MarketAxess has appointed Dan Burke as the Global Head of Emerging Markets (EM). In this role, Burke will spearhead the development and execution of business strategies for MarketAxess' EM operations across hard currency and local markets.

MarketAxess Targets Emerging Markets

Dan Burke has a wealth of experience in emerging markets. He served as the Managing Director at Standard Chartered in Singapore and London where he held the position of Global Head of Electronic and Algorithmic Trading. During his tenure at Standard Chartered, Burke played an important role in automating the firm's credit offering and expanding algorithmic market making and portfolio trading.

Additionally, Burke held senior credit trading positions at Deutsche Bank in Singapore and Bank of America Merrill Lynch in Tokyo and Hong Kong prior to his role at Standard Chartered.

Commenting about the appointment, Burke said: "I am delighted to be joining MarketAxess, a leading solution for Emerging Markets trading and a platform that I have been a client of for over 20 years. MarketAxess is well positioned to accelerate the delivery of innovative solutions in Emerging Markets globally, and I look forward to partnering with all market participants to take our offering to the next level."

New Offerings for Emerging Markets

MarketAxess's appointment of Burke comes as the company expands operations in emerging markets. The company recorded average daily volumes worth over $3.6 billion in the first quarter of 2024 and has 1,600 market participants in more than 120 countries. Recently, it expanded its products to include Open Trading for Emerging Markets and Request-for-Market.

In February, MarketAxess recorded a total credit average daily volume of $15.2 billion, an increase of 5.1% from the previous year. This figure reflects strong performance across various sectors, except for US high-yield ADV, which experienced a decline of 37.1% due to low volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term.

In emerging markets, ADV surged 12.5% to $3.6 billion, signaling growing investor interest and confidence in these markets. Similarly, Eurobonds ADV climbed 9.1% to $2 billion. Despite the overall positive performance, US high-yield ADV declined 37.1% to $1.4 billion. Low credit spread volatility and a shift in focus towards new issue calendars by long-only clients led to this decline.