FT Markets Data
Marketaxess Holdings Inc

MarketAxess Announces Trading Volume Statistics for September and Third Quarter 2025

NEW YORK--(BUSINESS WIRE)--Oct. 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 September 2025 and the third quarter ended September 30, 2025.1

Chris Concannon, CEO of MarketAxess, commented:

“Despite historic levels of new issuance in U.S. credit in September, which dampened our estimated market share in the month, we set a new record for U.S. credit portfolio trading ADV and market share. We also generated strong year-over-year growth in ADV in our combined emerging markets and eurobonds product areas of 9% in September, driven in part by record levels of emerging markets hard currency trading ADV, which increased 13%. Additionally, in September, we set a new record for oursingle highest credit trading volume dayever on the platform on the last trading day of the month. With our new initiatives in the client-initiated channel, block trading ADV in emerging markets and eurobonds increased 35% and 41%, respectively. In the portfolio trading channel, we delivered recordU.S. high-yield market share of 25.9%. The growth in these new initiatives is being driven by the technology modernization that we are delivering across U.S. credit, eurobonds and emerging markets.”

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

We continued to show solid progress year-over-year with our new initiatives across the client-initiated, portfolio trading and dealer-initiated channels.

Client-Initiated Channel

  • 10% growth in block trading ADV, including 20% growth in emerging markets and 58% growth in eurobonds block trading ADV.
    — Cumulative trading volume from our targeted block trading solution is now approximately $10.1 billion.

Portfolio Trading Channel

  • 20% increase in total portfolio trading ADV to $1.4 billion,with record U.S. high-yield portfolio trading ADV of$341 million. These results for the quarter were driven by strongmonthly total portfolio trading ADV in September 2025 of $1.7 billion.
  • Our third quarter estimated market share of U.S. credit portfolio trading was 19.1%, compared to 20.0% in the prior year, but up from 17.5% in second quarter 2025.
  • Our U.S. credit portfolio trading market share in September hit a new monthly record of 22.5%. This strong performance was in part driven by recordU.S. high-yield market share of 25.9%, representing an increase of approximately 730 basis points year-over-year.

Dealer-Initiated Channel

  • Dealer-initiated ADV increased 18% to $1.5 billion.

Third Quarter 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 compared to 2Q25 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.
  • Total rates FPM was in line with the prior year. The quarter-over-quarter increase was driven by the impact of product mix.

*All comparisons versus third quarter 2024 unless noted.

Table 1: MarketAxess ADV
 
Month % Change Quarter % Change
Sep-25 Aug-25 Sep-24 MoM YoY

 

3Q25

 

 

2Q25

 

 

3Q24

 

QoQ YoY
MKTX ADV ($ millions)
Credit
U.S. High-Grade

$

7,358

 

$

5,934

 

$

8,414

 

24

 

%

(13

)

%

$

6,558

 

$

7,760

 

$

7,027

 

(15

)

%

(7

)

%

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

 

7,649

 

 

6,134

 

 

8,602

 

25

 

(11

)

 

6,783

 

 

7,922

 

 

7,216

 

(14

)

(6

)

U.S. High-Yield

 

1,461

 

 

1,232

 

 

1,434

 

19

 

2

 

 

1,347

 

 

1,692

 

 

1,278

 

(20

)

5

 

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

 

1,724

 

 

1,473

 

 

1,476

 

17

 

17

 

 

1,557

 

 

1,753

 

 

1,316

 

(11

)

18

 

Emerging Markets

 

4,190

 

 

3,455

 

 

3,689

 

21

 

14

 

 

3,803

 

 

4,018

 

 

3,333

 

(5

)

14

 

Eurobonds

 

2,411

 

 

1,885

 

 

2,359

 

28

 

2

 

 

2,196

 

 

2,681

 

 

1,891

 

(18

)

16

 

Other Credit Products3

 

737

 

 

580

 

 

587

 

27

 

26

 

 

631

 

 

644

 

 

587

 

(2

)

7

 

Municipal Bonds

 

737

 

 

579

 

 

577

 

27

 

28

 

 

630

 

 

643

 

 

577

 

(2

)

9

 

Total MKTX Credit ADV (excl. SD PT)2

$

16,157

 

$

13,086

 

$

16,483

 

23

 

(2

)

$

14,535

 

$

16,795

 

$

14,116

 

(13

)

%

3

 

%

Rates
U.S. Government Bonds

$

25,643

 

$

22,544

 

$

27,466

 

14

 

%

(7

)

%

$

23,130

 

$

30,756

 

$

25,302

 

(25

)

%

(9

)

%

Agencies and Other Government Bonds

 

900

 

 

1,243

 

 

1,239

 

