MarketAxess Announces Monthly Volume Statistics for February 2024
Record Total Credit Trading ADV of
“We delivered record total credit ADV of
Select
-
Record total credit average daily volume (“ADV”) of
$15.2 billion , up 5.1%. -
Record
U.S. high-grade ADV of$7.7 billion, up 14.6% on an 18.6% increase inestimated market ADV. Estimated market share of 19.5%,down from 20.1% in the prior year on record February new issuance calendar. -
U.S. high-yield ADV of$1.4 billion , down 37.1%. Estimated market share of 12.9%, down from 19.2% in the prior year.U.S. high-yield estimated market ADV decreased 6.3%. We believe the decrease inU.S. high-yield estimated market share year-over-year was driven, in part, by lower levels of credit spread volatility and a greater focus on the new issue calendar by our long-only client segment. Lower levels of credit spread volatility drove an estimated 73.8% decrease in ETF market maker client activity on our platform. -
Emerging markets ADV of
$3.6 billion , up 12.5%. The year-over-year increase was driven by a 6.4% increase inhard currency trading ADV, and a 26.5% growth in local currency markets trading ADV.2 -
Eurobonds ADVof
$2.0 billion, up 9.1%.2 -
Municipal bondADV of
$434 million , up 8.0% with estimated market ADV down 17.2%. Estimated market share of 6.8%, up from 5.4% in the prior year.2 -
AxessIQ, the order and execution workflow solution designed for wealth management and private banking clients, achieved ADV of
$141.4 million , up 21.2% from the prior year. - 34% Open Trading® share3 of total credit trading volume, down from 36% in the prior year.
-
Total rates ADV of
$19.1 billion , down 18.6% from prior year, but up 13.0% fromJanuary 2024 . -
The preliminary FPM1 for total credit for
February 2024 was approximately$152 , down from$168 in the prior year,$156 inJanuary 2024 , and$154 quarter-to-date. The decline in total credit FPM compared to the prior year was due principally to product mix shift. The decline in total credit FPM compared toJanuary 2024 was driven principally by lower duration of bonds traded inU.S. high-grade. The preliminary FPM for total rates was$4.30 , compared to$4.13 in the prior year.
*All comparisons versus
Table 1:
CREDIT | RATES | ||||||||||
$ in millions (unaudited) |
US/ |
Total
|
Total
|
High-Grade |
High-Yield |
Emerging
|
Eurobonds |
Municipal
|
Total
|
US Govt.
|
Agcy./Other
|
Feb-24 |
20/21 |
|
|
|
|
|
|
|
|
|
|
Feb-23 |
19/20 |
|
|
|
|
|
|
|
|
|
|
% Change |
|
(10%) |
5% |
15% |
(37%) |
13% |
9% |
8% |
(19%) |
(19%) |
10% |
Table 1A:
CREDIT | RATES | ||||
(unaudited) |
High-Grade | High-Yield |
High-Grade/High-Yield Combined |
Municipals3 |
US Govt. Bonds3 |
Feb-24 |
19.5% |
12.9% |
18.1% |
6.8% |
2.0% |
Feb-23 |
20.1% |
19.2% |
19.9% |
5.4% |
2.8% |
Bps Change |
(60) bps |
(630) bps |
(180) bps |
+140 bps |
(80) bps |
1 The FPM for total credit and total rates for
2 See “General Notes Regarding the Data Presented” below.
3 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.
