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Marketaxess Holdings Inc

MarketAxess Announces Trading Volume Statistics for April 2026

NEW YORK--(BUSINESS WIRE)--May 6, 2026-- 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 2026.1

Select April 2026 Highlights* (See tables 1-1C and table 2)

Elevated market volatility in April of last year, combined with a return to low volatility and tighter credit spreads in April 2026, were key drivers of the year-over-year declines in trading volumes.

The Company estimates that duplicate trade reports inflated U.S. high-grade TRACE volumes by up to 8% in April 2026. Adjusting for these duplicates, consistent with FINRA’s recent proposal to suppress duplicate reporting, we believe our estimated U.S. high-grade market share would have been approximately 160 basis points higher in April 2026. April’s strong new issuance calendar further reduced our estimated U.S. high-grade market share.

Despite the challenging April, we continued to make progress with our new initiatives across the client-initiated, portfolio trading and dealer-initiated channels.

Client-Initiated Channel

  • 12% decline in block trading ADV to $5.1 billion, with U.S. credit block ADV of $3.0 billion down 21%, emerging markets block ADV of $1.8 billion up 13% and eurobonds block ADV of $376 million down 24%.

Portfolio Trading Channel

  • 3% decline in total portfolio trading ADV to $1.7 billion, includingU.S. high-grade ADV of $1.0 billion down 14%,U.S. high-yield ADV of $501 million up 52%, emerging markets ADV of $110 millionup 33%, and eurobonds ADV of $174 milliondown 34%.
  • Our estimated market share of U.S. credit portfolio trading was 20.2%, compared to 19.6% in the prior year.

Dealer-Initiated Channel

  • Dealer-initiated ADV of $1.7 billiondeclined 11% compared to the prior year.Total Mid-X trading volume was$6.7 billion, the second highest month since the launch in U.S. credit, representing an increase of 156%.

April 2026 Variable Transaction Fees Per Million1 (See table 1D)

  • The year-over-year decline in total credit FPM was driven by product and protocol mix, partially offset by the higher duration of bonds traded in U.S. high-grade. The month-over-month increase was driven by product mix.
  • The year-over-year increase in total rates FPM was driven by the impact of protocolmix. The month-over-month decrease in total rates FPM was driven by client mix.

*All comparisons versus April 2025 unless noted.

Table 1: MarketAxess ADV

 

 

Month

 

% Change

 

 

Apr-26

 

 

Mar-26

 

 

Apr-25

 

MoM

YoY

MKTX ADV ($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

7,202

 

 

$

9,627

 

 

$

8,663

 

 

(25

)

%

 

(17

)

%

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

 

 

6,802

 

 

 

9,159

 

 

 

8,595

 

 

(26

)

 

 

(21

)

 

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

 

 

1,852

 

 

 

2,110

 

 

 

2,051

 

 

(12

)

 

 

(10

)

 

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

 

 

1,541

 

 

 

1,839

 

 

 

1,968

 

 

(16

)

 

 

(22

)

 

Emerging Markets

 

 

4,374

 

 

 

5,194

 

 

 

4,273

 

 

(16

)

 

 

2

 

 

Eurobonds

 

 

2,549

 

 

 

2,992

 

 

 

2,785

 

 

(15

)

 

 

(8

)

 

Other Credit Products3

 

 

621

 

 

 

675

 

 

 

739

 

 

(8

)

 

 

(16

)

 

Municipal Bonds

 

 

621

 

 

 

675

 

 

 

737

 

 

(8

)

 

 

(16

)

 

Total MKTX Credit ADV (excl. SD PT)2

 

$

15,887

 

 

$

19,859

 

 

$

18,360

 

 

(20

)

 

 

(13

)

 

Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government Bonds

 

$

23,338

 

 

$

32,879

 

 

$

37,935

 

 

(29

)

%

 

(38

)

%

Agencies and Other Government Bonds

 

 

2,394

 

 

 

2,582

 

 

 

1,141

 

 

(7

)

 

 

110

 

 

Total MKTX Rates ADV

 

$

25,732

 

 

$

35,461

 

 

$

39,076

 

 

(27

)

 

 

(34

)

 

Total MKTX Trading ADV

 

$

41,619

 

 

$

55,320

 

 

$

57,436

 

 

(25

)

 

 

(28

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Trading Days4

 

21

 

 

22

 

 

21

 

 

 

 

 

 

 

U.K. Trading Days4

 

20

 

 

22

 

 

20

 

 

 

 

 

 

 

 

Table 1A: Market ADV

 

 

Month

 

% Change

 

 

Apr-26

 

 

Mar-26

 

 

Apr-25

 

MoM

YoY

MARKET ADV ($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. High-Grade TRACE

 

$

42,891

 

 

$

51,422

 

 

$

44,647

 

 

(17

)

%

 

(4

)

%

U.S. High-Yield TRACE

 

 

13,603

 

 

 

13,742

 

 

 

14,565

 

 

(1

)

 

 

(7

)

 

Total U.S. Credit TRACE

 

 

56,494

 

 

 

65,164

 

 

 

59,212

 

 

