MarketAxess Announces Monthly Volume Statistics for December 2022
Open Trading estimated price improvement4 was approximately
The strong share gains we delivered this year reflect the increasing strength of our franchise, driven by the investments we have made to expand our product and geographic foundation. We believe that these strong results and the favorable backdrop for fixed income markets in 2023 create a very attractive operating environment for our model in the new year.”
Select
-
Strong December with 27% increase intotal credit average daily volume (“ADV”) to
$10.6 billion. - Record 22.8% (+140 bps) composite corporate bond estimated market share,2 up from 21.4%.
-
26% increase in
U.S. high-grade ADV to$5.1 billion with estimated market share of 23.4%. EstimatedU.S. high-grade TRACE market ADV increased 27%. -
25% increasein
U.S. high-yield ADV to$1.6 billion with record estimated market share of 21.4% (+310 bps), up from 18.3%. -
Emerging markets ADV of
$2.1 billion, down slightly; flat excluding the impact of foreign currency fluctuations. Emerging markets market volumes down 22%. Record 32.9% estimated market share of FINRA TRACE-reportable emerging markets trading volume.3 -
Record 19.6%
(+520 bps) estimated Eurobonds market share, up from 14.4%.
$1.4 billion in Eurobonds ADV, representing an increase of 56%; upapproximately 63% excluding the impact of foreign currency fluctuations. -
$473 million in municipal bondADVwith record estimated market share of 5.5%(+330 bps). -
38% of total credit trading volume was executed via Open Trading®, up from 36%. Estimated price improvement4 via Open Trading was approximately
$79 million, and average estimated price improvement per million was$1,042 . -
The preliminary FPM for total credit for December was
$165 , compared to$163 in November. The increase inU.S. high-grade average fees per million in December, driven in part by an increase in duration during the month, was partially offset by lower average fees per million in other credit products due to product mix.1
*All comparisons versus
Table 1:
CREDIT | RATES | ||||||||||||||||||||||||||||||
$ in millions (unaudited) |
US/ Trading Days5 |
Total ADV |
Total Credit |
High-Grade | High-Yield |
Emerging Markets |
Eurobonds |
Municipal Bonds |
Total Rates |
US Govt. Bonds |
Agcy./Other Govt. Bonds |
||||||||||||||||||||
Dec-22 |
21/20 |
$ |
27,191 |
|
$ |
10,613 |
|
$ |
5,069 |
|
$ |
1,557 |
|
$ |
2,148 |
|
$ |
1,350 |
|
$ |
473 |
|
$ |
16,578 |
|
$ |
16,235 |
|
$ |
343 |
|
Dec-21 |
22/21 |
$ |
24,505 |
|
$ |
8,386 |
|
$ |
4,024 |
|
$ |
1,248 |
|
$ |
2,151 |
|
$ |
867 |
|
$ |
83 |
|
$ |
16,119 |
|
$ |
15,882 |
|
$ |
237 |
|
% Change |
|
11 |
% |
|
27 |
% |
|
26 |
% |
|
25 |
% |
|
(0 |
%) |
|
56 |
% |
|
470 |
% |
|
3 |
% |
|
2 |
% |
|
45 |
% |
Table 1A:
CREDIT | RATES | |||||||||||||
(unaudited) |
High-Grade | High-Yield |
High-Grade/High- Yield Combined |
Eurobonds |
Composite Corporate Bond2 |
Municipals |
US Govt. Bonds |
|||||||
Dec-22 |
23.4 |
% |
21.4 |
% |
22.9 |
% |
19.6 |
% |
22.8 |
% |
5.5 |
% |
3.1 |
% |
Dec-21 |
23.6 |
% |
18.3 |
% |
22.1 |
% |
14.4 |
% |
21.4 |
% |
2.2 |
% |
2.8 |
% |
Bps Change | (20) bps | +310 bps | +80 bps | +520 bps | +140 bps | +330 bps | +30 bps |
Table 1B: 4Q22 trading ADV
CREDIT | RATES | ||||||||||||||||||||||||||||||
$ in millions (unaudited) |
US/ Trading Days5 |
Total ADV |
Total Credit |
High-Grade | High-Yield |
Emerging Markets |
Eurobonds |
Municipal Bonds |
Total Rates |
US Govt. Bonds |
Agcy./Other Govt. Bonds |
||||||||||||||||||||
4Q22 |
61/63 |
$ |
30,424 |
|
$ |
12,042 |
|
$ |
5,487 |
|
$ |
1,805 |
|
$ |
2,666 |
|
$ |
1,569 |
|
$ |
500 |
|
$ |
18,382 |
|
$ |
18,026 |
|
$ |
356 |
|
4Q21 |
62/64 |
$ |
29,158 |
|
$ |
9,711 |
|
$ |
4,482 |
|
$ |
1,355 |
|
$ |
2,590 |
|
$ |
1,169 |
|
$ |
107 |
|
$ |
19,447 |
|
$ |
19,087 |
|
$ |
360 |
|
% Change |
|
4 |
% |
|
24 |
% |
|
22 |
% |
|
33 |
% |
|
3 |
% |
|
34 |
% |
|
367 |
% |
|
(5 |
%) |
|
(6 |
%) |
|
(1 |
%) |
Table 1C: 4Q22 estimated market share
CREDIT | RATES | |||||||||||||
(unaudited) |
High-Grade |
High-Yield |
High-Grade/High-
|
Eurobonds |
Composite
|
Municipals |
US Govt.
