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Marketaxess Holdings Inc

MarketAxess Announces Trading Volume Statistics for December and Fourth Quarter 2025

NEW YORK--(BUSINESS WIRE)--Jan. 7, 2026-- MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced trading volume and preliminary variable transaction fees per million (“FPM”) for December 2025 and the fourth quarter ended December 31, 2025.1

Select Fourth Quarter 2025 Highlights* (See tables 1-1C and table 2)

Our new initiatives continued to show strong year-over-year progress across the client-initiated, portfolio trading and dealer-initiated channels.

Client-Initiated Channel

  • 29% growth in block trading average daily volume (“ADV”), with strong growth across U.S. credit (+21%), record emerging markets (+41%) and eurobonds (+43%).

Portfolio Trading Channel

  • 41% increase in total portfolio trading ADV to a record$1.5 billion,with record U.S. high-yield portfolio trading ADV of$368 millionand record emerging markets portfolio trading ADV of$118 million.
  • Our estimated market share of U.S. credit portfolio trading was a record20.6%, compared to 16.2% in the prior year, and 19.1% in 3Q25. Record U.S. credit portfolio trading estimated market share in the quarter was driven in part by recordU.S. high-yield estimated market share in December 2025 of 27.7%.

Dealer-Initiated Channel

  • 32% increase in dealer-initiated ADV to $1.8 billion, consisting of a 20% increase in Dealer RFQ ADV and an 185% increase in Mid-X ADV. Our Mid-X protocol in U.S. credit surpassed $3.0 billion in trading volume in December 2025.

Fourth Quarter 2025 Variable Transaction Fees Per Million1 (See table 1D)

  • The decline in total credit FPM both year-over-year and quarter-over-quarter was driven principally by protocol mix, partially offset by the higher duration of bonds traded in U.S. high-grade. Total credit FPM in December 2025 was flat month-over-month compared to November 2025.
  • The increase in total rates FPM both year-over-year and quarter-over-quarter was driven by the impact of product mix.

*All comparisons versus fourth quarter 2024 unless noted.

Table 1: MarketAxess ADV

 

Month

% Change

Quarter

% Change

 

 

Dec-25

 

Nov-25

 

Dec-24

 

MoM

YoY

 

4Q25

 

3Q25

 

4Q24

 

QoQ

YoY

MKTX ADV ($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. High-Grade (incl. SD PT)2

 

$

6,275

 

$

7,763

 

$

5,949

 

 

(19

)

%

5

 

%

 

$

7,035

 

$

6,783

 

$

6,578

 

 

4

 

%

7

 

%

U.S. High-Grade (excl. SD PT)2

 

 

6,043

 

 

7,594

 

 

5,921

 

 

(20

)

 

2

 

 

 

 

6,848

 

 

6,558

 

 

6,454

 

 

4

 

 

6

 

 

U.S. High-Yield (incl. SD PT)2

 

 

1,591

 

 

1,791

 

 

1,222

 

 

(11

)

 

30

 

 

 

 

1,749

 

 

1,557

 

 

1,378

 

 

12

 

 

27

 

 

U.S. High-Yield (excl. SD PT)2

 

 

1,391

 

 

1,622

 

 

1,219

 

 

(14

)

 

14

 

 

 

 

1,543

 

 

1,347

 

 

1,345

 

 

15

 

 

15

 

 

Emerging Markets

 

 

3,515

 

 

4,265

 

 

2,869

 

 

(18

)

 

23

 

 

 

 

3,986

 

 

3,803

 

 

3,459

 

 

5

 

 

15

 

 

Eurobonds

 

 

2,003

 

 

2,741

 

 

1,619

 

 

(27

)

 

24

 

 

 

 

2,407

 

 

2,196

 

 

2,001

 

 

10

 

 

20

 

 

Other Credit Products3

 

 

594

 

 

586

 

 

657

 

 

1

 

 

(10

)

 

 

 

597

 

 

631

 

 

624

 

 

(5

)

 

(4

)

 

Municipal Bonds

 

 

593

 

 

585

 

 

656

 

 

1

 

 

(10

)

 

 

 

