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FILS IN PHILLY
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THE OFFICIAL NEWSPAPER OF
FIXED INCOME LEADERS SUMMIT 2019
TRADING VENUES
MarketAxess lifts the lid on Portfolio
Trading solution
PORTFOLIO TRADING SOLUTION UNDER DEVELOPMENT IN RESPONSE TO GROWING CLIENT DEMAND EXPECTED TO LAUNCH IN Q3 2019.
M
arketAxess has announced the development
of a new Portfolio Trading solution for the
fixed income markets in response to an increase
in basket trading.
The Portfolio Trading solution, expected to
launch in autumn this year, will initially be
available for price and spread disclosed-trading,
before expanding into MarketAxess’ anonymous
all-to-all Open Trading protocols.
According to MarketAxess, the solution will
allow users to trade on both price and spread for
hundreds of different bonds with flexible negoti-
ation options, submit inquiries to leading liquid-
ity providers for improved competitive pricing,
and access market data and pricing analytics to
optimise portfolio pricing and execution quality.
“Improving trading efficiency and the certainty
of execution for clients is our top priority,” said
Chris Concannon, president and chief operating
officer at MarketAxess. “Our Portfolio Trading
protocol will help address both priorities by
creating a streamlined solution for institutional
investors to market and transact large, custom-
ised, fixed income portfolios that ultimately
demonstrates best execution with competitive
pricing and industry-leading analytics.”
In May this year, MarketAxess also unveiled
plans to establish www.thetradenews.com/
marketaxess-outlines-plans-open-trading-live-
order-book/”a live order book providing market
participants with a view of two-way, actionable
prices in the most actively traded bonds on its
Open Trading marketplace.
The company said that the live order book,
known as Live Markets, will include prices for
bonds including newly-issued debt, benchmark
issues and news-driven securities, with several
market makers already indicating support for the
product.
TECHNOLOGY
Algomi adds Liquidnet and Trumid
execution to ALFA platform
TRADERS CAN NOW INTERACT WITH CORPORATE BOND LIQUIDITY FROM LIQUIDNET AND TRUMID VIA THE ALFA PLATFORM.
A
lgomi has bolstered its ALFA platform to
include the option to execute orders with
Liquidnet and Trumid in a bid to simplify fixed
income trading for institutions.
In a statement, Algomi said that the move
means that its ALFA (Automated Liquidity Fil-
tering & Analytics) system has expanded beyond
market data aggregation, so that traders can
navigate bond markets without duplicating steps
across various platforms.
“As a market neutral provider, we are delighted
to announce this initiative with Liquidnet and
Trumid,” said Scott Eaton, CEO of Algomi. “Fund
managers can now easily action and execute de-
cisions based on the front-end data aggregation
we provide. This is a major step in creating an
efficient workflow process that leads to trading
with increased speed, improved liquidity and
efficiency in the market.”
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FILS IN PHILLY DAILY
Traders can interact with Liquidnet’s corporate
bond liquidity by populating orders directly from
ALFA before sending them to Liquidnet via FIX.
Liquidnet will then launch a negotiation window
and executed transactions will be viewable in
reports from ALFA. Similarly, Trumid actionable
alerts can be accessible through ALFA whereby
Trumid will display the dialogue, dependent on
the activity, and the trader can then interact
directly with the firm.
“This additional workflow makes it easier
for our Members to both consume and react
to liquidity alerts from our Virtual High Touch
ecosystem directly on Algomi ALFA,” Constan-
tinos Antoniades, global head of fixed income
at Liquidnet, commented. “We are very pleased
to continue to work closely with Algomi to help
develop innovative features that create efficien-
cies for our Members and help improve access to
greater liquidity.”
Algomi’s system provides cross-market infor-
mation on liquidity and trade intent to give the
buy-side a real-time view of the bond market.
AllianceBernstein initially developed the tool in-
house for its fixed income traders, before Algomi
acquired it in May 2017. Following the sale, asset
managers including T. Rowe Price, BlueBay Asset
Management, Brown Brothers Harriman and Alli-
anceBernstein, were among the early adopters of
Algomi ALFA.
“As a company focused on trading efficien-
cy and market intelligence, we are happy to
be working with Algomi to provide additional
workflow solutions for our shared client base.
This initiative allows Algomi ALFA users to
easily engage with the large Trumid network and
liquidity pool,” Mike Sobel, president of Trumid,
concluded.