|
|||||||
4Q22 |
21.1 |
% |
20.5 |
% |
20.9 |
% |
18.2 |
% |
20.9 |
% |
5.0 |
% |
3.1 |
% |
4Q21 |
21.2 |
% |
15.5 |
% |
19.5 |
% |
13.2 |
% |
18.8 |
% |
2.4 |
% |
2.9 |
% |
Bps Change | (10) bps | +500 bps | +140 bps | +500 bps | +210 bps | +260 bps | +20 bps |
Select 4Q22 highlights**
-
24% increase intotal credit ADV to
$12.0 billion. - Record 20.9% (+210 bps) composite corporate bond estimated market share,2 up from 18.8%.
-
22% increase in
U.S. high-grade ADV to$5.5 billion with estimated market share of 21.1%. EstimatedU.S. high-grade TRACE market ADV increased 23%. -
Record
U.S. high-yield estimated market share of 20.5% (+500 bps), up from 15.5%, on ADV of$1.8 billion, representing an increase of 33%. -
Emerging markets ADV of
$2.7 billion, up 3%; up approximately 5% excluding the impact of foreign currency fluctuations. Emerging markets market volumes down 22%. Record31.5% estimated market share of FINRA TRACE-reportable emerging markets trading volume.3 -
Record 18.2%
(+500 bps) Eurobonds estimated market share, up from 13.2% on record ADV of
$1.6 billion, representing an increase of 34%; upapproximately 49% excluding the impact of foreign currency fluctuations. -
Record 5.0% (+260 bps) municipal bond estimated market share on record ADV of
$500 million. -
Record 38% of total credit trading volume was executed via Open Trading, up from 36% in the prior year. Estimated price improvement4 via Open Trading was approximately
$246 million, and average estimated price improvement per million was$988 . -
Record
$31 billion in portfolio trading volume, up from$13 billion in 4Q21, and$25 billion in 3Q22. -
3.1%
(+20 bps)
U.S. Treasury estimated market share,up from 2.9%. -
The preliminary FPM for total credit for the quarter was
$164.0 , compared to$165.6 in 3Q22. The preliminary FPM for total rates for the quarter was$4.10 .1
**All comparisons versus 4Q21 unless otherwise noted.
1 The FPM for total credit and total rates for the month of December and quarter ended
2 Composite corporate bond estimated market share is defined as combined estimated market share across
3 Emerging markets estimated market share calculated using FINRA TRACE-reportable emerging markets trading volume, principally
4 Estimated price improvement consists of estimated liquidity taker price improvement (defined as the difference between the winning price and the best disclosed dealer cover price) and estimated liquidity provider price improvement (defined as the difference between the winning price and then current Composite+ bid or offer level, offer if the provider is buying, bid if provider is selling) at the time of the inquiry.
