Multi-dealer credit trading platform MarketAxess is to offer electronic trading of US treasury benchmark securities via Icap's BrokerTec network.
The new US treasury trading service will be available from MarketAxess dealer participants in the third quarter. The service will initially be released to US investors, with European users to follow at a later date.
In practice, investors will select a MarketAxess participating dealer to instantaneously represent their order in the BrokerTec trading system, thus preserving counterparty relationships.
Richard McVey, chief executive officer of MarketAxess, comments: "Institutional investors will have access to both the benefits of multi-dealer electronic trading in credit products and immediate benchmark government bond liquidity through the MarketAxess trading system."