Menu Search

Company Announcements

Marketaxess Holdings Inc

MarketAxess Announces Trading Volume Statistics for July 2025

12% Growth in Total Credit ADV Driven by 21% Growth in Combined Emerging Markets and Eurobonds ADV

NEW YORK--(BUSINESS WIRE)--Aug. 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 July 2025.1

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

  • We delivered strong progress with our new initiatives across the client-initiated, portfolio trading and dealer-initiated channels that contributed to strong growth in total credit trading volumes.

Client-Initiated Channel

  • 9% growth in block trading ADV consisting of 3% growth in U.S. credit, 11% growth inemerging markets, and 54% growth ineurobonds.
    — Cumulative trading volume from our targeted block trading solution is now approximately $7.9 billion.

Portfolio Trading Channel

  • 32% increase in total portfolio trading ADV to $1.3 billion,with record emerging markets portfolio trading volume of$2.6 billion. Our estimated market share of U.S. credit portfolio trading was 15.6%, compared to 17.2% in the prior year.

Dealer-Initiated Channel

  • 33% increase in dealer-initiated ADVto $1.5 billion.

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

  • The slight decline in total credit FPM compared to the prior year was driven principally by protocol mix. The slight increase compared to June 2025 was driven principally by product mix, specifically the higher duration of bonds traded in U.S. high-grade on an increase in the weighted average years to maturity traded.
  • The slight increase in total rates FPM year-over-year was driven by the impact of product mix, and the slight decrease month-over-month was also driven by the impact of product mix.

*All comparisons versus July 2024.

Table 1: MarketAxess ADV

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

 $

           6,389

 

 $

           6,998

 

 $

           6,090

        (9

)

 % 

5

 

%

U.S. High-Yield

 

              1,348

 

 

              1,497

 

 

              1,128

      (10

)

 

20

 

 
Emerging Markets

 

              3,766

 

 

              4,172

 

 

              3,157

      (10

)

19

 

 
Eurobonds

 

              2,263

 

 

              2,411

 

 

              1,832

        (6

)

 

24

 

 
Other Credit Products2

 

                  576

 

 

                  580

 

 

                  584

        (1

)

        (1

)

 
Municipal Bonds

 

                  575

 

 

                  579

 

 

                  575

        (1

)

 

         -

 

 
Total MKTX Credit ADV

 $

         14,342

 

 $

         15,658

 

 $

         12,791

        (8

)

12

 

 
Rates                  
U.S. Government Bonds

 $

         21,291

 

 $

         25,804

 

 $

         21,332

      (17

)

 % 

        (0

)

 % 

Agencies and Other Government Bonds

 

              1,355

 

 

              1,641

 

 

              1,012

      (17

)

 

        34

 

 
Total MKTX Rates ADV

 $

         22,646

 

 $

         27,445

 

 $

         22,344

      (17

)

          1

 

 
Total MKTX Trading ADV

 $

         36,988

 

 $

         43,103

 

 $

         35,135

      (14

)

 

          5

 

 
U.S. Trading Days3

 

22

 

 

20

 

 

22

   
U.K. Trading Days3

 

23

 

 

21

 

 

23

       
Table 1A: Market Trading ADV    
     
  Month % Change
  Jul-25   Jun-25   Jul-24 MoM YoY
MARKET ADV ($ millions)                  
Credit                  
U.S. High-Grade TRACE

 $

         36,188

 

 $

         35,517

 

 $

         32,830

          2

 

 

 

 % 

10

 

%

U.S. High-Yield TRACE

11,685

 

12,096

 

8,993

(3

)

30

 
Total U.S. Credit TRACE

 

            47,873

 

 

            47,613

 

 

            41,823

          1

 

 

 

14

 

 
Municipal Bonds MSRB

 

            10,837

 

 

            10,234

 

 

              6,660

          6

 

 

 

 

63

 

 
Rates            
U.S. Government Bonds TRACE

 $

       924,223

 

 $

    1,019,410

 

