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Marketaxess Holdings Inc

MarketAxess Announces Trading Volume Statistics for January 2026

NEW YORK--(BUSINESS WIRE)--Feb. 5, 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 January 2026.1

Chris Concannon, CEO of MarketAxess, commented:

“In January, we delivered 28% growth year-over-year in total credit on record ADV of $18.6 billion,and 19% growth in total rates. In credit, our emerging markets ADV increased 50% to a record $5.5 billion, almost 30% above the previous monthly record set last year, driven by record hard currency ADV (+28%) and record local markets ADV (+94%).These results were driven by strong market volumes, as well as continued momentum in our new initiatives, with 56% growth in block trading ADV, 126% growth in portfolio trading ADV and 13% growth in dealer-initiated ADV. While our estimated market share in U.S. high-grade was dampened by a 92% increase in new issue block trading activity, annualized market turnover jumped to 95% in January and we generated strong preliminary total credit variable commission revenue growth, reflecting solid underlying revenue generation.”

Select January 2026 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

  • 56% growth in block trading average daily volume (“ADV”), with strong growth across U.S. credit (+35%), including recordU.S. high-grade ADV of $2.8 billion (+33%),as well as record emerging markets ADV of $2.5 billion(+92%) and eurobonds ADV of $633 million(+89%).

Portfolio Trading Channel

  • 126% increase in total portfolio trading ADV to a record$2.0 billion,with record U.S. high-grade portfolio trading ADV of$1.2 billion.
  • Our estimated market share of U.S. credit portfolio trading was a 20.9%, compared to 14.7% in the prior year.

Dealer-Initiated Channel

  • 13% increase in dealer-initiated ADV to $1.8 billion.Total Mid-X trading volume was a record $6.9 billion, representing an increase of 383%. Our Mid-X protocol for U.S. credit surpassed $3.0 billion in trading volume in January 2026 for the second consecutive month.

January 2026 Variable Transaction Fees Per Million1 (See table 1D)

  • The decline in total credit FPM year-over-year was driven principally by protocol mix, partially offset by the higher duration of bonds traded in U.S. high-grade. The decline month-over-month was driven by protocol and product mix. Both periods reflect the impact of an increase in block trading, which is generally a lower FPM activity.
  • The increase in total rates FPM both year-over-year and month-over-month was driven by the impact of client and protocol mix.

*All comparisons versus January 2025 unless noted.

Table 1: MarketAxess ADV

 

 

 

Month

 

% Change

 

 

Jan-26

 

 

Dec-25

 

 

Jan-25

 

MoM

YoY

MKTX ADV ($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

8,387

 

 

$

6,275

 

 

$

6,993

 

 

34

 

%

 

20

 

%

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

 

 

8,110

 

 

 

6,043

 

 

 

6,912

 

 

34

 

 

 

17

 

 

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

 

 

1,748

 

 

 

1,591

 

 

 

1,319

 

 

10

 

 

 

33

 

 

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

 

 

1,592

 

 

 

1,391

 

 

 

1,284

 

 

14

 

 

 

24

 

 

Emerging Markets

 

 

5,468

 

 

 

3,515

 

 

 

3,638

 

 

56

 

 

 

50

 

 

Eurobonds

 

 

2,803

 

 

 

2,003

 

 

 

2,100

 

 

40

 

 

 

33

 

 

Other Credit Products3

 

 

620

 

 

 

594

 

 

 

539

 

 

4

 

 

 

15

 

 

Municipal Bonds

 

 

620

 

 

 

593

 

 

 

535

 

 

5

 

 

 

16

 

 

Total MKTX Credit ADV (excl. SD PT)2

 

$

18,593

 

 

$

13,546

 

 

$

14,473

 

 

37

 

 

 

28

 

 

Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government Bonds

 

$

27,707

 

 

$

19,406

 

 

$

23,374

 

 

43

 

%

 

19

 

%

Agencies and Other Government Bonds

 

 

1,392

 

 

 

620

 

 

 

1,079

 

 

125

 

 

 

29

 

 

Total MKTX Rates ADV

 