597

 

 

630

 

 

620

 

 

(5

)

 

(4

)

 

Total MKTX Credit ADV (excl. SD PT)2

 

$

13,546

 

$

16,808

 

$

12,285

 

 

(19

)

 

10

 

 

 

$

15,381

 

$

14,535

 

$

13,883

 

 

6

 

 

11

 

 

Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government Bonds

 

$

19,406

 

$

22,966

 

$

18,735

 

 

(16

)

%

4

 

%

 

$

21,819

 

$

23,130

 

$

25,952

 

 

(6

)

%

(16

)

%

Agencies and Other Government Bonds

 

 

620

 

 

715

 

 

1,017

 

 

(13

)

 

(39

)

 

 

 

686

 

 

1,166

 

 

1,195

 

 

(41

)

 

(43

)

 

Total MKTX Rates ADV

 

$

20,026

 

$

23,681

 

$

19,752

 

 

(15

)

 

1

 

 

 

$

22,505

 

$

24,296

 

$

27,147

 

 

(7

)

 

(17

)

 

Total MKTX Trading ADV

 

$

33,572

 

$

40,489

 

$

32,037

 

 

(17

)

 

5

 

 

 

$

37,886

 

$

38,831

 

$

41,030

 

 

(2

)

 

(8

)

 

U.S. Trading Days4

 

22

 

18

 

21

 

 

 

 

 

 

 

62

 

64

 

62

 

 

 

 

 

 

U.K. Trading Days4

 

21

 

20

 

20

 

 

 

 

 

 

 

64

 

65

 

64

 

 

 

 

 

 

Table 1A: Market ADV

 

Month

% Change

Quarter

% Change

 

 

Dec-25

 

Nov-25

 

Dec-24

 

MoM

YoY

 

4Q25

 

3Q25

 

4Q24

 

QoQ

YoY

MARKET ADV ($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. High-Grade TRACE

 

$

32,493

 

$

41,114

 

$

30,344

 

 

(21

)

%

7

 

%

 

$

37,240

 

$

37,028

 

$

34,986

 

 

1

 

%

6

 

%

U.S. High-Yield TRACE

 

 

10,112

 

 

12,279

 

 

8,294

 

 

(18

)

 

22

 

 

 

 

11,563

 

 

11,348

 

 

10,061

 

 

2

 

 

15

 

 

Total U.S. Credit TRACE

 

 

42,605

 

 

53,393

 

 

38,638

 

 

(20

)

 

10

 

 

 

 

48,803

 

 

48,375

 

 

45,047

 

 

1

 

 

8

 

 

Municipal Bonds MSRB

 

 

9,555

 

 

9,457

 

 

9,630

 

 

1

 

 

(1

)

 

 

 

9,686

 

 

10,908

 

 

8,755

 

 

(11

)

 

11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government Bonds TRACE

 

$

944,841

 

$

1,091,150

 

$

832,181

 

 

(13

)

%

14

 

%

 

$

1,006,294

 

$

1,006,577

 

$

926,037

 

 

(0

)

%

9

 

%

Agency TRACE

 

 

3,454

 

 

3,449

 

 

3,294

 

 

0

 

 

5

 

 

 

 

3,548

 

 

4,177

 

 

3,897

 

 

(15

)

 

(9

)

 

U.S. Trading Days4

 

22

 

18

 

21

 

 

 

 

 

 

 

62

 

64

 

62

 

 

 

 

 

 

U.K. Trading Days4

 

21

 

20

 

20

 

 

 

 

 

 

 

64

 

65

 

64

 

 

 

 

 

 

Table 1B: Estimated Market Share

 

 

Month

 

Bps Change

 

Quarter

 

 

% Change

 

 

Dec-25

 

 

Nov-25

 

 

Dec-24

 

MoM

YoY

 

4Q25

 

 

3Q25

 

 

4Q24

 

 

QoQ

YoY

MKTX ESTIMATED MARKET SHARE (%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. High-Grade

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% of U.S. High-Grade TRACE (incl. SD PT)2

 

19.3

%

 

18.9

%

 

19.6

%

+40

bps

(30)

bps

 