(28

)

(27

)

 

1,166

 

 

1,458

 

 

1,098

 

(20

)

6

 

Total MKTX Rates ADV

$

26,543

 

$

23,787

 

$

28,705

 

12

 

(8

)

$

24,296

 

$

32,214

 

$

26,400

 

(25

)

(8

)

Total MKTX Trading ADV

$

42,700

 

$

36,873

 

$

45,188

 

16

 

(6

)

$

38,831

 

$

49,009

 

$

40,516

 

(21

)

(4

)

 
U.S. Trading Days4

 

21

 

 

21

 

 

20

 

 

64

 

 

62

 

 

64

 

U.K. Trading Days4

 

22

 

 

20

 

 

21

 

 

65

 

 

60

 

 

65

 

 

Table 1A: Market ADV

 
Month % Change Quarter % Change
Sep-25 Aug-25 Sep-24 MoM YoY

 

3Q25

 

 

2Q25

 

 

3Q24

 

QoQ YoY
MARKET ADV ($ millions)
Credit
U.S. High-Grade TRACE

$

43,292

 

$

31,643

 

$

42,371

 

37

 

%

2

 

%

$

37,028

 

$

40,010

 

$

36,077

 

(7

)

%

3

 

%

U.S. High-Yield TRACE

 

12,662

 

 

9,679

 

 

11,812

 

31

 

7

 

 

11,348

 

 

13,296

 

 

9,849

 

(15

)

15

 

Total U.S. Credit TRACE

 

55,955

 

 

41,322

 

 

54,183

 

35

 

3

 

 

48,375

 

 

53,306

 

 

45,926

 

(9

)

5

 

Municipal Bonds MSRB

 

11,245

 

 

10,645

 

 

6,517

 

6

 

73

 

 

10,908

 

 

12,017

 

 

6,644

 

(9

)

64

 

 
Rates
U.S. Government Bonds TRACE

$

1,078,295

 

$

1,021,133

 

$

997,205

 

6

 

%

8

 

%

$

1,006,577

 

$

1,162,485

 

$

964,105

 

(13

)

%

4

 

%

Agency TRACE

 

5,498

 

 

3,865

 

 

4,582

 

42

 

20

 

 

4,177

 

 

3,623

 

 

4,040

 

15

 

3

 

U.S. Trading Days4

 

21

 

 

21

 

 

20

 

 

64

 

 

62

 

 

64

 

U.K. Trading Days4

 

22

 

 

20

 

 

21

 

 

65

 

 

60

 

 

65

 

 

Table 1B: Estimated Market Share

 
Month Bps Change Quarter Bps Change
Sep-25 Aug-25 Sep-24 MoM YoY

 

3Q25

 

 

2Q25

 

 

3Q24

 

QoQ YoY
MKTX ESTIMATED MARKET SHARE (%)
U.S. High-Grade
% of U.S. High-Grade TRACE (incl. SD PT)2

 

17.7

%

 

19.4

%

 

20.3

%

(170

)

bps

(260

)

bps

 

18.3

%

 

19.8

%

 

20.0

%

(150

)

bps

(170

)

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

 

17.0

%

 

18.8

%

 

19.9

%

(180

)

(290

)

 

17.7

%

 

19.4

%

 

19.5

%

(170

)

(180

)

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

 

13.6

%

 

15.2

%

 

12.5

%

(160

)

bps +110 bps

 

13.7

%

 

13.2

%

 

13.4

%

+50 bps +30 bps
% of U.S. High-Yield TRACE (excl. SD PT)2

 

11.5

%

 

12.7

%

 

12.1

%

(120

)

(60

)

 

11.9

%

 

12.7

%

 

13.0

%

(80

)

(110

)

Other Credit Products
% of Municipal Bonds MSRB

 

6.6

%

 

5.4

%

 

8.8

%

+120 bps

(220

)

bps

 

5.8

%

 

5.4

%

 

8.7

%

+40 bps

(290

)

bps
Rates
% of U.S. Government Bonds TRACE

 

2.4

%

 

2.2

%

 

2.8

%

+20 bps

(40

)

bps

 

2.3

%

 

2.6

%

 

2.6

%

(30

)

bps

(30

)

bps
 

Table 1C: Strategic Priorities ADV2

 
Month % Change Quarter % Change
Sep-25 Aug-25 Sep-24 MoM YoY

 

3Q25

 

 

2Q25

 

 

3Q24

 

QoQ YoY
STRATEGIC PRIORITIES ADV ($ millions)
Client-Initiated Channel
U.S. Credit Block Trading

$

3,078

 

$

2,261

 

$

3,117

 

36

 

%

(1

)

%

$

2,589

 

$

3,172

 

