Lebenthal & Co. said it will begin trading on MuniAxis, its new platform for odd-lot municipal bond transactions, as the market opens on Dec. 12.

MuniAxis, which uses an open-auction bidding process to buy and sell municipal securities in denominations of less than $1 million on the secondary market, seeks to increase the proportion of executions per listing of odd-lot bid-wanted while improving efficiency and liquidity in the market. The technology lets asset managers sell to an array of dealers and other investors in a manner that’s more transparent, and anonymous, without adding counterparty risk, Lebenthal said.

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