MarketAxess, the trading platform and post-trade services provider for global fixed income markets, has inked a deal to provide its order and execution workflow solution, Axess IQ, to Banque de Luxembourg, a private banking and wealth management group.
Since Axess IQ launched in November 2019, MarketAxess has imbued it with “further enhancements”, including the integration of Auto-X, the automated trading solution, and Composite+, an artificial intelligence-powered pricing engine, into its workflow.
Axess IQ users also gain access to a global network of more than 1,700 active institutional investor and dealer firms via the all-to-all Open Trading marketplace, which MarketAxess said creates “a better execution experience through a diverse pool of additional liquidity for private banks”.
On average, Open Trading had 32,000 orders and more than $18 billion in notional value available per day for trading during Q2.
Overall, Q2 automated trading volumes on the MarketAxess platform increased to more than $32 billion, up 66 percent from the year prior, the firm said.
“The efficient, low-touch automated execution tools offered by MarketAxess allows firms to quickly complete orders, supported with the confidence of industry-leading market data from the AI-powered Composite+ pricing engine,” MarketAxess stated.
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.”
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