Charles River and MarketAxess Expand Collaboration for Trading Connectivity Across Global Credit Markets
July 23, 2019
Boston — July 23, 2019 —Charles River Development, a State Street Company, today announced an expansion of its collaboration with MarketAxess, a leader in e-trading for global fixed income. Under the expansion, global Charles River clients will be offered access to MarketAxess’ Auto-X™ and other new trading features for investment-grade credit, high-yield, emerging market debt and Eurobonds. As a result, traders and portfolio managers will be able to source liquidity directly from the Charles River Order and Execution Management System (OEMS) for fixed income securities in more than 25 currencies across Europe, Africa, Latin America and Asia-Pacific.
Charles River’s global trading ecosystem provides clients with broad access to liquidity, execution protocols and geographic coverage. The collaboration further integrates MarketAxess’ Auto-X trading functionality, allowing traders to set rules-based parameters to automate their trading workflow. Integrating Auto-X with the Charles River OEMS enables clients to seamlessly auto-execute orders, deliver trade allocations to dealer counterparties and receive allocation acknowledgements in an STP workflow.
“For years, our longstanding collaboration with MarketAxess has remained successful because of the firm’s proven ability to improve transparency, efficiency, and competition in global credit markets,” said John Plansky, CEO Charles River. “Expanding that relationship provides Charles River clients with a greater choice of trading protocols to easily access liquidity for the debt securities and geographies they trade in.”
“We are looking forward to the next phase of our collaboration with Charles River,” said Chris Concannon, President & COO, MarketAxess. “Improving trading efficiency through more automated trading protocols is in high-demand from our clients. The collaboration is timely as it will deliver a more seamless front-to-back trading experience through Auto-X with clear and quantifiable benefits to market participants, including reduced information leakage and lower transaction costs.”
MarketAxess operates a leading, institutional electronic trading platform delivering expanded liquidity opportunities, improved execution quality and significant cost savings across global fixed-income markets. More than 1,500 firms – comprising the world’s leading asset managers and institutional broker-dealers – traded a record $1.7 trillion of U.S. investment-grade bonds, U.S. high yield bonds, emerging market debt, Eurobonds and other fixed income securities through MarketAxess’ patented trading technology in 2018. 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 the broad range of credit market participants. Drawing on its deep data and analytical resources, MarketAxess enables automated trading solutions and, through its Trax® division, provides a range of pre- and post-trade services and products.
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.
About Charles River, A State Street Company
Charles River Development, a State Street Company, enables sound and efficient investing across all asset classes. Investment firms in more than 30 countries use Charles River IMS to manage more than US$25 Trillion in assets as of April 2019 in the institutional investment, wealth management and hedge fund industries. Our Software as a Service-based solution (SaaS) is designed to automate and simplify investment management on a single platform – from portfolio management and risk analytics through trading and post-trade settlement, with integrated compliance and managed data throughout. Headquartered in Burlington, Massachusetts, we support clients globally with more than 925 employees in 11 regional offices. For more information, please visit www.crd.com.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world’s leading providers of financial services to institutional investors, including investment servicing, investment management and investment research and trading. With $32,754 billion in assets under custody and administration and $2,918 billion* in assets under management as of June 30, 2019, State Street operates globally in more than 100 geographic markets and employs approximately 40,000 worldwide. For more information, visit State Street’s website at www.statestreet.com.
* Assets under management include the assets of the SPDR® Gold ETF and the SPDR® Long Dollar Gold Trust ETF (approximately $36 billion as of June 30, 2019), for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) serves as marketing agent; SSGA FD and State Street Global Advisors are affiliated.
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