MarketAxess has expanded its CP+ services to provide cost estimation for portfolio trading (PT) basket execution.
CP + PT analyses side, size, and client type on a basket level, generating a cost estimate that is specific to a particular order and scenario. These predictions can be viewed as prices, either in basis points or cents, spreads, or total proceeds.
The service is currently available for all US dollar bonds, excluding munis, and the investment grade, high yield and emerging market (EM) bonds that are covered by the CP+ Core model.
Portfolio trading has been an increasingly used protocol over recent years; in February, it accounted for 20-25% of all US electronic credit trading.
READ MORE: PT democratisation through better analytics and residual management
Competitors in the increasingly consolidated credit trading space are offering different analytics solutions to support their PT clients. Tradeweb launched SNAP+ for EM PT earlier this year, a service which brings together historical and real-time data to advise on dealer selection and predict execution pricing.
Elsewhere, Trumid recently released a product designed to help traders decide how lists should be split into RFQ and PT trades.
READ MORE: Credit platforms innovate to cope with list trading problem
MarketAxess is expected to be acquired by ICE, with a transaction scheduled for completion in H1 next year.
READ MORE: ICE buys MarketAxess
Since the deal was announced, the company has not released its trading figures.
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