MarketAxess Announces Monthly Volume Statistics for April 2024
“In April, we delivered strong growth in credit ADV of 11.9%, driven by a 16.4% increase in
Select April highlights*
-
Total average daily volume (“ADV”) of
$34.1 billion , up 22.6% on a strong rebound in total rates trading ADV, up 31.3%, and strong growth in total credit ADV to$13.9 billion , up 11.9%. -
U.S. high-grade ADV of$6.6 billion, up 16.4% driven by a 39.6% increase in estimated market ADV.The strong increase in market volumes was driven by an 81% increase in portfolio trading and dealer-to-dealer trading volume in April, which represented approximately 62% of the growth in the market year-over-year (see table below).Estimated market share was 17.9% (18.2% including the impact of single-dealer portfolio trades),2 down from 21.5% (21.7% including the impact of single-dealer portfolio trades)2 in the prior year.
|
||||||
Portfolio Trading |
Dealer-to-Dealer Trading |
Portfolio Trading & Dealer-to-Dealer Combined |
||||
(unaudited) |
Average Daily Volume |
% Mix of TRACE |
Average Daily Volume |
% Mix of TRACE |
Average Daily Volume |
% Mix of TRACE |
Apr-24 |
|
11.3% |
|
27.7% |
|
39.0% |
Apr-23 |
|
5.5% |
|
24.5% |
|
30.0% |
% / BPS Change |
186% |
+580 bps |
58% |
+320 bps |
81% |
+900 bps |
-
U.S. high-yield ADV of$1.4 billion , down 1.2%, with estimated market share of 13.9%, down from 16.6% in the prior year, but up from 12.7% inMarch 2024 .U.S. high-yield estimated market ADV increased 18.1%. 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 16.9% decrease in ETF market maker client activity on the platform in April compared to the prior year. During the last two weeks of the month, however, hedge fund client activity increased on higher levels of credit spread volatility, resulting in an increase in estimated market share.
—
-
Emerging markets ADV of
$3.4 billion , up 31.7%. The year-over-year increase was due to a 29.1% increase in hard currency trading ADV and record local currency markets ADV, up 53.5%.3 -
Eurobonds ADVof
$2.0 billion , down 13.0%.3 The prior year included a large amount of client crossing programs, which benefited ADV and decreased FPM in prior year. Excluding the impact of client crossing programs in the prior year period, ADV would have increased 12.2%. -
Municipal bondADV of
$444 million , up 13.3%, with estimated market ADV up 1.7% compared to the prior year.Estimated market share of 6.4%, up from 5.7% in the prior year.3 -
AxessIQ, the order and execution workflow solution designed for wealth management and private banking clients, achieved ADV of
$125 million , up 22.3% from the prior year. -
Record
$19.7 billion intotal portfolio trading volume, up 198.1%. 85% of total portfolio trading volume on our platform was in-competition; single-dealer portfolio trades are excluded from reported trading volumes. Portfolio Trading represented an estimated 9.7% of total TRACE, up from an estimated 5.1% in the prior year.
— There was heightened portfolio trading activity during the last week of the month, and on the last day of trading in April,
— Approximately 57% of total portfolio trading volume was executed over X-Pro in April.
- 35% Open Trading® share4 of total credit trading volume, down from 36% in the prior year.
-
Total rates ADV of
$20.3 billion , up 31.3% versus the prior year, driven by an increase in client participation. -
The preliminary FPM1 for total credit for April was approximately
$150 , compared to$152 in the prior year, which includes the impact of client crossing programs in the prior year as discussed above. The preliminary FPM for total rates wasapproximately$4.40 , compared to$4.96 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 |
