MTS BondVision has launched portfolio trading for rates and credit, putting the firm in competition with established PT offerings from rivals Tradeweb and MarketAxess.
The service has been developed alongside dealers and buy-side clients on the platform.
On the rates side, European government bonds, UK gilts and UK linkers have already been traded using the service. BlackRock and Nomura have traded sovereign, supranational, and agency (SSA) bonds.
CA Gest, Crédito Agrícola and Citi executed the first credit PT trade on BondVision.
BondVision will not adjust dealer pricing, MTS says, stating that zero mark-ups will allow traders to get better execution.
“Two of the three incumbent platforms for portfolio trading apply an automatic adjustment to line items quoted by dealers to buyside clients, either lowering the bid or increasing the offer. As a result, all else being equal, the all-in cost of execution for a portfolio is always more favourable on BondVision,” CEO of MTS – Euronext Group Angelo Proni told The DESK.
Both Tradeweb and MarketAxess automatically adjust dealer quotes.
“In the case of the remaining platform, their dealer fees remain far higher than BondVision,” Proni added.
Users will also gain access to analytic tools for individual bonds and baskets.
BondVision rival Tradeweb launched portfolio trading for European government bonds last April, and has offered the service for credit since 2019.
READ MORE: Tradeweb launches EGB portfolio trading
Earlier this month, the company stated that non-competitive portfolio trading average daily volumes (ADV) were up 106% (YoY), and rose 32% YoY in global cash-credit.
MarketAxess portfolio trading ADV rose a softer 5% YoY in February.
READ MORE: Electronic credit volumes stay firm in February
In the US, portfolio trading is growing at pace – taking 15% of trading volumes in 2025 and performing strongly in high-yield bonds.
READ MORE: IG credit sees portfolio trading plateau while HY hits records
Portfolio trading in US credit represents 20-25% of flows, according to Trumid.
READ MORE: PT democratisation through better analytics and residual management
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