MTS Markets International (MMI)

What MTS Markets International (MMI) does

MTS Markets International (MMI) is the international division of MTS SpA, operating electronic fixed income trading platforms and market data solutions as a wholly-owned subsidiary of Euronext Group. The business serves institutional participants in the European and US fixed income markets — primarily sell-side dealers, buy-side asset managers, hedge funds, and government debt management offices — via 18 regulated Multilateral Trading Facilities (MTFs) spanning 2,500+ European government bonds and a growing presence in US corporate bonds via BondsPro.

The core technology stack comprises three interlocking layers: interdealer orderbooks (MTS Cash for European government bonds, MTS Repo for repo, MTS Depo for money markets), the dealer-to-client BondVision platform with its Auto-Execution engine (25+ configurable parameters), Dealer-to-Client Ticket (DCT) protocol, Portfolio Trading, and BondVision API, and an all-to-all corporate bond venue (BondsPro) covering 17,000+ corporate bonds. The platform supports 22-hour-per-day live trading across Asia, Europe, and US time zones and integrates with nearly 100 OMS/API endpoints plus Bloomberg TSOX. Beneath this sits a data layer — MTS Historical Data — providing tick-by-tick, microsecond-granularity trade and order book data back to April 2003 for cash bonds and January 2010 for repo. The broader regulatory and connectivity stack includes MiFID II transparency and best execution reporting, SFTR Blotter, SWIFT settlement messaging, LCH Sponsored Clearing Service integration, UnaVista reporting hand-off, and a recently added Snowflake Data Cloud distribution channel.

Revenue is generated from three streams: transaction and trading fees on regulated venues (interdealer and D2C), data and analytics sales (real-time feeds, historical tick data, regulatory and alternative data), and reporting and compliance services (participant statistics portals, post-trade reporting, MiFID II best execution, SFTR blotter). Distribution is direct, via dedicated sales and client services teams in London, Milan, Rome, and Paris, supplemented by the BondVision Partnership with the top-10 dealers who co-govern the product roadmap. Customer concentration is skewed toward the top sell-side banks, though the platform draws pre-trade data from 650+ buy-side and sell-side participants and processes 30 million daily orders on European government bond markets.

Name

MTS Markets International (MMI)

Legal name

MTS SpA

Website

https://mtsmarkets.com

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

51–100 employees

Short description

MTS Markets International operates regulated electronic fixed income trading platforms and market data services for institutional participants, running 18 MTFs across European government bonds, repo, and US corporate credit under Euronext Group ownership.

Ownership category

akta.pro rank

Product category

Fixed Income Trading Infrastructure

NAICS

Securities and Commodity Exchanges (523210), Securities and Commodity Exchanges (5232), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Fixed Income Electronic Trading Platforms (Bonds/Credit) (FSAFANAB)

akta.pro secondary industries

Corporate Bond Trading Platforms (FSAFACAB), Government Bond (Sovereign) Trading Platforms (FSAFACAA), Auction & Primary Issuance Platforms (IPO/Follow-on/Bond Auctions) (FSAFANAI)

Keywords

• Electronic fixed income trading
• Interdealer bond trading
• Dealer-to-client platform
• Corporate bond marketplace
• Fixed income market data

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Infrastructure, Personnel, Operations, Marketing or Sales, Supply Chain

Revenue model

1. Transaction/Trading Fees (Interdealer & D2C): MTS operates regulated trading venues (Multilateral Trading Facilities) and charges transaction fees to participants trading on its orderbooks, RFQ platforms, and D2C platforms. Fees vary by platform and market segment. The company has noted fee increases of 10% to 500% over five years across fixed income trading platforms.
2. Data & Analytics Sales: MTS monetises its proprietary market data — including real-time feeds, time series historical data, regulatory data, and alternative data — via API feeds and dedicated data products. Data covers over 1,800 European government bonds, repo transactions, and 17,000+ corporate bonds. Sourced directly from live trading venues, not blended.
3. Reporting Services & Compliance Tools: MTS provides participant statistics portals and post-trade reporting services for issuers, dealers, and investors, including MiFID II best execution reporting, SFTR blotter services, and STP connectivity for regulatory reporting. These services support compliance and trading performance analysis.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

MTS Markets International operates regulated Multilateral Trading Facilities (MTFs) for electronic fixed income trading, offering interdealer order books for European government bonds and repo, a dealer-to-client platform (BondVision) for rates, credit, and repo, and an all-to-all corporate bond marketplace (BondsPro). The company sells proprietary market data products and compliance reporting tools to institutional fixed income participants including sell-side dealers, buy-side asset managers, hedge funds, and sovereign debt issuers.

Product overview

MTS Markets International operates a platform-plus-modules architecture centered on electronic fixed income trading across multiple venues. The core MTS Orderbooks (MTS Cash for interdealer government bond trading, MTS Repo for interdealer repo, and MTS BondsPro for all-to-all corporate bond trading) form the foundational trading infrastructure. Built on top is MTS BondVision, the flagship dealer-to-client (D2C) platform for rates, credit, and repo, which incorporates sub-features including Auto-Execution (automated rules-based order execution), Portfolio Trading, Synthetic Switch, and Dealer-to-Client Ticket (DCT). MTS Historical Data provides the underlying data layer — tick-by-tick and time series data across 1,800+ European government bonds and 17,000+ corporate bonds used for trading, analytics, and machine learning. Data Products span real-time feeds, regulatory data, and alternative data. Supporting services include the Issuance Calendar, Trading and Settlement Calendars, SFTR Blotter for regulatory reporting, Participant Statistics, and Issuer Services. All platforms are supported by API and FIX protocol connectivity.

