Business
MarketAxess Announces Monthly Volume Statistics for August 2023
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 monthly trading volume and preliminary variable transaction fees per million (“FPM”) for August 2023.1\n\n\nChris Concannon, CEO of MarketAxess, commented:\n\n\n“In August, we delivered growth in U.S. high-grade trading volumes and strong growth in volumes across our international businesses in emerging markets and Eurobonds. We also registered strong growth in municipal bond trading volume and estimated market share after successfully adding connectivity with leading liquidity providers through our continued integration with the Munibrokers platform. However, a combination of continued low levels of credit spread volatility and the seasonal summer slow-down in August have negatively impacted ETF market maker client activity in U.S. high-yield. We have seen further adoption of our new trading platform, powered by unique proprietary data that we believe will help us drive continued share gains in portfolio trading and other sophisticated automated trading solutions for clients.”\n\n\nSelect August 2023 highlights*\n\n\n\nTotal credit average daily volume (“ADV”) of $10.4 billion, up 2.3%.\n\n\n\nU.S. high-grade ADV of $5.0 billion, up 2.1% with estimated market share of 20.6%. U.S. high-grade estimated market ADV increased 2.6%.\n\n\n\nU.S. high-yield ADV of $1.2 billion, down 18.6% with estimated market share of 15.9%. U.S. high-yield estimated market ADV decreased 7.5%. The decrease in U.S. high-yield estimated market share was driven principally by low levels of credit spread volatility, resulting in a decrease in ETF market maker activity on the platform.\n\n\n\n6.0% increase in emerging markets ADV to $2.5 billion driven by a 31.3% increase in local markets trading volume, partially offset by a 6.1% decline in hard currency trading volume; 3.2% decrease in emerging markets estimated market ADV.2\n\n\n\n19.7% increase in Eurobonds ADV to $1.3 billion with estimated market share of 15.4%. Eurobonds estimated market ADV increased 38.0%.3\n\n\n\nMunicipal bond ADV of $388 million, up 17.9% with estimated market share of 5.8%. Municipal bond estimated market ADV increased 2.5%.\n\n\n\n$10.1 billion in total portfolio trading volume, up from $7.1 billion in July ...