MarketAxess and RBS Announce Launch of Streaming Executable Markets for Credit Default Swaps

By Marketaxess Holdings Inc., PRNE
Tuesday, May 24, 2011

NEW YORK, LONDON and STAMFORD, Connecticut, May 25, 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 that
RBS is the first dealer to provide streaming, executable markets to
MarketAxess for CDS indices. RBS is providing markets for U.S. high grade and
high yield indices (CDX), as well as European indices (iTraxx). Using the
MarketAxess 'streaming markets' protocol, investors are able to initiate
trades with a single click.

MarketAxess is committed to engaging with market participants and
regulators to provide efficient and transparent CDS trading in both indices
and single names, in all major markets. MarketAxess will provide a broad
suite of straight-through-processing (STP) functionality for CDS trades
taking place on the platform, including connectivity to the available central
clearing counterparties for CDS.

Kelley Millet, President of MarketAxess, said: "We are working with our
dealer and investor clients to support their electronic CDS trading
requirements on a global basis. As the first firm to provide streaming,
executable quotes on the MarketAxess platform RBS is helping to promote the
implementation of electronic CDS trading today, and we expect to add further
dealers to the streaming markets platform for CDS indices in the near future.
MarketAxess expects to qualify as a swap execution facility (SEF) and as such
we are offering a full suite of trading protocols and post-trade connectivity
to support and accelerate electronic trading in the CDS market."

"We are excited to be involved in the launch of CDS trading on
MarketAxess and to be on the forefront of technological innovation in the
marketplace," said Sean Murdock, Managing Director and Head of US Credit
Trading at RBS. "These efforts reinforce our commitment to providing our
clients with new and diverse execution solutions, enhanced access to
liquidity, and a foundation for preparing for future regulatory

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' 81 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

RBS Global Banking & Markets (GBM)

RBS Global Banking & Markets (GBM) division is a leading banking partner
to major corporations, financial institutions and public sector clients
around the world. GBM provides a range of debt, equity and commodity markets,
treasury and investor products, and financial advisory services. The division
focuses on long-term customer relationships and excellence in global product
execution. GBM is active in the Americas, EMEA and Asia Pacific.

RBS conducts its U.S. securities business through RBS Securities Inc., a
U.S. registered broker-dealer, member of FINRA ( and
SIPC (, and an indirect wholly-owned subsidiary of The
Royal Bank of Scotland plc. RBS is the marketing name for the securities
business of RBS Securities Inc. Copyright (c) 2011 RBS Securities Inc. All
rights reserved.

Media Enquiries: The Royal Bank of Scotland, Pholida Phengsomphone, +1-203-897-3350, Pholida.phengsomphone at; Media Contacts for MarketAxess, US, Florencia Panizza, fpanizza at, +1-212-813-6029, or Judith Flynn, jflynn at, +1-917-902-9726, UK, Charlie Prichard, Charlie.prichard at, +44-20-3128-8554

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