MarketAxess, the Internet-based trading platform for credit products, and Charles River Development, a provider of order management systems, have formed a strategic alliance to increase electronic connectivity in the global credit markets.
MarketAxess’ strategic pairing with Charles River responds to client demand for STP enhancements to increase trading speed and efficiency,” says Richard M. McVey, MarketAxess’ chief executive officer. “It reinforces our shared commitment to remaining at the forefront of developing customized STP solutions for trade execution, allocation and settlement.”
Peter Lambertus, president and CEO of Charles River Development, added: “This partnership is another example of Charles River’s leadership in offering fixed income STP solutions and demonstrates our commitment to providing our clients with choice and flexibility. We are pleased that MarketAxess has selected us as their first OMS partner – we look forward to working with them to provide our joint clients with a superior and efficient option for fixed income execution.”
The recent release of the Charles River Investment Management System (Charles River IMS) v7.1 features a FIX-based MarketAxess interface. In addition, MarketAxess’s post-trade messaging applications are fully integrated into the Charles River system, providing clients with post-trade capabilities via Charles River IMS for trades executed on the platform. The two companies also plan to make allocation messages available in Charles River IMS v8.
“Our strategic partnership with Charles River is an important step in our joint effort to produce seamless, front-to-back end STP for market participants,” says McVey. “In addition to post-trade connectivity, MarketAxess and Charles River are committed to jointly developing interfaces for market data (BondTicker) and transaction information, providing true pre-trade connectivity.”