Apr-24 |
22/21 |
|
|
|
|
|
|
|
|
|
|
Apr-23 |
19/18 |
|
|
|
|
|
|
|
|
|
|
% Change |
|
23% |
12% |
16% |
(1%) |
32% |
(13%) |
13% |
31% |
31% |
44% |
Table 1A:
CREDIT | RATES | ||||
(unaudited) | High-Grade | High-Yield | High-Grade/High-Yield Combined | Municipals3 |
US Govt. Bonds3 |
Apr-24 |
17.9% |
13.9% |
17.1% |
6.4% |
2.3% |
Apr-23 |
21.5% |
16.6% |
20.3% |
5.7% |
2.2% |
Bps Change |
(360) bps |
(270) bps |
(320) bps |
+70 bps |
+10 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; 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 |
|
|
$ |
144,951 |
|
|
$ |
6,589 |
|
|
$ |
107,594 |
|
|
|
$ |
5,663 |
|
|
|
34.7 |
|
% |
|
16.4 |
|
% |
High-yield |
|
|
|
31,416 |
|
|
|
1,428 |
|
|
|
27,462 |
|
|
|
|
1,445 |
|
|
|
14.4 |
|
|
|
(1.2 |
) |
|
Emerging markets |
|
|
|
74,154 |
|
|
|
3,371 |
|
|
|
48,621 |
|
|
|
|
2,559 |
|
|
|
52.5 |
|
|
|
31.7 |
|
|
Eurobonds |
|
|
|
42,564 |
|
|
|
2,027 |
|
|
|
41,928 |
|
|
|
|
2,329 |
|
|
|
1.5 |
|
|
|
(13.0 |
) |
|
Other credit |
|
|
|
9,932 |
|
|
|
451 |
|
|
|
7,548 |
|
|
|
|
397 |
|
|
|
31.6 |
|
|
|
13.6 |
|
|
Total credit trading1 |
|
|
|
303,017 |
|
|
|
13,866 |
|
|
|
233,153 |
|
|
|
|
12,393 |
|
|
|
30.0 |
|
|
|
11.9 |
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
430,424 |
|
|
|
19,565 |
|
|
|
284,041 |
|
|
|
|
14,950 |
|
|
|
51.5 |
|
|
|
30.9 |
|
|
Agency and other government bonds1 |
|
|
|
15,212 |
|
|
|
718 |
|
|
|
9,210 |
|
|
|
|
500 |
|
|
|
65.2 |
|
|
|
43.6 |
|
|
Total rates trading |
|
|
|
445,636 |
|
|
|
20,283 |
|
|
|
293,251 |
|
|
|
|
15,450 |
|
|
|
52.0 |
|
|
|
31.3 |
|
|
Total trading |
|
|
$ |
748,653 |
|
|
$ |
34,149 |
|
|
$ |
526,404 |
|
|
|
$ |
27,843 |
|
|
|
42.2 |
|
|
|
22.6 |
|
|
Number of |
|
|
|
|
|
|
22 |
|
|
|
|
|
|
|
19 |
|
|
|
|
|
|
|
|
|
|
||
Number of |
|
|
|
|
|
|
21 |
|
|
|
|
|
|
|
18 |
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date Ended |
|
|
||||||||||||||||||||||
In millions (unaudited) |
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
|
||||||||||||||||
|
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
||||||
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High-grade |
|
|
$ |
600,949 |
|
|
$ |
7,240 |
|
|
$ |
500,309 |
|
|
|
$ |
6,177 |
|
|
|
20.1 |
|
% |
|
17.2 |
|
% |
High-yield |
|
|
|
116,795 |
|
|
|
1,407 |
|
|
|
150,335 |
|
|
|
|
1,856 |
|
|
|
(22.3 |
) |
|
|
(24.2 |
) |
|
Emerging markets |
|
|
|
295,581 |
|
|
|
3,561 |
|
|
|
240,462 |
|
|
|
|
2,969 |
|
|
|
22.9 |
|
|
|
19.9 |
|
|
Eurobonds |
|
|
|
171,413 |
|
|
|
2,041 |
|
|
|
160,294 |
|
|
|
|
1,955 |
|
|
|
6.9 |
|
|
|
4.4 |
|
|
Other credit |
|
|
|
36,267 |
|
|
|
436 |
|
|
|
36,231 |
|
|
|
|
447 |
|
|
|
0.1 |
|
|
|
(2.5 |
) |
|
Total credit trading1 |
|
|
|
1,221,005 |
|
|
|
14,685 |
|
|
|
1,087,631 |
|
|
|
|
13,404 |
|
|
|
12.3 |
|
|
|
9.6 |
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,476,220 |
|
|
|
17,786 |
|
|
|
1,775,333 |
|
|
|
|
21,918 |
|
|
|
(16.8 |
) |
|
|
(18.9 |
) |
|
Agency and other government bonds1 |
|
|
|
46,838 |
|
|
|
559 |
|
|
|
36,271 |
|
|
|
|
444 |
|
|
|
29.1 |
|
|
|
25.9 |
|
|
Total rates trading |
|
|
|
1,523,058 |
|
|
|
18,345 |
|
|
|
1,811,604 |
|
|
|
|
22,362 |
|
|
|
(15.9 |
) |
|
|
(18.0 |
) |
|
Total trading |
|
|
$ |
2,744,063 |
|
|
$ |
33,030 |
|
|
$ |
2,899,235 |
|
|
|
$ |
35,766 |
|
|
|
(5.4 |
) |
|
|
(7.6 |
) |
|
Number of |
|
|
|
|
|
|
83 |
|
|
|
|
|
|
|
81 |
|
|
|
|
|
|
|
|
|
|
||
Number of |
|
|
|
|
|
|
84 |
|
|
|
|
|
|
|
82 |
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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/20240502616235/en/
INVESTOR RELATIONS
+1 212 813 6313
sdavidson2@marketaxess.com
MEDIA RELATIONS
+1 917 267 1232
mmistry@marketaxess.com
Source: