SOURCE: MuniAxis

December 04, 2013 07:00 ET

MuniAxis Open for Trades on December 12, 2013

A Bid-Wanted Alternative for Separate Account Managers and Traders of Municipal Odd-Lots

NEW YORK, NY--(Marketwired - Dec 4, 2013) - Lebenthal & Co., LLC (member FINRA, MSRB and SIPC) announces commencement of trading on the first live auction municipal bond trading platform: MuniAxis (, starting at 9AM (EST), Thursday, December 12. The online trading platform gives buyers and sellers of odd-lot municipal bonds unmatched openness and pre-trade price transparency -- allowing asset managers to trade with a wide variety of dealers and other asset managers without taking on additional counterparty risk.

"We have heard from our institutional clients that existing bid-wanted alternatives for odd-lot municipal bond trading are outdated and inefficient," noted Alexandra Lebenthal, Founder of Lebenthal & Co., LLC. "The market needs a more open and transparent trading platform that will improve liquidity especially in tumultuous times like these, which is what MuniAxis is designed to do."

MuniAxis provides an anonymous and seamless transaction flow between buyer and seller of odd-lot municipal bonds thus creating a new opportunity for asset managers to trade with a variety of firms on both sides of the market. MuniAxis is not an inter-dealer broker. All items out for the bid are offered by asset managers, so the system is not cluttered with dealer inventory.

Approved subscribers of MuniAxis become trading partners of MuniAxis Lebenthal, LLC, a newly formed broker dealer that is wholly owned by Lebenthal & Co., LLC. As an independently owned firm, MuniAxis offers sub-advisors a conflict-free alternative to existing trading platforms and eliminates the need for them to approve additional counter-parties in order to generate increased exposure and bid participation for their bid wanteds. In addition, MuniAxis provides unmatched pre-trade price transparency -- eliminating the blind bidding of the past by allowing all bidders to see current high bids, know where they stand, and even bid again.

"Simply put, MuniAxis will improve municipal odd-lot liquidity for us and for all other firms who participate. It better aligns the interests of the buy and sell side, and I expect it will engage more bidders in the muni market," added Peter B. Coffin, President of Breckinridge Capital Advisors, a MuniAxis subscriber.

For more information or to sign up, please visit

About Lebenthal & Co., LLC
The original Lebenthal & Company was founded by Louis and Sayra Lebenthal in 1925. Jim Lebenthal, their son made Lebenthal a brand name through creative marketing and is still active in the new firm. Lebenthal is a New York based woman owned firm. Lebenthal & Co., LLC operates as a subsidiary of Lebenthal Holdings, LLC. MuniAxis Lebenthal, LLC is wholly owned by Lebenthal & Co.

Lebenthal & Co., LLC and MuniAxis Lebenthal, LLC are members of FINRA, MSRB & SIPC
© Copyright 2013, Lebenthal & Co., LLC, All Rights Reserved.

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