MarketAxess Launches Mid-X for US Credit Markets with AI-Powered Protocol.
ByAinvest
Tuesday, Aug 5, 2025 8:30 pm ET1min read
MKTX--
The Mid-X protocol builds on the success of MarketAxess' earlier implementations in emerging markets and eurobonds. These prior versions saw a 70% surge in trading volumes in Q2 2025 compared to the same period in 2024, indicating the protocol's efficacy [1]. The US credit iteration introduces a one-step submit-and-trade workflow, reducing execution friction by enabling real-time price discovery and anonymous mid-point matching. This innovation minimizes the need for price negotiation and enhances workflow efficiency for dealers.
The launch of Mid-X aligns with industry demand for faster liquidity access and is positioned as a key innovator in AI-powered fixed-income trading transformation. By leveraging AI-powered tools and anonymous mid-point matching, MarketAxess is addressing liquidity challenges and empowering dealers to navigate a rapidly evolving market landscape.
Quantifying the impact of Mid-X, the protocol has shown significant growth in dealer-initiated average daily volume (ADV). In Q2 2025, ADV reached $1.8 billion, representing a 41% year-over-year increase [2]. The protocol's efficiency is also evident in portfolio trading, where 90% of ADV in April 2025 was executed via the X-Pro protocol. Meanwhile, the Open Trading® platform saw record ADV of $5.7 billion in April 2025, accounting for 38% of total credit trading volume.
MarketAxess' expansion into the US credit market is a strategic move to capitalize on the growing demand for AI-driven trading solutions. The launch of Mid-X is expected to further strengthen the company's position as a leader in the fixed-income trading landscape.
References:
[1] https://www.morningstar.com/news/business-wire/20250805973795/marketaxess-announces-the-launch-of-mid-x-in-us-credit
[2] https://www.ainvest.com/news/marketaxess-mid-expansion-revolutionizing-credit-markets-enhanced-liquidity-protocols-2508/
MarketAxess has announced the launch of Mid-X, an enhanced mid-point matching protocol for US credit markets. The protocol, set to go live in September for US Investment Grade and High Yield bonds, uses AI-powered engine CP+™ to increase liquidity and efficiency. Mid-X sessions have already shown a 70% increase in volumes for emerging markets and eurobonds in Q2 2025. The launch aims to provide dealers with improved tools for risk management and portfolio trading.
MarketAxess Holdings Inc. (Nasdaq: MKTX) has announced the launch of Mid-X, an enhanced mid-point matching protocol for US credit markets. Set to go live in September, the protocol is designed to increase liquidity and efficiency in trading US Investment Grade and High Yield bonds. The AI-powered engine CP+™ is at the core of the Mid-X protocol, aiming to provide dealers with improved tools for risk management and portfolio trading.The Mid-X protocol builds on the success of MarketAxess' earlier implementations in emerging markets and eurobonds. These prior versions saw a 70% surge in trading volumes in Q2 2025 compared to the same period in 2024, indicating the protocol's efficacy [1]. The US credit iteration introduces a one-step submit-and-trade workflow, reducing execution friction by enabling real-time price discovery and anonymous mid-point matching. This innovation minimizes the need for price negotiation and enhances workflow efficiency for dealers.
The launch of Mid-X aligns with industry demand for faster liquidity access and is positioned as a key innovator in AI-powered fixed-income trading transformation. By leveraging AI-powered tools and anonymous mid-point matching, MarketAxess is addressing liquidity challenges and empowering dealers to navigate a rapidly evolving market landscape.
Quantifying the impact of Mid-X, the protocol has shown significant growth in dealer-initiated average daily volume (ADV). In Q2 2025, ADV reached $1.8 billion, representing a 41% year-over-year increase [2]. The protocol's efficiency is also evident in portfolio trading, where 90% of ADV in April 2025 was executed via the X-Pro protocol. Meanwhile, the Open Trading® platform saw record ADV of $5.7 billion in April 2025, accounting for 38% of total credit trading volume.
MarketAxess' expansion into the US credit market is a strategic move to capitalize on the growing demand for AI-driven trading solutions. The launch of Mid-X is expected to further strengthen the company's position as a leader in the fixed-income trading landscape.
References:
[1] https://www.morningstar.com/news/business-wire/20250805973795/marketaxess-announces-the-launch-of-mid-x-in-us-credit
[2] https://www.ainvest.com/news/marketaxess-mid-expansion-revolutionizing-credit-markets-enhanced-liquidity-protocols-2508/
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