Menu Search

Company Announcements

Marketaxess Holdings Inc

MarketAxess Announces Trading Volume Statistics for March and First Quarter 2025

Strong Finish to 1Q25 Driven by Record Total Credit ADV in March 2025, Up 20%

Record Total Portfolio Trading ADV in March 2025 and 1Q25

Record Levels of Block Trading in Emerging Markets and Eurobonds in 1Q25

NEW YORK--(BUSINESS WIRE)--Apr. 4, 2025-- MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced trading volume and preliminary variable transaction fees per million (“FPM”) for March 2025 and the first quarter ended March 31, 2025.1

Chris Concannon, CEO of MarketAxess, commented:
“Our record trading results in March, combined with the progress we are seeing from the enhancements we have made to our portfolio trading solution, the launch of our High Touch block trading solution in eurobonds and emerging markets, and our dealer solutions offering, helped drive our record 1Q25 ADV performance. We generated record 1Q25 total ADV on record ADV across most of our product areas, which included record portfolio trading ADV and record block trading ADV across both emerging markets and eurobonds. We also generated record Dealer RFQ ADV, driven in part by improving market share of this important channel. We are encouraged by the increase in volatility in the markets and record levels of Open Trading activity on our platform, which helped drive improved estimated market share in March relative to February. We believe the new capabilities we have launched, combined with continued volatility in the market, should help drive higher levels of market share in U.S. credit in the coming quarters.”

Records for March and First Quarter 2025

  • Total average daily volume ( “ADV” ) in March 2025 and 1Q25 of $46.5 billion and $42.9 billion, respectively.
  • Total credit ADV in March 2025 and 1Q25 of $17.8 billion and $15.9 billion, respectively.
  • U.S. high-grade ADV March 2025 and 1Q25 of $8.7 billionand$7.6 billion, respectively.
  • Emerging markets ADV in 1Q25 of $3.9 billion.
    • Block trading ADV in March 2025 and 1Q25 of $1.7 billion and $1.6 billion, respectively.
  • Eurobonds ADV in March 2025 and 1Q25 of $2.7billion and $2.3 billion, respectively.
    • Block trading ADV 1Q25 of $407 million.
  • Total portfolio trading ADV in March 2025 and 1Q25 of $1.5 billion and $1.3 billion, respectively.
    • Portfolio trading volume executed over X-Pro in March 2025 and 1Q25 of 91% and 85%, respectively.
  • Dealer RFQ ADV in March and 1Q25 of $2.0 billion and $1.8 billion, respectively.
  • Open Trading ADV in March 2025 and 1Q25 of $5.5 billion and$4.8 billion, respectively.
  • AxessIQ ADV in March 2025 and 1Q25 of $175 million and $159 million, respectively.

Select March and First Quarter 2025 Highlights

Trading ADV

  • Record March 2025 total ADV of $46.5 billion increased 46% compared to the prior year, and increased 7% compared to February 2025 levels driven by record total credit ADV. Record 1Q25 total ADV of $42.9 billion increased 31% compared to the prior year, and increased 5% compared to 4Q24 levels driven by record total credit ADV.

Table 1: MarketAxess Trading ADV2

Month % Change Quarter % Change
Mar-25 Feb-25 Mar-24 YoY MoM

 

1Q25

 

4Q24

 

1Q24

YoY QoQ
MKTX TRADING ADV ($ millions)
Credit
U.S. High-Grade

$

8,666

$

7,061

$

7,233

20

%

23

%

$

7,562

$

6,454

$

7,475

1

%

17

 

%

U.S. High-Yield

 

1,701

 

1,438

 

1,361

25

18

 

1,475

 

1,345

 

1,400

5

10

 

Emerging Markets

 

4,090

 

4,105

 

3,533

16

0

 

3,939

 

3,459

 

3,630

9

14

 

Eurobonds

 

2,680

 

2,272

 

2,255

19

18

 

2,348

 

2,001

 

2,045

15

17

 

Other Credit Products2

 

639

 

617

 

432

48

4

 

