MarketAxess Enhances Dealer-Initiated Protocols with Mid-X Launch in US Credit

MarketAxess Holdings has rolled out significant upgrades to its dealer-initiated protocols, headlined by the introduction of Mid-X for US Credit markets. The electronic trading platform operator also enhanced its Dealer RFQ protocol, building on last year's successful Mid-X expansion into emerging markets and eurobonds.

Second-quarter 2025 volumes for Mid-X sessions in emerging markets surged 70% year-over-year, demonstrating strong adoption. The AI-powered CP+ pricing engine drives these matching sessions, which now feature a streamlined one-step submit and trade functionality.

'Dealers demand better liquidity access and risk management tools as portfolio trading activity grows,' said Steve Tait, Head of US Dealer Execution at MarketAxess. The upgrades aim to provide institutional-grade support comparable to sales desks and inter-dealer brokers.