OPEN TRADINGAll-to-All Credit TradingOPEN TRADING IS LIVE TODAY FOR ALL GLOBAL MARKET PARTICIPANTS. Launched in 2012, MarketAxess Open Trading is an electronic all-to-all credit trading marketplace, enabling market participants to source liquidity from a network of over 1,100 institutional investor and dealer firms. Open Trading delivers real cost savings by increasing trading efficiencies and vastly expanding the liquidity pool for global credit trading.

Open Trading has rapidly grown into a leading centralized source for global bond market liquidity.

Open Trading allows you to proactively seek all-to-all liquidity to help you stay ahead of an evolving market.

A broad range of credit products including:

$687MAvg. daily volume, up 90% YOY*

251%YOY increase in price responses*

1,654Avg. trades per day, up 131% YOY*

Today, more firms than ever are acting as price-makers.

4213Q15

6553Q16

Firms Providing Liquidity

Firms Providing Liquidity

$23.1BTrade volume in Q3 2015

$44BTrade volume in Q3 2016

31%34%

35%

The power of Open Trading is in the diversity of liquidity providers.

Primary and Regional Dealers

Long Only Investment Managers

Hedge Funds, ETF Market Makers, alternative liquidity providers

U.S.High Grade

AgenciesEmergingMarkets

EurobondsHigh Yield

TM

*Figures represent 2Q16

Note: Based on 3Q16 trade volume of firms winning Market List trades.

www.marketaxess.com

Log in now to trade with the broadest network of investors and dealers.Our Open Trading technology offers a range of trading protocols designed to fit your unique trading strategy.

Unleash the power of the network. 2008: One investor (center blue) can trade with up to 30 dealers.

2012: Expanded the liquidity pool to include up to 90 major and regional dealers.

2016: Expanded Open Trading for global market participants to trade with over 1,000 institutional investor and dealer firms.

Send your RFQ inquiry to dealers on a disclosed basis and simultaneously to all other participants via Market List, the anonymous all-to-all protocol.

Improve pre-trade price discovery with Axess All, the first intra-day trade tape for the European fixed income market.

Private Axes anonymously match block orders, allowing participants to negotiate bilaterally to minimize information leakage. Private Axes provides greater discretion and contol when looking to trade in larger sizes.

Market List (ALL)

DealersLong OnlyAll Others

Market List

Private Axes

Axess AllTM

©2016 MarketAxess Holdings Inc. (the “Company”). MarketAxess, Trade ON, Axess All and the MarketAxess logo are trademarks of the Company. MarketAxess Corporation, member FINRA and SIPC. MarketAxess Europe Ltd. is authorized and regulated by the Financial Conduct Authority.