5 The number of
Reported
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements, including statements about the outlook and prospects for Company 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 |
|
|
|||||||||||||||||||||||||
|
|
|
Month Ended |
|
|
||||||||||||||||||||||
In millions (unaudited) |
|
|
2022 |
|
|
2021 |
|
|
% Change |
|
|
||||||||||||||||
|
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
||||||
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High-grade |
|
|
$ |
106,454 |
|
|
$ |
5,069 |
|
|
$ |
88,523 |
|
|
|
$ |
4,024 |
|
|
|
20.3 |
|
% |
|
26.0 |
|
% |
High-yield |
|
|
|
32,694 |
|
|
|
1,557 |
|
|
|
27,466 |
|
|
|
|
1,248 |
|
|
|
19.0 |
|
|
|
24.8 |
|
|
Emerging markets |
|
|
|
45,101 |
|
|
|
2,148 |
|
|
|
47,324 |
|
|
|
|
2,151 |
|
|
|
(4.7 |
) |
|
|
(0.1 |
) |
|
Eurobonds |
|
|
|
27,007 |
|
|
|
1,350 |
|
|
|
18,199 |
|
|
|
|
867 |
|
|
|
48.4 |
|
|
|
55.7 |
|
|
Other credit1 |
|
|
|
10,274 |
|
|
|
489 |
|
|
|
2,102 |
|
|
|
|
96 |
|
|
|
388.8 |
|
|
|
409.4 |
|
|
Total credit trading2 |
|
|
|
221,530 |
|
|
|
10,613 |
|
|
|
183,614 |
|
|
|
|
8,386 |
|
|
|
20.6 |
|
|
|
26.6 |
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
340,932 |
|
|
|
16,235 |
|
|
|
349,408 |
|
|
|
|
15,882 |
|
|
|
(2.4 |
) |
|
|
2.2 |
|
|
Agency and other government bonds2 |
|
|
|
7,018 |
|
|
|
343 |
|
|
|
5,103 |
|
|
|
|
237 |
|
|
|
37.5 |
|
|
|
44.7 |
|
|
Total rates trading |
|
|
|
347,950 |
|
|
|
16,578 |
|
|
|
354,511 |
|
|
|
|
16,119 |
|
|
|
(1.9 |
) |
|
|
2.8 |
|
|
Total trading |
|
|
$ |
569,480 |
|
|
$ |
27,191 |
|
|
$ |
538,125 |
|
|
|
$ |
24,505 |
|
|
|
5.8 |
|
|
|
11.0 |
|
|
Number of |
|
|
|
|
|
|
21 |
|
|
|
|
|
|
|
22 |
|
|
|
|
|
|
|
|
|
|
||
Number of |
|
|
|
|
|
|
20 |
|
|
|
|
|
|
|
21 |
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
||||||||||||||||||||||
In millions (unaudited) |
|
|
2022 |
|
|
2021 |
|
|
% Change |
|
|
||||||||||||||||
|
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
||||||
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High-grade |
|
|
$ |
334,735 |
|
|
$ |
5,487 |
|
|
$ |
277,891 |
|
|
|
$ |
4,482 |
|
|
|
20.5 |
|
% |
|
22.4 |
|
% |
High-yield |
|
|
|
110,091 |
|
|
|
1,805 |
|
|
|
84,004 |
|
|
|
|
1,355 |
|
|
|
31.1 |
|
|
|
33.2 |
|
|
Emerging markets |
|
|
|
162,597 |
|
|
|
2,666 |
|
|
|
160,560 |
|
|
|
|
2,590 |
|
|
|
1.3 |
|
|
|
2.9 |
|
|
Eurobonds |
|
|
|
98,853 |
|
|
|
1,569 |
|
|
|
74,817 |
|
|
|
|
1,169 |
|
|
|
32.1 |
|
|
|
34.2 |
|
|
Other credit1 |
|
|
|
31,404 |
|
|
|
515 |
|
|
|
7,131 |
|
|
|
|
115 |
|
|
|
340.4 |
|
|
|
347.8 |
|
|
Total credit trading2 |
|
|
|
737,680 |
|
|
|
12,042 |
|
|
|
604,403 |
|
|
|
|
9,711 |
|
|
|
22.1 |
|
|
|
24.0 |
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,099,596 |
|
|
|
18,026 |
|
|
|
