MarketAxess has built out its open trading offering with the launch of open trading for local currency bonds. The first tranche of local currency markets to be supported are Poland (PLN), Czech Republic (CZK), Hungary (HUF) and South Africa (ZAR).
The launch of open trading for EM local currency bonds connects local onshore dealers with a network of international buy side clients, deepening the available liquidity pool. Clients and dealers are able to trade on an all-to-all basis. In the first half of 2023, EM local currency bonds constituted more than 40% of MarketAxess global EM volumes of US$360 billion.
Christophe Roupie, head of EMEA and APAC at MarketAxess, said: “As a global leader in emerging markets debt trading, expanding open trading across our 28 local markets is something our clients around the world have been asking us for,” said . “Expanding open trading in these four new local markets is only the first step, and we hope to expand the model further to more local currencies in the first half of next year.”
© Markets Media Europe 2023
