MarketAxess Holdings Inc, the operator of an electronic trading platform for fixed-income securities, has completed the the first client algorithmic trade executed across multiple protocols using Adaptive Auto-X, the company’s multi-protocol automated execution solution, currently in pilot. 

MarketAxess also announced the next phase of the pilot, which will introduce additional liquidity-seeking strategies depending on trader objective, urgency or pricing requirements.

MarketAxess launched the Adaptive Auto-X pilot earlier this year, building on the success of an established suite of automation protocols. Phase one of the pilot provided users with low-friction automation workflows to interact with passive liquidity across RFQ, order book and other matching protocols. Users can specify a protocol or use data-driven, smart-order-routing to maximise the potential liquidity sources leveraged across multiple MarketAxess trading protocols and liquidity pools. Adaptive Auto-X combines proprietary MarketAxess data and predictive AI-driven analytics to bring even more workflow efficiency to automatic trade execution.

In Q1 2023, the first pilot clients were able to place a resting order that simultaneously connected to multiple liquidity pools via MarketAxess’ first-of-its-kind algorithm: CP+ Peg. Clients are able to control their algorithms by customising sizing, visibility and pricing parameters in real-time.