved more quickly than the market’s underlying structure for transacting, challenging buyers’ and sellers’ abilities to connect and transact and requiring investors to explore new avenues of liquidity to meet their needs."
