Users of MarketAxess’ private banking and wealth management service Axess IQ can now route orders directly to UBS Bond Port.
“UBS has been a liquidity provider for MarketAxess for a long time already, but what was missing for clients was the ability to place resting orders with a limit to the UBS Bond Port order book through Axess IQ,” Erik Tham, head of product management for global private banking at the company, told The DESK.
“When they have a limit that is not quite executable with a request-for-quote (RFQ), some private banks place this limit order on an orderbook to have the limit seen, attract more liquidity and increase the likelihood of execution,” Tham explained. This method is primarily used for smaller and retail orders that are not market sensitive, and so are okay to be show.”
Previously, traders wishing to do this had to manually cancel their orders, change screens, and sometimes double their orders to send them to UBS Bond Port. Following this integration, the process can be completed in one click.
“The underlying parent order stays in Axess IQ and is marked as placed on Bond Port. When the execution comes back, it flows directly back to the booking system. There’s no double keying, no switching screens. The orders continue to be monitored, so when the market moves users can see whether it’s time for another RFQ instead of having the orders out of sight,” Tham said.
“The biggest client base asking for this was in Switzerland and Asia,” he added. While currently only available for clients trading outside of the MiFID MTF, the company plans to expand the service pending approval.
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