MarketAxess Announces Monthly Volume Statistics for March and First Quarter 2024
Record Quarterly Total Credit Trading ADV of
“In the first quarter, we delivered record total credit ADV of
Select 1Q24 highlights*
-
Record total credit average daily trading volume (“ADV”) of
$15.0 billion , up 9.2%. -
Record
U.S. high-grade ADV of$7.5 billion, up 18.0% on a 21.3% increase in estimated market ADV.Estimated market share of 19.3%, down from 19.9% in the prior year. -
U.S. high-yield ADV of$1.4 billion , down 29.4%. Estimated market share of 12.9%, down from 18.3% in the prior year.U.S. high-yield estimated market ADV increased 0.5%. 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 54.3% decrease in ETF market maker client activity on the platform, and high-yield ETF notional market volume traded declined 25.2% compared to 1Q23.
—
-
Record emerging markets ADV of
$3.6 billion , up 17.3%. The year-over-year increase was due to a 13.1% increase in hard currency trading ADV and record local currency markets ADV, up 29.8%.2
— Our Latin America and
-
Record Eurobonds ADVof
$2.0 billion, up 10.6%.2 -
Municipal bondADV of
$419 million , down 6.4% with estimated market ADV down 18.5%.Estimated market share of 6.5%, up from 5.7% in the prior year.2 -
AxessIQ, the order and execution workflow solution designed for wealth management and private banking clients, achieved ADV of
$140.1 million , up 22.2% from the prior year. -
Record
$44.2 billion intotal portfolio trading volume, up 40.6%. - 34% Open Trading® share3 of total credit trading volume, down from 37% in the prior year.
-
Total rates ADV of
$17.7 billion , down 27.9% versus the prior year. -
The preliminary FPM1 for total credit for 1Q24 was approximately
$154 , compared to$165 in the prior year, and$156 in 4Q23. The decline in total credit FPM compared to the prior year was due principally to product mix shift. The preliminary FPM for total rates wasapproximately$4.70 , compared to$4.12 in the prior year.
*All comparisons versus 1Q23 unless otherwise noted.
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 |
|||||||||||||||||||||
Mar-24 |
20/20 |
$ |
31,831 |
|
$ |
14,814 |
|
$ |
7,233 |
|
$ |
1,361 |
|
$ |
3,533 |
|
$ |
2,255 |
|
$ |
417 |
|
$ |
17,017 |
|
$ |
16,450 |
|
$ |
567 |
|
|
Mar-23 |
23/23 |
$ |
39,882 |
|
$ |
12,882 |
|
$ |
6,128 |
|
$ |
1,823 |
|
$ |
2,685 |
|
$ |
1,824 |
|
$ |
401 |
|
$ |
27,000 |
|
$ |
26,602 |
|
$ |
398 |
|
|
% Change |
|
(20 |
%) |
|
15 |
% |
|
18 |
% |
|
(25 |
%) |
|
32 |
% |
|
24 |
% |
|
4 |
% |
|
(37 |
%) |
|
(38 |
%) |
|
42 |
% |
Table 1A:
CREDIT | RATES | |||||||||
(unaudited) |
High-Grade | High-Yield | High-Grade/High-Yield Combined | Municipals2 |
US Govt. Bonds2 |
|||||
Mar-24 |
19.3 |
% |
12.7 |
% |
17.9 |
% |
6.6 |
% |
2.0 |
% |
Mar-23 |
19.9 |
% |
18.9 |
% |
19.7 |
% |
5.6 |
% |
3.0 |
% |
Bps Change |
(60) bps |
(620) bps |
(180) bps |
+100 bps |
(100) bps |
Table 1B: 1Q24 trading ADV
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 |
|||||||||||||||||||||
1Q24 |
61/63 |
$ |
32,632 |
|
$ |
14,982 |
|
$ |
7,475 |
|
$ |
1,400 |
|
$ |
3,630 |
|
$ |
2,045 |
|
$ |
419 |
|
$ |
17,650 |
|
$ |
17,144 |
|
$ |
506 |
|
|
1Q23 |
62/64 |
$ |
38,202 |
|
$ |
13,721 |
|
$ |
6,334 |
|
$ |
1,982 |
|
$ |
3,094 |
|
$ |
1,849 |
|
$ |
447 |
|
$ |
24,481 |
|
$ |
24,053 |
|
$ |
428 |
|
|
% Change |
|
(15 |
%) |
|
9 |
% |
|
18 |
% |
|
(29 |
%) |
|
17 |
% |
|
11 |
% |
|
(6 |
%) |
|
(28 |
%) |
|
(29 |
%) |
|
18 |
% |
Table 1C: 1Q24 estimated market share
CREDIT | RATES | |||||||||
(unaudited) |
High-Grade | High-Yield | High-Grade/High-Yield Combined | Municipals2 |
US Govt. Bonds2 |
|||||
1Q24 |
19.3 |
% |
12.9 |
% |
17.9 |
% |
6.5 |
% |
2.0 |
% |
1Q23 |
19.9 |
% |
18.3 |
% |
19.5 |
% |
5.7 |
