ICE Bonds and MarketAxess Connect Liquidity Networks to Bring Greater Efficiency to Municipal and Corporate Bond Markets
ICE Bonds, part of Intercontinental Exchange (NYSE: ICE), and MarketAxess Holdings Inc. (Nasdaq: MKTX) have announced plans to connect their liquidity networks to enhance efficiency and access to deeper liquidity in fixed income markets. This collaboration will establish connectivity between ICE Bonds' automated trading system, ICE TMC, and MarketAxess' Open Trading network, enabling communication between their respective protocols and liquidity pools.
The partnership aims to expand opportunities for accessing liquidity in corporate and municipal bonds, benefiting both institutional and wealth management clients. By combining ICE Bonds' retail brokerage and wealth management presence with MarketAxess' institutional trading leadership, the initiative seeks to enhance price transparency, best execution, and overall market liquidity for all participants across both platforms.
ICE Bonds, parte di Intercontinental Exchange (NYSE: ICE), e MarketAxess Holdings Inc. (Nasdaq: MKTX) hanno annunciato piani per collegare le loro reti di liquidità al fine di migliorare l'efficienza e l'accesso a una liquidità più profonda nei mercati a reddito fisso. Questa collaborazione stabilirà una connessione tra il sistema di trading automatizzato di ICE Bonds, ICE TMC, e la rete di Open Trading di MarketAxess, consentendo la comunicazione tra i rispettivi protocolli e pool di liquidità.
Il partenariato mira a espandere le opportunità di accesso alla liquidità nei bond corporate e municipali, beneficiando sia i clienti istituzionali che quelli nella gestione della ricchezza. Unendo la presenza di brokerage al dettaglio e gestione della ricchezza di ICE Bonds con la leadership nel trading istituzionale di MarketAxess, l'iniziativa cerca di migliorare la trasparenza dei prezzi, la migliore esecuzione e la liquidità complessiva del mercato per tutti i partecipanti su entrambe le piattaforme.
ICE Bonds, parte de Intercontinental Exchange (NYSE: ICE), y MarketAxess Holdings Inc. (Nasdaq: MKTX) han anunciado planes para conectar sus redes de liquidez con el fin de mejorar la eficiencia y el acceso a una mayor liquidez en los mercados de renta fija. Esta colaboración establecerá una conectividad entre el sistema de trading automatizado de ICE Bonds, ICE TMC, y la red de Open Trading de MarketAxess, permitiendo la comunicación entre sus respectivos protocolos y pools de liquidez.
La asociación tiene como objetivo expandir las oportunidades de acceso a la liquidez en bonos corporativos y municipales, beneficiando tanto a clientes institucionales como a aquellos en gestión de patrimonio. Al combinar la presencia de brokerage minorista y gestión de patrimonio de ICE Bonds con el liderazgo en trading institucional de MarketAxess, la iniciativa busca mejorar la transparencia de precios, la mejor ejecución y la liquidez general del mercado para todos los participantes en ambas plataformas.
ICE Bonds는 Intercontinental Exchange (NYSE: ICE)의 일부이며, MarketAxess Holdings Inc. (Nasdaq: MKTX)와 함께 유동성 네트워크를 연결할 계획을 발표했습니다. 이는 고정 수입 시장에서 효율성과 더 깊은 유동성 접근을 향상시키기 위한 것입니다. 이번 협업은 ICE Bonds의 자동 거래 시스템인 ICE TMC와 MarketAxess의 Open Trading 네트워크 간의 연결성을 확립하여 각각의 프로토콜 및 유동성 풀 간의 통신을 가능하게 합니다.
파트너십의 목표는 기업 및 지방채의 유동성 접근 기회를 확대하는 것이며, 이는 기관 고객과 자산 관리 고객 모두에게 이익이 됩니다. ICE Bonds의 소매 중개 및 자산 관리 존재와 MarketAxess의 기관 거래 리더십을 결합함으로써, 이 이니셔티브는 모든 참여자에게 가격 투명성, 최적 실행 및 전반적인 시장 유동성을 향상하려고 합니다.
