NEW YORK, Nov. 28 /PRNewswire-FirstCall/ -- MarketAxess Holdings Inc.
(Nasdaq: MKTX), the operator of a leading electronic trading platform for U.S.
and European high-grade corporate bonds, emerging markets bonds and other
types of fixed-income securities, today announced it has acquired
substantially all the assets of Trade West Systems, LLC (TWS), a financial
software innovator focused on providing gateway adapters for connecting order
management systems (OMS) and trading systems to fixed-income trading venues
under the "ProOMS" product name. TWS-branded products acquired by MarketAxess
in the transaction also include customizable front-end and middle-tier pricing
and trading solutions for the fixed-income and equities markets.
"TWS has developed a superior portfolio of connectivity software that will
help us further deepen our integration into investor and dealer trading
workflows," commented T. Kelley Millet, president of MarketAxess. "Direct
connectivity with client OMS systems makes our trading solutions more
efficient for our clients, and is a critical driver of secondary trading
volumes. In addition, we believe that TWS will be instrumental in
accelerating the growth of our Technology Services business."
In addition to TWS' portfolio of software adapters, the transaction
provides MarketAxess with TWS' growing technology consulting services practice
and extensive experience in developing and marketing technology solutions to
financial services firms.
"As a market leader in electronic trading, MarketAxess is the ideal place
for us to speed the development and distribution of our ProOMS product
portfolio and broaden our nascent technology consulting services business,"
said Andrew Kelley, founder and chief executive officer of TWS. "Our combined
offering of connectivity software will greatly benefit clients and will
position us to attack new opportunities in the market, while preserving TWS'
brand and culture."
TWS is located in Salt Lake City, Utah. The acquisition is not expected
to have an impact on earnings in 2008 and terms are not being disclosed.
MarketAxess operates one of the leading platforms for the electronic
trading of corporate bonds and certain other types of fixed-income securities,
serving as an electronic platform through which our more than 675 active
institutional investor clients can access the liquidity provided by our 30
broker-dealer clients. MarketAxess' multi-dealer trading platform allows our
institutional investor clients to simultaneously request competitive,
executable bids or offers from multiple broker-dealers, and to execute trades
with the broker-dealer of their choice. MarketAxess offers our clients the
ability to trade U.S. high-grade corporate bonds, European high-grade
corporate bonds, credit default swaps, agencies, high-yield and emerging
markets bonds. MarketAxess also provides data and analytical tools that help
our clients make trading decisions, and we facilitate the trading process by
electronically communicating order information between trading counterparties.
Our DealerAxess(R) trading service allows dealers to trade fixed-income
securities with each other on our platform.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements, including
statements about the outlook and prospects for Company and industry growth, as
well as statements about the Company's future financial and operating
performance. These and other statements that relate to future results and
events are based on MarketAxess' current expectations. Actual results in
future periods may differ materially from the those currently expected or
desired because of a number of risks and uncertainties, including: our
dependence on our broker-dealer clients; the level and intensity of
competition in the fixed-income electronic trading industry and the pricing
pressures that may result; the variability of our growth rate; our limited
operating history; the level of trading volume transacted on the MarketAxess
platform; the absolute level and direction of interest rates and the
corresponding volatility in the corporate fixed-income market; our ability to
develop new products and offerings and the market's acceptance of those
products; our ability to enter into strategic alliances and to acquire other
businesses and successfully integrate them with our business; our future
capital needs and our ability to obtain capital when needed; our exposure to
risks resulting from non-performance by counterparties to transactions
executed between our broker-dealer clients in which we act as an intermediary
in matching back-to-back trades; and other factors. The Company's actual
results and financial condition may differ, perhaps materially, from the
anticipated results and financial condition in any such forward-looking
statements. The Company undertakes no obligation to update any forward-
looking statements, whether as a result of new information, future events or
otherwise. More information about these and other factors affecting
MarketAxess' business and prospects is contained in MarketAxess' periodic
filings with the Securities and Exchange Commission and can be accessed at
MarketAxess Holdings Inc.
Stephen Davidson for MarketAxess Holdings Inc.,