MarketAxess Announces Trading Volume Statistics for July 2025
Select July 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 that contributed to strong growth in total credit trading volumes.
Client-Initiated Channel
9% growth in block trading ADV consisting of 3% growth in U.S. credit, 11% growth in emerging markets, and 54% growth in eurobonds.
— Cumulative trading volume from our targeted block trading solution is now approximately $7.9 billion.
Portfolio Trading Channel
32% increase in total portfolio trading ADV to $1.3 billion, with record emerging markets portfolio trading volume of $2.6 billion. Our estimated market share of U.S. credit portfolio trading was 15.6%, compared to 17.2% in the prior year.
Dealer-Initiated Channel
33% increase in dealer-initiated ADV to $1.5 billion.
July 2025 Variable Transaction Fees Per Million 1 (See table 1D)
The slight decline in total credit FPM compared to the prior year was driven principally by protocol mix. The slight increase compared to June 2025 was driven principally by product mix, specifically the higher duration of bonds traded in U.S. high-grade on an increase in the weighted average years to maturity traded.
The slight increase in total rates FPM year-over-year was driven by the impact of product mix, and the slight decrease month-over-month was also driven by the impact of product mix.
*All comparisons versus July 2024.
Table 1A: Market Trading ADV
Month % Change
Jul-25 Jun-25 Jul-24 MoM YoY
MARKET ADV ($ millions)
Credit
U.S. High-Grade TRACE
$
36,188
$
35,517
$
32,830
2
%
10
%
U.S. High-Yield TRACE
11,685
12,096
8,993
(3
)
30
Total U.S. Credit TRACE
47,873
47,613
41,823
1
14
Municipal Bonds MSRB
10,837
10,234
6,660
6
63
Rates
U.S. Government Bonds TRACE
$
924,223
$
1,019,410
$
870,327
(9
)
%
6
%
Agency TRACE
3,213
2,729
3,279
18
(2
)
U.S. Trading Days 3
22
20
22
U.K. Trading Days 3
23
21
23
Expand
Table 1B: Estimated Market Share
Month Bps Change
Jul-25 Jun-25 Jul-24 MoM YoY
MKTX ESTIMATED MARKET SHARE (%)
U.S. High-Grade
% of U.S. High-Grade TRACE (incl. SD PT) 4
18.2
%
20.2
%
18.7
%
(200
)
bps
(50
)
bps
% of U.S. High-Grade TRACE (excl. SD PT) 4
17.7
%
19.7
%
18.6
%
(200
)
(90
)
U.S. High-Yield
% of U.S. High-Yield TRACE (incl. SD PT) 4
12.6
%
13.0
%
13.1
%
(40
)
bps
(50
)
bps
% of U.S. High-Yield TRACE (excl. SD PT) 4
11.5
%
12.4
%
12.5
%
(90
)
(100
)
Other Credit Products
% of Municipal Bonds MSRB
5.3
%
5.7
%
8.6
%
(40
)
bps
(330
)
bps
Rates
% of U.S. Government Bonds TRACE
2.3
%
2.5
%
2.5
%
(20
)
bps
(20
)
bps
Expand
Table 1C: Strategic Priorities ADV
Month % Change
Jul-25 Jun-25 Jul-24 MoM YoY
STRATEGIC PRIORITIES ADV ($ millions)
Client-Initiated Channel
U.S. Credit Block Trading
$
2,435
$
2,672
$
2,353
(9
)
%
3
%
Emerging Markets Block Trading
1,432
1,860
1,289
(23
)
11
Eurobonds Block Trading
338
462
220
(27
)
54
Portfolio Trading Channel
Total MKTX Portfolio Trading
$
1,286
$
1,193
$
972
8
%
32
%
Total MKTX U.S. Credit Portfolio Trading
990
874
766
13
29
Total U.S. Credit TRACE Portfolio Trading
6,349
5,640
4,445
13
43
Dealer-Initiated Channel
Total Dealer Initiated (DRFQ & Mid-X)
$
1,508
$
1,683
$
1,138
(10
)
%
33
%
Other
Open Trading
$
4,224
$
4,553
$
3,658
(7
)
%
15
%
AxessIQ
157
158
115
(1
)
37
U.S. Trading Days 3
22
20
22
U.K. Trading Days 3
23
21
23
Expand
Table 1D: Variable Transaction Fees Per Million (FPM) 1
Month % Change
Jul-25 Jun-25 Jul-24 MoM YoY
AVG. VARIABLE TRANS. FEE PER MILLION (FPM)
Total Credit
$
140
$
138
$
143
1
%
(2
)
%
Total Rates
4.31
4.39
4.25
(2
)
1
Expand
1 The FPM for total credit and total rates for July 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 'Other Credit Products' includes municipal bonds, leveraged loans, convertible bonds and structured products.
3 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.
4 '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.
Expand
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.
Volume
ADV
Volume
ADV
Volume
ADV
Credit
High-grade
$
140,560
$
6,389
$
133,981
$
6,090
5
%
5
%
High-yield
29,655
1,348
24,806
1,128
20
20
Emerging markets
82,843
3,766
69,452
3,157
19
19
Eurobonds
52,043
2,263
42,137
1,832
24
24
Other credit
12,669
576
12,847
584
(1
)
(1
)
Total credit trading 1
317,770
14,342
283,223
12,791
12
12
Rates
U.S. government bonds 2
468,396
21,291
469,305
21,332
-
-
Agency and other government bonds 1
31,103
1,355
23,153
1,012
34
34
Total rates trading
499,499
22,646
492,458
22,344
1
1
Total trading
$
817,269
$
36,988
$
775,681
$
35,135
5
5
Number of U.S. Trading Days 3
22
22
Number of U.K. Trading Days 4
23
23
Year-to-Date Ended July 31,
In millions (unaudited)
2025
2024
% Change
Volume
ADV
Volume
ADV
Volume
ADV
Credit
High-grade
$
1,082,958
$
7,469
$
995,419
$
6,818
9
%
10
%
High-yield
224,549
1,549
194,433
1,332
15
16
Emerging markets
572,219
3,946
501,084
3,432
14
15
Eurobonds
360,833
2,471
299,252
2,036
21
21
Other credit
89,116
614
66,890
458
33
34
Total credit trading 1
2,329,675
16,049
2,057,078
14,076
13
14
Rates
U.S. government bonds 2
3,957,369
27,292
2,752,018
18,849
44
45
Agency and other government bonds 1
184,553
1,264
103,285
703
79
80
Total rates trading
4,141,922
28,556
2,855,303
19,552
45
46
Total trading
$
6,471,597
$
44,605
$
4,912,381
$
33,628
32
33
Number of U.S. Trading Days 3
145
146
Number of U.K. Trading Days 4
146
147
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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