% |
3.0 |
% |
Bps Change |
(60) bps |
|
(540) bps |
(160) bps |
+80 bps |
(100) bps |
1 The FPM for total credit and total rates for 1Q24 are 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 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 |
|
|
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|
|
|
Month Ended |
|
|
||||||||||||||||||||||
In millions (unaudited) |
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
|
||||||||||||||||
|
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
||||||
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High-grade |
|
|
$ |
144,659 |
|
|
$ |
7,233 |
|
|
$ |
140,951 |
|
|
|
$ |
6,128 |
|
|
|
2.6 |
|
% |
|
18.0 |
|
% |
High-yield |
|
|
|
27,228 |
|
|
|
1,361 |
|
|
|
41,930 |
|
|
|
|
1,823 |
|
|
|
(35.1 |
) |
|
|
(25.3 |
) |
|
Emerging markets |
|
|
|
70,661 |
|
|
|
3,533 |
|
|
|
61,746 |
|
|
|
|
2,685 |
|
|
|
14.4 |
|
|
|
31.6 |
|
|
Eurobonds |
|
|
|
45,108 |
|
|
|
2,255 |
|
|
|
41,960 |
|
|
|
|
1,824 |
|
|
|
7.5 |
|
|
|
23.6 |
|
|
Other credit |
|
|
|
8,650 |
|
|
|
432 |
|
|
|
9,710 |
|
|
|
|
422 |
|
|
|
(10.9 |
) |
|
|
2.4 |
|
|
Total credit trading1 |
|
|
|
296,306 |
|
|
|
14,814 |
|
|
|
296,297 |
|
|
|
|
12,882 |
|
|
|
- |
|
|
|
15.0 |
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
329,008 |
|
|
|
16,450 |
|
|
|
611,850 |
|
|
|
|
26,602 |
|
|
|
(46.2 |
) |
|
|
(38.2 |
) |
|
Agency and other government bonds1 |
|
|
|
11,360 |
|
|
|
567 |
|
|
|
9,147 |
|
|
|
|
398 |
|
|
|
24.2 |
|
|
|
42.5 |
|
|
Total rates trading |
|
|
|
340,368 |
|
|
|
17,017 |
|
|
|
620,997 |
|
|
|
|
27,000 |
|
|
|
(45.2 |
) |
|
|
(37.0 |
) |
|
Total trading |
|
|
$ |
636,674 |
|
|
$ |
31,831 |
|
|
$ |
917,294 |
|
|
|
$ |
39,882 |
|
|
|
(30.6 |
) |
|
|
(20.2 |
) |
|
Number of |
|
|
|
|
|
|
20 |
|
|
|
|
|
|
|
23 |
|
|
|
|
|
|
|
|
|
|
||
Number of |
|
|
|
|
|
|
20 |
|
|
|
|
|
|
|
23 |
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
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|
|
Quarter and Year-to-Date Ended |
|
|
||||||||||||||||||||||
In millions (unaudited) |
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
|
||||||||||||||||
|
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
||||||
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High-grade |
|
|
$ |
455,998 |
|
|
$ |
7,475 |
|
|
$ |
392,715 |
|
|
|
$ |
6,334 |
|
|
|
16.1 |
|
% |
|
18.0 |
|
% |
High-yield |
|
|
|
85,379 |
|
|
|
1,400 |
|
|
|
122,873 |
|
|
|
|
1,982 |
|
|
|
(30.5 |
) |
|
|
(29.4 |
) |
|
Emerging markets |
|
|
|
221,427 |
|
|
|
3,630 |
|
|
|
191,841 |
|
|
|
|
3,094 |
|
|
|
15.4 |
|
|
|
17.3 |
|
|
Eurobonds |
|
|
|
128,849 |
|
|
|
2,045 |
|
|
|
118,366 |
|
|
|
|
1,849 |
|
|
|
8.9 |
|
|
|
10.6 |
|
|
Other credit |
|
|
|
26,335 |
|
|
|
432 |
|
|
|
28,683 |
|
|
|
|
462 |
|
|
|
(8.2 |
) |
|
|
(6.5 |
) |
|
Total credit trading1 |
|
|
|
917,988 |
|
|
|
14,982 |
|
|
|
854,478 |
|
|
|
|
13,721 |
|
|
|
7.4 |
|
|
|
9.2 |
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,045,796 |
|
|
|
17,144 |
|
|
|
1,491,292 |
|
|
|
|
24,053 |
|
|
|
(29.9 |
) |
|
|
(28.7 |
) |
|
Agency and other government bonds1 |
|
|
|
31,626 |
|
|
|
506 |
|
|
|
27,061 |
|
|
|
|
428 |
|
|
|
16.9 |
|
|
|
18.2 |
|
|
Total rates trading |
|
|
|
1,077,422 |
|
|
|
17,650 |
|
|
|
1,518,353 |
|
|
|
|
24,481 |
|
|
|
(29.0 |
) |
|
|
(27.9 |
) |
|
Total trading |
|
|
$ |
1,995,410 |
|
|
$ |
32,632 |
|
|
$ |
2,372,831 |
|
|
|
$ |
38,202 |
|
|
|
(15.9 |
) |
|
|
(14.6 |
) |
|
Number of |
|
|
|
|
|
|
61 |
|
|
|
|
|
|
|
62 |
|
|
|
|
|
|
|
|
|
|
||
Number of |
|
|
|
|
|
|
63 |
|
|
|
|
|
|
|
64 |
|
|
|
|
|
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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/20240402439192/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
Source: