Trade | Open Trading

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Open Trading®
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Innovation that’s redefining liquidity.
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All-to-all, all in one

  • $19 billion average daily liquidity

  • $3.7 billion average daily volume

  • $2.6 billion in transaction price improvement innovation that's redefining liquidity*

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in price improvements*
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19.00
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in average daily liquidity
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2000.00
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active client and dealer firms
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Open Trading for Emerging Market local currency bonds is now live

MarketAxess now offers Open Trading in Emerging Market local currency bonds. You can now use our award-winning all-to-all trading marketplace, Open Trading, to access a broader and diversified pool of liquidity in four CEEMEA markets - Poland (PLN), Czech republic (CZK), Hungary (HUF), and South Africa (ZAR).

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Put Open Trading to work for you

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Live Markets: Instant liquidity in active bonds

Our anonymous central limit order book displays fully executable, streaming liquidity in active and newly issued bonds. With commitment from Goldman Sachs, Barclays and Flow Traders, don’t miss any trading opportunities.

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Mid-X: Anonymous matching sessions at mid-market

Maximize trading opportunities through the vast Open Trading network and realize price improvement opportunities by trading at the CP+™ mid-market price.

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When you’re in the driver’s seat, you win

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Open-Trading_Stat-Circles - price - v2 mage

Connecting to more counterparties improves trading outcomes and lowers transaction costs whether you're a liquidity provider or liquidity taker.

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Open-Trading_Stat-Circles - dealer - v2 mage

Dealers are increasingly seeking liquidity via Open Trading and realizing significant price improvements. Our research scientists help define the opportunity.

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Clearly Erroneous Trades

Rest assured. When things go wrong—from fat fingers to system failures and other errors—our Clearly Erroneous Trade Policy provides impartial adjudication on erroneous trades occurring on Open Trading.

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Insights that cut through the noise

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CP+™

Access execution-ready, AI-powered pricing content on over 32,000 bonds directly within the trading workflow.

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Axess All™

Our European trade tape shows you where the market is moving with true transparency in near real-time.

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Industry news

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Reducing friction in fixed income markets

The Economist profiles the role technology has in driving greater efficiency and less friction in various asset markets. Our all-to-all Open Trading marketplace is highlighted as the case study for innovation in the bond markets.

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Why electronic trading is surging

Chris Concannon and Matt Miller discuss the shifting market dynamics that's prompting greater electronic trading adoption and significant transaction price improvements.

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An award-winning trading experience
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Best Sell Side Trading Network 
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Best Trading Network
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*Estimated price improvement consists of estimated liquidity taker price improvement (defined as the difference between the winning price and the best disclosed dealer cover price) and estimated liquidity provider price improvement (defined as the difference between the winning price and then current Composite+ bid or offer level, offer if the provider is buying, bid if provider is selling) at the time of the inquiry.

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