$

2,565

 

(18

)

%

1

 

%

Emerging Markets Block Trading

 

1,761

 

 

1,471

 

 

1,307

 

20

 

35

 

 

1,553

 

 

1,626

 

 

1,295

 

(4

)

20

 

Eurobonds Block Trading

 

452

 

 

299

 

 

321

 

51

 

41

 

 

364

 

 

529

 

 

231

 

(31

)

58

 

Portfolio Trading Channel
Total MKTX Portfolio Trading

$

1,676

 

$

1,163

 

$

1,504

 

44

 

%

11

 

%

$

1,375

 

$

1,481

 

$

1,145

 

(7

)

%

20

 

%

Total MKTX U.S. Credit Portfolio Trading

 

1,445

 

 

992

 

 

1,336

 

46

 

8

 

 

1,140

 

 

1,112

 

 

985

 

3

 

16

 

Total U.S. Credit TRACE Portfolio Trading

 

6,417

 

 

5,103

 

 

6,418

 

26

 

(0

)

 

5,962

 

 

6,355

 

 

4,928

 

(6

)

21

 

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

$

1,705

 

$

1,335

 

$

1,614

 

28

 

%

6

 

%

$

1,516

 

$

1,795

 

$

1,285

 

(16

)

%

18

 

%

Other
Open Trading

$

4,875

 

$

3,951

 

$

4,848

 

23

 

%

1

 

%

$

4,349

 

$

5,030

 

$

4,147

 

(14

)

%

5

 

%

AxessIQ

 

181

 

 

150

 

 

164

 

21

 

10

 

 

163

 

 

176

 

 

129

 

(7

)

26

 

 
U.S. Trading Days4

 

21

 

 

21

 

 

20

 

 

64

 

 

62

 

 

64

 

U.K. Trading Days4

 

22

 

 

20

 

 

21

 

 

65

 

 

60

 

 

65

 

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

 
Month % Change Quarter % Change
Sep-25 Aug-25 Sep-24 MoM YoY

 

3Q25

 

2Q25

 

3Q24

QoQ YoY
AVG. VARIABLE TRANS. FEE PER MILLION (FPM)
Total Credit

$

140

$

142

$

150

(1

)

%

(7

)

%

$

140

$

138

$

149

1

%

(6

)

%

Total Rates

 

3.84

 

4.25

 

4.15

(10

)

(7

)

 

4.15

 

4.03

 

4.15

3

-

 

1

The FPM for total credit and total rates for September 2025 and third quarter 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.com and on X @MarketAxess.

 

Table 2: Trading Volume Detail

 

 

 

 

 

Month Ended September 30,

 

 

In millions (unaudited)

 

 

2025

 

 

2024

 

 

% Change

 

 

 

 

 

Volume

 

 

ADV

 

 

Volume

 

 

ADV

 

 

Volume

 

 

ADV

 

 

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

High-grade

 

 

$

154,527

 

 

$

7,358

 

 

$

168,278

 

 

$

8,414

 

 

 

(8

)

%

 

(13

)

%

High-yield

 

 

 

30,691

 

 

 

1,461

 

 

 

28,671

 

 

 

1,434

 

 

 

7

 

 

 

2

 

 

Emerging markets

 

 

 

87,980

 

 

 

4,190

 

 

 

73,774

 

 

 

3,689

 

 

 

19

 

 

 

14

 

 

Eurobonds

 

 

 

53,031

 

 

 

2,411

 

 

 

49,537

 

 

 

2,359

 

 

 

7

 

 

 

2

 

 

Other credit

 

 

 

15,485

 

 

 

737

 

 

 

11,749

 

 

 

587

 

 

 

32

 

 

 

26

 

 

Total credit trading1

 

 

 

341,714

 

 

 

16,157

 

 

 

332,009

 

 

 

16,483

 

 

 

3

 

 

 

(2

)

 

Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government bonds2

 

 

 

538,505

 

 

 

25,643

 

 

 

549,317

 

 

 

27,466

 

 

 

(2

)

 

 

(7

)

 

Agency and other government bonds1

 

 

 

19,680

 

 

 

900

 

 

 

25,875

 

 

 

1,239

 

 

 

(24

)

 

 

(27

)

 

Total rates trading

 

 

 

558,185

 

 

 

26,543

 

 

 

575,192

 

 

 

28,705

 

 

 

(3

)

 

 

(8

)

 

Total trading

 

 

$

899,899

 

 

$

42,700

 

 

$

907,201

 

 

$

45,188

 

 

 

(1

)

 

 

(6

)

 

Number of U.S. Trading Days3

 

 

 

 

 

 

21

 

 

 

 

 

 

20

 

 

 

 

 

