MarketAxess Announces Monthly Volume Statistics for June and Second Quarter 2024
“In the second quarter, we delivered 12.4% growth in total credit ADV, driven by strength in
Select
-
Total average daily volume (“ADV”) of
$36.5 billion , up 33.8% (+13.5% compared toMay 2024 ) on strong growth in total credit ADV to$14.0 billion , up 14.3% (+5.0% compared to May 2024),and a 49.8% increase in total rates ADV (+19.4% compared toMay 2024 ).
-
U.S. high-grade ADV of$6.6 billion,up 17.0% (+8.2% compared toMay 2024 )on a 21.2% increase in estimated market ADV (+1.2% compared to May 2024).Estimated market share was 19.9% (20.2% including single-dealer portfolio trades),2 down from 20.6% (20.7% including single-dealer portfolio trades) in the prior year, but up from 18.6% (19.2% including single-dealer portfolio trades) inMay 2024 .2 -
U.S. high-yield ADV of$1.3 billion , down 13.8% (down 5.2% compared toMay 2024 ), with estimated market share of 13.9% (14.1% including single-dealer portfolio trades),2 down from 16.3% (16.4% including single-dealer portfolio trades) in the prior year, but up from 12.8% (13.1% including single-dealer portfolio trades) inMay 2024 .2U.S. high-yield estimated market ADV increased 1.1% compared to the prior year, but decreased 12.7% compared toMay 2024 .
Other Credit
-
Emerging markets ADV of
$3.6 billion , up 17.9% (+17.1% compared toMay 2024 ) with strong regional contribution across the LATAM, EMEA and APAC regions. The year-over-year increase was driven by a 25.1% increase in hard currency ADV, and record local currency markets ADV, up 12.0%. -
Eurobonds ADVof
$2.0 bllion, up 16.1% compared to the prior year, but down 11.5% fromMay 2024 . -
Municipal bondADV of
$549 million , up 48.4% (down 4.9% compared toMay 2024 ), with estimated market ADV down 6.2% (down 1.1% compared to May 2024).Estimated market share of 7.8%, up from 4.9% in the prior year, but down from 8.1% inMay 2024 .
Select Protocols and Open Trading®
-
$16.6 billion intotal portfolio trading volume, up 104.6% compared to the prior year, but down 10.8% fromMay 2024 .3 Approximately 55% of our portfolio trading volume was executed on X-Pro inJune 2024 . -
34% Open Trading share4 of total credit trading volume, up from 33% in the prior year, and in line with
May 2024 .
Rates
-
Total rates ADV of
$22.5 billion , up 49.8% versus the prior year, and up 19.4% fromMay 2024 .
Variable Transaction Fees Per Million (FPM)
-
The preliminary FPM1 for total credit for
June 2024 was approximately$148 , down from$156 in the prior year, and down slightly from$149 in May. The decline in total credit FPM year-over-year was due to product and protocol mix shift, principally lower levels ofU.S. high-yield activity and increased portfolio trading. The preliminary FPM for total rates wasapproximately$4.40 , compared to$4.58 in the prior year.
*All comparisons versus
Select 2Q24 highlights**
-
Total ADV of
$34.2 billion , up 22.8% on strong growth in total credit ADV to$13.7 billion , up 12.4%,and a 30.9% increase in total rates ADV.
-
U.S. high-grade ADV of$6.4 billion,up 13.0% on a 24.9% increase in estimated market ADV.Estimated market share was 18.7% (19.2% including single-dealer portfolio trades),2 down from 20.7% (20.8% including single-dealer portfolio trades).2 -
U.S. high-yield ADV of$1.3 billion , down 9.3%, with estimated market share of 13.5% (13.8% including single-dealer portfolio trades),2 down from 16.5% (16.6% including single-dealer portfolio trades).2U.S. high-yield estimated market ADV increased 11.1%. 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 37.1% decrease in ETF market maker client activity on the platform.
U.S. high-yield new issuance was$77.9 billion , up 43.9% from the prior year.