18.9

%

 

18.3

%

 

18.8

%

 

+60

bps

+10

bps

% of U.S. High-Grade TRACE (excl. SD PT)2

 

18.6

%

 

18.5

%

 

19.5

%

+10

 

(90)

 

 

18.4

%

 

17.7

%

 

18.4

%

 

+70

 

-

 

U.S. High-Yield

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% of U.S. High-Yield TRACE (incl. SD PT)2

 

15.7

%

 

14.6

%

 

14.7

%

+110

bps

+100

bps

 

15.1

%

 

13.7

%

 

13.7

%

 

+140

bps

+140

bps

% of U.S. High-Yield TRACE (excl. SD PT)2

 

13.8

%

 

13.2

%

 

14.7

%

+60

 

(90)

 

 

13.3

%

 

11.9

%

 

13.4

%

 

+140

 

(10)

 

Other Credit Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% of Municipal Bonds MSRB

 

6.2

%

 

6.2

%

 

6.8

%

-

bps

(60)

bps

 

6.2

%

 

5.8

%

 

7.1

%

 

+40

bps

(90)

bps

Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% of U.S. Government Bonds TRACE

 

2.1

%

 

2.1

%

 

2.3

%

-

bps

(20)

bps

 

2.2

%

 

2.3

%

 

2.8

%

 

(10)

bps

(60)

bps

Table 1C: Strategic Priorities ADV2

 

 

Month

 

% Change

 

Quarter

 

% Change

 

 

Dec-25

 

Nov-25

 

Dec-24

 

MoM

YoY

 

4Q25

 

3Q25

 

4Q24

 

QoQ

YoY

STRATEGIC PRIORITIES ADV ($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Client-Initiated Channel

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Credit Block Trading

 

$

2,298

 

$

3,245

 

$

2,108

 

 

(29

)

%

9

 

%

 

$

2,811

 

$

2,589

 

$

2,330

 

 

9

 

%

21

 

%

Emerging Markets Block Trading

 

 

1,494

 

 

1,954

 

 

1,004

 

 

(24

)

 

49

 

 

 

 

1,687

 

 

1,553

 

 

1,194

 

 

9

 

 

41

 

 

Eurobonds Block Trading

 

 

291

 

 

532

 

 

195

 

 

(45

)

 

49

 

 

 

 

425

 

 

364

 

 

297

 

 

17

 

 

43

 

 

Portfolio Trading Channel

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total MKTX Portfolio Trading

 

$

1,541

 

$

1,364

 

$

1,002

 

 

13

 

%

54

 

%

 

$

1,491

 

$

1,375

 

$

1,060

 

 

8

 

%

41

 

%

Total MKTX U.S. Credit Portfolio Trading

 

 

1,200

 

 

1,003

 

 

825

 

 

20

 

 

45

 

 

 

 

1,146

 

 

1,140

 

 

796

 

 

1

 

 

44

 

 

Total U.S. Credit TRACE Portfolio Trading

 

 

5,206

 

 

5,685

 

 

4,950

 

 

(8

)

 

5

 

 

 

 

5,555

 

 

5,962

 

 

4,929

 

 

(7

)

 

13

 

 

Dealer-Initiated Channel

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Dealer Initiated (DRFQ & Mid-X)

 

$

1,602

 

$

1,916

 

$

1,088

 

 

(16

)

%

47

 

%

 

$

1,755

 

$

1,516

 

$

1,334

 

 

16

 

%

32

 

%

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Open Trading

 

$

4,382

 

$

5,370

 

$

3,642

 

 

(18

)

%

20

 

%

 

$

4,939

 

$

4,349

 

$

4,130

 

 

14

 

%

20

 

%

AxessIQ

 

 

160

 

 

170

 

 

135

 

 

(6

)

 

19

 

 

 

 

164

 

 

163

 

 

147

 

 

1

 

 

12

 

 

U.S. Trading Days4

 

22

 

18

 

21

 

 

 

 

 

 

 

62

 

64

 

62

 

 

 

 

 

 

U.K. Trading Days4

 

21

 

20

 

20

 

 

 

 

 

