BlackRock Solutions and MarketAxess Holdings on Tuesday announced the firms will create a U.S credit trading alliance, according to a BlackRock spokeswoman.
The agreement will connect BlackRock Solutions' Aladdin bond trading network with MarketAxess' electronic trading and broker-dealer operations, according to a joint news release.
About 60 institutional clients using Aladdin, with a combined $14 trillion in assets, will connect through the network with MarketAxess' approximately 1,000-member client base, including money managers, insurers and broker-dealers.
The new platform is subject to a definitive agreement, which BlackRock and MarketAxess expect to complete within the next several weeks, although technology integration planning is already in process.
BlackRock introduced the Aladdin trading network last spring.