London - 4 Feburary 2008

MarketAxess Deploys Caplin for Real-time Pricing

LONDON – 4 February 2008 – Caplin Systems Ltd., the real-time web company, today announced that MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for U.S. and European fixed income securities, has gone live with Caplin Platform to disseminate real-time bond prices on its EM Actives® emerging market bond-trading service and its Corporate BondTicker™ premium service.

EM Actives is web page that streams indicative prices for emerging market bond inventory submitted by dealers organised by country, corporate issuer, and local market. Institutional investor clients can simply click on a price to launch a request for quote (RFQ) to as many as 20 global broker-dealers who trade emerging markets debt on MarketAxess.

MarketAxess had previously embedded Caplin Platform in its Corporate BondTicker™ information service, which enhances Financial Industry Regulatory Authority (FINRA) TRACE data with MarketAxess tools to provide professional market participants with a comprehensive set of corporate bond price information. The data includes actual execution prices as well as MarketAxess estimated spread-to-treasuries. Corporate BondTicker™ serves over 13,000 end users and delivers transaction data for more than 25,000 daily trades in over 35,000 unique securities.

Michael Sacks, head of software production at MarketAxess, says: “Prior to adopting Caplin Platform, updating web-based data on BondTicker™ required periodic polling to refresh our pages. Now, with Caplin, we have seamlessly integrated true real-time capabilities into our BondTicker™ premium service and more recently into our EM Actives offering, providing our investor clients with fast and easy access to real-time levels.”

MarketAxess installed Caplin’s thin-client technology on Linux servers in its New York offices before first going live in April 2006, enabling users to access the streaming data through its Corporate BondTicker™ premium subscription service. Following the successful uptake of Corporate BondTicker™, MarketAxess went on to embed Caplin Platform in its emerging markets trading platform.

Caplin’s web platform delivers information in real-time via the Internet using an Ajax front end. Ajax allows MarketAxess to exchange information with clients’ browsers without the web page having to reload each time to display the updates, allowing for a rich, instantaneous and ultra-thin application.

Caplin’s technology provides a complete system for building rich browser-based online trading portals offering near ubiquitous deployment capability. The Caplin Platform manages all aspects of delivery in real-time via the internet, including the management of both order and market data messaging channels. It deals effectively with permissioning, security, access control, latency monitoring and order routing, supporting an unlimited number of sources and destinations. Additionally, the ability of the platform to transform data in real time allows existing trading applications to be easily web-enabled.

Paul Caplin, CEO, Caplin, says: “The continued rollout of Caplin Platform in MarketAxess is another welcome endorsement of the value of our technology for real-time fixed income data. With our innovative real-time technology, MarketAxess can now offer its clients true real-time pricing in a web browser as well as in its trading system.”

Caplin’s technology serves over 80,000 end-users via many of the world’s leading financial institutions, including ABN Amro, BNP Paribas, Citi, Merrill Lynch, Royal Bank of Canada, Royal Bank of Scotland and UBS.

About Caplin Systems

Caplin Systems is the pioneer of web technology for the capital markets.

Caplin makes it quick and easy to deploy functionally-rich online trading solutions, enabling investment banks, exchanges and brokers to communicate directly in real time with their customers. With all the security and reliability of a private network, but at a fraction of the cost, its multi-award winning software allows for instant trading, including the delivery of trade messaging and market data.

Caplin’s technology serves over 80,000 end-users in top tier financial institutions such as Citi, Merrill Lynch, Royal Bank of Scotland, UBS, Royal Bank of Canada and ABN Amro.

Caplin was founded in 2000 and is based in London.