Banks hope new axe platform will cut bond trading costs
Dealer-backed TP Icap venture aims to disrupt dominant trio of Bloomberg, MarketAxess and Tradeweb.
Dealers involved in the launch of a new credit trading platform are pinning a lot on its approaching debut. Rather than inviting dealers to quote prices, the new service will attempt to match sell- and buy-side participants that have offsetting interests—an unusual approach that banks hope will enable the venture to snatch market share from a trio of well-established incumbents.
If it works, dealers will have a lower-cost alternative to those incumbents—Bloomberg, MarketAxess and Tradeweb. That
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