MarketAxess Holdings Inc, the operator of an electronic trading platform for US and European high‐grade corporate bonds, emerging markets bonds and other types of fixed‐income securities, has received authorisation from the Comissão de Valores Mobiliários – CVM (Securities and Exchange Commission of Brazil) and the Central Bank of Brazil to offer e‐trading of local currency debt.
Brazilian local currency government and corporate bonds are available on the MarketAxess trading platform. Global institutional investor clients can benefit from MarketAxess’ patented RFQ technology to request competitive, executable bids or offers to multiple broker‐dealers, and execute with the dealer of choice.
“We are very pleased to be able to offer Brazilian local currency debt trading to our global customers. The current estimated average daily volume (ADV) in the Brazilian local debt market is approximately USD5.1 billion and we believe access into this marketplace represents an important development for our emerging market (EM) clients, eager to participate in one of the world’s fastest growing local currency debt markets. We currently have 10 dealers prepared to provide liquidity in Brazilian local currency bonds on the platform and expect that number to grow. We have had strong interest from clients in North America and Europe in accessing these markets and anticipate continued appetite for cross‐border trading both locally and globally,” says Kevin McPherson, Head of Sales, MarketAxess.
“We believe that MarketAxess’ patented RFQ technology is the trading protocol best suited for OTC trading of less liquid instruments such as local emerging markets debt. For over 10 years, we have succeeded in delivering our e‐trading platform for global EM bonds and other fixed income products, and will continue to expand into new emerging markets,” says Sandy White, Emerging Markets Product Manager, MarketAxess.