$

29,099

 

 

$

20,026

 

 

$

24,453

 

 

45

 

 

 

19

 

 

Total MKTX Trading ADV

 

$

47,692

 

 

$

33,572

 

 

$

38,926

 

 

42

 

 

 

23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Trading Days4

 

20

 

 

22

 

 

21

 

 

 

 

 

 

 

U.K. Trading Days4

 

21

 

 

21

 

 

22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Table 1A: Market ADV

 

 

 

Month

 

% Change

 

 

Jan-26

 

 

Dec-25

 

 

Jan-25

 

MoM

YoY

MARKET ADV ($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. High-Grade TRACE

 

$

47,579

 

 

$

32,493

 

 

$

39,147

 

 

46

 

%

 

22

 

%

U.S. High-Yield TRACE

 

 

13,265

 

 

 

10,112

 

 

 

10,707

 

 

31

 

 

 

24

 

 

Total U.S. Credit TRACE

 

 

60,844

 

 

 

42,605

 

 

 

49,854

 

 

43

 

 

 

22

 

 

Municipal Bonds MSRB

 

 

9,389

 

 

 

9,555

 

 

 

9,165

 

 

(2

)

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government Bonds TRACE

 

$

1,192,395

 

 

$

944,841

 

 

$

910,505

 

 

26

 

%

 

31

 

%

Agency TRACE

 

 

4,332

 

 

 

3,454

 

 

 

3,851

 

 

25

 

 

 

12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Trading Days4

 

20

 

 

22

 

 

21

 

 

 

 

 

 

 

U.K. Trading Days4

 

21

 

 

21

 

 

22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Table 1B: Estimated Market Share

 

 

 

Month

 

Bps Change

 

 

Jan-26

 

 

Dec-25

 

 

Jan-25

 

MoM

YoY

MKTX ESTIMATED MARKET SHARE (%)

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. High-Grade

 

 

 

 

 

 

 

 

 

 

 

 

 

% of U.S. High-Grade TRACE2

 

 

17.6

%

 

 

19.3

%

 

 

17.9

%

(170)

bps

(30)

bps

U.S. High-Yield

 

 

 

 

 

 

 

 

 

 

 

 

 

% of U.S. High-Yield TRACE2

 

 

13.2

%

 

 

15.7

%

 

 

12.3

%

(250)

bps

+90

bps

Other Credit Products

 

 

 

 

 

 

 

 

 

 

 

 

 

% of Municipal Bonds MSRB

 

 

6.6

%

 

 

6.2

%

 

 

5.8

%

+40

bps

+80

bps

Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

% of U.S. Government Bonds TRACE

 

 

2.3

%

 

 

2.1

%

 

 

2.6

%

+20

bps

(30)

bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Table 1C: Strategic Priorities ADV2

 

 

 

Month

 

% Change

 

 

Jan-26

 

 

Dec-25

 

 

Jan-25

 

MoM

YoY

STRATEGIC PRIORITIES ADV ($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Client-Initiated Channel

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Credit Block Trading

 

$

3,667

 

 

$

2,298

 

 

$

2,720

 

 

60

 

%

 

35

 

%

Emerging Markets Block Trading

 

 

2,536

 

 

 

1,494

 

 

 

1,322

 

 

70

 

 

 

92

 

 

Eurobonds Block Trading

 

 

633

 

 

 

291

 

 

 

335

 

 

118

 

 

 

89

 

 

Portfolio Trading Channel

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total MKTX Portfolio Trading

 

$

1,989

 

 

$

1,541

 

 

$

881

 

 

29

 

%

 

126

 

%

Total MKTX U.S. Credit Portfolio Trading

 

 

1,583

 

 

 

1,200

 

 

 

681

 

 

32

 

 

 

132

 

 

Total U.S. Credit TRACE Portfolio Trading

 

 

7,582

 

 

 

5,206

 

 

 

4,623

 

 

46

 

 

 

64

 

 

Dealer-Initiated Channel

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Dealer Initiated (DRFQ & Mid-X)

 

$

1,777

 

 

$

1,602

 

 

