MarketAxess defends its corporate bond trading status
July 27, 2017 \ 4 Comments
Full Article: Financial Times
MarketAxess, the largest corporate bond trading venue in the US, has hit back at accusations that it is losing market share to Tradeweb, saying its smaller rival is putting out numbers that are “confusing” the market.
It is a truly rare occasion when the focus article image and the focus article content come into perfect alignment…. This, ladies and gentlemen is one of those rare occasions. Please allow your humble Jester to explain… Even though the corporate bond electronic trading turf war may sometimes sound like a place where CEO’s “come out swinging”, it’s quite the opposite. Just look at what passes for a fight? An accusation that “readers” were “confused” by Tradeweb’s claims of progress on their corporate bond platform?! It is Jester’s duty to inform you that embellishing statistics has been a tradition of… Read more »
Well said Jester. As our market loves to rightfully tell the regulators, “Fixed income isn’t equities!”…..but not when it comes to Reg ATS, more than happy to lean all over that rule to not qualify as an ATS for trade reporting or reg. Fair enough, so let’s address our nuances by adding information in like “RFQ trade.” Its absurd that the largest electronic trading platforms out there don’t have to report their trades. The ATS qualifier is useless without it. Then we can get closer to some objective analysis on e trading, and clarify and confirm what is being said… Read more »
Perception is reality for anyone or organization in the short and medium term. In the long term the substance usually has to match but a lot can happen to other parties in that changed perception period.
More’s the question what’s triggered this?
Perception is business by other means – to synonym von Clausewitz.
Classic MarketAxess. Many would likely conclude that they could teach the course ‘How to lie with statistics’ and now they are complaining about TradeWeb ‘confusing the reader rather than clarifying…’. This coming from a firm that wouldn’t break out ‘other’ for years to help investors get clarity on how their ‘other’ businesses were doing, anyone care to guess why? Even sol, TradeWebs’ ‘indiscretions’ are fair game for attack but doesn’t the CEO of MarketAxess have better things to do than to call out his ‘competitor’ on misleading the market? And are they competitors? MarketAxess traded $71.5B in IG credit in… Read more »
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Everyone is Worried About the Thing Markets Need Most, But They’re Not Asking the Right Questions – Business InsiderMarch 25, 2016
US Companies Overpaying for Bonds; Banks May Be to Blame – ReutersMarch 31, 2016