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Marketaxess Holdings Inc

MarketAxess Announces Trading Volume Statistics for August 2025

NEW YORK--(BUSINESS WIRE)--Sep. 5, 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 August 2025.1

Select August 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.

Client-Initiated Channel

  • 8% growth in block trading ADV consisting of a 1% decline in U.S. credit, 14% growth inemerging markets, and 95% growth ineurobonds.
    — Cumulative trading volume from our targeted block trading solution is now approximately $8.9 billion.

Portfolio Trading Channel

  • 18% increase in total portfolio trading ADV to $1.2 billion,with record U.S. high-yield portfolio trading ADV of$344 million. Our estimated market share of U.S. credit portfolio trading was 19.4%, compared to 21.8% in the prior year, but up from 15.6% in July.

Dealer-Initiated Channel

  • 18% increase in dealer-initiated ADVto $1.3 billion.

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

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

*All comparisons versus August 2024, unless otherwise noted.

Table 1: MarketAxess ADV
 
Month % Change
Aug-25 Jul-25 Aug-24 MoM YoY
MKTX ADV ($ millions)
Credit
U.S. High-Grade

$

5,934

$

6,389

$

6,702

(7)

%

(11)

%

U.S. High-Grade (incl. SD PT)2

 

6,134

 

6,576

 

7,019

(7)

(13)

U.S. High-Yield

 

1,232

 

1,348

 

1,286

(9)

(4)

U.S. High-Yield (incl. SD PT)2

 

1,473

 

1,477

 

1,304

(0)

13

Emerging Markets

 

3,455

 

3,766

 

3,187

(8)

8

Eurobonds

 

1,885

 

2,263

 

1,488

(17)

27

Other Credit Products3

 

580

 

576

 

590

1

(2)

Municipal Bonds

 

579

 

575

 

580

1

(0)

Total MKTX Credit ADV (excl. SD PT)2

$

13,086

$

14,342

$

13,253

(9)

(1)

Rates
U.S. Government Bonds

$

22,544

$

21,291

$

27,305

6

%

(17)

%

Agencies and Other Government Bonds

 

1,243

 

1,355

 

1,052

(8)

18

Total MKTX Rates ADV

$

23,787

$

22,646

$

28,357

5

(16)

Total MKTX Trading ADV

$

36,873

$

36,988

$

41,610

(0)

(11)

 
U.S. Trading Days4

 

21

 

22

 

22

U.K. Trading Days4

 

20

 

23

 

21

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

$

31,643

$

36,188

$

33,603

(13)

%

(6)

%

U.S. High-Yield TRACE

 

9,679

 

11,685

 

8,921

(17)

8

Total U.S. Credit TRACE

 

41,322

 

47,873

 

42,524

(14)

(3)

Municipal Bonds MSRB

 

10,645

 

10,837

 

6,745

(2)

58

 
Rates
U.S. Government Bonds TRACE

$

1,021,133

$

924,223

$

1,027,791

10

%

(1)

%

Agency TRACE

 

3,865

 

3,213

 

4,308

20

(10)

 
U.S. Trading Days4

 

21

 

22

 

22

U.K. Trading Days4

 

20

 

23

 

21

 
 
 
 
Table 1B: Estimated Market Share2
 
Month Bps Change
Aug-25 Jul-25 Aug-24 MoM YoY
MKTX ESTIMATED MARKET SHARE (%)
U.S. High-Grade
% of U.S. High-Grade TRACE (incl. SD PT)2

 

19.4%

 

18.2%

 

20.9%

+120 bps

(150)

bps
% of U.S. High-Grade TRACE (excl. SD PT)2

 

18.8%

 

17.7%

 

19.9%

+110

(110)

U.S. High-Yield
% of U.S. High-Yield TRACE (incl. SD PT)2

 

15.2%

 

12.6%

 

14.6%

+260 bps +60 bps
% of U.S. High-Yield TRACE (excl. SD PT)2

 

12.7%

 

11.5%

 

14.4%

+120

(170)

Other Credit Products
% of Municipal Bonds MSRB

 

5.4%

 

5.3%

 

8.6%

+10 bps

(320)

bps
Rates
% of U.S. Government Bonds TRACE

 

2.2%

 

2.3%

 

2.7%

(10)

bps

(50)

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

$

2,261

$

2,435

$

2,276

(7)

%

(1)

%

Emerging Markets Block Trading

 

1,471

 

1,432

 

1,292

3

14

Eurobonds Block Trading

 

299

 

338

 

153

(12)

95

Portfolio Trading Channel
Total MKTX Portfolio Trading

$

1,163

$

1,286

$

988

(10)

%

18

%

Total MKTX U.S. Credit Portfolio Trading

 

992

 

990

 

885

0

12

Total U.S. Credit TRACE Portfolio Trading

 

5,103

 

6,349

 

4,058

(20)

26

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

$

1,335

$

1,508

$

1,128

(11)

%

18

%

Other
Open Trading

$

3,950

$

4,224

$

3,987

(6)

%

(1)

%

AxessIQ

 

150

 

157

 

110

(4)

36

 
U.S. Trading Days4

 

21

 

22

 

22

U.K. Trading Days4

 

20

 

23

 

21

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

$

141

$

140

$

153

1

%

(8)

%

Total Rates

 

4.21

 

4.31

 

4.03

(2)

4

 
1

The FPM for total credit and total rates for August 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

“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.

