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MarketAxess Announces Monthly Volume Statistics for August 2024
NEW YORK--(BUSINESS WIRE)-- MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities,
About this update from Marketaxess Holdings, Inc.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nMarketAxess 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 August 2024.1\n\n\nChris Concannon, CEO of MarketAxess, commented:\n“A favorable market environment helped deliver strong year-over-year, and solid month-over-month results in August. We delivered 27% growth in total credit ADV year-over-year, driven by a 34% increase in U.S. high-grade, a 25% increase in emerging markets, a 19% increase in Eurobonds, and a 49% increase in municipal bonds. We also generated record portfolio trading ADV of $988 million. Our leadership position in the global credit institutional e-trading space remains strong, and we are beginning the roll-out of X-Pro to our global client base later this month.”\n\n\nSelect August 2024 highlights*\n\n\n\nTotal average daily volume (“ADV”) of $41.6 billion, up 39.6% (+18.4% compared to July 2024). This strong performance was driven by a 27.4% (+3.6% compared to July 2024) increase in total credit ADV, and a 46.1% (+26.9% compared to July 2024) increase in total rates ADV.\n\n\n\nU.S. Credit2\n\n\n\nU.S. high-grade ADV of $6.7 billion, up 33.7% (+10.0% compared to July 2024) on a 38.4% (+2.4% compared to July 2024) increase in estimated market ADV. Estimated market share was 19.9%, down from 20.6% in the prior year, but up from 18.6% in July 2024. Including the impact of single-dealer portfolio trades, estimated market share was 20.9% in August 2024, up from 20.7% in the prior year, and up from 18.7% in July 2024.\n\n\n\nU.S. high-yield ADV of $1.3 billion, up 7.2% (+14.0% compared to July 2024), with estimated market share of 14.4% (14.6% including the impact of single-dealer portfolio trades), down from 15.9% in the prior year, but up from 12.5% (13.1% including the impact of single-dealer portfolio trades) in July 2024. U.S. high-yield estimated market ADV increased 17.9% (down 0.8% compared to July 2024).\n\n\n\nOther Credit\n\n\n\nEmerging markets ADV of $3.2 billion, up 25.5%, (+1.0% compared to July 2024) with strong regional contribution across the LATAM, EMEA and APAC regions. The year-over-year increase was driven by a 14.6% increase in hard currency ADV, and a 35.6% increase in local currency markets ADV.\n...