 $

       870,327

        (9

)

 

 % 

6

 

%

Agency TRACE

 

              3,213

 

 

              2,729

 

 

              3,279

        18

 

 

 

(2

)

 
U.S. Trading Days3

 

22

 

 

20

 

 

22

       
U.K. Trading Days3

 

23

 

 

21

 

 

23

   
Table 1B: Estimated Market Share    
     
  Month Bps Change
  Jul-25   Jun-25   Jul-24 MoM YoY
MKTX ESTIMATED MARKET SHARE (%)                  
U.S. High-Grade                  
% of U.S. High-Grade TRACE (incl. SD PT)4

18.2

%

 

20.2

%

 

18.7

%

(200

)

 bps 

(50

)

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

17.7

%

 

19.7

%

 

18.6

%

(200

)

 

(90

)

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

12.6

%

 

13.0

%

 

13.1

%

(40

)

bps

(50

)

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

11.5

%

 

12.4

%

 

12.5

%

(90

)

(100

)

 
Other Credit Products                  
% of Municipal Bonds MSRB

5.3

%

 

5.7

%

 

8.6

%

(40

)

 bps 

(330

)

 bps 
Rates                  
% of U.S. Government Bonds TRACE

2.3

%

 

2.5

%

 

2.5

%

(20

)

 bps 

(20

)

 bps 
Table 1C: Strategic Priorities ADV    
     
  Month % Change
  Jul-25   Jun-25   Jul-24 MoM YoY
STRATEGIC PRIORITIES ADV ($ millions)                  
Client-Initiated Channel                   
U.S. Credit Block Trading

 $

           2,435

 

 $

           2,672

 

 $

           2,353

(9

)

 % 

3

 % 

Emerging Markets Block Trading

 

              1,432

 

 

              1,860

 

 

              1,289

(23

)

 

11

 
Eurobonds Block Trading

 

                  338

 

 

                  462

 

 

                  220

(27

)

54

 
Portfolio Trading Channel                  
Total MKTX Portfolio Trading

 $

           1,286

 

 $

           1,193

 

 $

              972

8

 

 % 

32

 % 

Total MKTX U.S. Credit Portfolio Trading

 

                  990

 

 

                  874

 

 

                  766

13

 

 

29

 
Total U.S. Credit TRACE Portfolio Trading

 

              6,349

 

 

              5,640

 

 

              4,445

13

 

43

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

 $

           1,508

 

 $

           1,683

 

 $

           1,138

(10

)

 % 

33

 % 

Other                   
Open Trading 

 $

           4,224

 

 $

           4,553

 

 $

           3,658

(7

)

 % 

15

 % 

AxessIQ

 

                  157

 

 

                  158

 

 

                  115

(1

)

 

37

 
U.S. Trading Days3

 

22

 

 

20

 

 

22

 
U.K. Trading Days3

 

23

 

 

21

 

 

23

       
Table 1D: Variable Transaction Fees Per Million (FPM) 1     
     
  Month % Change
  Jul-25   Jun-25   Jul-24 MoM YoY
AVG. VARIABLE TRANS. FEE PER MILLION (FPM)                  
Total Credit

 $

              140

 

 $

              138

 

 $

              143

1

 

 % 

(2

)

 % 

Total Rates

 

                4.31

 

 

                4.39

 

 

                4.25

(2

)

1

 

 

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

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 July 31,

 

 

In millions (unaudited)

 

 

2025

 

 

2024

 

 

% Change

 

 

 

 

 

Volume

 

 

ADV

 

 

Volume

 

 

 

ADV

 

 

Volume

 

 

ADV

 

 

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

High-grade

 

 

$

140,560

 

 

$

6,389

 

 

$

133,981

 

 

 

$

6,090

 

 

 

5

 

%

 

5

 

%

High-yield

 

 

 

29,655

 

 

 

1,348

 

 

 

24,806

 

 

 

 

1,128

 

 

 

20

 

 

 

20

 

 

Emerging markets

 

