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Research from New York-headquartered MarketAxess highlights benefit of sourcing liquidity from multiple counterparties.

MarketAxess Launches REXIQ for TCA

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New software provides enhanced transaction cost analysis in fixed income markets.

MarketAxess, an operator of electronic trading platforms, has launched a new proprietary approach for transaction cost analysis (TCA) in fixed income markets.

REXIQ measures transaction costs in less-than-liquid corporate bond markets. Its launch follows the release of research from MarketAxess on data from the US Financial Industry Regulatory Authority's (FINRA) TRACE engine, which concluded that there are material reductions in trading costs for users of electronic tools that source liquidity from a greater number of counterparties.

"Forthcoming regulatory changes are placing increased scrutiny on transparency of execution in the over-the-counter markets," says Rick McVey, Chairman and CEO of MarketAxess. "Electronic trading helps address the stated goals of this regulation ─ to create more open, transparent and competitive over-the-counter markets ─ and drive trading efficiencies."

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