ICE Bonds, partie de l'Intercontinental Exchange (NYSE: ICE), et MarketAxess Holdings Inc. (Nasdaq: MKTX) ont annoncé des plans pour connecter leurs réseaux de liquidité afin d'améliorer l'efficacité et l'accès à une liquidité plus importante sur les marchés de la dette. Cette collaboration établira une connectivité entre le système de trading automatisé d'ICE Bonds, ICE TMC, et le réseau Open Trading de MarketAxess, permettant la communication entre leurs protocoles et pools de liquidité respectifs.
Le partenariat vise à élargir les opportunités d'accès à la liquidité dans les obligations corporatives et municipales, au bénéfice à la fois des clients institutionnels et de gestion de patrimoine. En combinant la présence de courtage de détail et de gestion de patrimoine d'ICE Bonds avec le leadership en trading institutionnel de MarketAxess, l'initiative cherche à améliorer la transparence des prix, la meilleure exécution et la liquidité globale du marché pour tous les participants sur les deux plateformes.
ICE Bonds, Teil der Intercontinental Exchange (NYSE: ICE), und MarketAxess Holdings Inc. (Nasdaq: MKTX) haben Pläne angekündigt, um ihre Liquiditätsnetze zu verbinden, um die Effizienz zu steigern und den Zugang zu einer tieferen Liquidität auf den Anleihemarkt zu verbessern. Diese Zusammenarbeit wird die Verbindung zwischen dem automatisierten Handelssystem von ICE Bonds, ICE TMC, und dem Open Trading-Netzwerk von MarketAxess herstellen und die Kommunikation zwischen ihren jeweiligen Protokollen und Liquiditätspools ermöglichen.
Die Partnerschaft hat das Ziel, die Möglichkeiten für den Zugang zu Liquidität in Unternehmens- und Kommunalanleihen zu erweitern, was sowohl institutionellen als auch vermögensverwaltenden Kunden zugutekommt. Durch die Kombination von ICE Bonds' Einzelhandelsvermittlung und Vermögensverwaltungspräsenz mit der institutionellen Handelsführerschaft von MarketAxess zielt die Initiative darauf ab, Preistransparenz, bestmögliche Ausführung und die allgemeine Marktliquidität für alle Beteiligten beider Plattformen zu verbessern.
- Potential for increased liquidity in corporate and municipal bond markets
- Enhanced price transparency and best execution opportunities for market participants
- Expanded trading and risk management solutions for clients
- Potential for increased market efficiency in fixed income trading
- None.
Insights
This collaboration between ICE Bonds and MarketAxess is a significant development for the fixed income markets. By connecting their liquidity networks, they're potentially creating a more efficient and liquid marketplace for municipal and corporate bonds.
The key benefits include:
- Enhanced price transparency
- Improved best execution capabilities
- Deeper liquidity pools
This move could lead to reduced transaction costs and improved trading efficiency for both institutional and retail investors. However, the actual impact on trading volumes and market share for both companies remains to be seen. Investors should monitor how this partnership affects the companies' financial performance in the coming quarters.
This strategic partnership between ICE Bonds and MarketAxess is a game-changer for the fixed income market landscape. By bridging the gap between retail and institutional trading platforms, they're creating a more inclusive and diverse marketplace.
Key points to consider:
- Potential for increased trading volumes due to expanded access
- Possible shift in market dynamics as retail and institutional flows interact
- Competitive pressure on other trading platforms to form similar alliances
This move could potentially reshape the competitive landscape of fixed income electronic trading. It's important to monitor how other major players in the space respond and whether this leads to further consolidation or partnerships in the industry.