 

 

64

 

65

 

64

 

 

 

 

 

 

Table 1D: Variable Transaction Fees Per Million (FPM)1

 

 

Month

 

% Change

 

Quarter

 

% Change

 

 

Dec-25

 

Nov-25

 

Dec-24

 

MoM

YoY

 

4Q25

 

3Q25

 

4Q24

 

QoQ

YoY

AVG. VARIABLE TRANS. FEE PER MILLION (FPM)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Credit

 

$

138

 

$

138

 

$

148

 

 

0

 

%

(7

)

%

 

$

138

 

$

140

 

$

150

 

 

(1

)

%

(8

)

%

Total Rates

 

 

4.79

 

 

4.52

 

 

4.14

 

 

6

 

 

16

 

 

 

 

4.72

 

 

4.21

 

 

4.31

 

 

12

 

 

10

 

 

1

The FPM for total credit and total rates for December 2025 and 4Q25 is preliminary and may be revised in subsequent updates and public filings. The Company undertakes no obligation to update any fee information in future press releases.

2

“SD PT” is defined as single-dealer portfolio trades. The Company is currently highlighting the impact of single-dealer portfolio trading volume on U.S. high-grade and U.S. high-yield trading volume and estimated market share, but will continue to exclude single-dealer portfolio trading activity from each product’s aggregated trading volume and estimated market share and the total credit FPM calculation.

3

“Other Credit Products” includes municipal bonds, leveraged loans, convertible bonds and structured products.

4

The number of U.S. trading days is based on the SIFMA holiday recommendation calendar and the number of U.K. trading days is based primarily on the U.K. Bank holiday schedule.

General Notes Regarding the Data Presented

Reported MarketAxess volume in all product categories includes only fully electronic trading volume. MarketAxess trading volumes and the Financial Industry Regulatory Authority (“FINRA”) Trade Reporting and Compliance Engine (“TRACE”) reported volumes are available on the Company’s website at investor.marketaxess.com/volume.

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 MarketAxess platform; the rapidly evolving nature of the electronic financial services industry; the level and intensity of competition in the fixed-income electronic trading industry and the pricing pressures that may result; the variability of our growth rate; our ability to introduce new fee plans and our clients’ response; our ability to attract clients or adapt our technology and marketing strategy to new markets; risks related to our growing international operations; our dependence on our broker-dealer clients; the loss of any of our significant institutional investor clients; our exposure to risks resulting from non-performance by counterparties to transactions executed between our clients in which we act as an intermediary in matched principal trades; risks related to self-clearing; risks related to sanctions levied against states or individuals that could expose us to operational or regulatory risks; the effect of rapid market or technological changes on us and the users of our technology; issues related to the development and use of artificial intelligence; our dependence on third-party suppliers for key products and services; our ability to successfully maintain the integrity of our trading platform and our response to system failures, capacity constraints and business interruptions; the occurrence of design defects, errors, failures or delays with our platforms, products or services; our vulnerability to malicious cyber-attacks and attempted cybersecurity breaches; our actual or perceived failure to comply with privacy and data protection laws; our ability to protect our intellectual property rights or technology and defend against intellectual property infringement or other claims; our use of open-source software; our ability to enter into strategic alliances and to acquire other businesses and successfully integrate them with our business; our dependence on our management team and our ability to attract and retain talent; limitations on our flexibility because we operate in a highly regulated industry; the increasing government regulation of us and our clients; risks related to the divergence of U.K. and European Union legal and regulatory requirements following the U.K.’s exit from the European Union; our exposure to costs and penalties related to our extensive regulation; our risks of litigation and securities laws liability; our tax filing positions; the effects of climate change or other sustainability risks that could affect our operations or reputation; our future capital needs and our ability to obtain capital when needed; limitations on our operating flexibility contained in our credit agreement; our exposure to financial institutions by holding cash in excess of federally insured limits; and other factors. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. More information about these and other factors affecting MarketAxess’ business and prospects is contained in MarketAxess’ periodic filings with the Securities and Exchange Commission and can be accessed at www.marketaxess.com.

