MarketAxess (MKTX) Joins Forces With Broadway for RFQ Feature
MarketAxess Holdings Inc. MKTX recently partnered with Broadway Technology to develop a U.S. Treasury Request for Quote (RFQ) workflow feature in the marketplace of MarketAxess U.S. Treasuries. The RFQ workflow feature from MKTX and Broadway, a high-performance front-office solutions provider, has already come online.
The new feature expands on the existing MarketAxess Live Markets Rates partnership. It is expected to enable mutual dealer customers to respond to inquiries from MKTX’s client base. The move is expected to provide investors and dealers more flexibility in trading in the fixed income space while boosting transparency.
Clients from Broadway are expected to gain from the massive liquidity pool due to the partnership with MKTX. MarketAxess has a network of more than 1,900 firms worldwide. This new deal is another feather in the company’s hat of strategic alliances. It supplements its organic growth by entering into partnerships and acquiring businesses or technologies that enable it to enter new markets and provide new products or services.
Some notable partnerships of MKTX include a strategic alliance with BlackRock, Inc. BLK, which improved the range of trading connections available to global credit market participants, and an agreement with S&P Dow Jones Indices to jointly develop indices that will track the most liquid segments of the U.S. corporate bond market.
MarketAxess also partnered with China Foreign Exchange Trade System to enable its global investors to better access China’s onshore bond market. It joined forces with Tradeweb Markets and Bloomberg to develop a consolidated tape for fixed income in the European Union.
Price Performance
The company’s shares have declined 44.1% in the past year compared with the 23.1% fall of the industry it belongs to.
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Zacks Rank & Key Picks
MarketAxess currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader finance space are Employers Holdings, Inc. EIG and Ares Capital Corporation ARCC, both sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Headquartered in Reno, NV, Employers Holdings provides workers' compensation insurance to businesses operating in hazardous industries. The Zacks Consensus Estimate for EIG’s 2022 earnings has increased 5.9% in the past 60 days.
Based in Los Angeles, CA, Ares Capital specializes in rescue financing of middle-market companies. The Zacks Consensus Estimate for ARCC’s 2022 earnings indicates 16.3% year-over-year growth.
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