Banque de Luxembourg integrates MarketAxess’ Axess IQ order and execution workflow

Dan Barnes
Erik Tham, MarketAxess.

Banque de Luxembourg, the private banking and wealth management group, has gone live with Axess IQ, the order and execution workflow system by bond market operator, MarketAxess.

Axess IQ allows private banks and wealth managers to post orders directly into MarketAxess, avoiding the staging of orders and manual input that is typically required for an execution or order management system (E/OMS). However, unlike an E/OMS AxessIQ can only be used to access the MarketAxess platform. Following the successful pilot launch of Axess IQ in November 2019, additions have been made to its trading capabilities by integrating MarketAxess’ Auto-X automated trading solution into the Axess IQ workflow.

In the second quarter of 2020, automated trading volumes, supported by data from the firm’s AI-powered composite pricing engine, rose to over $32 billion on MarketAxess, up 66% from the year prior, according to the firm.

Pierre Stoll, head of fixed income and structured products with Banque de Luxembourg, commented, “Today’s market requires cutting-edge technology, access to the broadest possible network of liquidity and integrating high-quality market data directly into our workflow. We believe we are able to offer our clients a superior service through this combination and feel Axess IQ can help us exceed client expectations.”

In addition to the inclusion of Auto-X and Composite+ within Axess IQ, clients can access a global network of over institutional investor and dealer firms via the all-to-all Open Trading marketplace. That supports better execution through a diverse pool of additional liquidity for private banks. MarketAxess reports that, on average, Open Trading had 32,000 orders and over US$18 billion in notional value available per day for trading in the second quarter of 2020.

Erik Tham, head of private banking for Benelux and Switzerland at MarketAxess, added, “Enhancements to Axess IQ, including the connectivity to Auto-X that now supports fully-automated execution, demonstrates our commitment to building best-in-class technology that gives our clients an edge. We’re thrilled to be working with Banque de Luxembourg and other leading private bank and wealth management firms to enable them with the tools to perform at their peak.”

©The DESK 2020