598

 

624

 

432

38

(4

)

Municipal Bonds

 

635

 

614

 

417

52

3

 

594

 

620

 

419

42

(4

)

Total MKTX Credit ADV

$

17,776

$

15,493

$

14,814

20

15

$

15,922

$

13,883

$

14,982

6

15

 

Rates
U.S. Government Bonds

$

27,624

$

26,901

$

16,450

68

%

3

%

$

25,936

$

25,952

$

17,144

51

%

(0

)

%

Agencies and Other Government Bonds

 

1,090

 

969

 

567

92

12

 

1,047

 

1,195

 

506

107

(12

)

Total MKTX Rates ADV

$

28,714

$

27,870

$

17,017

69

3

$

26,983

$

27,147

$

17,650

53

(1

)

Total MKTX Trading ADV

$

46,490

$

43,363

$

31,831

46

7

$

42,905

$

41,030

$

32,632

31

5

 

U.S. Trading Days3

 

21

 

19

 

20

 

61

 

62

 

61

U.K. Trading Days3

 

21

 

20

 

20

 

63

 

64

 

63

Table 1A: Market Trading ADV

Month % Change Quarter % Change
Mar-25 Feb-25 Mar-24 YoY MoM

 

1Q25

 

4Q24

 

1Q24

YoY QoQ
MARKET TRADING ADV ($ millions)
Credit
U.S. High-Grade TRACE

$

45,024

$

41,522

$

37,403

20

%

8

 

%

$

41,910

$

34,986

$

38,672

8

%

20

%

U.S. High-Yield TRACE

 

13,605

 

12,999

 

10,718

27

5

 

 

12,419

 

10,061

 

10,880

14

23

Total U.S. Credit TRACE

 

58,629

 

54,522

 

48,121

22

8

 

 

54,329

 

45,046

 

49,552

10

21

Municipal Bonds MSRB

 

9,895

 

8,943

 

6,331

56

11

 

 

9,347

 

8,755

 

6,424

46

7

Rates
U.S. Government Bonds TRACE

$

1,097,090

$

999,242

$

803,810

36

%

10

 

%

$

1,002,379

$

926,037

$

878,389

14

%

8

%

Agency TRACE

 

3,957

 

5,144

 

3,383

17

(23

)

 

4,290

 

3,897

 

3,817

12

10

U.S. Trading Days3

 

21

 

19

 

20

 

61

 

62

 

61

U.K. Trading Days3

 

21

 

20

 

20

 

63

 

64

 

63

Estimated Market Share 4

  • U.S. high-grade estimated market share, including the impact of single-dealer portfolio trades, was 20.0% in March 2025, up from 19.8% in the prior year, and up from 17.8% in February 2025. In 1Q25, including the impact of single-dealer portfolio trades, U.S. high-grade estimated market share was 18.6%, down from 19.7% in the prior year, and down slightly from 18.8% in 4Q24.
  • U.S. high-yield estimated market share, including the impact of single-dealer portfolio trades,was 12.8% in March 2025, down slightly from 13.0% in the prior year, but up from 12.1% in February 2025. In 1Q25, including the impact of single-dealer portfolio trades, U.S. high-yield estimated market share was 12.4%, down from 13.0% in the prior year, and down from 13.7% in 4Q24.
  • Municipal bondestimated market share was 6.4% in March 2025, down slightly from 6.6% in the prior year, and down from 6.9% in February 2025. Municipal bondestimated market share was 6.4% in 1Q25, down slightly from 6.5% in the prior year, and down from 7.1% in 4Q24.
  • Estimated U.S. government bonds market share was 2.5% in March 2025, up from 2.0% in the prior year, but down slightly from 2.7% in February 2025. 1Q25 estimated U.S. government bonds market share was 2.6%, up from 2.0% in the prior year, but down slightly from 2.8% in 4Q24.

