Leading ETF Issuers Sign on to Virtu’s eNAV ETF Analytics Tool Featuring MarketAxess’ Composite+ for Fixed Income Securities
Virtu Financial and MarketAxess announce new clients for Virtu's eNAV ETF analytics tool: Charles Schwab Investment Management and WisdomTree Asset Management. eNAV, launched in Q1 2020, provides real-time transparency for ETF valuations based on underlying components. The tool features MarketAxess' Composite+, an AI-driven pricing engine, updating every 15 to 60 seconds and covering around 90-95% of trading activity across 28,000 instruments. Both companies aim to enhance market clarity and improve execution efficiency for institutional investors using ETFs.
- Addition of major ETF issuers as clients strengthens Virtu's market position.
- eNAV enhances transparency and price accuracy for ETF valuations.
- The partnership with MarketAxess combines innovative pricing tools for better market insights.
- None.
NEW YORK, Nov. 23, 2020 (GLOBE NEWSWIRE) -- Virtu Financial, Inc. (NASDAQ: VIRT) and MarketAxess Holdings, Inc. (NASDAQ: MKTX), each a global leader in electronic trading and analytics, today announced leading exchange-traded fund (ETF) issuers Charles Schwab Investment Management, Inc. and WisdomTree Asset Management, Inc. as new clients of Virtu’s eNAV ETF analytics tool enhanced with MarketAxess’ award-winning Composite+, an AI-powered algorithmic pricing engine for corporate and emerging market bonds.
Rolled-out in 1Q 2020, Virtu’s eNAV ETF analytics tool offers real-time transparency for ETF valuations by calculating the bid and ask prices of ETFs based on their underlying components and/or proxy assets. As a complement, Composite+ combines both public (US TRACE) and proprietary MarketAxess data to produce an unbiased, two-sided market for more than 28,000 instruments globally. Updated every 15 to 60 seconds (depending on the liquidity of the instrument), the Composite+ engine generates nearly 30 million levels per day covering 90
“We are excited that major ETF issuers understand and value the many benefits eNAV delivers,” said Douglas Cifu, Co-Founder and CEO of Virtu Financial. “By joining forces with MarketAxess we are empowering issuers to better understand market value and reliably monitor their ETFs in support of high quality and efficient execution by their investors. As long-time advocates for transparency, we believe eNAV will provide even greater clarity in ETF secondary market pricing and become the industry standard.”
Virtu’s eNAV supports a variety of trading functions including pre-trade price discovery and execution consultation, liquidity provision, post-trade transaction cost analysis, auto-execution and crossing. Coverage includes US-listed ETFs with domestic and international equities, commodity and fixed income holdings and can facilitate many use cases such as:
- Monitoring and analyzing real-time bid-ask prices (updated as underlying components do) as well as real-time fair value pricing for ETF components trading outside of US time zones
- Quote size analysis of both ETF secondary market liquidity and underlying component liquidity that demonstrates in much greater detail depth of market for each ETF
- Profiling liquidity and comparing ETFs with same investment objectives
“We are excited to leverage our award-winning data product, Composite+ as part of our partnership with Virtu to bring real-time pricing accuracy and transparency to the fixed income ETF marketplace” said Chris Concannon, President and COO of MarketAxess. “As institutional investors increasingly adopt ETFs as portfolio tools, real-time portfolio pricing will be essential for execution efficiency.”
The eNAV ETF streaming product featuring MarketAxess Composite+ is accessible via Virtu’s online client Portal which includes access to a streaming API.
| About Virtu Financial, Inc. Virtu is a leading provider of financial services and products that leverages cutting-edge technology to deliver liquidity to the global markets and innovative, transparent trading solutions to its clients. Leveraging its global market making expertise and infrastructure, Virtu provides a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. Virtu’s product offerings allow clients to trade on hundreds of venues across 50+ countries and in multiple asset classes, including global equities, ETFs, foreign exchange, futures, fixed income and myriad other commodities. In addition, Virtu’s integrated, multi-asset analytics platform provides a range of pre and post-trade services, data products and compliance tools that clients rely upon to invest, trade and manage risk across global markets. Virtu Financial is headquartered in New York and has offices in Toronto, Dublin, London, Madrid, Paris, Austin, Boston, Chicago, Los Angeles, San Francisco, Hong Kong, Melbourne, Singapore, and Sydney. For more information, please visit www.virtu.com or contact info@virtu.com. | 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. A global network of over 1,700 firms, including the world’s leading asset managers and institutional broker-dealers, leverages MarketAxess’ patented trading technology to efficiently trade bonds. MarketAxess’ award-winning Open Trading™ marketplace is regarded as the preferred all-to-all trading solution in the global credit markets, creating a unique liquidity pool for a broad range of credit market participants. 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, Salt Lake City, San Francisco, São Paulo, Hong Kong and Singapore. For more information, please visit www.marketaxess.com. |
| Contact: | |
| Investor Relations | Media Relations |
| Deborah Belevan, IRC, CPA | Andrew Smith |
| investor_relations@virtu.com | media@virtu.com |
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