MarketAxess to offer cut-price dark pool liquidity

High-yield bond block trades could be 100bp cheaper on new platform, says executive

dark pools allow anonymous trades
Private Axes protocol allows participants to agree anonymous block trades in dark pools

Buy-side firms could see transaction cost savings of 100 basis points or more by executing block corporate bond trades on dark pools, according to a senior executive at trading platform MarketAxess.

"There will be a lot of execution cost savings when we get two asset managers to meet and move a large block position. You're taking away the full bid/ask spread, which could be a point or more in high yield, depending on the liquidity of the bond," says Richard Schiffman, New York-based product

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