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MarketAxess looks past Evergrande to e-trading in Chinese bonds

Global investors shrug off Evergrande’s woes and welcome a new link to China’s onshore bond market.

Photo: iStock

The timing could probably have been a little better.

In the last week of September, MarketAxess, operator of one of the world’s three largest electronic bond trading platforms, announced a new connection giving its users – including 1,600 of the world’s biggest investors – easy access to the Chinese domestic bond market.

This comes under the Bond Connect and China Interbank Bond Market (CIBM) Direct schemes, in partnership with China Foreign Exchange Trade System (CFETS) and Bond Connect Company Limited (BCCL).

MarketAxess clients will be able to trade directly with more than 50 onshore market makers – including Chinese firms and foreign banks with local businesses, such as JPMorgan and BNP Paribas – via CFETS, using familiar trading protocols, including request-for-quote (RFQ) and list trading.

I’m excited to think of the many opportunities for collaboration that lie ahead
Rick McVey, MarketAxess

Talking up its close partnership with CFETS, Rick McVey, chairman and chief executive of MarketAxess, says: “I’m delighted that together we’re able to bring greater, more diverse global investor participation to the $15 trillion onshore bond market, and I’m excited to think of the many opportunities for collaboration that lie ahead.”