BlackRock Inc., the world's largest money manager, andMarketAxess Holdings Inc. are creating an alliance for a unifiedbond-trading platform.
BlackRock's Aladdin Trading Network, which the investment firmsaid last year it planned to start to allow investors to bypassinvestment banks, will route trades through MarketAxess, the ownerof an electronic bond and derivatives-trading system, the companiessaid in an e-mailed statement today.
“Our two firms have a long-standing relationship, complementarystrengths and a shared belief that the gradual shift towards moreopen trading in fixed income will require broad participation fromthe buy side and behavioral change among investors,” RichardPrager, head of BlackRock's trading and liquidity strategies group,said in the statement.
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