1,183,410 |
|
|
|
|
19,087 |
|
|
|
(7.1 |
) |
|
|
(5.6 |
) |
|
Agency and other government bonds2 |
|
|
|
22,138 |
|
|
|
356 |
|
|
|
22,685 |
|
|
|
|
360 |
|
|
|
(2.4 |
) |
|
|
(1.1 |
) |
|
Total rates trading |
|
|
|
1,121,734 |
|
|
|
18,382 |
|
|
|
1,206,095 |
|
|
|
|
19,447 |
|
|
|
(7.0 |
) |
|
|
(5.5 |
) |
|
Total trading |
|
|
$ |
1,859,414 |
|
|
$ |
30,424 |
|
|
$ |
1,810,498 |
|
|
|
$ |
29,158 |
|
|
|
2.7 |
|
|
|
4.3 |
|
|
Number of |
|
|
|
|
|
|
61 |
|
|
|
|
|
|
|
62 |
|
|
|
|
|
|
|
|
|
|
||
Number of |
|
|
|
|
|
|
63 |
|
|
|
|
|
|
|
64 |
|
|
|
|
|
|
|
|
|
|
Table 2: Trading Volume Detail (continued) |
|
|
|||||||||||||||||||||||||
|
|
|
Year-to-Date Ended |
|
|
||||||||||||||||||||||
In millions (unaudited) |
|
|
2022 |
|
|
2021 |
|
|
% Change |
|
|
||||||||||||||||
|
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
||||||
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High-grade |
|
|
$ |
1,364,530 |
|
|
$ |
5,480 |
|
|
$ |
1,243,180 |
|
|
|
$ |
4,973 |
|
|
|
9.8 |
|
% |
|
10.2 |
|
% |
High-yield |
|
|
|
424,812 |
|
|
|
1,706 |
|
|
|
371,116 |
|
|
|
|
1,484 |
|
|
|
14.5 |
|
|
|
15.0 |
|
|
Emerging markets |
|
|
|
693,560 |
|
|
|
2,785 |
|
|
|
649,455 |
|
|
|
|
2,598 |
|
|
|
6.8 |
|
|
|
7.2 |
|
|
Eurobonds |
|
|
|
362,713 |
|
|
|
1,451 |
|
|
|
334,899 |
|
|
|
|
1,324 |
|
|
|
8.3 |
|
|
|
9.6 |
|
|
Other credit1 |
|
|
|
99,225 |
|
|
|
398 |
|
|
|
26,134 |
|
|
|
|
105 |
|
|
|
279.7 |
|
|
|
279.0 |
|
|
Total credit trading2 |
|
|
|
2,944,840 |
|
|
|
11,820 |
|
|
|
2,624,784 |
|
|
|
|
10,484 |
|
|
|
12.2 |
|
|
|
12.7 |
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,347,607 |
|
|
|
21,476 |
|
|
|
4,074,451 |
|
|
|
|
16,298 |
|
|
|
31.2 |
|
|
|
31.8 |
|
|
Agency and other government bonds2 |
|
|
|
96,782 |
|
|
|
388 |
|
|
|
70,513 |
|
|
|
|
281 |
|
|
|
37.3 |
|
|
|
38.1 |
|
|
Total rates trading |
|
|
|
5,444,389 |
|
|
|
21,864 |
|
|
|
4,144,964 |
|
|
|
|
16,579 |
|
|
|
31.3 |
|
|
|
31.9 |
|
|
Total trading |
|
|
$ |
8,389,229 |
|
|
$ |
33,684 |
|
|
$ |
6,769,748 |
|
|
|
$ |
27,063 |
|
|
|
23.9 |
|
|
|
24.5 |
|
|
Number of |
|
|
|
|
|
|
249 |
|
|
|
|
|
|
|
250 |
|
|
|
|
|
|
|
|
|
|
||
Number of |
|
|
|
|
|
|
250 |
|
|
|
|
|
|
|
253 |
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Beginning |
|||||||||||||||||||||||||||
2 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. |
|||||||||||||||||||||||||||
3 Consistent with industry standards, |
|||||||||||||||||||||||||||
4 The number of |
|||||||||||||||||||||||||||
5 The number of |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230104006047/en/
INVESTOR RELATIONS
S
tephen Davidson
+1 212 813 6313
sdavidson2@marketaxess.com
MEDIA RELATIONS
M
arisha Mistry
+1 917 267 1232
mmistry@marketaxess.com
RF | Binder
+1 917 239 6726
Source: