MarketAxess and J.P. Morgan Execute CDs Trades Reflecting Proposed SEF Structure

By Marketaxess Holdings Inc., PRNE
Wednesday, March 9, 2011

Six Firms, Based in the US and Europe, Complete Both Index and Single-Name Swaps

NEW YORK and LONDON, March 10, 2011 - MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading
electronic trading platform for U.S. and European high-grade corporate bonds,
emerging markets bonds and other fixed income securities, today announced the
completion of multiple credit default swap trades between J.P. Morgan and six
investor clients over the MarketAxess trading platform, highlighting the
participants' adaptation to proposed regulatory reforms.

In a preview of how Swap Execution Facilities (SEFs) are expected to
function once the rules and registration are complete, six firms completed
multi-product trades on MarketAxess' execution platform with J.P. Morgan
acting as counterparty and clearer. The transactions, which included
single-name CDS and credit index trades, were completed yesterday. Some
trades were cleared; others were intermediated, or remained bilateral. The
various trade outcomes reflect the likely transition to clearing over the
coming months.

The six clients of MarketAxess and J.P. Morgan that were involved are
BlueCrest Capital Management LLP, BlueMountain Capital Management, Diamond
Notch Asset Management, DCI, LLC, Pine River Capital Management LP, and a
large U.S. bank. These firms represent a variety of clients that will be
impacted by upcoming regulation.

"The group of credit default swap trades that were executed yesterday by
mutual clients of MarketAxess and JPMorgan and processed through ICE Link,
illustrates how industry participants are working together to establish the
framework required to comply with the new derivatives regulatory
environment," said Rick McVey, chairman and chief executive officer of
MarketAxess. "We are continually enhancing our CDS platform to meet the needs
of our clients and fulfill our obligations for registration as a Swap
Execution Facility."

"For the first time our global OTC Clearing clients, and J.P. Morgan's
trading desks, were able to transact in a fashion broadly consistent with the
key principles of the global regulatory reform," said Dale Braithwait, global
head of Credit Derivatives Clearing for J.P. Morgan. "Our trade execution
today shows that we and our clients are prepared for the new regime, whatever
form it ultimately takes."

The trades were completed both in the US and Europe, and the structure is
built to support trading in both regions. As the market responds to
regulatory reform and more participants engage, MarketAxess will offer
clients connectivity to a variety of available clearing firms, clearinghouses
and affirmation hubs.

About MarketAxess

MarketAxess operates a leading electronic trading platform that enables
investment industry professionals to efficiently trade corporate bonds and
other types of fixed-income instruments. MarketAxess' patented trading
technology allows institutional investor clients to request competitive,
executable bids or offers from multiple broker-dealers simultaneously, and to
execute trades with the broker-dealer of their choice. Over 800 institutional
investors are active users of the MarketAxess trading platform, accessing the
global liquidity provided by MarketAxess' 78 broker-dealer clients in U.S.
high-grade corporate bonds, European bonds, high yield and emerging markets
bonds, agency bonds, asset-backed and preferred securities and credit default
swaps. MarketAxess also offers a number of trading-related products and
services, including: market data to assist clients with trading decisions;
connectivity solutions that facilitate straight-through processing;
technology services to optimize trading environments; and execution services
for exchange-traded fund managers and other clients.

MarketAxess maintains its headquarters in New York and has offices in
London, Chicago and Salt Lake City. For more information, please visit

About J.P. Morgan

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services
firm with assets of $2.1 trillion and operations in more than 60 countries.
The firm is a leader in investment banking, financial services for consumers,
small business and commercial banking, financial transaction processing,
asset management and private equity. A component of the Dow Jones Industrial
Average, JPMorgan Chase & Co. serves millions of consumers in the United
and many of the world's most prominent corporate, institutional and
government clients under its J.P. Morgan, Chase, and WaMu brands. Information
about JPMorgan Chase & Co. is available at

    Media Contact:
    Jim Rucker

MarketAxess, Jim Rucker, +1-212-813-6383, jrucker at

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