Other Credit
-
Emerging markets ADV of
$3.3 billion , up 23.0% with strong regional contribution across the LATAM, EMEA and APAC regions. The increase was driven by a 25.6% increase in hard currency ADV, and a 17.4% increase in local markets ADV.- 91% increase in hard currency block trading activity.
- Record
$4.7 billion in emerging markets portfolio trading volume.
-
Eurobonds ADVof
$2.1 bllion, up 8.3%. -
Municipal bondADV of
$522 million , up 34.2%, with estimated market ADV down 2.1%. Record estimated market share of 7.4%, up from 5.4% in the prior year.
Select Protocols, Open Trading & Workflow Tools
-
Record
$55.0 billion intotal portfolio trading volume, up 142.8% compared to the prior year, and up 24.4% from 1Q24.3 A record56% of our portfolio trading volume was executed on X-Pro. - 34% Open Trading share4 of total credit trading volume, in line with the prior year.
-
Dealer RFQ ADV of
$1.2 billion across all credit products increased 27.3%. -
AxessIQ, the order and execution workflow solution designed for wealth management and private banking clients, achieved ADV of
$135 million , up 22.5% from the prior year.
Rates
-
Total rates ADV of
$20.4 billion , up 30.9% versus the prior year.
Variable Transaction Fees Per Million (FPM)
-
The preliminary FPM1 for total credit for 2Q24 was approximately
$148 , down from$157 in the prior year, and down from$154 in 1Q24. The decline in total credit FPM year-over-year was due to product and protocol mix shift, principally lower levels ofU.S. high-yield activity and increased portfolio trading. The preliminary FPM for total rates wasapproximately$4.50 , compared to$4.70 in the prior year.
**All comparisons versus 2Q23 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 |
Jun-24 |
19/20 |
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|
|
|
|
|
|
|
Jun-23 |
21/22 |
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|
|
|
|
|
|
|
|
|
% Change |
|
34% |
14% |
17% |
(14%) |
18% |
16% |
48% |
50% |
48% |
125% |
Table 1A:
CREDIT | RATES | ||||
(unaudited) | High-Grade | High-Yield | High-Grade/High-Yield Combined | Municipals3 | US Govt. Bonds3 |
Jun-24 |
19.9% |
13.9% |
18.6% |
7.8% |
2.4% |
Jun-23 |
20.6% |
16.3% |
19.6% |
4.9% |
2.1% |
Bps Change |
(70) bps |
(240) bps |
(100) bps |
+290 bps |
+30 bps |
Table 1B: 2Q24 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 |
2Q24 |
63/61 |
|
|
|
|
|
|
|
|
|
|
2Q23 |
62/60 |
|
|
|
|
|
|
|
|
|
|
% Change |
|
23% |
12% |
13% |
(9%) |
23% |
8% |
34% |
31% |
29% |
80% |
Table 1C: 2Q24 estimated market share
CREDIT | RATES | ||||
(unaudited) | High-Grade | High-Yield | High-Grade/High-Yield Combined | Municipals3 | US Govt. Bonds3 |
2Q24 |
18.7% |
13.5% |
17.6% |
7.4% |
2.3% |
2Q23 |
20.7% |
16.5% |
19.7% |
5.4% |
2.1% |
Bps Change |
(200) bps |
(300) bps |
(210) bps |
+200 bps |
+20 bps |
1 The FPM for total credit and total rates for
2 The Company is highlighting the impact of single-dealer portfolio trading volume on
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
