MarketAxess Announces Monthly Volume Statistics for May 2024
“In May, we delivered strong growth in total credit ADV of 11.1%, driven by a 21.8% increase in emerging markets, a 24.8% increase in Eurobonds and a 43.2% increase in municipal bonds on record municipal bond market share of 8.1%. Our estimated market share of
Select May highlights*
-
Total average daily volume (“ADV”) of
$32.2 billion , up 13.5% on strong growth in total credit ADV to$13.4 billion , up 11.1%,and a 15.2% increase in total rates trading ADV.
-
U.S. high-grade ADV of$6.1 billion,up 6.2% on a 15.2% increase in estimated market ADV.The strong increase in market volumes included a 35% increase in portfolio trading and dealer-to-dealer trading volume combined in May, which represented approximately 72% of the growth of the market year-over-year.Estimated market share was 18.6% (19.2% including single-dealer portfolio trades),2 down from 20.2% (no impact from single-dealer portfolio trades).2 -
U.S. high-yield ADV of$1.3 billion , down 13.1%, with estimated market share of 12.8% (13.1% including single-dealer portfolio trades),2 down from 16.7% (16.8% including single-dealer portfolio trades).2U.S. high-yield estimated market ADV increased 13.2%. We believe the decrease inU.S. high-yield estimated market share year-over-year was driven, in part, by lower levels of credit spread volatility and a greater focus on the new issue calendar by our long-only client segment.- Lower levels of credit spread volatility drove an estimated 37.2% decrease in ETF market maker client activity on the platform in May compared to the prior year.
U.S. high-yield new issuance was$33.6 billion in May, up 51.5% from the prior year.
Other Credit
-
Emerging markets ADV of
$3.1 billion , up 21.8%. The year-over-year increase was due to a 13.2% increase in hard currency trading ADV anda 34.1% increase in local currency markets ADV.3 -
Eurobonds ADVof
$2.3 billion , up 24.8%.3 -
Municipal bondADV of
$577 million , up 43.2%, with estimated market ADV down 1.1% compared to the prior year. Record estimated market share of 8.1%, up from 5.6% in the prior year.3
Select Protocols, Open Trading® & Workflow Tools
-
$18.6 billion intotal portfolio trading volume, up 136.2%. Approximately 55% of our portfolio trading volume was executed on X-Pro. Ourestimated market share ofU.S. high-grade portfolio trading was 21.8%,up from 12.8% in the prior year, and up from 15.4% in April. Portfolio trading represented an estimated 7.6% of total TRACE, up from an estimated 5.5% in the prior year, but down from an estimated 10.1% in April. - 35% Open Trading share4 of total credit trading volume, up from 34% in the prior year.
-
Dealer RFQ ADV of
$1.1 billion across all credit products increased 24.1%. -
AxessIQ, the order and execution workflow solution designed for wealth management and private banking clients, achieved ADV of
$147 million , up 28.8% from the prior year.
Rates
-
Total rates ADV of
$18.8 billion , up 15.2% versus the prior year.
Variable Transaction Fees Per Million (FPM)
-
The preliminary FPM1 for total credit for May was approximately
$149 , down from$164 in the prior year, but in line with$150 in April. The preliminary FPM for total rates wasapproximately$4.40 , compared to$4.60 in the prior year.
*All comparisons versus
Table 1:
CREDIT | RATES | ||||||||||
$ in millions (unaudited) |
US/ Trading Days5 |
Total ADV |
Total Credit |
High-Grade | High-Yield |
Emerging Markets |
Eurobonds |
Municipal Bonds |
Total Rates |
US Govt. Bonds |
Agcy./Other Govt. Bonds |
May-24 |
22/20 |
|
|
|
|
|
|
|
|
|
|
May-23 |
22/20 |
|
|
|
|
|
|
|
|
|
|
% Change |
|
13% |
11% |
6% |
(13%) |
22% |
25% |
43% |
15% |
14% |
79% |
Table 1A:
|
CREDIT |
RATES |
|||
(unaudited) |
High-Grade |
High-Yield |
High-Grade/High-Yield Combined |
Municipals3 |
US Govt.
|
May-24 |
18.6% |
12.8% |
17.2% |
8.1% |
2.2% |
May-23 |
20.2% |
16.7% |
19.3% |
5.6% |
2.1% |
Bps Change |
(160) bps |
(390) bps |
(210) bps |
+250 bps |
10 bps |
1 The FPM for total credit and total rates for
2 The Company is highlighting the impact of single-dealer portfolio trading volume on
3 See “General Notes Regarding the Data Presented” below.
4 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.
