MarketAxess is in the business of creating pools of liquidity. As one of the largest fixed-income electronic trading platforms (by its own reckoning it accounts for 20% of total corporate bond trading activity and 3.8% of the hotly contested US Treasuries markets – up from 2.3% last year), this is a role that continues to evolve. And it has arguably become more important given the recent periods of significant market volatility.
The first notable one of these came at the start of the Covid-19 pandemic, and another as economies worldwide struggled with supply chain shocks following the easing of lockdown measures. These squeezes were significantly intensified by Russia’s invasion of Ukraine and the disruption that has followed.
