MarketAxess Announces Monthly Volume Statistics for August 2024
“A favorable market environment helped deliver strong year-over-year, and solid month-over-month results in August. We delivered 27% growth in total credit ADV year-over-year, driven by a 34% increase in
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Total average daily volume (“ADV”) of
$41.6 billion , up 39.6% (+18.4% compared to July 2024).This strong performance was driven bya 27.4% (+3.6% compared toJuly 2024 )increase in total credit ADV, and a 46.1% (+26.9% compared toJuly 2024 ) increase in total rates ADV.
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U.S. high-grade ADV of$6.7 billion,up 33.7% (+10.0% compared toJuly 2024 )on a 38.4% (+2.4% compared toJuly 2024 )increase in estimated market ADV.Estimated market share was 19.9%, down from 20.6% in the prior year, but up from 18.6% inJuly 2024 . Including the impact of single-dealer portfolio trades, estimated market share was 20.9% inAugust 2024 , up from 20.7% in the prior year, and up from 18.7% inJuly 2024 . -
U.S. high-yield ADV of$1.3 billion , up 7.2% (+14.0% compared to July 2024),with estimated market share of 14.4% (14.6% including the impact of single-dealer portfolio trades), down from 15.9% in the prior year, but up from 12.5% (13.1% including the impact of single-dealer portfolio trades) inJuly 2024 .U.S. high-yield estimated market ADV increased 17.9% (down 0.8% compared toJuly 2024 ).
Other Credit
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Emerging markets ADV of
$3.2 billion , up 25.5%, (+1.0% compared toJuly 2024 )with strong regional contribution across the LATAM, EMEA and APAC regions. The year-over-year increase was driven by a 14.6% increase in hard currency ADV, and a 35.6% increase inlocal currency markets ADV. -
Eurobonds ADVof
$1.5 billion , up 19.0% (down 18.8% compared toJuly 2024 ). -
Municipal bondADV of
$580 million , up 49.5%, (+0.9% compared toJuly 2024 ), with estimated market ADV down 3.0% (+1.3% compared to July 2024).Estimated market share of 8.6%, up from 5.6% in the prior year, and in line with 8.6% inJuly 2024 .3
Strategic Priority Related Protocols & Workflow Tools
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Record
$988 million inportfolio trading ADV, up 125.6% fromAugust 2023 , and up 1.6% fromJuly 2024 . Our estimated market share ofU.S. high grade andU.S. high-yield TRACE portfolio trading was 21.8% inAugust 2024 , up from 17.2% inJuly 2024 . Portfolio trading represented 9.5% ofU.S. high-grade andU.S. high-yield TRACE inAugust 2024 , compared to 10.6% inJuly 2024 . -
36% Open Trading share4 of total credit trading volume, up from 34% in the prior year, and up from 35% in
July 2024 . -
Dealer RFQ ADV of
$1.1 billion across all credit products increased 15.0% from the prior year,and increased 2.6% fromJuly 2024 . -
AxessIQ, the order and execution workflow solution designed for wealth management and private banking clients, achieved ADV of
$112 million , up 32.8% from the prior year, but down 3.6% fromJuly 2024 .
Rates
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Total rates ADV of
$28.4 billion , up 46.1% versus the prior year, and up 26.9% compared toJuly 2024 .3
Variable Transaction Fees Per Million (FPM)
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The preliminary FPM1 for total credit for
August 2024 was approximately$154 , in line with$154 in the prior year, but up from$143 inJuly 2024 . The increase compared toJuly 2024 was due to the higher duration of bonds traded inU.S. high-grade, principally driven by an increase in the weighted average years to maturity, and the impact of product and protocol mix.The preliminary FPM for total rates wasapproximately$4.00 , compared to$4.35 in the prior year.