Table 1B: Estimated Market Share4

Month % Change Quarter % Change
Mar-25 Feb-25 Mar-24 YoY MoM

1Q25

4Q24

1Q24

YoY QoQ
MKTX ESTIMATED MARKET SHARE (%)
U.S. High-Grade
% of U.S. High-Grade TRACE (incl. SD PT)4

20.0

%

17.8

%

19.8

%

0.2

 

%

2.2

 

%

18.6

%

18.8

%

19.7

%

(1.1

)

%

(0.2

)

%

% of U.S. High-Grade TRACE (excl. SD PT)4

19.2

%

17.0

%

19.3

%

(0.1

)

2.2

 

18.0

%

18.4

%

19.3

%

(1.3

)

(0.4

)

U.S. High-Yield
% of U.S. High-Yield TRACE (incl. SD PT)4

12.8

%

12.1

%

13.0

%

(0.2

)

%

0.7

 

%

12.4

%

13.7

%

13.0

%

(0.6

)

%

(1.3

)

%

% of U.S. High-Yield TRACE (excl. SD PT)4

12.5

%

11.1

%

12.7

%

(0.2

)

1.4

 

11.9

%

13.4

%

12.9

%

(1.0

)

(1.5

)

Other Credit Products
% of Municipal Bonds MSRB

6.4

%

6.9

%

6.6

%

(0.2

)

%

(0.5

)

%

6.4

%

7.1

%

6.5

%

(0.1

)

%

(0.7

)

%

Rates
% of U.S. Government Bonds TRACE

2.5

%

2.7

%

2.0

%

0.5

 

%

(0.2

)

%

2.6

%

2.8

%

2.0

%

0.6

 

%

(0.2

)

%

Strategic Priority Related Protocols & Workflow Tools

Client-Initiated Channel

  • Record March 2025 emerging markets block trading ADV (hard currency blocks defined as trade sizes ≥ $3 million notional, local currency blocks defined as trade sizes ≥ $5 million notional) of $1.7 billion increased 37% from the prior year, and increased 4% from February 2025. Record 1Q25 emerging markets block trading ADV of $1.6 billion increased 22% from the prior year, and increased 31% from 4Q24. Block trading in emerging markets is benefiting from the launch of our targeted block solution in late 2024, which has generated cumulative trading volume of approximately$1.2 billion since launch.
  • March 2025 eurobonds block trading ADV (defined as trade sizes ≥ $5 million notional) of$510 million increased 106% from the prior year, and increased 34% from February 2025. Record 1Q25 eurobonds block trading ADV of$407 million increased 68% from the prior year, and increased 37% from 4Q24. Block trading in eurobonds is benefiting from the launch of our targeted block solution in January 2025, which has generated cumulative trading volume of over $1.8 billion since launch.

Portfolio Trading Channel 5

  • Record March 2025 total portfolio trading ADV of $1.5 billionincreased 134% compared to the prior year,and increased 4% compared to February 2025. A record91% of portfolio trading volume was executed over X-Pro in March 2025. Record 1Q25total portfolio trading ADV of $1.3 billionincreased 78% compared to the prior year,and increased 21% compared to 4Q24. A record85% of portfolio trading volume was executed over X-Pro in 1Q25.
    • March 2025 estimated U.S. credit TRACE portfolio trading market ADV increased 50% compared to the prior year, and increased 12% compared to February 2025. In 1Q25, estimated U.S. credit TRACE portfolio trading market ADV increased 25% compared to the prior year and increased 16% compared to 4Q24.
  • Our estimated market share of U.S. credit TRACE portfolio trading was 20.1% in March 2025, up from 12.5% in the prior year, but down from 20.7% in February 2025. Our estimated market share of U.S. credit TRACE portfolio trading was 18.8% in 1Q25, up from 13.3% in the prior year, and up from 16.2% in 4Q24.
    • Portfolio trading represented approximately 11% of U.S. credit TRACE in March 2025, up from 9% in the prior year, and up slightly from February 2025 levels. Portfolio trading represented approximately 10% of U.S. credit TRACE in 1Q25, up from 9% in the prior year, but down from 11% in 4Q24.

