MarketAxess Announces Trading Volume Statistics for October
Second Consecutive Month of Record Total Trading ADV on Continued Strong Market Volumes
“We delivered the second straight month of record total trading ADV in October, driven by continued robust market volumes and strength in our international businesses. Our rates business also generated record ADV in October, surpassing the previous monthly record set during a period of extreme market volatility in
While we are disappointed with the absolute level of market share in
We are continuing the roll-out of X-Pro to our global client base and we now have our block solution in the market, which we believe will be integral to the success of our “high-touch” strategy.”
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Record total average daily volume (“ADV”) of
$46.2 billion increased 40% compared to the prior year, and increased 2% compared toSeptember 2024 . These strong results were driven by total credit ADV of$15.0 billion , representing an increase of 19% compared to the prior year, and a decrease of 9% compared toSeptember 2024 . Record total rates ADV of$31.2 billion , which increased 54% compared to the prior year, and increased 9% compared toSeptember 2024 levels, also contributed to the strong performance inOctober 2024 . -
Record total trading volume of
$1.0 trillion on the platform increased 47% compared to the prior year, and increased 12% compared toSeptember 2024 .
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U.S. high-grade ADV of$6.9 billion increased 15% compared to the prior year, but decreased 18% compared toSeptember 2024 .Estimated market ADV increased 30% compared to the prior year, but decreased 10% compared toSeptember 2024 .Estimated market share was 18.0%, down from 20.3% in the prior year, and down from 19.9% inSeptember 2024 . Including the impact of single-dealer portfolio trades, estimated market share was 18.7%, down from 20.6% in the prior year, and down from 20.3% inSeptember 2024 . -
U.S. high-yield ADV of$1.5 billion decreased 8% compared to the prior year, but increased 4% compared toSeptember 2024 . Estimated market ADV increased 15% compared to the prior year, but decreased 5% compared toSeptember 2024 . Estimated market share was 13.3%, down from 16.7% in the prior year, but up from 12.1% inSeptember 2024 . Including the impact of single-dealer portfolio trades, estimated market share was 13.9%, down from 16.9% in the prior year, but up from 12.5% inSeptember 2024 .
Other Credit
-
Emerging markets ADV of
$3.7 billion increased 33% compared to the prior year, and increased 1% compared toSeptember 2024 . The year-over-year increase was driven by a 42% increase in hard currency ADV, anda 22% increase inlocal currency ADV. -
Eurobonds ADVof
$2.3 billion increased 37% compared to the prior year, but slightly decreased 1% compared toSeptember 2024 . -
Municipal bondADV of
$578 million increased 9% compared to the prior year, but was in line withSeptember 2024 . Estimated market ADV decreased 33% compared to the prior year, but increased 12% compared toSeptember 2024 .Estimated market share of 7.9%, up from 4.9% in the prior year, but down from a record8.8% inSeptember 2024 .3
Strategic Priority Related Protocols & Workflow Tools
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$1.2 billion intotal portfolio trading ADV increased 72% compared to the prior year,but decreased 19% compared toSeptember 2024 .
— Estimated
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Our estimated market share of
U.S. high-grade andU.S. high-yield TRACE portfolio trading was 17.9% inOctober 2024 , down from 20.8% inSeptember 2024 .
— Portfolio trading represented 10% of
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Open Trading ADV of
$4.5 billion , increased 17% compared to the prior year,but decreased 8% compared toSeptember 2024 .Open Trading share4 of total credit trading volume was 35%, in line with the prior year andSeptember 2024 levels. -
Dealer RFQ ADV of
$1.3 billion across all credit products increased 26% compared to the prior year, but decreased 8% compared toSeptember 2024 . -
AxessIQ, the order and execution workflow solution designed for wealth management and private banking clients, achieved ADV of
$161 million , up 39% compared to the prior year, but down 3% compared toSeptember 2024 .
Rates
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Record total rates ADV of
$31.2 billion , up 54% compared to the prior year, and up 9% compared toSeptember 2024 .
Variable Transaction Fees Per Million (FPM)1
-
The preliminary FPM for total credit for
October 2024 was approximately$154 , up from$153 in the prior year, and up from$150 inSeptember 2024 . The preliminary FPM for total rates wasapproximately$4.40 , up from$4.30 in the prior year, and upfrom$4.18 inSeptember 2024 .