Differentiator

Problem solved

Functional benefit

Brands

• BondVision: Leading dealer-to-client (D2C) electronic trading platform for rates, credit, and repo. Features include Auto-Execution, Dealer-to-Client Ticket (DCT), and Portfolio Trading.
• BondsPro
• MTS Cash
• MTS Repo
• MTS Depo
• Global Collateral Management (GCM)
• MTS Historical Data

Products and services

• MTS BondVision

Quantifiable outcome

• EUR 148 billion average daily notional volume in repo (July 2019)
• +6 more outcomes

Named customers14 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

AI capability5 records

Feature9 records

Partnerships

Seven partnerships are on record, tiered strategic, core and flagship.

• SnowflakestrategicStrategic or Co-development Partner · 1 July 2025Euronext and MTS collaborate with Snowflake to enhance data accessibility, allowing MTS's market data to be accessible within the Snowflake Data Cloud for customers' analytical and machine learning workloads.
• Bank of America, Barclays, BNP Paribas, Crédit Agricole, Citi, Deutsche Bank, Goldman Sachs, J.P. Morgan, Morgan Stanley, Santander (BondVision Partnership)coreStrategic or Co-development Partner · 20 April 2024The BondVision Partnership is a growth initiative from MTS supported by the top ten BondVision dealers. The initiative is designed to further enhance BondVision, the dealer-to-client (D2C) platform for rates, credit, and repo. The top dealers guide the product development roadmap, with DCT (Dealer-to-Client Ticket) launched as a key outcome of the partnership. The initiative aims to foster greater competition and liquidity across the market.
• Euronext (Parent Group)flagshipStrategic or Co-development Partner · 1 January 2021MTS is owned by Euronext Group following Euronext's acquisition of Borsa Italiana (which included MTS). MTS operates as the fixed income trading and data division of Euronext, benefiting from the group's market infrastructure expertise, corporate resources, and cross-selling opportunities across Euronext's equities, derivatives, and data businesses.
• LCHcoreTechnology or Integration · 1 January 2019MTS Repo platform offers fully automated connectivity to LCH's Sponsored Clearing Service for repo trading. This enables buy-side firms to gain access to counterparties while potentially taking up only a fraction of the dealer's balance sheet compared to bilateral trades.
• UnaVistacoreTechnology or Integration · 1 January 2019MTS is working with UnaVista (LSEG's regulatory reporting platform) to offer an Assisted Reporting service as part of an end-to-end SFTR reporting solution. MTS sends SFTR reports to UnaVista, allowing clients to review reports prior to submission to trade repositories.
• Bloomberg (TSOX)flagshipTechnology or Integration · 1 January 2018MTS BondsPro was the first unaffiliated electronic corporate bond platform to connect directly to Bloomberg's EMS solution TSOX. This integration enables buy-side traders using Bloomberg terminals to access the MTS BondsPro liquidity pool directly without additional desktop requirements or integration costs.
• Nearly 100 APIs and OMS ProviderscoreTechnology or Integration · 1 January 2017MTS BondsPro is connected to nearly 100 different APIs and Order Management Systems (OMS), enabling buy-side firms to integrate with MTS's all-to-all liquidity pool using their existing technology infrastructure. The platform supports FIX protocol and REST/SOAP APIs for seamless STP.

Scale indicators11 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Tradeweb Markets: Operates leading electronic fixed income trading platforms across rates, credit, and derivatives, with particularly strong positions in US and European credit. Directly competes with MTS BondVision and BondsPro for D2C buy-side trading flows and interdealer execution.
• MarketAxess: Leading electronic trading platform for corporate bonds and other fixed income instruments, with strong Open Trading all-to-all and Trax post-trade services. Directly competes with MTS BondsPro in US and European credit trading and is a direct peer in fixed income electronic market infrastructure.
• BGC Group (Fenics UST / Fenics): Operates Fenics, an electronic trading platform for fixed income and derivatives including US Treasuries and credit. Directly competes with MTS Cash interdealer orderbooks and MTS BondsPro in electronic fixed income.

Broad incumbents

• Bloomberg: Provides TSOX execution management and the FIX trading ecosystem that MTS BondsPro integrates with, and offers its own electronic trading and market data capabilities across fixed income. Competes broadly as an incumbent in the trading workflow and data layer.
• Intercontinental Exchange (ICE): Operates major exchanges and fixed income trading venues (including BondPoint/Evaluate) and offers comprehensive data and clearing services. Competes broadly in fixed income market infrastructure and data.
• London Stock Exchange Group (LSEG): Operates fixed income trading venues and the UnaVista regulatory reporting platform that MTS integrates with. As a broad incumbent, LSEG competes across trading, data, and post-trade in fixed income markets.
• CME Group: Major derivatives exchange operator with growing fixed income and Treasury futures products. Competes broadly in fixed income market structure, particularly for Treasury and rates-linked trading.

Emerging players

• Liquidnet: Operates institutional block trading networks across equities and fixed income, including the Liquidnet Fixed Income platform. Competes as an emerging player focused on institutional block liquidity in credit.
• Trumid: All-to-all electronic trading platform for corporate credit, focused on mid-market and high-yield bonds. Competes with MTS BondsPro as an emerging all-to-all venue in US and European credit markets.

Others

• Euroclear: Central securities depository and post-trade infrastructure provider closely connected to MTS Repo and BondVision Repo settlement workflows. Adjacent participant in the fixed income trading lifecycle.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/mts-markets
• Xx.com/bondsdotcom

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries4 records

Funding overview

Funding rounds2 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MTS Markets International (MMI)