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.

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.comand on X @MarketAxess.

Table 2: Trading Volume Detail

 

 

 

 

 

Month Ended August 31,

 

 

In millions (unaudited)

 

 

2025

 

 

2024

 

 

% Change

 

 

 

 

 

Volume

 

 

ADV

 

 

Volume

 

 

ADV

 

 

Volume

 

 

ADV

 

 

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

High-grade

 

 

$

124,616

 

 

$

5,934

 

 

$

147,449

 

 

$

6,702

 

 

 

(15

)

%

 

(11

)

%

High-yield

 

 

 

25,882

 

 

 

1,232

 

 

 

28,284

 

 

 

1,286

 

 

 

(8

)

 

 

(4

)

 

Emerging markets

 

 

 

72,564

 

 

 

3,455

 

 

 

70,115

 

 

 

3,187

 

 

 

3

 

 

 

8

 

 

Eurobonds

 

 

 

37,698

 

 

 

1,885

 

 

 

31,240

 

 

 

1,488

 

 

 

21

 

 

 

27

 

 

Other credit

 

 

 

12,182

 

 

 

580

 

 

 

12,970

 

 

 

590

 

 

 

(6

)

 

 

(2

)

 

Total credit trading1

 

 

 

272,942

 

 

 

13,086

 

 

 

290,058

 

 

 

13,253

 

 

 

(6

)

 

 

(1

)

 

Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government bonds2

 

 

 

473,416

 

 

 

22,544

 

 

 

600,715

 

 

 

27,305

 

 

 

(21

)

 

 

(17

)

 

Agency and other government bonds1

 

 

 

24,931

 

 

 

1,243

 

 

 

22,233

 

 

 

1,052

 

 

 

12

 

 

 

18

 

 

Total rates trading

 

 

 

498,347

 

 

 

23,787

 

 

 

622,948

 

 

 

28,357

 

 

 

(20

)

 

 

(16

)

 

Total trading

 

 

$

771,289

 

 

$

36,873

 

 

$

913,006

 

 

$

41,610

 

 

 

(16

)

 

 

(11

)

 

Number of U.S. Trading Days3

 

 

 

 

 

 

21

 

 

 

 

 

 

22

 

 

 

 

 

 

 

 

 

 

Number of U.K. Trading Days4

 

 

 

 

 

 

20

 

 

 

 

 

 

21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-to-Date Ended August 31,

 

 

In millions (unaudited)

 

 

2025

 

 

2024

 

 

% Change

 

 

 

 

 

Volume

 

 

ADV

 

 

Volume

 

 

ADV

 

 

Volume

 

 

ADV

 

 

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

High-grade

 

 

$

1,207,574

 

 

$

7,275

 

 

$

1,142,868

 

 

$

6,803

 

 

 

6

 

%

 

7

 

%

High-yield

 

 

 

250,431

 

 

 

1,509

 

 

 

222,717

 

 

 

1,326

 

 

 

12

 

 

 

14

 

 

Emerging markets

 

 

 

644,783

 

 

 

3,884

 

 

 

571,199

 

 

 

3,400

 

 

 

13

 

 

 

14

 

 

Eurobonds

 

 

 

398,531

 

 

 

2,401

 

 

 

330,492

 

 

 

1,967

 

 

 

21

 

 

 

22

 

 

Other credit

 

 

 

101,298

 

 

 

610

 

 

 

85,522

 

 

 

509

 

 

 

18

 

 

 

20

 

 

Total credit trading1

 

 

 

2,602,617

 

 

 

15,679

 

 

 

2,352,798

 

 

 

14,005

 

 

 

11

 

 

 

12

 

 

Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government bonds2

 

 

 

4,430,785

 

 

 

26,691

 

 

 

3,352,733

 

 

 

19,957

 

 

 

32

 

 

 

34

 

 

Agency and other government bonds1

 

 

 

209,484

 

 

 

1,263

 

 

 

125,518

 

 

 

748

 

 

 

67

 

 

 

69

 

 

Total rates trading

 

 

 

4,640,269

 

 

 

27,954

 

 

 

3,478,251

 

 

 

20,705

 

 

 

33

 

 

 

35

 

 

Total trading

 

 

$

7,242,886

 

 

$

43,633

 

 

$

5,831,049

 

 

$

34,710

 

 

 

24

 

 

 

26

 

 

Number of U.S. Trading Days3

 

 

 

 

 

 

166

 

 

 

 

 

 

168

 

 

 

 

 

 

 

 

 

 

Number of U.K. Trading Days4

 

 

 

 

 

 

166

 

 

 

 

 

 

168

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.