The technical integration of ICE Bonds' and MarketAxess' platforms represents a significant technological achievement in the fixed income trading space. Key technical aspects to note:
- Protocol interoperability: Enabling communication between different trading protocols
- Real-time data exchange: Ensuring up-to-date liquidity information across platforms
- Scalability challenges: Handling increased transaction volumes and data flow
This integration could pave the way for further technological advancements in fixed income trading, potentially leading to more AI-driven trading solutions and improved analytics for market participants. The success of this integration could set a new standard for interoperability in financial markets technology.
Connectivity to provide access to deeper liquidity in the fixed income markets
With this announcement, ICE Bonds and MarketAxess plan to establish unique connectivity to their respective protocols and liquidity pools. This will enable ICE Bonds’ automated trading system (ATS), ICE TMC, and MarketAxess’ Open Trading network to communicate with each other, expanding the depth and reach for their respective global user bases.
"This collaboration connects two mature liquidity networks in fixed income markets to offer new trading and risk management solutions for clients," said Pete Borstelmann, President of ICE Bonds. "By combining our complementary strengths, we aim to offer users expanded opportunities to access liquidity in corporate and municipal bonds, enhancing market efficiency and benefiting participants across both platforms."
By leveraging ICE Bonds’ established retail brokerage and wealth management presence alongside MarketAxess’ leadership in institutional trading, the interaction between liquidity pools aims to enhance price transparency, best execution, and overall market liquidity for all participants.
"We look forward to delivering enhanced value and innovation to our clients through this collaboration," said Rich Schiffman, Global Head of Trading Solutions at MarketAxess. "Our joint efforts are focused on providing access to deeper liquidity across municipal and corporate bonds and diversifying trading options for participants in our marketplace.”
About MarketAxess
MarketAxess (Nasdaq: MKTX) operates a leading electronic trading platform that delivers greater trading efficiency, a diversified pool of liquidity and significant cost savings to institutional investors and broker-dealers across the global fixed-income markets. Over 2,000 firms leverage MarketAxess’ patented technology to efficiently trade fixed-income securities. MarketAxess’ award-winning Open Trading® marketplace is widely regarded as the preferred all-to-all trading solution in the global credit markets. Founded in 2000, MarketAxess connects a robust network of market participants through an advanced full trading lifecycle solution that includes automated trading solutions, intelligent data and index products and a range of post-trade services. Learn more at www.marketaxess.com and on X @MarketAxess.
The press release may contain forward-looking statements, including statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 with respect to the proposed collaboration, including statements regarding the connection of liquidity networks and the anticipated benefits of such connection. These and other statements that relate to future events are based on MarketAxess’ current expectations. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. More information about the factors affecting MarketAxess’ business and prospects are contained in MarketAxess’ periodic filings with the Securities and Exchange Commission and can be accessed at www.marketaxess.com.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges -- including the New York Stock Exchange -- and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 8, 2024.
About ICE Bonds
Trading and execution services are offered through ICE Bonds Securities Corporation or ICE Bonds, member FINRA, MSRB and SIPC. The information found herein, has been prepared solely for informational purposes and should not be considered investment advice, is neither an offer to sell nor a solicitation of an offer to buy any financial product(s), is intended for institutional customers only and is not intended for retail customer use.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240805612716/en/
Media:
Marisha Mistry for MarketAxess
+1 917 267 1232
mmistry@marketaxess.com
Damon Leavell for ICE
damon.leavell@ice.com
(212) 323-8587
media@ice.com
Investor:
Stephen Davidson for MarketAxess
+1 212 813 6313
sdavidson2@marketaxess.com
Katia Gonzalez for ICE
katia.gonzalez@ice.com
(678) 981-3882
investors@ice.com
Source: MarketAxess Holdings Inc. and Intercontinental Exchange
FAQ
What is the purpose of ICE Bonds and MarketAxess connecting their liquidity networks?
How will the connectivity between ICE Bonds and MarketAxess work?
What are the potential benefits of this collaboration for ICE (NYSE: ICE) shareholders?
When will the connectivity between ICE Bonds and MarketAxess be implemented?