Due to variances in how portfolio trading market participants utilized the portfolio trading TRACE “flag,” the Company previously used its own internal methodology for calculating portfolio trading as an estimated percentage of TRACE volume and the Company’s estimated market share. The Company is reviewing recent improvements in the TRACE data, but it now believes that the portfolio trading TRACE “flag” more accurately reflects the true size of the portfolio trading market. As such, at this time, the Company is not presenting portfolio trading as an estimated percentage of TRACE volume or the Company’s portfolio trading estimated market share for
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 |
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|
||||||||||||||||||||||
In millions (unaudited) |
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|
2024 |
|
|
2023 |
|
|
% Change |
|
|
||||||||||||||||
|
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
||||||
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
High-grade |
|
|
$ |
125,814 |
|
|
$ |
6,622 |
|
|
$ |
118,868 |
|
|
|
$ |
5,660 |
|
|
|
5.8 |
|
% |
|
17.0 |
|
% |
High-yield |
|
|
|
23,788 |
|
|
|
1,252 |
|
|
|
30,509 |
|
|
|
|
1,453 |
|
|
|
(22.0 |
) |
|
|
(13.8 |
) |
|
Emerging markets |
|
|
|
68,426 |
|
|
|
3,601 |
|
|
|
64,103 |
|
|
|
|
3,053 |
|
|
|
6.7 |
|
|
|
17.9 |
|
|
Eurobonds |
|
|
|
40,231 |
|
|
|
2,012 |
|
|
|
38,124 |
|
|
|
|
1,733 |
|
|
|
5.5 |
|
|
|
16.1 |
|
|
Other credit |
|
|
|
10,608 |
|
|
|
559 |
|
|
|
8,105 |
|
|
|
|
385 |
|
|
|
30.9 |
|
|
|
45.2 |
|
|
Total credit trading1 |
|
|
|
268,867 |
|
|
|
14,046 |
|
|
|
259,709 |
|
|
|
|
12,284 |
|
|
|
3.5 |
|
|
|
14.3 |
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
408,907 |
|
|
|
21,521 |
|
|
|
306,127 |
|
|
|
|
14,577 |
|
|
|
33.6 |
|
|
|
47.6 |
|
|
Agency and other government bonds1 |
|
|
|
18,550 |
|
|
|
934 |
|
|
|
8,990 |
|
|
|
|
415 |
|
|
|
106.3 |
|
|
|
125.1 |
|
|
Total rates trading |
|
|
|
427,457 |
|
|
|
22,455 |
|
|
|
315,117 |
|
|
|
|
14,992 |
|
|
|
35.7 |
|
|
|
49.8 |
|
|
Total trading |
|
|
$ |
696,324 |
|
|
$ |
36,501 |
|
|
$ |
574,826 |
|
|
|
$ |
27,276 |
|
|
|
21.1 |
|
|
|
33.8 |
|
|
Number of |
|
|
|
|
|
|
19 |
|
|
|
|
|
|
|
21 |
|
|
|
|
|
|
|
|
|
|
||
Number of |
|
|
|
|
|
|
20 |
|
|
|
|
|
|
|
22 |
|
|
|
|
|
|
|
|
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||
|
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|
|
|
|
|
|
|
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|
|
|
|
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|
|
|
|
|
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|
|
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|
|
Quarter Ended |
|
|
||||||||||||||||||||||
In millions (unaudited) |
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
|
||||||||||||||||
|
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
||||||
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High-grade |
|
|
$ |
405,440 |
|
|
$ |
6,436 |
|
|
$ |
353,239 |
|
|