Dealer-Initiated Channel

  • Record March 2025 Dealer RFQ ADV of$2.0 billionacross all credit products increased 64% compared to the prior year, and increased 17% compared to February 2025, driven by record Dealer RFQ ADV in U.S. high-grade. Record 1Q25 Dealer RFQ ADV of$1.8 billionacross all credit products increased 40% compared to the prior year, and increased 41% compared to 4Q24, driven by record Dealer RFQ ADV in U.S. high-grade and emerging markets.

Other

  • Record March 2025 Open Trading ADV of$5.5 billion increased 29% compared to the prior year,and increased 19% compared to February 2025.Open Trading share6 of total credit trading volume was 37%, up from 33% in the prior year, and up from 36% in February 2025. Record 1Q25 Open Trading ADV of$4.8 billion increased 8% compared to the prior year,and increased 15% compared to 4Q24.Open Trading share6 of total credit trading volume was 35%, up from 34% in the prior year, in line with 35% in 4Q24.
  • AxessIQ, the order and execution workflow solution designed for wealth management and private banking clients, achieved recordMarch 2025 ADV of$175 million, up 21% compared to the prior year, and up 11% compared to February 2025. AxessIQ achieved record 1Q25 ADV of$159 million, up 15% compared to the prior year, and up 8% compared to 4Q24.

Variable Transaction Fees Per Million (FPM)1

  • The year-over-year decline in March 2025 total credit FPM was due to product and protocol mix. The month-over-month decline in March 2025 total credit FPM was due to product mix, principally the lower duration of bonds traded in U.S. high-grade, driven by a decrease in the weighted average years to maturity. The decline in 1Q25 total credit FPM both year-over-year and quarter-over-quarter was principally due to product mix.
  • The decrease in March 2025 total rates FPM year-over-year and the month-over-month increase was driven by the impact of product mix. The decrease in 1Q25 total rates FPM year-over-year and the slight increase quarter-over-quarter was also driven by the impact of product mix.

Table 1C: Variable Transaction Fees Per Million (FPM)1

Month % Change Quarter % Change
Mar-25 Feb-25 Mar-24 YoY MoM

 

1Q25

 

4Q24

 

1Q24

YoY QoQ
AVG. VARIABLE TRANS. FEE PER MILLION (FPM)
Total Credit

$

136

$

143

$

154

(12

)

%

(5

)

%

$

140

$

150

$

154

(9

)

%

(7

)

%

Total Rates

 

4.61

 

4.29

 

4.81

(4

)

7

 

 

4.32

 

4.31

 

4.79

(10

)

0

 

 
 

1 The FPM for total credit and total rates for March and first quarter 2025 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 “Other Credit Products” includes municipal bonds, leveraged loans, convertible bonds and structured products.

3 The number of U.S. trading days is based on the SIFMA holiday recommendation calendar and the number of U.K. trading days is based primarily on the U.K. Bank holiday schedule.

4 “SD PT” is defined as single-dealer portfolio trades. The Company is currently highlighting the impact of single-dealer portfolio trading volume on U.S. high-grade and U.S. high-yield trading volume and estimated market share, but will continue to exclude single-dealer portfolio trading activity from each product’s aggregated trading volume and estimated market share and the total credit FPM calculation.

5 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. Starting in June 2024, the Company utilized the portfolio trading TRACE flag in its reported portfolio trading TRACE volume and the Company’s portfolio trading estimated market share.

6 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.

General Notes Regarding the Data Presented

Reported MarketAxess volume in all product categories includes only fully electronic trading volume. MarketAxess trading volumes and the Financial Industry Regulatory Authority (“FINRA”) Trade Reporting and Compliance Engine (“TRACE”) reported volumes are available on the Company’s website at investor.marketaxess.com/volume.

