MarketAxess to Expand into Muni Bond Market
Over 6,000 users log in to MarketAxess' electronic platform daily.
The company says that it expects about 60 dealers and 250 institutional managers to connect, including "many of the largest asset managers and dealers in the muni-bond market."
This new platform will provide access to liquidity and price discovery, with the aim of providing greater efficiency to the space. Muni clients will be able to access MarketAxess' all-to-all OpenTrading that will allow market participants to trade anonymously with other participants.
As part of the expansion, Hardy Manges, who was previously managing director of Cantor Fitzgerald's municipal trading operations, joins as head of muni-dealer sales. Pat Furlong will head up MarketAxess' efforts to grow its buyside-client base.
According to the company, MarketAxess has almost 90 percent of the e-trading market for US corporate bonds.
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