MarketAxess has launched its anonymous mid-point matching session protocol, Mid-X, in US credit.
Mid-X uses CP+, MarketAxess’s real-time predictive pricing engine for its global credit and rates markets. An updated version of the service was launched for emerging markets and eurobonds in 2024. Year-on-year, Q2 volumes on the platform have increased by 70%.
The US release follows growing demand for liquidity access and workflow efficiency, the company said.
The dealer request-for-quote protocol has also been updated in line with increased portfolio trading, MarketAxess said, which has necessitated more dealer tools for risk recycling.
Steve Tait, head of the US dealer execution business, commented, “By providing dealers with the level of support, tools and technology on par with what they are receiving from sales desks and inter-dealer brokers, we believe that we have been able to create a more inclusive trading environment where dealers feel increasingly comfortable engaging with our growing list of protocols and enhancements.”
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