About MarketAxess

MarketAxess (Nasdaq: MKTX) operates a leading electronic trading platform that delivers greater trading efficiency, a diversified pool of liquidity and significant cost savings to institutional investors and broker-dealers across the global fixed-income markets. Approximately 2,100 firms leverage MarketAxess’ patented technology to efficiently trade fixed-income securities. Our automated and algorithmic trading solutions, combined with our integrated and actionable data offerings, help our clients make faster, better-informed decisions on when and how to trade on our platform. MarketAxess’ award-winning Open Trading® marketplace is widely regarded as the preferred all-to-all trading solution in the global credit markets. Founded in 2000, MarketAxess connects a robust network of market participants through an advanced full trading lifecycle solution that includes automated trading solutions, intelligent data and index products and a range of post-trade services. Learn more at www.marketaxess.com and on X @MarketAxess.

Table 2: Trading Volume Detail

 

 

 

Month Ended December 31,

 

 

In millions (unaudited)

 

 

2025

 

 

2024

 

 

% Change

 

 

 

 

 

Volume

 

 

ADV

 

 

Volume

 

 

ADV

 

 

Volume

 

 

ADV

 

 

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

High-grade

 

 

$

132,950

 

 

$

6,043

 

 

$

124,334

 

 

$

5,921

 

 

 

7

 

%

 

2

 

%

High-yield

 

 

 

30,610

 

 

 

1,391

 

 

 

25,598

 

 

 

1,219

 

 

 

20

 

 

 

14

 

 

Emerging markets

 

 

 

77,319

 

 

 

3,515

 

 

 

60,240

 

 

 

2,869

 

 

 

28

 

 

 

23

 

 

Eurobonds

 

 

 

42,062

 

 

 

2,003

 

 

 

32,380

 

 

 

1,619

 

 

 

30

 

 

 

24

 

 

Other credit

 

 

 

13,067

 

 

 

594

 

 

 

13,800

 

 

 

657

 

 

 

(5

)

 

 

(10

)

 

Total credit trading1

 

 

 

296,008

 

 

 

13,546

 

 

 

256,352

 

 

 

12,285

 

 

 

15

 

 

 

10

 

 

Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government bonds2

 

 

 

426,932

 

 

 

19,406

 

 

 

393,430

 

 

 

18,735

 

 

 

9

 

 

 

4

 

 

Agency and other government bonds1

 

 

 

13,087

 

 

 

620

 

 

 

20,414

 

 

 

1,017

 

 

 

(36

)

 

 

(39

)

 

Total rates trading

 

 

 

440,019

 

 

 

20,026

 

 

 

413,844

 

 

 

19,752

 

 

 

6

 

 

 

1

 

 

Total trading

 

 

$

736,027

 

 

$

33,572

 

 

$

670,196

 

 

$

32,037

 

 

 

10

 

 

 

5

 

 

Number of U.S. Trading Days3

 

 

 

 

 

 

22

 

 

 

 

 

 

21

 

 

 

 

 

 

 

 

Number of U.K. Trading Days4

 

 

 

 

 

 

21

 

 

 

 

 

 

20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended December 31,

 

 

In millions (unaudited)

 

 

2025

 

 

2024

 

 

% Change

 

 

 

 

 

Volume

 

 

ADV

 

 

Volume

 

 

ADV

 

 

Volume

 

 

ADV

 

 

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

High-grade

 

 

$

424,563

 

 

$

6,848

 

 

$

400,129

 

 

$

6,454

 

 

 

6

 

%

 

6

 

%

High-yield

 

 

 

95,650

 

 

 

1,543

 

 

 

83,373

 

 

 

1,345

 

 

 

15

 

 

 

15

 

 

Emerging markets

 

 

 

247,140

 

 

 

3,986

 

 

 

214,439

 

 

 

3,459

 

 

 

15

 

 

 

15

 

 

Eurobonds

 

 

 

154,061

 

 

 

2,407

 

 

 

128,064

 

 

 

2,001

 

 

 

20

 

 

 

20

 

 

Other credit

 

 

 

37,086

 

 

 

597

 

 

 

38,698

 

 

 

624

 

 

 

