MarketAxess Launches Bond Trading Platform to Streamline Foreign Access to Indian Markets

MarketAxess, a global leader in electronic fixed-income trading, has launched a new bond trading platform integrated with India’s Clearing Corporation (NDS-OM) to enable direct foreign investment in Indian government securities. The launch is a strategic move aligned with India’s anticipated inclusion in the JPMorgan Emerging Market Bond Index, which is expected to boost foreign institutional investment in Indian bonds starting in Q4 2025.

The platform, developed in collaboration with Indian financial regulators and local custodians, allows global investors to electronically trade Indian government securities while bypassing many of the cumbersome pre-trade and post-trade procedures. The first transaction, involving BlackRock and Standard Chartered India, marked a successful test of its real-time execution and settlement framework.

This development is significant for multiple reasons. Firstly, it supports India’s broader aim of internationalising its debt markets, which have traditionally been heavily domestic and regulator-driven. Secondly, it allows institutional investors—who previously faced operational and regulatory friction—to access one of the world’s fastest-growing sovereign bond markets more efficiently. MarketAxess’s platform automates critical aspects like KYC validation, custodial reconciliation, and price discovery, making bond trading in India comparable in ease to that of developed markets.

The platform’s success could catalyse greater inflows into Indian debt instruments and enhance liquidity in the secondary market. Analysts believe this could also push the Reserve Bank of India (RBI) to further liberalise capital market access and improve settlement infrastructure, helping India solidify its position as a major player in global fixed-income markets.