MarketAxess Goes Live with Preferred Stock Trading

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Electronic fixed-income trading venue MarketAxess branched out into trading preferred stock earlier this week after two months of beta-testing the functionality, officials tell SST.

"The market is opaque and illiquid, which makes a perfect recipe for electronic trading," says Kelley Millet, president of MarketAxess. "Keep in mind that although it's called ‘preferred stock,' it trades like a debt-like instrument.”

The new asset class trades using a similar protocol as the emerging market and high

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