“To me they are confusing the reader rather than clarifying the result and that is not up to industry standard,” he told the Financial Times. MarketAxess reports numbers that only include fully electronic institutional trades, whereas Tradeweb adds in trades conducted over the phone that are then entered into the electronic venue afterward, Mr McVey pointed out. The data are also sporadic; Tradeweb’s last release was from November 2016. “We have phone trade capture too but we would never confuse the audience by commingling that with our electronic trading business,” Mr McVey said. RecommendedMarketAxess chooses Amsterdam as EU base after BrexitIn-depth: FT Trading Room

https://www.ft.com/content/d2c17fe2-722b-11e7-93ff-99f383b09ff9