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MarketAxess

MarketAxess Holdings Inc. is an international financial technology company that operates an electronic trading platform for the institutional credit markets, and also provides market data and post-trade services. It enables institutional investors and broker-dealers to trade credit instruments, including corporate bonds, and other types of fixed income products.

MarketAxess was founded in 2000 by Richard McVey, who is the company’s Executive Chairman. Headquartered in New York, MarketAxess has 744 employees and serves clients in the Americas, Europe, Latin America and Asia. Today, it is the market leader in the electronic trading of US corporate bonds, with 85% of investment-grade and 84% of high-yield debt traded electronically on its platform. That equates to 20% of all corporate bond trading volume in the US. As of October 2020, the company is valued at $20.43bn.

McVey originally proposed the model for MarketAxess in 1999 as part of J.P. Morgan's Lab Morgan program, which was designed to back executives’ ideas for using web-based technology. He launched the company as an independent venture in 2000, with $24 million in capital which he’d raised from other market participants including Bear Stearns. MarketAxess began trading investment-grade corporate bonds and gave investors access to new issues and research in November of that year.

In 2001, MarketAxess acquired Trading Edge Inc., which owned BondLink, a start-up bond company that had enabled investors to buy and sell bonds online.

The company went public in 2004, with a stock value of $11 a share.

In 2012, MarketAxess announced a partnership to link up with BlackRock’s Aladdin platform. That year, it also announced the launch of its all-to-all trading marketplace, Open Trading.

In 2013, MarketAxess acquired London-based Trax.

In 2015, MarketAxess and BlackRock extended their Open Trading partnership, already in place in the US, to the European credit markets.

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