MarketAxess Holdings has completed the first client algorithmic trade executed on multiple protocols using its multi-protocol automated execution solution, Adaptive Auto-X.
The platform, launched earlier this year, provides clients with low-friction automation workflows to interact with passive liquidity across request-for-quote, order book and other matching protocols. It is currently in its first pilot phase.
Using predictive analytics driven by artificial intelligence and proprietary MarketAxess data, clients can enhance the efficiency of their automatic trade execution workflows, the company says.
Over Q1 2023, users have been able to place resting orders connected to multiple liquidity pools through the CP+ Peg algorithm. The platform also allows them to customise their algorithms by size, visibility and pricing parameters in real-time.
MarketAxess has also announced a second phase of the pilot, which will introduce additional liquidity-seeking strategies based on trader objective, urgency or pricing requirements.
Gareth Coltman, global head of automation at MarketAxess, says: “As the fixed income market becomes more complex and finding liquidity becomes more challenging, buy-side firms need to be armed with smart trading tools that can efficiently seek liquidity across a broad set of protocols while avoiding market impact. Adaptive Auto-X is an exciting leap forward in intelligent automation which can deliver greater alpha generation opportunities for MarketAxess clients.”
