MarketAxess partners with leading academic institutions to advance research in fixed income market structure. Using anonymized datasets — including RFQ, CP+™, and enhanced TRACE data — these studies examine a range of critical topics around the evolving structure of global fixed income markets.
These are true two-way partnerships, combining our proprietary data with independent analysis to generate deeper market insights. We provide researchers access to our data, and in return, gain independent perspectives that help validate our products. Our collaborations reinforce the real-world relevance, quality, and analytical power of our proprietary datasets.
Using CP+ tick data, this first independent academic study focusing on CP+ performance evaluates CP+ in the U.S. corporate bond market from both accuracy and coverage perspectives.
Research shows that delayed Treasury spot trades (DTSTs) — where the credit spread is negotiated earlier but the trade is reported at the 4:00 PM index close — systematically distort corporate bond closing prices.
The study examines investment-grade (IG) index-eligible bond activity in TRACE and market dynamics around Bloomberg index closing time and demonstrates clustering of daily trading volume and lower transaction costs at the index close by using CP+ as a benchmark.
The study uses RFQ Response data and CP+ to illustrate that traders use Lists differently, with active traders optimizing prices while many asset managers focus on operational efficiency.
The study combines RFQ data with Refinitiv green bond classifications to show that compared to conventional bonds, green bonds trade with narrower spreads, faster execution, and higher dealer engagement, and issuing green bonds improves liquidity in an issuer’s conventional bonds.
The study uses RFQ data for European corporate bonds to examine two dimensions of liquidity: the probability of trade and the speed of execution, which are systematically influenced by dealer behavior and RFQ design (number of invites, use of Open Trading®, trade size, buy vs. sell).
