Business
MarketAxess Announces Monthly Volume Statistics for April 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 April 2024.1\n\n\nChris Concannon, CEO of MarketAxess, commented:\n\n\n“In April, we delivered strong growth in credit ADV of 11.9%, driven by a 16.4% increase in U.S. high-grade on stronger market volumes, a 31.7% increase in emerging markets, and a 13.3% increase in municipal bonds. We were pleased that credit spread volatility increased in the back-half of April, which drove an increase in hedge fund client activity, resulting in higher levels of U.S. high-yield estimated market share relative to recent trends. In April, approximately 57% of our portfolio trading volume was executed on X-Pro, as we continue the roll-out to our largest clients.”\n\n\nSelect April highlights*\n\n\n\nTotal average daily volume (“ADV”) of $34.1 billion, up 22.6% on a strong rebound in total rates trading ADV, up 31.3%, and strong growth in total credit ADV to $13.9 billion, up 11.9%.\n\n\n\nU.S. high-grade ADV of $6.6 billion, up 16.4% driven by a 39.6% increase in estimated market ADV. The strong increase in market volumes was driven by an 81% increase in portfolio trading and dealer-to-dealer trading volume in April, which represented approximately 62% of the growth in the market year-over-year (see table below). Estimated market share was 17.9% (18.2% including the impact of single-dealer portfolio trades),2 down from 21.5% (21.7% including the impact of single-dealer portfolio trades)2 in the prior year.\n\n\n\n\n\n\nU.S. High Grade TRACE\n\n\n\n\n\n\n\n\n\nPortfolio Trading\n\n\n\n\n\n\nDealer-to-Dealer Trading\n\n\n\n\n\n\nPortfolio Trading & Dealer-to-Dealer Combined\n\n\n\n\n\n\n\n(unaudited)\n\nAverage Daily Volume\n\n\n\n\n\n\n% Mix of TRACE\n\n\n\n\n\n\nAverage Daily Volume\n\n\n\n\n\n\n% Mix of TRACE\n\n\n\n\n\n\nAverage Daily Volume\n\n\n\n\n\n\n% Mix of TRACE\n\n\n\n\n\n\n\nApr-24\n\n$4,165\n\n\n\n\n\n\n11.3%\n\n\n\n\n\n\n$10,166\n\n\n\n\n\n\n27.7%\n\n\n\n\n\n\n$14,331\n\n\n\n\n\n\n39.0%\n\n\n\n\n\n\n\nApr-23\n\n$1,455\n\n\n\n\n\n\n5.5%\n\n\n\n\n\n\n$6,449\n\n\n\n\n\n\n24.5%\n\n\n\n\n\n\n$7,904\n\n\n\n\n\n\n30.0%\n\n\n\n\n\n\n\n% / BPS Change\n\n186%\n\n\n\n\n\n\n+580 bps\n\n\n\n\n\n\n...