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Marketaxess Holdings Inc

MarketAxess Announces Trading Volume Statistics for April 2025

Record Total Credit ADV up 32%; Record Total Rates ADV up 93%

Record Open Trading ADV of $5.7 Billion on Increase in Volatility and Client Demand for Liquidity

Record Total Portfolio Trading ADV up 99%; Block Trading ADV in Emerging Markets and Eurobonds up 39%

NEW YORK--(BUSINESS WIRE)--May 6, 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 April 2025.1

Trading Records for April 2025

 

  • Total average daily volume (“ADV”) of $57.4 billion
  • Total credit ADV of $18.4 billion
  • Total rates ADV of $39.1 billion
  • U.S. credit block trading ADV of $3.8 billion
  • Emerging markets ADV of $4.3 billion

 

 

  • Eurobonds ADVof $2.8billion
  • Municipal bonds ADV of $737 million
  • Total portfolio trading ADV of $1.8 billion
  • Open Trading ADV of $5.7 billion
  • AxessIQ ADV of $181 million

 

Select April 2025 Highlights* (See tables 1-1C and table 2)

  • The MarketAxess platform performed very well during increased volatility in April, providing our clients with deep liquidity through Open Trading.
    • Market ADV increased significantly year-over-year across most product areas with record levels in U.S. high-yield, municipals and U.S. government bonds driven by an increase in volatility.
    • Record Open Trading ADV of $5.7 billion with estimated share of total credit2 of 38%,up from 34% in the prior year, and up from 37% in March 2025, reflecting the increasing importance of our differentiated liquidity to clients in more volatile periods.
  • We delivered strong progress with our new initiatives across the client-initiated, portfolio trading and dealer-initiated channels that also contributed to the strong performance in April.
    • 90% of all portfolio trading ADV was executed over X-Pro in April.
  • April was the second highest monthly ADV in U.S. high-grade behind March 2025.
  • U.S. high-yield ADV of $2.0 billion represented the highest monthly ADV level since February 2023, driven in part by a strong increase in ETF market maker activity. ETF market maker trading volume was the highest level since November 2023.
  • Continued strength in emerging markets ADV, which was a record$4.3 billion, was driven by a 30% increase in hard currency ADV to a record$2.6 billion, and a 23% increase in local markets ADV. As volatility picked up, investors relied on multiple MarketAxess protocols to navigate market uncertainty, including Open Trading, portfolio trading and request-for-market, or RFM.
    • Block trading in emerging markets benefitted from the launch of our targeted block solution in late 2024, which has generated cumulative trading volume of over $1.4 billionsince launch.
  • Record eurobonds ADV benefited from record eurobond portfolio trading, which was driven by our increased sales efforts.
    • Block trading in eurobonds benefitted from the launch of our targeted block solution in January 2025, which has generated cumulative trading volume of over $2.6 billion since launch.
  • Record municipal bond ADV was driven by increased market volatility and strong increases in taxable and record tax-exempt trading volumes.
    • The lower estimated market share in municipals was in part driven by a shift to larger sized notional trades in the market.
  • Our rates business reported an all-time single-day record of $102.3 billionU.S. government bonds notional traded on April 9 and delivered record ADV of $39.1 billion with estimated market share of 2.8% in April.

April 2025 Variable Transaction Fees Per Million1 (See table 1D)

  • The decline in total credit FPM compared to the prior year was driven principally by protocol mix. The increase month-over-month was principally driven by product mix.
  • The decrease in total rates FPM compared to the prior year and the prior quarter was driven by the impact of product mix.

*All comparisons versus April 2024 unless noted.

Table 1: MarketAxess ADV3

Month % Change
Apr-25 Mar-25 Apr-24 YoY MoM
MKTX ADV ($ millions)
Credit
U.S. High-Grade

$

8,595

$

8,666

$

6,589

30

%

(1

)%

U.S. High-Yield

 

1,968

 

 

1,701

 

 

1,428

 

38

16

 

Emerging Markets

 

4,273

 

 

4,090

 

 

3,371

 

27

4

 

Eurobonds

 

2,785

 

 

2,680

 

 

2,027

 

37

4

 

Other Credit Products3

 

739

 

 

639

 

 

451

 

64

16

 

Municipal Bonds

 

737

 

 

635

 

 

444

 

66

16

 

Total MKTX Credit ADV

$

18,360

 

$

17,776

 

$

13,866

 

32

3

 

Rates
U.S. Government Bonds

$

37,935

 

$

27,624

 

$

19,565

 

94

%

37

%

 