Cautionary Note Regarding Forward-Looking Statements

This press release may contain forward-looking statements, including statements about the outlook and prospects for the 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 MarketAxess platform; the rapidly evolving nature of the electronic financial services industry; the level and intensity of competition in the fixed-income electronic trading industry and the pricing pressures that may result; the variability of our growth rate; our ability to introduce new fee plans and our clients’ response; our ability to attract clients or adapt our technology and marketing strategy to new markets; risks related to our growing international operations; our dependence on our broker-dealer clients; the loss of any of our significant institutional investor clients; our exposure to risks resulting from non-performance by counterparties to transactions executed between our clients in which we act as an intermediary in matched principal trades; risks related to self-clearing; risks related to sanctions levied against states or individuals that could expose us to operational or regulatory risks; the effect of rapid market or technological changes on us and the users of our technology; issues related to the development and use of artificial intelligence; our dependence on third-party suppliers for key products and services; our ability to successfully maintain the integrity of our trading platform and our response to system failures, capacity constraints and business interruptions; the occurrence of design defects, errors, failures or delays with our platforms, products or services; our vulnerability to malicious cyber-attacks and attempted cybersecurity breaches; our actual or perceived failure to comply with privacy and data protection laws; our ability to protect our intellectual property rights or technology and defend against intellectual property infringement or other claims; our use of open-source software; our ability to enter into strategic alliances and to acquire other businesses and successfully integrate them with our business; our dependence on our management team and our ability to attract and retain talent; limitations on our flexibility because we operate in a highly regulated industry; the increasing government regulation of us and our clients; risks related to the divergence of U.K. and European Union legal and regulatory requirements following the U.K.’s exit from the European Union; our exposure to costs and penalties related to our extensive regulation; our risks of litigation and securities laws liability; our tax filing positions; the effects of climate change or other sustainability risks that could affect our operations or reputation; our future capital needs and our ability to obtain capital when needed; limitations on our operating flexibility contained in our credit agreement; our exposure to financial institutions by holding cash in excess of federally insured limits; and other factors. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. More information about these and other factors affecting MarketAxess’ business and prospects is contained in MarketAxess’ periodic filings with the Securities and Exchange Commission and can be accessed at www.marketaxess.com.

About MarketAxess

MarketAxess (Nasdaq: MKTX) operates a leading electronic trading platform that delivers greater trading efficiency, a diversified pool of liquidity and significant cost savings to institutional investors and broker-dealers across the global fixed-income markets. Approximately 2,100 firms leverage MarketAxess’ patented technology to efficiently trade fixed-income securities. Our automated and algorithmic trading solutions, combined with our integrated and actionable data offerings, help our clients make faster, better-informed decisions on when and how to trade on our platform. MarketAxess’ award-winning Open Trading® marketplace is widely regarded as the preferred all-to-all trading solution in the global credit markets. Founded in 2000, MarketAxess connects a robust network of market participants through an advanced full trading lifecycle solution that includes automated trading solutions, intelligent data and index products and a range of post-trade services. Learn more at www.marketaxess.com and on X @MarketAxess.

Table 2: Trading Volume Detail

 

 

 

 

 

Month Ended March 31,

 

 

In millions (unaudited)

 

 

2025

 

 

2024

 

 

% Change

 

 

 

 

 

Volume

 

 

ADV

 

 

Volume

 

 

 

ADV

 

 

Volume

 

 

ADV

 

 

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

High-grade

 

 

$

181,995

 

 

$

8,666

 

 

$

144,659

 

 

 

$

7,233

 

 

 

26

 

%

 

20

 

%

High-yield

 

 

 

35,719

 

 

 

1,701

 

 

 

27,228

 

 

 

 

1,361

 

 

 

31

 

 

 

25

 

 

Emerging markets

 

 

 

85,883

 

 

 

4,090

 

 

 

70,661

 

 

 

 

3,533

 

 

 

22

 

 

 

16

 

 

Eurobonds

 

 

 

56,270

 

 

 

2,680

 

 

 

45,108

 

 

 

 

2,255

 

 

 

25

 

 

 

19

 

 

Other credit

 

 

 

13,431

 

 

 

639

 

 

 

8,650

 

 

 

 

432

 

 

 

55

 

 

 

48

 

 

Total credit trading1

 

 

 

373,298

 

