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MarketAxess expands Brazilian debt trading capabilities

EditorEmilio Ghigini
Published 03/12/2024, 08:42 AM
© Reuters.

NEW YORK & SAO PAULO - MarketAxess Holdings Inc. (NASDAQ: MKTX), a prominent electronic trading platform for fixed-income securities, has introduced full trading capabilities for all Brazilian sovereign debt instruments, including LFTs, LTNs, NTN-Fs, and NTN-Bs. This expansion follows the successful execution of the first client Casada trade via Request-for-Quote (RFQ) protocol on their Emerging Markets platform, with Safra participating as the buyside client.

The enhancement of MarketAxess's services comes at a time when Brazil's secondary debt market is experiencing a surge, with trading volumes reaching $20 billion in average daily volume (ADV) and aggregating over $4 trillion in 2023, as reported by the Brazilian National Treasury. The RFQ protocol, a mainstay in global fixed income electronic trading, is expected to facilitate better liquidity discovery for investors engaging in Brazilian debt.

Maria Calderon, Head of Latin America Sales at MarketAxess, expressed pride in the company's milestone of supporting the first-ever Casada trade via RFQ. She highlighted Brazil's significance as one of the largest bond markets in Latin America and MarketAxess's commitment to innovation and meeting the needs of both local and international investors.

MarketAxess's Emerging Markets platform boasts participation from over 1,600 market participants across more than 120 countries and includes 28 local currency bond markets. The platform's liquidity pool was further deepened with the Q4 2023 introduction of Open Trading for local currency bonds, which connects local dealers with international buyside clients.

The company's investment in emerging markets, particularly in Brazil, is evidenced by the new range of products that cater to the needs of local clients and dealers who have shown interest in RFQ protocols.

This development is part of MarketAxess's ongoing efforts to enhance trading efficiency, liquidity, and cost savings for institutional investors and broker-dealers in the global fixed-income markets. The information is based on a press release statement from MarketAxess Holdings Inc.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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