4 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; the level of trading volume transacted on the
About
Table 2: Trading Volume Detail |
|
|
|||||||||||||||||||||||||
|
|
|
Month Ended |
|
|
||||||||||||||||||||||
In millions (unaudited) |
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
|
||||||||||||||||
|
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
||||||
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High-grade |
|
|
$ |
154,246 |
|
|
$ |
7,712 |
|
|
$ |
127,843 |
|
|
|
$ |
6,729 |
|
|
|
20.7 |
|
% |
|
14.6 |
|
% |
High-yield |
|
|
|
28,821 |
|
|
|
1,441 |
|
|
|
43,502 |
|
|
|
|
2,290 |
|
|
|
(33.7 |
) |
|
|
(37.1 |
) |
|
Emerging markets |
|
|
|
72,517 |
|
|
|
3,626 |
|
|
|
61,217 |
|
|
|
|
3,222 |
|
|
|
18.5 |
|
|
|
12.5 |
|
|
Eurobonds |
|
|
|
40,986 |
|
|
|
1,952 |
|
|
|
35,808 |
|
|
|
|
1,790 |
|
|
|
14.5 |
|
|
|
9.1 |
|
|
Other credit |
|
|
|
8,912 |
|
|
|
445 |
|
|
|
7,881 |
|
|
|
|
415 |
|
|
|
13.1 |
|
|
|
7.2 |
|
|
Total credit trading1 |
|
|
|
305,482 |
|
|
|
15,176 |
|
|
|
276,251 |
|
|
|
|
14,446 |
|
|
|
10.6 |
|
|
|
5.1 |
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
372,261 |
|
|
|
18,613 |
|
|
|
437,356 |
|
|
|
|
23,019 |
|
|
|
(14.9 |
) |
|
|
(19.1 |
) |
|
Agency and other government bonds1 |
|
|
|
9,750 |
|
|
|
472 |
|
|
|
8,467 |
|
|
|
|
431 |
|
|
|
15.2 |
|
|
|
9.5 |
|
|
Total rates trading |
|
|
|
382,011 |
|
|
|
19,085 |
|
|
|
445,823 |
|
|
|
|
23,450 |
|
|
|
(14.3 |
) |
|
|
(18.6 |
) |
|
Total trading |
|
|
$ |
687,493 |
|
|
$ |
34,261 |
|
|
$ |
722,074 |
|
|
|
$ |
37,896 |
|
|
|
(4.8 |
) |
|
|
(9.6 |
) |
|
Number of |
|
|
|
|
|
|
20 |
|
|
|
|
|
|
|
19 |
|
|
|
|
|
|
|
|
|
|
||
Number of |
|
|
|
|
|
|
21 |
|
|
|
|
|
|
|
20 |
|
|
|
|
|
|
|
|
|
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||
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date Ended |
|
|
||||||||||||||||||||||
In millions (unaudited) |
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
|
||||||||||||||||
|
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
||||||
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High-grade |
|
|
$ |
311,339 |
|
|
$ |
7,594 |
|
|
$ |
252,301 |
|
|
|
$ |
6,469 |
|
|
|
23.4 |
|
% |
|
17.4 |
|
% |
High-yield |
|
|
|
58,151 |
|
|
|
1,418 |
|
|
|
80,962 |
|
|
|
|
2,076 |
|
|
|
(28.2 |
) |
|
|
(31.7 |
) |
|
Emerging markets |
|
|
|
150,766 |
|
|
|
3,677 |
|
|
|
130,095 |
|
|
|
|
3,336 |
|
|
|
15.9 |
|
|
|
10.2 |
|
|
Eurobonds |
|
|
|
83,741 |
|
|
|
1,947 |
|
|
|
76,406 |
|
|
|
|
1,864 |
|
|
|
9.6 |
|
|
|
4.5 |
|
|
Other credit |
|
|
|
17,685 |
|
|
|
431 |
|
|
|
18,417 |
|
|
|
|
472 |
|
|
|
(4.0 |
) |
|
|
(8.7 |
) |
|
Total credit trading1 |
|
|
|
621,682 |
|
|
|
15,067 |
|
|
|
558,181 |
|
|
|
|
14,217 |
|
|
|
11.4 |
|
|
|
6.0 |
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
716,788 |
|
|
|
17,483 |
|
|
|
879,442 |
|
|
|
|
22,550 |
|
|
|
(18.5 |
) |
|
|
(22.5 |
) |
|
Agency and other government bonds1 |
|
|
|
20,266 |
|
|
|
478 |
|
|
|
17,914 |
|
|
|
|
445 |
|
|
|
13.1 |
|
|
|
7.4 |
|
|
Total rates trading |
|
|
|
737,054 |
|
|
|
17,961 |
|
|
|
897,356 |
|
|
|
|
22,995 |
|
|
|
(17.9 |
) |
|
|
(21.9 |
) |
|
Total trading |
|
|
$ |
1,358,736 |
|
|
$ |
33,028 |
|
|
$ |
1,455,537 |
|
|
|
$ |
37,212 |
|
|
|
(6.7 |
) |
|
|
(11.2 |
) |
|
Number of |
|
|
|
|
|
|
41 |
|
|
|
|
|
|
|
39 |
|
|
|
|
|
|
|
|
|
|
||
Number of |
|
|
|
|
|
|
43 |
|
|
|
|
|
|
|
41 |
|
|
|
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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/20240304988693/en/
INVESTOR RELATIONS
+1 212 813 6313
sdavidson2@marketaxess.com
MEDIA RELATIONS
+1 917 267 1232
mmistry@marketaxess.com
Source: