MarketAxess Announces Trading Volume Statistics for April 2025

Business Wire

06-05-2025

NEW YORK--(BUSINESS WIRE)--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 2025. 1
Trading Records for April 2025
Select April 2025 Highlights* (See tables 1-1C and table 2)
The MarketAxess platform performed very well during increased volatility in April, providing our clients with deep liquidity through Open Trading.
Market ADV increased significantly year-over-year across most product areas with record levels in U.S. high-yield, municipals and U.S. government bonds driven by an increase in volatility.
Record Open Trading ADV of $5.7 billion with estimated share of total credit 2 of 38%, up from 34% in the prior year, and up from 37% in March 2025, reflecting the increasing importance of our differentiated liquidity to clients in more volatile periods.
We delivered strong progress with our new initiatives across the client-initiated, portfolio trading and dealer-initiated channels that also contributed to the strong performance in April.
90% of all portfolio trading ADV was executed over X-Pro in April.
April was the second highest monthly ADV in U.S. high-grade behind March 2025.
U.S. high-yield ADV of $2.0 billion represented the highest monthly ADV level since February 2023, driven in part by a strong increase in ETF market maker activity. ETF market maker trading volume was the highest level since November 2023.
Continued strength in emerging markets ADV, which was a record $4.3 billion, was driven by a 30% increase in hard currency ADV to a record $2.6 billion, and a 23% increase in local markets ADV. As volatility picked up, investors relied on multiple MarketAxess protocols to navigate market uncertainty, including Open Trading, portfolio trading and request-for-market, or RFM.
Block trading in emerging markets benefitted from the launch of our targeted block solution in late 2024, which has generated cumulative trading volume of over $1.4 billion since launch.
Record eurobonds ADV benefited from record eurobond portfolio trading, which was driven by our increased sales efforts.
Block trading in eurobonds benefitted from the launch of our targeted block solution in January 2025, which has generated cumulative trading volume of over $2.6 billion since launch.
Record municipal bond ADV was driven by increased market volatility and strong increases in taxable and record tax-exempt trading volumes.
The lower estimated market share in municipals was in part driven by a shift to larger sized notional trades in the market.
Our rates business reported an all-time single-day record of $102.3 billion U.S. government bonds notional traded on April 9 and delivered record ADV of $39.1 billion with estimated market share of 2.8% in April.
April 2025 Variable Transaction Fees Per Million 1 (See table 1D)
The decline in total credit FPM compared to the prior year was driven principally by protocol mix. The increase month-over-month was principally driven by product mix.
The decrease in total rates FPM compared to the prior year and the prior quarter was driven by the impact of product mix.
*All comparisons versus April 2024 unless noted.
Table 1A: Market ADV
Month % Change
Apr-25 Mar-25 Apr-24 YoY MoM
MARKET ADV ($ millions)
Credit
U.S. High-Grade TRACE
$
44,647
$
45,024
$
36,735
22
%
(1
)%
U.S. High-Yield TRACE
14,565
13,605
10,253
42
7
Total U.S. Credit TRACE
59,212
58,629
46,988
26
1
Municipal Bonds MSRB
15,427
9,895
6,961
122
56
Rates
U.S. Government Bonds TRACE
$
1,354,981
$
1,097,090
$
867,900
56
%
24
%
Agency TRACE
4,064
3,957
4,097
(1
)
3
U.S. Trading Days 4
21
21
22
U.K. Trading Days 4
20
21
21
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Table 1B: Estimated Market Share 5
Month % Change
Apr-25 Mar-25 Apr-24 YoY MoM
MKTX ESTIMATED MARKET SHARE (%)
U.S. High-Grade
% of U.S. High-Grade TRACE (incl. SD PT) 5
19.4
%
20.0
%
18.2
%
1.2
%
(0.6
)%
% of U.S. High-Grade TRACE (excl. SD PT) 5
19.3
%
19.2
%
17.9
%
1.4
0.1
U.S. High-Yield
% of U.S. High-Yield TRACE (incl. SD PT) 5
14.1
%
12.8
%
14.2
%
(0.1
)%
1.3
%
% of U.S. High-Yield TRACE (excl. SD PT) 5
13.5
%
12.5
%
13.9
%
(0.4
)
1.0
Other Credit Products
% of Municipal Bonds MSRB
4.8
%
6.4
%
6.4
%
(1.6
)%
(1.6
)%
Rates
% of U.S. Government Bonds TRACE
2.8
%
2.5
%
2.3
%
0.5
%
0.3
%
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Table 1C: Strategic Priorities ADV 6
Month % Change
Apr-25 Mar-25 Apr-24 YoY MoM
STRATEGIC PRIORITIES ADV ($ millions)
Client-Initiated Channel
U.S. Credit Block Trading
$
3,751
$
3,450
$
2,489
51
%
9
%
Emerging Markets Block Trading
1,579
1,717
1,232
28
(8
)
Eurobonds Block Trading
497
510
265
88
(3
)
Portfolio Trading Channel
Total MKTX Portfolio Trading 6
$
1,790
$
1,525
$
901
99
%
17
%
Total MKTX U.S. Credit Portfolio Trading 6
1,441
1,328
748
93
9
Total U.S. Credit TRACE Portfolio Trading 6
7,349
6,608
5,744
28
11
Dealer-Initiated Channel
Total Dealer Initiated (DRFQ & Mid-X)
$
1,916
$
2,140
$
1,232
56
%
(10
)%
Other
Open Trading
$
5,739
$
5,485
$
3,973
44
%
5
%
AxessIQ
181
175
123
47
3
U.S. Trading Days 4
21
21
22
U.K. Trading Days 4
20
21
21
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Table 1D: Variable Transaction Fees Per Million (FPM) 1
Month % Change
Apr-25 Mar-25 Apr-24 YoY MoM
AVG. VARIABLE TRANS. FEE PER MILLION (FPM)
Total Credit
$
139
$
136
$
150
(7
)%
2
%
Total Rates
4.23
4.61
4.40
(4
)
(8
)
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1 The FPM for total credit and total rates for April 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 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.
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 '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.
6 Due to variances in how portfolio trading market participants utilized the portfolio trading TRACE 'flag,' the Company previously used its own internal methodology for calculating portfolio trading as an estimated percentage of TRACE volume and the Company's estimated market share. Starting in June 2024, the Company utilized the portfolio trading TRACE flag in its reported portfolio trading TRACE volume and the Company's portfolio trading estimated market share.
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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
Credit
High-grade
$
180,504
$
8,595
$
144,951
$
6,589
25
%
30
%
High-yield
41,319
1,968
31,416
1,428
32
38
Emerging markets
89,728
4,273
74,154
3,371
21
27
Eurobonds
55,703
2,785
42,564
2,027
31
37
Other credit
15,516
739
9,932
451
56
64
Total credit trading 1
382,770
18,360
303,017
13,866
26
32
Rates
U.S. government bonds 2
796,645
37,935
430,424
19,565
85
94
Agency and other government bonds 1
22,936
1,141
15,212
718
51
59
Total rates trading
819,581
39,076
445,636
20,283
84
93
Total trading
$
1,202,351
$
57,436
$
748,653
$
34,149
61
68
Number of U.S. Trading Days 3
21
22
Number of U.K. Trading Days 4
20
21
Year-to-Date Ended April 30,
In millions (unaudited)
2025
2024
% Change
Volume
ADV
Volume
ADV
Volume
ADV
Credit
High-grade
$
641,812
$
7,827
$
600,949
$
7,240
7
%
8
%
High-yield
131,316
1,601
116,795
1,407
12
14
Emerging markets
330,013
4,025
295,581
3,561
12
13
Eurobonds
203,620
2,453
171,413
2,041
19
20
Other credit
51,998
634
36,267
436
43
45
Total credit trading 1
1,358,759
16,540
1,221,005
14,685
11
13
Rates
U.S. government bonds 2
2,378,726
29,009
1,476,220
17,786
61
63
Agency and other government bonds 1
88,761
1,070
46,838
559
90
91
Total rates trading
2,467,487
30,079
1,523,058
18,345
62
64
Total trading
$
3,826,246
$
46,619
$
2,744,063
$
33,030
39
41
Number of U.S. Trading Days 3
82
83
Number of U.K. Trading Days 4
83
84
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.
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