5 The number of
General Notes Regarding the Data Presented
Reported
Beginning with
In addition, for periods beginning with
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements, including statements about the outlook and prospects for 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
About
Table 2: Trading Volume Detail |
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Month Ended |
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In millions (unaudited) |
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2024 |
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|
2023 |
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% Change |
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|
|
Volume |
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|
ADV |
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|
Volume |
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|
ADV |
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Volume |
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|
ADV |
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Credit |
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High-grade |
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|
$ |
134,675 |
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$ |
6,122 |
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$ |
126,777 |
|
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|
$ |
5,763 |
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|
6.2 |
|
% |
|
6.2 |
|
% |
High-yield |
|
|
|
29,044 |
|
|
|
1,320 |
|
|
|
33,419 |
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|
|
|
1,519 |
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|
(13.1 |
) |
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|
(13.1 |
) |
|
Emerging markets |
|
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|
67,625 |
|
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|
3,074 |
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|
55,533 |
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|
|
2,524 |
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21.8 |
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21.8 |
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|
Eurobonds |
|
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|
45,471 |
|
|
|
2,274 |
|
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|
36,443 |
|
|
|
|
1,822 |
|
|
|
24.8 |
|
|
|
24.8 |
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|
Other credit |
|
|
|
12,836 |
|
|
|
582 |
|
|
|
9,076 |
|
|
|
|
412 |
|
|
|
41.4 |
|
|
|
41.3 |
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|
Total credit trading1 |
|
|
|
289,651 |
|
|
|
13,372 |
|
|
|
261,248 |
|
|
|
|
12,040 |
|
|
|
10.9 |
|
|
|
11.1 |
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
397,586 |
|
|
|
18,072 |
|
|
|
349,959 |
|
|
|
|
15,907 |
|
|
|
13.6 |
|
|
|
13.6 |
|
|
Agency and other government bonds1 |
|
|
|
14,744 |
|
|
|
728 |
|
|
|
8,521 |
|
|
|
|
407 |
|
|
|
73.0 |
|
|
|
78.9 |
|
|
Total rates trading |
|
|
|
412,330 |
|
|
|
18,800 |
|
|
|
358,480 |
|
|
|
|
16,314 |
|
|
|
15.0 |
|
|
|
15.2 |
|
|
Total trading |
|
|
$ |
701,981 |
|
|
$ |
32,172 |
|
|
$ |
619,728 |
|
|
|
$ |
28,354 |
|
|
|
13.3 |
|
|
|
13.5 |
|
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Number of |
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|
22 |
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22 |
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Number of |
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|
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|
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|
20 |
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|
|
20 |
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Year-to-Date Ended |
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||||||||||||||||||||||
In millions (unaudited) |
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
|
||||||||||||||||
|
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
|
ADV |
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|
Volume |
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|
ADV |
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Credit |
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High-grade |
|
|
$ |
735,624 |
|
|
$ |
7,006 |
|
|
$ |
627,086 |
|
|
|
$ |
6,088 |
|
|
|
17.3 |
|
% |
|
15.1 |
|
% |
High-yield |
|
|
|
145,839 |
|
|
|
1,389 |
|
|
|
183,754 |
|
|
|
|
1,784 |
|
|
|
(20.6 |
) |
|
|
(22.1 |
) |
|
Emerging markets |
|
|
|
363,206 |
|
|
|
3,459 |
|
|
|
295,995 |
|
|
|
|
2,874 |
|
|
|
22.7 |
|
|
|
20.4 |
|
|
Eurobonds |
|
|
|
216,884 |
|
|
|
2,085 |
|
|
|
196,737 |
|
|
|
|
1,929 |
|
|
|
10.2 |
|
|
|
8.1 |
|
|
Other credit |
|
|
|
49,097 |
|
|
|
467 |
|
|
|
45,307 |
|
|
|
|
440 |
|
|
|
8.4 |
|
|
|
6.1 |
|
|
Total credit trading1 |
|
|
|
1,510,650 |
|
|
|
14,406 |
|
|
|
1,348,879 |
|
|
|
|
13,115 |
|
|
|
12.0 |
|
|
|
9.8 |
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,873,806 |
|
|
|
17,846 |
|
|
|
2,125,292 |
|
|
|
|
20,634 |
|
|
|
(11.8 |
) |
|
|
(13.5 |
) |
|
Agency and other government bonds1 |
|
|
|
61,582 |
|
|
|
591 |
|
|
|
44,792 |
|
|
|
|
438 |
|
|
|
37.5 |
|
|
|
34.9 |
|
|
Total rates trading |
|
|
|
1,935,388 |
|
|
|
18,437 |
|
|
|
2,170,084 |
|
|
|
|
21,072 |
|
|
|
(10.8 |
) |
|
|
(12.5 |
) |
|
Total trading |
|
|
$ |
3,446,038 |
|
|
$ |
32,843 |
|
|
$ |
3,518,963 |
|
|
|
$ |
34,187 |
|
|
|
(2.1 |
) |
|
|
(3.9 |
) |
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Number of |
|
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|
105 |
|
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|
|
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|
103 |
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Number of |
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|
104 |
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|
102 |
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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. |
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2 Consistent with industry standards, |
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3 The number of |
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4 The number of |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240604991109/en/
INVESTOR RELATIONS
+1 212 813 6313
sdavidson2@marketaxess.com
MEDIA RELATIONS
+1 917 267 1232
mmistry@marketaxess.com
Source: