MarketAxess Plans European Cross

The new capability, which was launched in the U.S. markets in late 2008, offers buy-side clients an additional way to tap potential liquidity by anonymously posting their requests for quotes (RFQs) to other buy-side clients on the platform, while soliciting quotes from the clients' chosen set of dealers. If another buy-side user wants to become the counterparty to the trade, that client sends a message to a common dealer, who sees both sides of the trade and chooses whether to execute both sides

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