 

 

17,776

 

 

 

296,306

 

 

 

 

14,814

 

 

 

26

 

 

 

20

 

 

Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government bonds2

 

 

 

580,113

 

 

 

27,624

 

 

 

329,008

 

 

 

 

16,450

 

 

 

76

 

 

 

68

 

 

Agency and other government bonds1

 

 

 

22,901

 

 

 

1,090

 

 

 

11,360

 

 

 

 

567

 

 

 

102

 

 

 

92

 

 

Total rates trading

 

 

 

603,014

 

 

 

28,714

 

 

 

340,368

 

 

 

 

17,017

 

 

 

77

 

 

 

69

 

 

Total trading

 

 

$

976,312

 

 

$

46,490

 

 

$

636,674

 

 

 

$

31,831

 

 

 

53

 

 

 

46

 

 

Number of U.S. Trading Days3

 

 

 

 

 

 

21

 

 

 

 

 

 

 

20

 

 

 

 

 

 

 

 

 

 

Number of U.K. Trading Days4

 

 

 

 

 

 

21

 

 

 

 

 

 

 

20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter and Year-to-Date Ended March 31,

 

 

In millions (unaudited)

 

 

2025

 

 

2024

 

 

% Change

 

 

 

 

 

Volume

 

 

ADV

 

 

Volume

 

 

 

ADV

 

 

Volume

 

 

ADV

 

 

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

High-grade

 

 

$

461,308

 

 

$

7,562

 

 

$

455,998

 

 

 

$

7,475

 

 

 

1

 

%

 

1

 

%

High-yield

 

 

 

89,997

 

 

 

1,475

 

 

 

85,379

 

 

 

 

1,400

 

 

 

5

 

 

 

5

 

 

Emerging markets

 

 

 

240,285

 

 

 

3,939

 

 

 

221,427

 

 

 

 

3,630

 

 

 

9

 

 

 

9

 

 

Eurobonds

 

 

 

147,917

 

 

 

2,348

 

 

 

128,849

 

 

 

 

2,045

 

 

 

15

 

 

 

15

 

 

Other credit

 

 

 

36,482

 

 

 

598

 

 

 

26,335

 

 

 

 

432

 

 

 

39

 

 

 

38

 

 

Total credit trading1

 

 

 

975,989

 

 

 

15,922

 

 

 

917,988

 

 

 

 

14,982

 

 

 

6

 

 

 

6

 

 

Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government bonds2

 

 

 

1,582,081

 

 

 

25,936

 

 

 

1,045,796

 

 

 

 

17,144

 

 

 

51

 

 

 

51

 

 

Agency and other government bonds1

 

 

 

65,825

 

 

 

1,047

 

 

 

31,626

 

 

 

 

506

 

 

 

108

 

 

 

107

 

 

Total rates trading

 

 

 

1,647,906

 

 

 

26,983

 

 

 

1,077,422

 

 

 

 

17,650

 

 

 

53

 

 

 

53

 

 

Total trading

 

 

$

2,623,895

 

 

$

42,905

 

 

$

1,995,410

 

 

 

$

32,632

 

 

 

31

 

 

 

31

 

 

Number of U.S. Trading Days3

 

 

 

 

 

 

61

 

 

 

 

 

 

 

61

 

 

 

 

 

 

 

 

 

 

Number of U.K. Trading Days4

 

 

 

 

 

 

63

 

 

 

 

 

 

 

63

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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, U.S. government bond trades are single-counted.

 

 

3 The number of U.S. trading days is based on the SIFMA holiday recommendation calendar.

 

 

4 The number of U.K. trading days is based primarily on the U.K. Bank holiday schedule.

 

 

 

INVESTOR RELATIONS

Stephen Davidson
MarketAxess Holdings Inc.
+1 212 813 6313
sdavidson2@marketaxess.com

MEDIA RELATIONS

Marisha Mistry
MarketAxess Holdings Inc.
+1 917 267 1232
mmistry@marketaxess.com

Source: MarketAxess Holdings Inc.