New York Fed Designates MarketAxess as Eligible Seller for Secondary Market Corporate Credit Facility
MarketAxess (Nasdaq: MKTX) has been designated an Eligible Seller by the Federal Reserve Bank of New York for the Secondary Market Corporate Credit Facility (SMCCF). This program aims to enhance liquidity in the corporate debt market by enabling the purchase of corporate bonds and ETFs. Chairman and CEO Rick McVey expressed the company's commitment to supporting economic recovery and maintaining the secondary market's strength. The designation positions MarketAxess to effectively respond to the Fed’s bond purchasing requests, leveraging its growing Open Trading platform.
- Designated as an Eligible Seller for the SMCCF, enabling direct transactions with the Federal Reserve.
- Participation in the SMCCF supports market liquidity and economic recovery.
- Positioned to leverage growth in Open Trading, which provides essential liquidity.
- None.
NEW YORK, Sept. 09, 2020 (GLOBE NEWSWIRE) -- MarketAxess (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, and the provider of market data and post-trade services for the global fixed-income markets, today was designated by the Federal Reserve Bank of New York as an Eligible Seller for the central bank’s Secondary Market Corporate Credit Facility (SMCCF).
The SMCCF supports market liquidity for corporate debt by purchasing individual corporate bonds of Eligible Issuers and exchange-traded funds (ETFs) in the secondary market. Eligible Sellers will be the designated entities that will transact with the SMCCF as it carries out its program.
“MarketAxess is honored to participate in this important program to support the recovery of the American economy,” said Rick McVey, Chairman and CEO of MarketAxess. “Ensuring the resilience of fixed-income markets and maintaining the strength of the secondary market are critical to restoring the health of American business, rebuilding employment opportunities and helping communities address the impact of the Covid-19 outbreak.”
MarketAxess is well positioned for this role in view of the rapid growth in Open Trading, its global, all-to-all market that has proved an essential source of liquidity during the recent period of credit market stress. With its Eligible Seller designation, MarketAxess provides end investors and broker-dealers the opportunity to use Open Trading to respond directly and anonymously to the Fed’s requests to purchase bonds.
BlackRock Financial Markets Advisory is investment manager for the SMCCF. More information on the SMCCF can be found on the New York Fed’s website here.
About MarketAxess
MarketAxess operates a leading, institutional electronic trading platform delivering expanded liquidity opportunities, improved execution quality and significant cost savings across global fixed-income markets. Drawing on its deep data and analytical resources, MarketAxess provides automated trading solutions, market data products and a range of pre- and post-trade services.
MarketAxess is headquartered in New York and has offices in London, Amsterdam, Boston, Chicago, Los Angeles, Miami, San Francisco, São Paulo, Hong Kong and Singapore. For more information, please visit www.marketaxess.com.
Media Relations Contacts:
Mary Sedarat
MarketAxess Holdings Inc.
msedarat@marketaxess.com
+1-212-813-6226
William McBride
RF | Binder
+1-917-239-6726
Investor Relations Contact:
David Cresci
MarketAxess Holdings Inc.
+1-212-813-6027
FAQ
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