MarketAxess is seeking to increase its municipal bond buying and selling providers because it confirms plans to accumulate central digital venue for interdealer brokers and sellers, MuniBrokers.

The fastened revenue platform supplier mentioned it has entered into an settlement to accumulate MuniBrokers from municipal bond brokerage agency, Hartfield, Titus & Donnelly (HTD). Phrases of the deal weren’t disclosed, however it’s topic to closing situations and anticipated to shut within the fourth quarter of this yr.

MuniBrokers gives an digital municipal bond market, connecting 14 municipal securities dealer’s brokers, a whole bunch of institutional merchants, and broker-dealers to commerce greater than $400 million of taxable and tax-exempt municipal bonds every day. HTD has agreed to proceed utilizing the MuniBrokers platform to make sure a continued degree of liquidity.

“The acquisition of MuniBrokers additional bolsters our rising footprint within the municipal bond market,” mentioned Chris Concannon, president, and chief working officer at MarketAxess. “Connecting our main buying and selling expertise with the liquidity of one of many {industry}’s largest digital inter-dealer market creates a compelling and various liquidity resolution that can finally ship an improved execution expertise.”

MarketAxess added the deal will increase its current municipal bond buying and selling providers after lately extending entry to its US taxable municipal bond liquidity by its regulated venues within the UK, Europe, and Singapore.

The extension adopted a document charge of adoption in US taxable municipal bond buying and selling in 2019 at MarketAxess, with full-year buying and selling volumes up 53% to $5.1 billion.

MuniBrokers marks the most recent acquisition for MarketAxess. In November, the fastened revenue buying and selling agency closed its $150 million acquisition of US treasuries buying and selling market LiquidityEdge. The deal noticed MarketAxess enter the US treasury marketplace for the primary time, competing with the likes of Tradeweb and CME Group.

“This relationship represents an ideal alternative within the intermediated Municipal Securities market, leveraging the time-tested strengths of MuniBrokers, the expertise of HTD because the main Dealer’s Dealer, and the industry-leading capabilities of MarketAxess,” mentioned Ron Purpora, chairman of mum or dad firm HTD. “We’re desperate to display the advantages of this relationship to the market and to our clients.”