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MarketAxess reprices 24,000 corporate bonds every 15 seconds with H2O.ai, cutting average scoring error by $0.66 per bond.
Thin bond-market liquidity makes accurate price prediction hard. MarketAxess set out to give traders transparent, timely pricing so they could act as confident price makers across tens of thousands of corporate bonds.
MarketAxess needed to deliver transparent, accurate pricing across a huge universe of bonds so its clients could act as confident price makers and meet critical liquidity needs inside the electronic trading workflow.
MarketAxess built Composite+, a proprietary algorithmic pricing engine powered by H2O Driverless AI and H2O-3. The engine ingests multiple data sources and applies machine learning to score bonds continuously, refreshing prices on a 15-second cadence.
Composite+ pricing feeds directly into the MarketAxess ecosystem, including the Open Trading marketplace, RFQ screens, BondTicker, and the Axess All web platform, so pricing reaches traders where they work.
Composite+ scores 24,000 corporate bonds in real time across global markets and reprices them every 15 seconds. Machine learning reduced model scoring errors by an average of $0.66 per bond, sharpening the accuracy traders rely on.
The engine earned industry recognition, winning the Risk Markets Technology Award for Electronic Trading Support Product of the Year and the Waters Technology American Financial Technology Award for Best Artificial Intelligence Technology Initiative.
“H2O is an integral part of the Composite+ pricing engine and provides fundamental machine learning that makes our algorithms run better, with more accurate and timely pricing for our clients.”David KreinGlobal Head of Research at MarketAxess
MarketAxess (Nasdaq: MKTX) operates a leading electronic trading platform that delivers greater trading efficiency, a diversified pool of liquidity, and significant cost savings to institutional investors and broker-dealers across the global fixed-income markets. Founded in 2000, the company connects a robust network of market participants through a full trading lifecycle solution that spans automated trading, intelligent data and index products, and post-trade services.
More than 2,000 firms use MarketAxess patented technology to efficiently trade fixed-income securities. Learn more at https://www.marketaxess.com.