MarketAxess Announces Monthly Volume Statistics for January 2024
Record Total Credit Trading ADV of
“We delivered record total credit ADV of
Select
-
Record total credit average daily volume (“ADV”) of
$15.0 billion , up 6.9%. -
Record
U.S. high-grade ADV of$7.5 billion, up 20.2%.Estimated market share of 19.1%,down slightly from 19.5% in the prior year.Including the impact of single-dealer portfolio trades,U.S. high-grade ADV would have been$7.7 billion, up 22.8%, and estimated market share would have been 19.7%, compared to 19.7% in the prior year.2U.S. high-grade estimated market ADV increased 22.6%. -
U.S. high-yield ADV of$1.4 billion , down 25.4%. Estimated market share of 13.0%, down from 16.8% in the prior year.U.S. high-yield estimated market ADV decreased 3.8%. We believe the decrease inU.S. high-yield market share year-over-year was driven, in part, by lower levels of credit spread volatility, a greater focus on the new issue calendar by our long-only client segment, and a higher mix of lower-rated bonds inU.S. high-yield TRACE market volumes, which are less likely to trade on electronic platforms. Lower levels of credit spread volatility drove an estimated 34.5% decrease in ETF market maker client activity on our platform. -
Record emerging markets ADV of
$3.7 billion , up 8.2%. The year-over-year increase was driven by record hard currency trading volume, up 12.4%, and 18.2% growth in local currency markets trading volume.3 -
Eurobonds ADVof
$1.9 billion, up 0.5%.3 -
Municipal bondADV of
$405 million , down 21.5% with estimated market ADV down 26.1%. Estimated market share of 6.2%, up from 6.0% in the prior year.3 -
Record
$18.3 billion intotal portfolio trading volume, up 88.4% fromJanuary 2023 , and up 35.9% fromDecember 2023 levels. - 35% Open Trading® share4 of total credit trading volume, in line with the prior year.
-
Total Rates ADV of
$16.9 billion , down 25.1%. -
The preliminary FPM1 for total credit for
January 2024 was approximately$156 , down from$160 in the prior year, but in line with the$156 reported for 4Q23. The decline in total credit FPM compared to the prior year was due principally to product and protocol mix shift. The preliminary FPM for total rates was$5.30 , compared to$4.19 in the prior year.
*All comparisons versus
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 |
Jan-24 |
21/22 |
|
|
|
|
|
|
|
|
|
|
Jan-23 |
20/21 |
|
|
|
|
|
|
|
|
|
|
% Change |
|
(13%) |
7% |
20% |
(25%) |
8% |
1% |
(22%) |
(25%) |
(26%) |
6% |
Table 1A:
CREDIT | RATES | ||||
(unaudited) |
High-Grade | High-Yield | High-Grade/High-Yield Combined | Municipals3 |
US Govt. Bonds3 |
Jan-24 |
19.1% |
13.0% |
17.8% |
6.2% |
1.8% |
Jan-23 |
19.5% |
16.8% |
18.8% |
6.0% |
3.1% |
Bps Change |
(40) bps |
(380) bps |
(100) bps |
+20 bps |
(130) bps |
1 The FPM for total credit and total rates for |
2 For |
3 See “General Notes Regarding the Data Presented” below. |
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. |
5 The number of |
General Notes Regarding the Data Presented
Reported
Beginning with
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 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; risks relating to the COVID-19 pandemic, including the possible effects of the economic conditions worldwide resulting from the COVID-19 pandemic; adverse effects as a result of climate change or other ESG risks that could affect our reputation; the level of trading volume transacted on the
About
Table 2: Trading Volume Detail |
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|
|
|
Month Ended |
|
|
||||||||||||||||||||||||||
In millions (unaudited) |
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
|
||||||||||||||||||||
|
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
||||||||||
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
High-grade |
|
|
$ |
157,093 |
|
|
$ |
7,481 |
|
|
$ |
124,458 |
|
|
|
$ |
6,223 |
|
|
|
26.2 |
|
% |
|
20.2 |
|
% | ||||
High-yield |
|
|
|
29,330 |
|
|
|
1,397 |
|
|
|
37,460 |
|
|
|
|
1,873 |
|
|
|
(21.7 |
) |
|
|
(25.4 |
) |
|
||||
Emerging markets |
|
|
|
78,249 |
|
|
|
3,726 |
|
|
|
68,878 |
|
|
|
|
3,444 |
|
|
|
13.6 |
|
|
|
8.2 |
|
|
||||
Eurobonds |
|
|
|
42,755 |
|
|
|
1,943 |
|
|
|
40,598 |
|
|
|
|
1,933 |
|
|
|
5.3 |
|
|
|
0.5 |
|
|
||||
Other credit |
|
|
|
8,767 |
|
|
|
417 |
|
|
|
10,536 |
|
|
|
|
527 |
|
|
|
(16.8 |
) |
|
|
(20.9 |
) |
|
||||
Total credit trading1 |
|
|
|
316,194 |
|
|
|
14,964 |
|
|
|
281,930 |
|
|
|
|
14,000 |
|
|
|
12.2 |
|
|
|
6.9 |
|
|
||||
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
344,527 |
|
|
|
16,406 |
|
|
|
442,086 |
|
|
|
|
22,104 |
|
|
|
(22.1 |
) |
|
|
(25.8 |
) |
|
||||
Agency and other government bonds1 |
|
|
|
10,516 |
|
|
|
485 |
|
|
|
9,447 |
|
|
|
|
457 |
|
|
|
11.3 |
|
|
|
6.1 |
|
|
||||
Total rates trading |
|
|
|
355,043 |
|
|
|
16,891 |
|
|
|
451,533 |
|
|
|
|
22,561 |
|
|
|
(21.4 |
) |
|
|
(25.1 |
) |
|
||||
Total trading |
|
|
$ |
671,237 |
|
|
$ |
31,855 |
|
|
$ |
733,463 |
|
|
|
$ |
36,561 |
|
|
|
(8.5 |
) |
|
|
(12.9 |
) |
|
||||
Number of |
|
|
|
|
|
|
21 |
|
|
|
|
|
|
|
20 |
|
|
|
|
|
|
|
|
|
|
||||||
Number of |
|
|
|
|
|
|
22 |
|
|
|
|
|
|
|
21 |
|
|
|
|
|
|
|
|
|
|
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, |
3 The number of |
4 The number of |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240204137907/en/
INVESTOR RELATIONS
+1 212 813 6313
sdavidson2@marketaxess.com
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+1 917 267 1232
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