 

 

 

 

 

Number of U.K. Trading Days4

 

 

 

 

 

 

22

 

 

 

 

 

 

21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended September 30,

 

 

In millions (unaudited)

 

 

2025

 

 

2024

 

 

% Change

 

 

 

 

 

Volume

 

 

ADV

 

 

Volume

 

 

ADV

 

 

Volume

 

 

ADV

 

 

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

High-grade

 

 

$

419,703

 

 

$

6,558

 

 

$

449,708

 

 

$

7,027

 

 

 

(7

)

%

 

(7

)

%

High-yield

 

 

 

86,228

 

 

 

1,347

 

 

 

81,761

 

 

 

1,278

 

 

 

5

 

 

 

5

 

 

Emerging markets

 

 

 

243,387

 

 

 

3,803

 

 

 

213,341

 

 

 

3,333

 

 

 

14

 

 

 

14

 

 

Eurobonds

 

 

 

142,772

 

 

 

2,196

 

 

 

122,914

 

 

 

1,891

 

 

 

16

 

 

 

16

 

 

Other credit

 

 

 

40,336

 

 

 

631

 

 

 

37,566

 

 

 

587

 

 

 

7

 

 

 

7

 

 

Total credit trading1

 

 

 

932,426

 

 

 

14,535

 

 

 

905,290

 

 

 

14,116

 

 

 

3

 

 

 

3

 

 

Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government bonds2

 

 

 

1,480,317

 

 

 

23,130

 

 

 

1,619,337

 

 

 

25,302

 

 

 

(9

)

 

 

(9

)

 

Agency and other government bonds1

 

 

 

75,714

 

 

 

1,166

 

 

 

71,261

 

 

 

1,098

 

 

 

6

 

 

 

6

 

 

Total rates trading

 

 

 

1,556,031

 

 

 

24,296

 

 

 

1,690,598

 

 

 

26,400

 

 

 

(8

)

 

 

(8

)

 

Total trading

 

 

$

2,488,457

 

 

$

38,831

 

 

$

2,595,888

 

 

$

40,516

 

 

 

(4

)

 

 

(4

)

 

Number of U.S. Trading Days3

 

 

 

 

 

 

64

 

 

 

 

 

 

64

 

 

 

 

 

 

 

 

 

 

Number of U.K. Trading Days4

 

 

65

 

 

 

 

 

65

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Table 2: Trading Volume Detail (continued)

 

 

 

 

 

Year-to-Date Ended September 30,

 

 

In millions (unaudited)

 

 

2025

 

 

2024

 

 

% Change

 

 

 

 

 

Volume

 

 

ADV

 

 

Volume

 

 

ADV

 

 

Volume

 

 

ADV

 

 

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

High-grade

 

 

$

1,362,101

 

 

$

7,284

 

 

$

1,311,146

 

 

$

6,974

 

 

 

4

 

%

 

4

 

%

High-yield

 

 

 

281,122

 

 

 

1,503

 

 

 

251,388

 

 

 

1,337

 

 

 

12

 

 

 

12

 

 

Emerging markets

 

 

 

732,763

 

 

 

3,919

 

 

 

644,973

 

 

 

3,431

 

 

 

14

 

 

 

14

 

 

Eurobonds

 

 

 

451,562

 

 

 

2,402

 

 

 

380,029

 

 

 

2,011

 

 

 

19

 

 

 

19

 

 

Other credit

 

 

 

116,783

 

 

 

625

 

 

 

97,271

 

 

 

517

 

 

 

20

 

 

 

21

 

 

Total credit trading1

 

 

 

2,944,331

 

 

 

15,733

 

 

 

2,684,807

 

 

 

14,270

 

 

 

10

 

 

 

10

 

 

Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government bonds2

 

 

 

4,969,290

 

 

 

26,574

 

 

 

3,902,050

 

 

 

20,756

 

 

 

27

 

 

 

28

 

 

Agency and other government bonds1

 

 

 

229,164

 

 

 

1,218

 

 

 

151,393

 

 

 

801

 

 

 

51

 

 

 

52

 

 

Total rates trading

 

 

 

5,198,454

 

 

 

27,792

 

 

 

4,053,443

 

 

 

21,557

 

 

 

28

 

 

 

29

 

 

Total trading

 

 

$

8,142,785

 

 

$

43,525

 

 

$

6,738,250

 

 

$

35,827

 

 

 

21

 

 

 

21

 

 

Number of U.S. Trading Days3

 

 

 

 

 

 

187

 

 

 

 

 

 

188

 

 

 

 

 

 

 

 

 

 

Number of U.K. Trading Days4

 

 

 

 

 

 

188

 

 

 

 

 

 

189

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.