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Strategies & Market Trends : The Final Frontier - Online Remote Trading -- Ignore unavailable to you. Want to Upgrade?

To: TFF who wrote (8705)	1/31/2001 9:25:49 AM
From: LPS5	Respond to of 12617

Case in point, from Bloomberg this morning. One of many mergers and acquisitions to come, to be sure... Market Axess to Acquire Trading Edge To Add Anonymous Trading to Market Transforming Fixed Income Platform 500 Institutional Investor Users, 40,000 Research Reports and More Than $10 Billion in Inventory NEW YORK, Jan. 31 /PRNewswire/ -- Market Axess, a leading Internet-based multi-dealer research and trading platform for credit products, today announced that it will acquire Trading Edge, Inc., which owns BondLink, the premier technology for anonymous trading of fixed income products. The acquisition continues Market Axess' strategy of offering institutional investors extensive new sources of liquidity and improved efficiency in fixed income markets. The combined entity will create a central global trading platform with unparalleled product breadth, institutional participation and alternative trading models. Market Axess will integrate Trading Edge's anonymous trading capability with its current platform, creating the first platform to offer dealers and clients the ultimate choice -- immediate liquidity through disclosed counter party or anonymous trading. The combined trading system will offer online primary and secondary trading in investment grade corporate, high yield, emerging market, municipal and convertible bonds. The platform also includes comprehensive fixed income research from its leading group of global dealers. Market Axess expects to be live in a range of European credit instruments in the second quarter. Market Axess' current investors and dealers include ABN Amro, Bear Stearns, Credit Suisse First Boston, Deutsche Bank, J.P. Morgan Chase, Lehman Brothers and UBS Warburg. Additional dealers are expected to join the platform soon. Trading Edge shareholders include some of the world's leading venture capital firms. The Market Axess dealers have made a significant commitment of capital and content to create liquidity and efficiency in fixed income markets. Richard McVey, chief executive officer of Market Axess, said, "Trading Edge has the clear first mover advantage for anonymous trading in credit products and we are delighted to combine forces with its exceptional team. Together, Market Axess will provide the ultimate client destination for fixed income trading, offering both anonymous and disclosed dealing across a broad array of global credit products. "Based on the highly successful track records of Market Axess and Trading Edge, we believe investor response to having both multi-dealer and anonymous trading models on one platform will be overwhelmingly positive. The combined company will have approximately 500 institutions and 2,000 users active upon closing. Its expansive product breadth, liquidity and research content will create unique value for investors." Murray L. Finebaum, chairman and chief executive officer of Trading Edge, stated, "Market Axess has a powerful combination of leading dealers, institutional investors, research content, primary and secondary market inventory, and proven technology. Since its launch, Market Axess has redefined fixed income trading. "Credit markets have long needed a broad service, multi-dealer site to provide liquidity and transparency to a fragmented marketplace." He concluded, "There is truly no reason for any dealer or investor to look anywhere else -- as the standard, Market Axess has it all." As part of the transaction, Trading Edge shareholders will become minority owners of Market Axess and have board representation. Mr. Finebaum will be appointed vice chairman of Market Axess. J.P. Morgan and its e-finance unit LabMorgan acted as financial advisor to Market Axess and Credit Suisse First Boston acted as financial advisor to Trading Edge in the transaction.