U.S. Credit Market sees the introduction of Mid-X by MarketAxess
MarketAxess Holdings, a leading electronic trading platform for fixed-income securities, has announced the extension of its Mid-X protocol to US Credit markets. Scheduled for September 2025, this move is expected to further boost the company's growth in the securities market.
The Mid-X sessions in US Credit markets will continue to be powered by CP+, MarketAxess’s AI-powered real-time predictive pricing engine. Notably, these sessions will feature a new one-step submit and trade function, enhancing the user experience.
In a statement, Steve Tait, Head of US Dealer Execution Business at MarketAxess, said that these enhancements aim to offer dealers the same level of support, tools, and technology that they receive from sales desks and inter-dealer brokers, fostering a more inclusive trading environment and encouraging dealer engagement with these protocols.
The Mid-X protocol, an anonymous mid-point matching session, was successfully launched by MarketAxess for emerging markets and eurobonds last year. The second quarter 2025 volumes from Mid-X matching sessions in these regions have increased 70% compared to the second quarter of 2024, indicating that these enhancements have significantly improved liquidity access and trading efficiency in these non-US credit markets.
In addition to the Mid-X extension, MarketAxess has also made enhancements to its Dealer RFQ protocol. These upgrades provide dealers with improved tools to better recycle risk amid increasing portfolio trading activity, helping boost workflow efficiency and liquidity.
These developments demonstrate MarketAxess’s strategy to leverage AI and technology enhancements to improve fixed income trading liquidity and efficiency on both emerging and established market fronts. Interested users can sign up for MarketAxess's newsletter to receive exclusive articles on securities markets.
| Enhancement | Details | Impact | |---------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------| | Mid-X in US Credit | Launching Sep 2025 for US investment grade and high yield; anonymous mid-point matching powered by AI pricing engine CP+; new one-step submit/trade function | Expected to increase liquidity and efficiency in US credit markets | | Mid-X in Emerging Markets & Eurobonds | Enhanced version launched in 2024; anonymous mid-point matching with CP+ | Q2 2025 trading volumes up 70% YoY in these regions | | Dealer RFQ Protocol Enhancements | Improved tools to support dealers' risk recycling amid more portfolio trading | Greater workflow efficiency and dealer confidence, fostering more active trading |
The launch of Mid-X in US Credit markets is a testament to MarketAxess's commitment to innovation and improving the trading experience for its users. By extending its Mid-X protocol to US Credit markets, MarketAxess is making strides towards providing easier access to liquidity, increased workflow efficiency, and better tools for dealers in the US Credit market.
Incorporating the newly developed one-step submit and trade function, the AI-powered Mid-X sessions in US Credit markets, powered by MarketAxess's CP+ technology, aim to significantly augment liquidity and efficiency in US finance, thereby transforming the business dynamics of the US Credit market. By extending its Mid-X protocol to US Credit markets, MarketAxess demonstrates its dedication to leveraging technology to boost trading experiences, promote easier access to liquidity, and enhance workflow efficiency in the finance sector.