Table 1:
CREDIT | RATES | ||||||||||
$ in millions (unaudited) |
US/ |
Total ADV |
Total Credit |
High-Grade | High-Yield |
Emerging Markets |
Eurobonds | Municipal Bonds |
Total Rates |
US Govt. Bonds |
Agcy./Other Govt. Bonds |
Oct-24 |
22/23 |
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|
|
|
|
|
|
|
|
|
Sep-24 |
20/21 |
|
|
|
|
|
|
|
|
|
|
Oct-23 |
21/22 |
|
|
|
|
|
|
|
|
|
|
YoY % Change |
|
40% |
19% |
15% |
(8%) |
33% |
37% |
9% |
54% |
51% |
193% |
MoM % Change |
|
2% |
(9%) |
(18%) |
4% |
1% |
(1%) |
– |
9% |
9% |
(1%) |
Table 1B:
CREDIT | RATES | ||||
(unaudited) |
High-Grade | High-Yield | High-Grade/High-Yield Combined | Municipals3 |
US Govt. Bonds3 |
Oct-24 |
18.0% |
13.3% |
16.9% |
7.9% |
3.2% |
Sep-24 |
19.9% |
12.1% |
18.2% |
8.8% |
2.8% |
Oct-23 |
20.3% |
16.7% |
19.4% |
4.9% |
2.4% |
YoY Bps Change |
(230) bps |
(340) bps |
(250) bps |
+300 bps |
+80 bps |
MoM Bps Change |
(190) bps |
+120 bps |
(130) bps |
(90) bps |
+40 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
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
About
Table 2: Trading Volume Detail |
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Month Ended |
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|
||||||||||||||||||||||
In millions (unaudited) |
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
|
||||||||||||||||
|
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
||||||
Credit |
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
High-grade |
|
|
$ |
151,660 |
|
|
$ |
6,894 |
|
|
$ |
125,665 |
|
|
|
$ |
5,984 |
|
|
|
21 |
|
% |
|
15 |
|
% |
High-yield |
|
|
|
32,848 |
|
|
|
1,493 |
|
|
|
34,080 |
|
|
|
|
1,623 |
|
|
|
(4 |
) |
|
|
(8 |
) |
|
Emerging markets |
|
|
|
81,797 |
|
|
|
3,718 |
|
|
|
58,793 |
|
|
|
|
2,800 |
|
|
|
39 |
|
|
|
33 |
|
|
Eurobonds |
|
|
|
53,667 |
|
|
|
2,333 |
|
|
|
37,559 |
|
|
|
|
1,707 |
|
|
|
43 |
|
|
|
37 |
|
|
Other credit |
|
|
|
12,847 |
|
|
|
584 |
|
|
|
11,359 |
|
|
|
|
541 |
|
|
|
13 |
|
|
|
8 |
|
|
Total credit trading1 |
|
|
|
332,819 |
|
|
|
15,022 |
|
|
|
267,456 |
|
|
|
|
12,655 |
|
|
|
24 |
|
|
|
19 |
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
658,390 |
|
|
|
29,927 |
|
|
|
417,127 |
|
|
|
|
19,863 |
|
|
|
58 |
|
|
|
51 |
|
|
Agency and other government bonds1 |
|
|
|
28,097 |
|
|
|
1,228 |
|
|
|
9,054 |
|
|
|
|
419 |
|
|
|
210 |
|
|
|
193 |
|
|
Total rates trading |
|
|
|
686,487 |
|
|
|
31,155 |
|
|
|
426,181 |
|
|
|
|
20,282 |
|
|
|
61 |
|
|
|
54 |
|
|
Total trading |
|
|
$ |
1,019,306 |
|
|
$ |
46,177 |
|
|
$ |
693,637 |
|
|
|
$ |
32,937 |
|
|
|
47 |
|
|
|
40 |
|
|
Number of |
|
|
|
|
|
|
22 |
|
|
|
|
|
|
|
21 |
|
|
|
|
|
|
|
|
|
|
||
Number of |
|
|
|
|
|
|
23 |
|
|
|
|
|
|
|
22 |
|
|
|
|
|
|
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||
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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 |
|
|
$ |
1,462,806 |
|
|
$ |
6,966 |
|
|
$ |
1,197,923 |
|
|
|
$ |
5,759 |
|
|
|
22 |
|
% |
|
21 |
|
% |
High-yield |
|
|
|
284,242 |
|
|
|
1,354 |
|
|
|
329,854 |
|
|
|
|
1,586 |
|
|
|
(14 |
) |
|
|
(15 |
) |
|
Emerging markets |
|
|
|
726,770 |
|
|
|
3,461 |
|
|
|
595,225 |
|
|
|
|
2,862 |
|
|
|
22 |
|
|
|
21 |
|
|
Eurobonds |
|
|
|
433,696 |
|
|
|
2,046 |
|
|
|
367,400 |
|
|
|
|
1,750 |
|
|
|
18 |
|
|
|
17 |
|
|
Other credit |
|
|
|
110,118 |
|
|
|
524 |
|
|
|
89,956 |
|
|
|
|
432 |
|
|
|
22 |
|
|
|
21 |
|
|
Total credit trading1 |
|
|
|
3,017,632 |
|
|
|
14,351 |
|
|
|
2,580,358 |
|
|
|
|
12,389 |
|
|
|
17 |
|
|
|
16 |
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,560,440 |
|
|
|
21,716 |
|
|
|
3,964,435 |
|
|
|
|
19,060 |
|
|
|
15 |
|
|
|
14 |
|
|
Agency and other government bonds1 |
|
|
|
179,490 |
|
|
|
848 |
|
|
|
89,303 |
|
|
|
|
426 |
|
|
|
101 |
|
|
|
99 |
|
|
Total rates trading |
|
|
|
4,739,930 |
|
|
|
22,564 |
|
|
|
4,053,738 |
|
|
|
|
19,486 |
|
|
|
17 |
|
|
|
16 |
|
|
Total trading |
|
|
$ |
7,757,562 |
|
|
$ |
36,915 |
|
|
$ |
6,634,096 |
|
|
|
$ |
31,875 |
|
|
|
17 |
|
|
|
16 |
|
|
Number of |
|
|
|
|
|
|
210 |
|
|
|
|
|
|
|
208 |
|
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||
Number of |
|
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|
|
|
|
212 |
|
|
|
|
|
|
|
210 |
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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. |
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2 Consistent with industry standards, |
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3 The number of |
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4 The number of |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20241104063311/en/
INVESTOR RELATIONS
+1 212 813 6313
sdavidson2@marketaxess.com
MEDIA RELATIONS
+1 917 267 1232
mmistry@marketaxess.com
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