(4

)

 

 

(4

)

 

Total credit trading1

 

 

 

958,500

 

 

 

15,381

 

 

 

864,703

 

 

 

13,883

 

 

 

11

 

 

 

11

 

 

Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government bonds2

 

 

 

1,352,808

 

 

 

21,819

 

 

 

1,608,995

 

 

 

25,952

 

 

 

(16

)

 

 

(16

)

 

Agency and other government bonds1

 

 

 

43,787

 

 

 

686

 

 

 

76,221

 

 

 

1,195

 

 

 

(43

)

 

 

(43

)

 

Total rates trading

 

 

 

1,396,595

 

 

 

22,505

 

 

 

1,685,216

 

 

 

27,147

 

 

 

(17

)

 

 

(17

)

 

Total trading

 

 

$

2,355,095

 

 

$

37,886

 

 

$

2,549,919

 

 

$

41,030

 

 

 

(8

)

 

 

(8

)

 

Number of U.S. Trading Days3

 

 

 

 

 

 

62

 

 

 

 

 

 

62

 

 

 

 

 

 

 

 

Number of U.K. Trading Days4

 

 

 

 

 

 

64

 

 

 

 

 

 

64

 

 

 

 

 

 

 

 

 

 

 

Year-to-Date Ended December 31,

 

 

In millions (unaudited)

 

 

2025

 

 

2024

 

 

% Change

 

 

 

 

 

Volume

 

 

ADV

 

 

Volume

 

 

ADV

 

 

Volume

 

 

ADV

 

 

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

High-grade

 

 

$

1,786,664

 

 

$

7,175

 

 

$

1,711,275

 

 

$

6,845

 

 

 

4

 

%

 

5

 

%

High-yield

 

 

 

376,772

 

 

 

1,513

 

 

 

334,761

 

 

 

1,339

 

 

 

13

 

 

 

13

 

 

Emerging markets

 

 

 

979,903

 

 

 

3,935

 

 

 

859,412

 

 

 

3,438

 

 

 

14

 

 

 

14

 

 

Eurobonds

 

 

 

605,623

 

 

 

2,403

 

 

 

508,093

 

 

 

2,008

 

 

 

19

 

 

 

20

 

 

Other credit

 

 

 

153,869

 

 

 

617

 

 

 

135,975

 

 

 

543

 

 

 

13

 

 

 

14

 

 

Total credit trading1

 

 

 

3,902,831

 

 

 

15,643

 

 

 

3,549,516

 

 

 

14,173

 

 

 

10

 

 

 

10

 

 

Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government bonds2

 

 

 

6,322,098

 

 

 

25,390

 

 

 

5,511,045

 

 

 

22,044

 

 

 

15

 

 

 

15

 

 

Agency and other government bonds1

 

 

 

272,951

 

 

 

1,084

 

 

 

227,614

 

 

 

902

 

 

 

20

 

 

 

20

 

 

Total rates trading

 

 

 

6,595,049

 

 

 

26,474

 

 

 

5,738,659

 

 

 

22,946

 

 

 

15

 

 

 

15

 

 

Total trading

 

 

$

10,497,880

 

 

$

42,117

 

 

$

9,288,175

 

 

$

37,119

 

 

 

13

 

 

 

13

 

 

Number of U.S. Trading Days3

 

 

 

 

 

 

249

 

 

 

 

 

 

250

 

 

 

 

 

 

 

 

Number of U.K. Trading Days4

 

 

 

 

 

 

252

 

 

 

 

 

 

253

 

 

 

 

 

 

 

 

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, U.S. government bond trades are single-counted.

3

The number of U.S. trading days is based on the SIFMA holiday recommendation calendar.

4

The number of U.K. trading days is based primarily on the U.K. Bank holiday schedule.

 

INVESTOR RELATIONS
Stephen Davidson
MarketAxess Holdings Inc.
+1 212 813 6313
sdavidson2@marketaxess.com

MEDIA RELATIONS
Marisha Mistry
MarketAxess Holdings Inc.
+1 917 267 1232
mmistry@marketaxess.com

Source: MarketAxess Holdings Inc.