BlackRock expands Open Trading partnership with MarketAxess
NEWS BITES
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UBS Securities in Hong Kong has been handed a $ 4.5 million fine for failing to record transactions and client consents of trading activities effectively . The Securities and Futures Commission ( SFC ) found that between June 2015 and June 2016 UBS was unable to provide complete information on its client facilitation trades .
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FIXED INCOME
BlackRock expands Open Trading partnership with MarketAxess
BlackRock will use MarketAxess for Asian credit trading after signing up to Open Trading for US and European credit trading .
BlackRock has expanded its partnership with MarketAxess and will use the Open Trading platform for Asian credit markets .
The Open Trading all-to-all platform allows buy- and sell-side firms to connect anonymously through a central network looking to improve liquidity and reduce transaction costs .
MarketAxess and BlackRock first started working together in 2013 , using the Open Trading platform for US credit markets and then in 2015 for European credit markets .
The partnership means BlackRock ’ s Aladdin network of around 90 buy-side firms gain access to more than 1,300 investor and dealer firms , providing increased choice in trade execution options and counterparties .
“ Since the original Open Trading strategic alliance with BlackRock in 2013 , we have seen meaningful adoption of new trading models from credit market participants ,” said Rick McVey , CEO of MarketAxess . “ Far-reaching regulatory changes are causing buy- and sell-side traders to seek out broader and more efficient liquidity pools .”
In 2017 , 16.2 % of all MarketAxess platform volume was executed via Open Trading , up from 13.2 % in 2016 , McVey added . Furthermore , 950 firms actively used the platform to trade credit last year compared to 840 firms in 2016 .
“ MarketAxess has been a tremendous partner and we are excited to extend our partnership with them to Asian credit markets ,” said Richie Prager , head of trading , liquidity and investments platform for BlackRock .
“ As the Asian credit market evolves , we remain committed to delivering innovative liquidity and investment solutions that benefits our investment and Aladdin clients around the world .”
8 // TheTrade // Spring 2018