Agencies and Other Government Bonds

 

1,141

 

 

1,090

 

 

718

 

59

5

 

Total MKTX Rates ADV

$

39,076

 

$

28,714

 

$

20,283

 

93

36

 

Total MKTX ADV

$

57,436

 

$

46,490

 

$

34,149

 

68

24

 

 
U.S. Trading Days4

 

21

 

 

21

 

 

22

 

U.K. Trading Days4

 

20

 

 

21

 

 

21

 

Table 1A: Market ADV

Month % Change
Apr-25 Mar-25 Apr-24 YoY MoM
MARKET ADV ($ millions)
Credit
U.S. High-Grade TRACE

$

44,647

$

45,024

$

36,735

22

%

(1

)%

U.S. High-Yield TRACE

 

14,565

 

 

13,605

 

 

10,253

 

42

 

7

 

Total U.S. Credit TRACE

 

59,212

 

 

58,629

 

 

46,988

 

26

 

1

 

Municipal Bonds MSRB

 

15,427

 

 

9,895

 

 

6,961

 

122

 

56

 

 
Rates
U.S. Government Bonds TRACE

$

1,354,981

 

$

1,097,090

 

$

867,900

 

56

%

24

%

Agency TRACE

 

4,064

 

 

3,957

 

 

4,097

 

(1

)

3

 

 
U.S. Trading Days4

 

21

 

 

21

 

 

22

 

U.K. Trading Days4

 

20

 

 

21

 

 

21

 

Table 1B: Estimated Market Share5

Month % Change
Apr-25 Mar-25 Apr-24 YoY MoM
MKTX ESTIMATED MARKET SHARE (%)
U.S. High-Grade
% of U.S. High-Grade TRACE (incl. SD PT)5

19.4

%

20.0

%

18.2

%

1.2

%

 

(0.6

)%

 

% of U.S. High-Grade TRACE (excl. SD PT)5

19.3

%

19.2

%

17.9

%

1.4

 

0.1

 

U.S. High-Yield
% of U.S. High-Yield TRACE (incl. SD PT)5

14.1

%

12.8

%

14.2

%

(0.1

)%

 

1.3

%

% of U.S. High-Yield TRACE (excl. SD PT)5

13.5

%

12.5

%

13.9

%

(0.4

)

1.0

 

Other Credit Products
% of Municipal Bonds MSRB

4.8

%

6.4

%

6.4

%

(1.6

)%

 

(1.6

)%

 

Rates
% of U.S. Government Bonds TRACE

2.8

%

2.5

%

2.3

%

0.5

%

 

0.3

%

 

Table 1C: Strategic Priorities ADV6

Month % Change
Apr-25 Mar-25 Apr-24 YoY MoM
STRATEGIC PRIORITIES ADV ($ millions)
Client-Initiated Channel
U.S. Credit Block Trading

$

3,751

$

3,450

$

2,489

51

%

 

9

%

 

Emerging Markets Block Trading

 

1,579

 

 

1,717

 

 

1,232

 

28

 

(8

)

Eurobonds Block Trading

 

497

 

 

510

 

 

265

 

88

 

(3

)

Portfolio Trading Channel
Total MKTX Portfolio Trading6

$

1,790

 

$

1,525

 

$

901

 

99

%

 

17

%

 

Total MKTX U.S. Credit Portfolio Trading6

 

1,441

 

 

1,328

 

 

748

 

93

 

9

 

Total U.S. Credit TRACE Portfolio Trading6

 

7,349

 

 

6,608

 

 

5,744

 

28

 

11

 

Dealer-Initiated Channel
Total Dealer Initiated (DRFQ & Mid-X)

$

1,916

 

$

2,140

 

$

1,232

 

56

%

 

(10

)%

 

Other
Open Trading

$

5,739

 

$

5,485

 

$

3,973

 

44

%

 

5

%

 

AxessIQ

 

181

 

 

175

 

 

123

 

47

 

3

 

 
U.S. Trading Days4

 

21

 

 

21

 

 

22

 

U.K. Trading Days4

 

20

 

 

21

 

 

21

 

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

Month % Change
Apr-25 Mar-25 Apr-24 YoY MoM
AVG. VARIABLE TRANS. FEE PER MILLION (FPM)
Total Credit

$

139

$

136

$

150

(7

)%

 

2

%

 

Total Rates

 

4.23

 

 

4.61

 

 

4.40

 

(4

)

(8

)

1 The FPM for total credit and total rates for April 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 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.

3 “Other Credit Products” includes municipal bonds, leveraged loans, convertible bonds and structured products.

