MarketAxess’s Axess All Prints to offer real-time price transparency in Europe

Dan Barnes

Fixed income market operator and data provider, MarketAxess, has launched Axess All Prints, a real-time transacted price service for the most actively traded fixed income instruments in the European Union (EU) and United Kingdom (UK).

“The information generally received by dealers, banks and brokers is asymmetrical. So when someone asks for a price and is really low in the order of seniority as a client, the likelihood of execution equalling that of a larger client is very different,” said Christophe Roupie, head of EMEA and APAC at MarketAxess. “To balance this, we establish rules within Axess All Prints that ensure everyone gets to see the same information, based on the same size disclosure. That balance and transparency helps to deliver better pricing, at a faster speed.”

Axess All was originally launched by MarketAxess in 2015 as the first intra-day trade tape for the EU and UK fixed income markets, offering delayed intra-day transaction data aggregated at the bond level on approximately 7,000 instruments. Axess All Prints is designed to enhance the existing Axess All trade tape by delivering real-time trade-by-trade pricing data reported within the trading day. The service publishes prices in real-time on over 15,000 executed trades across approximately 4,250 unique instruments.

“The launch of Axess All Prints speaks to the resounding call for more accurate, actionable and cost-efficient fixed income data that better informs execution strategies. By putting real-time market data directly in the hands of trading desks, this has the potential to greatly improve transparency and execution quality,” said Roupie.

David Krein, global head of research and data at MarketAxess, added, “Axess All first pioneered fixed income market transparency 7 years ago, well before the mandates of MiFID II, through close collaboration with both sell-side and buy-side clients. Axess All Prints significantly improves the level of transparency available in the fixed income market today and supports client demand for more timely pricing information.”

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