(13

)

 

 

(5

)

 

Municipal Bonds MSRB

 

 

10,090

 

 

 

9,527

 

 

 

15,427

 

 

6

 

 

 

(35

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government Bonds TRACE

 

$

1,078,186

 

 

$

1,448,791

 

 

$

1,354,981

 

 

(26

)

%

 

(20

)

%

Agency TRACE

 

 

2,785

 

 

 

3,681

 

 

 

4,064

 

 

(24

)

 

 

(31

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Trading Days4

 

21

 

 

22

 

 

21

 

 

 

 

 

 

 

U.K. Trading Days4

 

20

 

 

22

 

 

20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Table 1B: Estimated Market Share

 

 

Month

 

Bps Change

 

 

Apr-26

 

 

Mar-26

 

Apr-25

 

MoM

 

YoY

MKTX ESTIMATED MARKET SHARE (%)

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. High-Grade

 

 

 

 

 

 

 

 

 

 

 

 

 

% of U.S. High-Grade TRACE2,5

 

 

16.8

%

2,5

18.7%

 

 

19.4

%

(190)

 

bps

 

(260)

 

bps

U.S. High-Yield

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% of U.S. High-Yield TRACE2

 

 

13.6

%

2

15.4%

 

 

14.1

%

(180)

 

bps

 

(50)

 

bps

Other Credit Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% of Municipal Bonds MSRB

 

 

6.2

%

 

7.1%

 

 

4.8

%

(90)

 

bps

 

+140

 

bps

Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% of U.S. Government Bonds TRACE

 

 

2.2

%

 

2.3%

 

 

2.8

%

(10)

 

bps

 

(60)

 

bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Table 1C: Strategic Priorities ADV

 

 

Month

 

% Change

 

 

Apr-26

 

 

Mar-26

 

 

Apr-25

 

MoM

YoY

STRATEGIC PRIORITIES ADV ($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Client-Initiated Channel

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Credit Block Trading

 

$

2,981

 

 

$

4,112

 

 

$

3,751

 

 

(28

)

%

 

(21

)

%

Emerging Markets Block Trading

 

 

1,784

 

 

 

2,300

 

 

 

1,579

 

 

(22

)

 

 

13

 

 

Eurobonds Block Trading

 

 

376

 

 

 

546

 

 

 

497

 

 

(31

)

 

 

(24

)

 

Portfolio Trading Channel

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total MKTX Portfolio Trading

 

$

1,739

 

 

$

2,254

 

 

$

1,790

 

 

(23

)

%

 

(3

)

%

Total MKTX U.S. Credit Portfolio Trading

 

 

1,453

 

 

 

1,859

 

 

 

1,441

 

 

(22

)

 

 

1

 

 

Total U.S. Credit TRACE Portfolio Trading

 

 

7,207

 

 

 

8,478

 

 

 

7,349

 

 

(15

)

 

 

(2

)

 

Dealer-Initiated Channel

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Dealer Initiated (DRFQ & Mid-X)

 

$

1,706

 

 

$

2,081

 

 

$

1,916

 

 

(18

)

%

 

(11

)

%

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Open Trading

 

$

4,944

 

 

$

6,222

 

 

$

5,739

 

 

(21

)

%

 

(14

)

%

AxessIQ

 

 

173

 

 

 

212

 

 

 

181

 

 

(18

)

 

 

(4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Trading Days4

 

21

 

 

22

 

 

21

 

 

 

 

 

 

 

U.K. Trading Days4

 

20

 

 

22

 

 

20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

Month

 

% Change

 

 

Apr-26

 

 

Mar-26

 

 

Apr-25

 

MoM

YoY

AVG. VARIABLE TRANS. FEE PER MILLION (FPM)

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Credit

 

$

134

 

 

$

131

 

 

$

138

 

 

2

 

%

 

(3

)

%

Total Rates

 

 

4.31

 

 

 

4.05

 

 

 

3.76

 

 

6

 

 

 

15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

The FPM for total credit and total rates for April 2026 is 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

Effective with the release of our January 2026 trading volume statistics, the Company revised certain aspects of its reporting methodology for estimated market share to provide a more comprehensive view of platform activity and enhance comparability with industry peers. The Company now highlights estimated market share for U.S. high-grade and U.S. high-yield on an all-in basis, which includes single-dealer portfolio trading activity, and the Company will no longer report estimated market share on an "excluding single-dealer portfolio trading" basis. Single-dealer portfolio trading activity continues to be excluded from the “Total MKTX Credit ADV (excl. SD PT)” line in Table 1, the “Total Credit” FPM calculation in Table 1D and the “Total Credit Trading” line in Table 2. “SD PT” is defined as single-dealer portfolio trades. As used in Table 1 to highlight the effect of single dealer portfolio trading on U.S. high-grade and U.S. high yield ADVs, “SD PT” means single-dealer portfolio trades.

 

 

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

The Company estimates that duplicate reports increased reported monthly TRACE volumes by up to 8% of U.S. high-grade TRACE in April 2026. Adjusting for these duplicates, consistent with FINRA’s recent proposal to suppress duplicate reporting, the Company believes its estimated U.S. high-grade market share would have been approximately 160 basis points higher in April 2026.

