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MarketAxess Holdings has announced the launch of Mid-X for U.S. investment grade (IG) and high-yield (HY) bonds, expanding its anonymous mid-point matching sessions to the U.S. credit market starting in September. This is part of a broader rollout of enhancements to its dealer-initiated trading protocols.
Mid-X was previously introduced in 2024 for emerging markets and eurobonds, where it delivered a 70 percent year-over-year increase in trading volumes during the second quarter of 2025. The protocol offers mid-point matching powered by CP+, MarketAxess’s AI-based real-time pricing engine for global credit and rates. The upcoming U.S. expansion includes a new one-step submit-and-trade mechanism to simplify execution.
Easier access to liquidity, workflow efficiency, and better tools for dealers
Steve Tait, Head of U.S. Dealer Execution Business at MarketAxess, commented, “Today’s market environment calls for easier access to liquidity, increased workflow efficiency and better tools for dealers to recycle risk generated by increased portfolio trading. By providing dealers with the level of support, tools and technology on par with what they are receiving from sales desks and inter-dealer brokers, we believe that we have been able to create a more inclusive trading environment where dealers feel increasingly comfortable engaging with our growing list of protocols and enhancements.”
The firm also announced upgrades to its Dealer RFQ protocol, reinforcing its position as a platform capable of serving both buy- and sell-side participants with flexible, automated, and data-driven trade execution tools.
MarketAxess continues to focus on enhancing electronic access to global fixed-income liquidity, with CP+ central to its broader strategy in predictive pricing and intelligent execution.
First fully electronic trade of Indian Government Bonds (IGBs)
MarketAxess executed the first fully electronic trade of Indian Government Bonds (IGBs) on its newly launched platform, marking a key milestone in opening India’s onshore debt market to foreign institutional investors. The historic trade was carried out between BlackRock and Standard Chartered.
The electronic platform, purpose-built by MarketAxess for Foreign Portfolio Investors (FPIs) and market makers, aims to streamline access to India’s sovereign debt markets. It addresses growing demand for scalable, transparent solutions amid India’s ongoing integration into major global bond indices.
The move reflects MarketAxess’ broader strategy to extend its fixed-income trading technology into new markets, and comes at a time when India is drawing increasing global attention for its improving market access and macroeconomic stability. The newly launched platform is expected to attract more foreign participation in the IGB market by enhancing transparency, efficiency, and execution standards.