|
$ |
5,697 |
|
|
|
14.8 |
|
% |
|
13.0 |
|
% |
High-yield |
|
|
|
84,248 |
|
|
|
1,337 |
|
|
|
91,390 |
|
|
|
|
1,474 |
|
|
|
(7.8 |
) |
|
|
(9.3 |
) |
|
Emerging markets |
|
|
|
210,205 |
|
|
|
3,337 |
|
|
|
168,257 |
|
|
|
|
2,714 |
|
|
|
24.9 |
|
|
|
23.0 |
|
|
Eurobonds |
|
|
|
128,266 |
|
|
|
2,103 |
|
|
|
116,495 |
|
|
|
|
1,942 |
|
|
|
10.1 |
|
|
|
8.3 |
|
|
Other credit |
|
|
|
33,376 |
|
|
|
530 |
|
|
|
24,729 |
|
|
|
|
399 |
|
|
|
35.0 |
|
|
|
32.8 |
|
|
Total credit trading1 |
|
|
|
861,535 |
|
|
|
13,743 |
|
|
|
754,110 |
|
|
|
|
12,226 |
|
|
|
14.2 |
|
|
|
12.4 |
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,236,917 |
|
|
|
19,634 |
|
|
|
940,127 |
|
|
|
|
15,163 |
|
|
|
31.6 |
|
|
|
29.5 |
|
|
Agency and other government bonds1 |
|
|
|
48,506 |
|
|
|
792 |
|
|
|
26,721 |
|
|
|
|
439 |
|
|
|
81.5 |
|
|
|
80.4 |
|
|
Total rates trading |
|
|
|
1,285,423 |
|
|
|
20,426 |
|
|
|
966,848 |
|
|
|
|
15,602 |
|
|
|
32.9 |
|
|
|
30.9 |
|
|
Total trading |
|
|
$ |
2,146,958 |
|
|
$ |
34,169 |
|
|
$ |
1,720,958 |
|
|
|
$ |
27,828 |
|
|
|
24.8 |
|
|
|
22.8 |
|
|
Number of |
|
|
|
|
|
|
63 |
|
|
|
|
|
|
|
62 |
|
|
|
|
|
|
|
|
|
|
||
Number of |
61 |
60 |
Table 2: Trading Volume Detail (continued) |
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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 |
|
|
$ |
861,438 |
|
|
$ |
6,947 |
|
|
$ |
745,954 |
|
|
|
$ |
6,016 |
|
|
|
15.5 |
|
% |
|
15.5 |
|
% |
High-yield |
|
|
|
169,627 |
|
|
|
1,368 |
|
|
|
214,263 |
|
|
|
|
1,728 |
|
|
|
(20.8 |
) |
|
|
(20.8 |
) |
|
Emerging markets |
|
|
|
431,632 |
|
|
|
3,481 |
|
|
|
360,098 |
|
|
|
|
2,904 |
|
|
|
19.9 |
|
|
|
19.9 |
|
|
Eurobonds |
|
|
|
257,115 |
|
|
|
2,074 |
|
|
|
234,861 |
|
|
|
|
1,894 |
|
|
|
9.5 |
|
|
|
9.5 |
|
|
Other credit |
|
|
|
59,705 |
|
|
|
481 |
|
|
|
53,412 |
|
|
|
|
430 |
|
|
|
11.8 |
|
|
|
11.9 |
|
|
Total credit trading1 |
|
|
|
1,779,517 |
|
|
|
14,351 |
|
|
|
1,608,588 |
|
|
|
|
12,972 |
|
|
|
10.6 |
|
|
|
10.6 |
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,282,713 |
|
|
|
18,409 |
|
|
|
2,431,419 |
|
|
|
|
19,608 |
|
|
|
(6.1 |
) |
|
|
(6.1 |
) |
|
Agency and other government bonds1 |
|
|
|
80,132 |
|
|
|
646 |
|
|
|
53,782 |
|
|
|
|
434 |
|
|
|
49.0 |
|
|
|
48.8 |
|
|
Total rates trading |
|
|
|
2,362,845 |
|
|
|
19,055 |
|
|
|
2,485,201 |
|
|
|
|
20,042 |
|
|
|
(4.9 |
) |
|
|
(4.9 |
) |
|
Total trading |
|
|
$ |
4,142,362 |
|
|
$ |
33,406 |
|
|
$ |
4,093,789 |
|
|
|
$ |
33,014 |
|
|
|
1.2 |
|
|
|
1.2 |
|
|
Number of |
|
|
|
|
|
|
124 |
|
|
|
|
|
|
|
124 |
|
|
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|
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||
Number of |
|
|
|
|
|
|
124 |
|
|
|
|
|
|
|
124 |
|
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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 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240702802932/en/
INVESTOR RELATIONS
+1 212 813 6313
sdavidson2@marketaxess.com
MEDIA RELATIONS
+1 917 267 1232
mmistry@marketaxess.com
Source: