MarketAxess has completed the acquisition of MuniBrokers, a central electronic venue serving municipal bond inter-dealer brokers and dealers.
This acquisition is designed to expand MarketAxess’ existing municipal bond trading solution for global institutional investor and dealer clients.
MuniBrokers connects 14 Municipal Securities Broker's brokers and hundreds of institutional traders and broker dealers through a central electronic marketplace to trade over $400 million of taxable and tax-exempt municipal bonds per day.
In addition to the acquisition of MuniBrokers, MarketAxess and Hartfield, Titus & Donnelly (HTD), the inter-dealer municipal bond brokerage firm and the owner of MuniBrokers, have agreed that HTD will continue to use the MuniBrokers platform.
According to MarketAxess, this is to ensure an uninterrupted level of liquidity is provided through the MuniBrokers platform.
Chris Concannon, president and chief operating officer of MarketAxess, comments: “We’re excited to add the MuniBrokers community to our growing municipal bond trading marketplace.”
“Our vision is to use innovative technology to create broader trading connections and therefore add more liquidity to the market, which MuniBrokers helps deliver for the broker and dealer community,” Concannon adds.
Earlier this month, it was announced that MarketAxess reached $689.6 billion for its March 2021 trading volume. March’s figures showed that a number of trading volume records were achieved throughout the month, including $12.7 billion for total credit average daily trading volume.