 

 

82,843

 

 

 

3,766

 

 

 

69,452

 

 

 

 

3,157

 

 

 

19

 

 

 

19

 

 

Eurobonds

 

 

 

52,043

 

 

 

2,263

 

 

 

42,137

 

 

 

 

1,832

 

 

 

24

 

 

 

24

 

 

Other credit

 

 

 

12,669

 

 

 

576

 

 

 

12,847

 

 

 

 

584

 

 

 

(1

)

 

 

(1

)

 

Total credit trading1

 

 

 

317,770

 

 

 

14,342

 

 

 

283,223

 

 

 

 

12,791

 

 

 

12

 

 

 

12

 

 

Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government bonds2

 

 

 

468,396

 

 

 

21,291

 

 

 

469,305

 

 

 

 

21,332

 

 

 

-

 

 

 

-

 

 

Agency and other government bonds1

 

 

 

31,103

 

 

 

1,355

 

 

 

23,153

 

 

 

 

1,012

 

 

 

34

 

 

 

34

 

 

Total rates trading

 

 

 

499,499

 

 

 

22,646

 

 

 

492,458

 

 

 

 

22,344

 

 

 

1

 

 

 

1

 

 

Total trading

 

 

$

817,269

 

 

$

36,988

 

 

$

775,681

 

 

 

$

35,135

 

 

 

5

 

 

 

5

 

 

Number of U.S. Trading Days3

 

 

 

 

 

 

22

 

 

 

 

 

 

 

22

 

 

 

 

 

 

 

 

 

 

Number of U.K. Trading Days4

 

 

 

 

 

 

23

 

 

 

 

 

 

 

23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-to-Date Ended July 31,

 

 

In millions (unaudited)

 

 

2025

 

 

2024

 

 

% Change

 

 

 

 

 

Volume

 

 

ADV

 

 

Volume

 

 

 

ADV

 

 

Volume

 

 

ADV

 

 

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

High-grade

 

 

$

1,082,958

 

 

$

7,469

 

 

$

995,419

 

 

 

$

6,818

 

 

 

9

 

%

 

10

 

%

High-yield

 

 

 

224,549

 

 

 

1,549

 

 

 

194,433

 

 

 

 

1,332

 

 

 

15

 

 

 

16

 

 

Emerging markets

 

 

 

572,219

 

 

 

3,946

 

 

 

501,084

 

 

 

 

3,432

 

 

 

14

 

 

 

15

 

 

Eurobonds

 

 

 

360,833

 

 

 

2,471

 

 

 

299,252

 

 

 

 

2,036

 

 

 

21

 

 

 

21

 

 

Other credit

 

 

 

89,116

 

 

 

614

 

 

 

66,890

 

 

 

 

458

 

 

 

33

 

 

 

34

 

 

Total credit trading1

 

 

 

2,329,675

 

 

 

16,049

 

 

 

2,057,078

 

 

 

 

14,076

 

 

 

13

 

 

 

14

 

 

Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government bonds2

 

 

 

3,957,369

 

 

 

27,292

 

 

 

2,752,018

 

 

 

 

18,849

 

 

 

44

 

 

 

45

 

 

Agency and other government bonds1

 

 

 

184,553

 

 

 

1,264

 

 

 

103,285

 

 

 

 

703

 

 

 

79

 

 

 

80

 

 

Total rates trading

 

 

 

4,141,922

 

 

 

28,556

 

 

 

2,855,303

 

 

 

 

19,552

 

 

 

45

 

 

 

46

 

 

Total trading

 

 

$

6,471,597

 

 

$

44,605

 

 

$

4,912,381

 

 

 

$

33,628

 

 

 

32

 

 

 

33

 

 

Number of U.S. Trading Days3

 

 

 

 

 

 

145

 

 

 

 

 

 

 

146

 

 

 

 

 

 

 

 

 

 

Number of U.K. Trading Days4

 

 

 

 

 

 

146

 

 

 

 

 

 

 

147

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.