MarketAxess Holdings Inc. (Nasdaq: MKTX) has launched TraX Tape, a data product that consolidates bond market trading data into a single standardized feed, the company said in a statement.

The product aggregates data from a network of dealers and clients and applies data cleansing processes the company says have been refined over 10 years. TraX Tape also incorporates real-time analytics from MarketAxess' AI-powered pricing engine, CP+, including trade direction indicators, yield calculations, and spread calculations.

The launch follows regulatory transparency reforms in the UK and EU that have increased the volume of bond trading data available while also adding complexity to how that data is reported and interpreted.

"Market participants have more data than ever but turning that data into actionable insight remains a challenge," said Dean Berry, Group COO and CEO of EMEA & APAC at MarketAxess. "TraX Tape is designed to deliver a clearer and more complete view of market activity, helping clients make more informed trading decisions."

Key features of the product include de-duplicated data, a consolidated view of global bond trading activity through a single connection, directional indicators on individual trades, and expanded coverage with earlier visibility into trading activity.

TraX Tape is built on MarketAxess' existing TraX data infrastructure. The company states the product is intended to reduce operational burden for clients interpreting regulatory transparency data.