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 MarketAxess Holdings Inc. (the “Company” or “MarketAxess”), 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; our dependence on third-party suppliers for key products and services; 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; risks related to sanctions levied against states or individuals that could expose us to operational or regulatory risks; the effects of climate change or other sustainability risks that could affect our operations or reputation; 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 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; limitations on our flexibility because we operate in a highly regulated industry; the increasing government regulation of us and our clients; our exposure to costs and penalties related to our extensive regulation; our risks of litigation and securities laws liability; our tax filing positions; 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 and other 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)

 

 

2026

 

 

2025

 

 

% Change

 

 

 

 

 

Volume

 

 

ADV

 

 

Volume

 

 

ADV

 

 

Volume

 

 

ADV

 

 

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

High-grade

 

 

$

142,843

 

 

$

6,802

 

 

$

180,504

 

 

$

8,595

 

 

 

(21

)

%

 

(21

)

%

High-yield

 

 

 

32,352

 

 

 

1,541

 

 

 

41,319

 

 

 

1,968

 

 

 

(22

)

 

 

(22

)

 

Emerging markets

 

 

 

91,858

 

 

 

4,374

 

 

 

89,728

 

 

 

4,273

 

 

 

2

 

 

 

2

 

 

Eurobonds

 

 

 

50,981

 

 

 

2,549

 

 

 

55,703

 

 

 

2,785

 

 

 

(8

)

 

 

(8

)

 

Other credit

 

 

 

13,053

 

 

 

621

 

 

 

15,516

 

 

 

739

 

 

 

(16

)

 

 

(16

)

 

Total credit trading1

 

 

 

331,087

 

 

 

15,887

 

 

 

382,770

 

 

 

18,360

 

 

 

(14

)

 

 

(13

)

 

Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government bonds2

 

 

 

490,094

 

 

 

23,338

 

 

 

796,645

 

 

 

37,935

 

 

 

(38

)

 

 

(38

)

 

Agency and other government bonds1

 

 

 

47,949

 

 

 

2,394

 

 

 

22,936

 

 

 

1,141

 

 

 

109

 

 

 

110

 

 

Total rates trading

 

 

 

538,043

 

 

 

25,732

 

 

 

819,581

 

 

 

39,076

 

 

 

(34

)

 

 

(34

)

 

Total trading

 

 

$

869,130

 

 

$

41,619

 

 

$

1,202,351

 

 

$

57,436

 

 

 

(28

)

 

 

(28

)

 

Number of U.S. Trading Days3

 

 

 

 

 

 

21

 

 

 

 

 

 

21

 

 

 

 

 

 

 

 

Number of U.K. Trading Days4

 

 

 

 

 

 

20

 

 

 

 

 

 

20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-to-Date Ended April 30,

 

 

In millions (unaudited)

 

 

2026

 

 

2025

 

 

% Change

 

 

 

 

 

Volume

 

 

ADV

 

 

Volume

 

 

ADV

 

 

Volume

 

 

ADV

 

 

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

High-grade

 

 

$

654,335

 

 

$

7,980

 

 

$

641,812

 

 

$

7,827

 

 

 

2

 

%

 

2

 

%

High-yield

 

 

 

132,761

 

 

 

1,619

 

 

 

131,316

 

 

 

1,601

 

 

 

1

 

 

 

1

 

 

Emerging markets

 

 

 

403,783

 

 

 

4,924

 

 

 

330,013

 

 

 

4,025

 

 

 

22

 

 

 

22

 

 

Eurobonds

 

 

 

229,143

 

 

 

2,761

 

 

 

203,620

 

 

 

2,453

 

 

 

13

 

 

 

13

 

 

Other credit

 

 

 

53,239

 

 

 

649

 

 

 

51,998

 

 

 

634

 

 

 

2

 

 

 

2

 

 

Total credit trading1

 

 

 

1,473,261

 

 

 

17,933

 

 

 

1,358,759

 

 

 

16,540

 

 

 

8

 

 

 

8

 

 

Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government bonds2

 

 

 

2,290,244

 

 

 

27,930

 

 

 

2,378,726

 

 

 

29,009

 

 

 

(4

)

 

 

(4

)

 

Agency and other government bonds1

 

 

 

152,325

 

 

 

1,836

 

 

 

88,761

 

 

 

1,070

 

 

 

72

 

 

 

72

 

 

Total rates trading

 

 

 

2,442,569

 

 

 

29,766

 

 

 

2,467,487

 

 

 

30,079

 

 

 

(1

)

 

 

(1

)

 

Total trading

 

 

$

3,915,830

 

 

$

47,699

 

 

$

3,826,246

 

 

$

46,619

 

 

 

2

 

 

 

2

 

 

Number of U.S. Trading Days3

 

 

 

 

 

 

82

 

 

 

 

 

 

82

 

 

 

 

 

 

 

 

Number of U.K. Trading Days4

 

 

 

 

 

 

83

 

 

 

 

 

 

83

 

 

 

 

 

 

 

 

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.