MarketAxess has relaunched its matching session solution Mid-X in Europe, after simplifying the fee structure.
Mid-X offers daily, fully anonymous, matching sessions at the firm’s predictive pricing engine CP+ Mid-Price, which leverages the MarketAxess Open Trading network to access a deep pool of sell-side and ETF liquidity designed to help maximise matching opportunities.
On why Mid-X has been relaunched in Europe, Patrick Bailey, open trading, senior product specialist, told The DESK: “Matching sessions have become an established protocol within the credit markets for several years now. In this update to the MarketAxess matching session, Mid-X, the fee structure has been simplified and provides a more focused experience for traders at point of execution.”
“As with all Open Trading included protocols, traders should see the OT desk as an approachable, human extension of their own execution facilities where we can help facilitate both their low and high touch trading strategies,” Bailey concluded.
Mid-X limits information leakage with size only revealed when trades are complete and only to those involved in that trade. The fees are embedded in the CP+ price displayed, therefore removing the need for the typical end-of-month invoicing. Clients will submit IOIs and then the matching algo will deliver fills, DNT items and failed trades.
The firm’s matching algo aims to maximise the number of matches for all users with smaller sizes matched first and, where multiple items of the same size on the same side, submission time of the order will be considered. Once the session is matched, a pop up will appear prompting the user to view their activity for the session, and then users will see all done trades, partial fills, DNTs, and unmatched/failed IOIs displayed in the same window. MarketAxess said this “smart” matching algo prevents partial executions that would be below the minimum denomination for that item.
©Markets Media Europe 2024
