MarketAxess Holdings, a Nasdaq-listed operator of an electronic trading platform for fixed-income securities, has announced enhancements to its dealer-initiated protocols, including the launch of Mid-X in US credit and enhancements to its dealer RFQ ( request for quote ) protocol.

Last year, the firm launched an enhanced Mid-X protocol, an anonymous mid-point matching session, for emerging markets and eurobonds. Second- quarter 2025 volumes from such matching sessions increased 70% compared to the same period last year.

An enhanced mid-point matching protocol will be launched in September for US investment-grade and high-yield bonds.

Also, Mid-X sessions, which are powered by CP+, an AI-powered real-time predictive pricing engine for global credit and rates markets, will now include a new one-step submit and trade protocol.

“Today’s market environment calls for easier access to liquidity, increased workflow efficiency and better tools for dealers to recycle risk generated by increased portfolio trading,” says Steve Tait, head of US dealer execution business at MarketAxess.

“By providing dealers with the level of support, tools and technology on par with what they are receiving from sales desks and inter-dealer brokers, we believe that we have been able to create a more inclusive trading environment where dealers feel increasingly comfortable engaging with our growing list of protocols and enhancements.”