4 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.

5 “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.

6 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.

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 April 30,

In millions (unaudited)

 

 

2025

 

 

2024

 

 

% Change

 

 

 

Volume

 

 

ADV

 

 

Volume

 

 

 

ADV

 

 

Volume

 

 

ADV

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

High-grade

 

 

$

180,504

 

 

$

8,595

 

 

$

144,951

 

 

 

$

6,589

 

 

 

25

%

 

 

30

%

High-yield

 

 

 

41,319

 

 

 

1,968

 

 

 

31,416

 

 

 

 

1,428

 

 

 

32

 

 

 

 

38

 

Emerging markets

 

 

 

89,728

 

 

 

4,273

 

 

 

74,154

 

 

 

 

3,371

 

 

 

21

 

 

 

 

27

 

Eurobonds

 

 

 

55,703

 

 

 

2,785

 

 

 

42,564

 

 

 

 

2,027

 

 

 

31

 

 

 

 

37

 

Other credit

 

 

 

15,516

 

 

 

739

 

 

 

9,932

 

 

 

 

451

 

 

 

56

 

 

 

 

64

 

Total credit trading1

 

 

 

382,770

 

 

 

18,360

 

 

 

303,017

 

 

 

 

13,866

 

 

 

26

 

 

 

 

32

 

Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government bonds2

 

 

 

796,645

 

 

 

37,935

 

 

 

430,424

 

 

 

 

19,565

 

 

 

85

 

 

 

 

94

 

Agency and other government bonds1

 

 

 

22,936

 

 

 

1,141

 

 

 

15,212

 

 

 

 

718

 

 

 

51

 

 

 

 

59

 

Total rates trading

 

 

 

819,581

 

 

 

39,076

 

 

 

445,636

 

 

 

 

20,283

 

 

 

84

 

 

 

 

93

 

Total trading

 

 

$

1,202,351

 

 

$

57,436

 

 

$

748,653

 

 

 

$

34,149

 

 

 

61

 

 

 

 

68

 

Number of U.S. Trading Days3

 

 

 

 

 

 

21

 

 

 

 

 

 

 

22

 

 

 

 

 

 

 

 

Number of U.K. Trading Days4

 

 

 

 

 

 

20

 

 

 

 

 

 

 

21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-to-Date Ended April 30,

In millions (unaudited)

 

 

2025

 

 

2024

 

 

% Change

 

 

 

Volume

 

 

ADV

 

 

Volume

 

 

 

ADV

 

 

Volume

 

 

ADV

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

High-grade

 

 

$

641,812

 

 

$

7,827

 

 

$

600,949

 

 

 

$

7,240

 

 

 

7

%

 

 

8

%

High-yield

 

 

 

131,316

 

 

 

1,601

 

 

 

116,795

 

 

 

 

1,407

 

 

 

12

 

 

 

 

14

 

Emerging markets

 

 

 

330,013

 

 

 

4,025

 

 

 

295,581

 

 

 

 

3,561

 

 

 

12

 

 

 

 

13

 

Eurobonds

 

 

 

203,620

 

 

 

2,453

 

 

 

171,413

 

 

 

 

2,041

 

 

 

19

 

 

 

 

20

 

Other credit

 

 

 

51,998

 

 

 

634

 

 

 

36,267

 

 

 

 

436

 

 

 

43

 

 

 

 

45

 

Total credit trading1

 

 

 

1,358,759

 

 

 

16,540

 

 

 

1,221,005

 

 

 

 

14,685

 

 

 

11

 

 

 

 

13

 

Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government bonds2

 

 

 

2,378,726

 

 

 

29,009

 

 

 

1,476,220

 

 

 

 

17,786

 

 

 

61

 

 

 

 

63

 

Agency and other government bonds1

 

 

 

88,761

 

 

 

1,070

 

 

 

46,838

 

 

 

 

559

 

 

 

90

 

 

 

 

91

 

Total rates trading

 

 

 

2,467,487

 

 

 

30,079

 

 

 

1,523,058

 

 

 

 

18,345

 

 

 

62

 

 

 

 

64

 

Total trading

 

 

$

3,826,246

 

 

$

46,619

 

 

$

2,744,063

 

 

 

$

33,030

 

 

 

39

 

 

 

 

41

 

Number of U.S. Trading Days3

 

 

 

 

 

 

82

 

 

 

 

 

 

 

83

 

 

 

 

 

 

 

 

Number of U.K. Trading Days4

 

 

 

 

 

 

83

 

 

 

 

 

 

 

84

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.