$

1,569

 

 

11

 

%

 

13

 

%

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Open Trading

 

$

5,317

 

 

$

4,382

 

 

$

4,211

 

 

21

 

%

 

26

 

%

AxessIQ

 

 

208

 

 

 

160

 

 

 

145

 

 

30

 

 

 

43

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Trading Days4

 

20

 

 

22

 

 

21

 

 

 

 

 

 

 

U.K. Trading Days4

 

21

 

 

21

 

 

22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

Month

 

% Change

 

 

Jan-26

 

 

Dec-25

 

 

Jan-25

 

MoM

YoY

AVG. VARIABLE TRANS. FEE PER MILLION (FPM)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Credit

 

$

132

 

 

$

138

 

 

$

141

 

 

(4

)

%

 

(6

)

%

Total Rates

 

 

5.18

 

 

 

4.79

 

 

 

4.25

 

 

8

 

 

 

22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 The FPM for total credit and total rates for January 2026 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 Effective with the release of our January 2026 trading volume statistics, the Company revised certain aspects of its reporting methodology for estimated market share to provide a more comprehensive view of platform activity and enhance comparability with industry peers. The Company now highlights estimated market share for U.S. high-grade and U.S. high-yield on an all-in basis, which includes single-dealer portfolio trading activity, and the Company will no longer report estimated market share on an "excluding single-dealer portfolio trading" basis. Single-dealer portfolio trading activity continues to be excluded from the “Total MKTX Credit ADV (excl. SD PT)” line in Table 1, the “Total Credit” FPM calculation in Table 1D and the “Total Credit Trading” line in Table 2. “SD PT” is defined as single-dealer portfolio trades. As used in Table 1 to highlight the effect of single dealer portfolio trading on U.S. high-grade and U.S. high yield ADVs, “SD PT” means single-dealer portfolio trades.

 

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 January 31,

 

 

In millions (unaudited)

 

 

2026

 

 

2025

 

 

% Change

 

 

 

 

 

Volume

 

 

ADV

 

 

Volume

 

 

ADV

 

 

Volume

 

 

ADV

 

 

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

High-grade

 

 

$

162,209

 

 

$

8,110

 

 

$

145,152

 

 

$

6,912

 

 

 

12

 

%

 

17

 

%

High-yield

 

 

 

31,840

 

 

 

1,592

 

 

 

26,958

 

 

 

1,284

 

 

 

18

 

 

 

24

 

 

Emerging markets

 

 

 

109,369

 

 

 

5,468

 

 

 

76,402

 

 

 

3,638

 

 

 

43

 

 

 

50

 

 

Eurobonds

 

 

 

58,867

 

 

 

2,803

 

 

 

46,207

 

 

 

2,100

 

 

 

27

 

 

 

33

 

 

Other credit

 

 

 

12,404

 

 

 

620

 

 

 

11,333

 

 

 

539

 

 

 

9

 

 

 

15

 

 

Total credit trading1

 

 

 

374,689

 

 

 

18,593

 

 

 

306,052

 

 

 

14,473

 

 

 

22

 

 

 

28

 

 

Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government bonds2

 

 

 

554,136

 

 

 

27,707

 

 

 

490,852

 

 

 

23,374

 

 

 

13

 

 

 

19

 

 

Agency and other government bonds1

 

 

 

29,178

 

 

 

1,392

 

 

 

23,681

 

 

 

1,079

 

 

 

23

 

 

 

29

 

 

Total rates trading

 

 

 

583,314

 

 

 

29,099

 

 

 

514,533

 

 

 

24,453

 

 

 

13

 

 

 

19

 

 

Total trading

 

 

$

958,003

 

 

$

47,692

 

 

$

820,585

 

 

$

38,926

 

 

 

17

 

 

 

23

 

 

Number of U.S. Trading Days3

 

 

 

 

 

 

20

 

 

 

 

 

 

21

 

 

 

 

 

 

 

 

Number of U.K. Trading Days4

 

 

 

 

 

 

21

 

 

 

 

 

 

22

 

 

 

 

 

 

 

 

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.