*All comparisons versus
Table 1: |
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CREDIT |
RATES |
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$ in millions (unaudited) |
US/ Trading Days5 |
Total ADV |
Total Credit |
High-Grade |
High-Yield |
Emerging Markets |
Eurobonds |
Municipal Bonds |
Total Rates |
US Govt. Bonds |
Agcy./Other Govt. Bonds |
Aug-24 |
22/21 |
|
|
|
|
|
|
|
|
|
|
Jul-24 |
22/23 |
|
|
|
|
|
|
|
|
|
|
Aug-23 |
23/22 |
|
|
|
|
|
|
|
|
|
|
YoY % Change |
|
40% |
27% |
34% |
7% |
25% |
19% |
49% |
46% |
43% |
215% |
MoM % Change |
|
18% |
4% |
10% |
14% |
1% |
(19%) |
1% |
27% |
28% |
4% |
Table 1A: |
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CREDIT |
RATES |
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(unaudited) | High-Grade | High-Yield |
High-Grade/High-Yield Combined |
Municipals3 |
US Govt. Bonds3 |
Aug-24 |
19.9% |
14.4% |
18.8% |
8.6% |
2.7% |
Jul-24 |
18.6% |
12.5% |
17.3% |
8.6% |
2.5% |
Aug-23 |
20.6% |
15.9% |
19.5% |
5.6% |
2.7% |
YoY Bps Change |
(70) bps |
(150) bps |
(70) bps |
+300 bps |
- bps |
MoM Bps Change |
+130 bps |
+190 bps |
+150 bps |
- bps |
+20 bps |
1 The FPM for total credit and total rates for |
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2 The Company is highlighting the impact of single-dealer portfolio trading volume on |
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3 See “General Notes Regarding the Data Presented” below. |
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4 Open Trading share of total credit trading volume is derived by taking total Open Trading volume across all credit products where Open Trading is offered and dividing by total credit trading volume across all credit products where Open Trading is offered. |
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5 The number of |
General Notes Regarding the Data Presented
Reported
In addition, for periods beginning with
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements, including statements about the outlook and prospects for the Company, market conditions and industry growth, as well as statements about the Company’s future financial and operating performance. These and other statements that relate to future results and events are based on MarketAxess’ current expectations. The Company’s actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties, including: global economic, political and market factors; the level of trading volume transacted on the
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Table 2: Trading Volume Detail | |||||||||||||||||||
Month Ended |
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In millions (unaudited) |
2024 |
2023 |
% Change | ||||||||||||||||
Volume | ADV | Volume | ADV | Volume | ADV | ||||||||||||||
Credit | |||||||||||||||||||
High-grade |
$ |
147,449 |
$ |
6,702 |
$ |
115,260 |
$ |
5,011 |
27.9 |
% |
33.7 |
% |
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High-yield |
|
28,284 |
|
1,286 |
|
27,594 |
|
1,200 |
2.5 |
7.2 |
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Emerging markets |
|
70,115 |
|
3,187 |
|
58,421 |
|
2,540 |
20.0 |
25.5 |
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Eurobonds |
|
31,240 |
|
1,488 |
|
27,498 |
|
1,250 |
13.6 |
19.0 |
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Other credit |
|
12,970 |
|
590 |
|
9,163 |
|
398 |
41.5 |
48.2 |
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Total credit trading1 |
|
290,058 |
|
13,253 |
|
237,936 |
|
10,399 |
21.9 |
27.4 |
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Rates | |||||||||||||||||||
|
|
600,715 |
|
27,305 |
|
438,656 |
|
19,072 |
36.9 |
43.2 |
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Agency and other government bonds1 |
|
22,233 |
|
1,052 |
|
7,489 |
|
334 |
196.9 |
215.0 |
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Total rates trading |
|
622,948 |
|
28,357 |
|
446,145 |
|
19,406 |
39.6 |
46.1 |
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Total trading |
$ |
913,006 |
$ |
41,610 |
$ |
684,081 |
$ |
29,805 |
33.5 |
39.6 |
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Number of |
|
22 |
|
23 |
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Number of |
|
21 |
|
22 |
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Year-to-Date Ended |
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In millions (unaudited) |
2024 |
2023 |
% Change | ||||||||||||||||
Volume | ADV | Volume | ADV | Volume | ADV | ||||||||||||||
Credit | |||||||||||||||||||
High-grade |
$ |
1,142,868 |
$ |
6,803 |
$ |
964,490 |
$ |
5,775 |
18.5 |
% |
17.8 |
% |
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High-yield |
|
222,717 |
|
1,326 |
|
269,258 |
|
1,612 |
(17.3) |
(17.7) |
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Emerging markets |
|
571,199 |
|
3,400 |
|
477,451 |
|
2,859 |
19.6 |
18.9 |
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Eurobonds |
|
330,492 |
|
1,967 |
|
295,018 |
|
1,767 |
12.0 |
11.3 |
|||||||||
Other credit |
|
85,522 |
|
509 |
|
69,718 |
|
417 |
22.7 |
22.1 |
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Total credit trading1 |
|
2,352,798 |
|
14,005 |
|
2,075,935 |
|
12,430 |
13.3 |
12.7 |
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Rates | |||||||||||||||||||
|
|
3,352,733 |
|
19,957 |
|
3,200,682 |
|
19,166 |
4.8 |
4.1 |
|||||||||
Agency and other government bonds1 |
|
125,518 |
|
748 |
|
69,361 |
|
415 |
81.0 |
80.2 |
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Total rates trading |
|
3,478,251 |
|
20,705 |
|
3,270,043 |
|
19,581 |
6.4 |
5.7 |
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Total trading |
$ |
5,831,049 |
$ |
34,710 |
$ |
5,345,978 |
$ |
32,011 |
9.1 |
8.4 |
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Number of |
|
168 |
|
167 |
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Number of |
|
168 |
|
167 |
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1 Consistent with FINRA TRACE reporting standards, both sides of trades are included in the Company's reported volumes when the Company executes trades on a matched principal basis between two counterparties. | |||||||||||||||||||
2 Consistent with industry standards, |
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3 The number of |
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4 The number of |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240904692881/en/
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+1 212 813 6313
sdavidson2@marketaxess.com
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