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MarketAxess Announces Monthly Volume Statistics for February 2024
Record Total Credit Trading ADV of $15.2 Billion; Record U.S. High-Grade ADV of $7.7 Billion NEW YORK--(BUSINESS WIRE)-- MarketAxess Holdings Inc. (Nasdaq:
About this update from Marketaxess Holdings, Inc.
[{"type":"text","content":"\nRecord Total Credit Trading ADV of $15.2 Billion; Record U.S. High-Grade ADV of $7.7 Billion\n\n\n 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 February 2024.1\n\n\nChris Concannon, CEO of MarketAxess, commented:\n\n\n“We delivered record total credit ADV of $15.2 billion, driven by a 14.6% increase in U.S. high-grade ADV, a 12.5% increase in emerging markets ADV, a 9.1% increase in Eurobonds ADV, and an 8.0% increase in municipal bonds ADV. Strong credit volumes quarter-to-date across several of our growth cylinders have more than offset significantly lower levels of U.S. high-yield trading activity on our platform impacted by continued low levels of credit spread volatility. The roll-out of MarketAxess X-Pro is continuing and client engagement is increasing with approximately 14% of our largest client firms active on the platform, up from 12% in January 2024.”\n\n\nSelect February 2024 highlights*\n\n\n\nRecord total credit average daily volume (“ADV”) of $15.2 billion, up 5.1%.\n\n\n\nRecord U.S. high-grade ADV of $7.7 billion, up 14.6% on an 18.6% increase in estimated market ADV. Estimated market share of 19.5%, down from 20.1% in the prior year on record February new issuance calendar.\n\n\n\nU.S. high-yield ADV of $1.4 billion, down 37.1%. Estimated market share of 12.9%, down from 19.2% in the prior year. U.S. high-yield estimated market ADV decreased 6.3%. We believe the decrease in U.S. high-yield estimated market share year-over-year was driven, in part, by lower levels of credit spread volatility and a greater focus on the new issue calendar by our long-only client segment. Lower levels of credit spread volatility drove an estimated 73.8% decrease in ETF market maker client activity on our platform.\n\n\n\nEmerging markets ADV of $3.6 billion, up 12.5%. The year-over-year increase was driven by a 6.4% increase in hard currency trading ADV, and a 26.5% growth in local currency markets trading ADV.2\n\n\n\nEurobonds ADV of $2.0 billion, up 9.1%.2\n\n\n\nMunicipal bond ADV of $434 million, up 8.0% with estimated market ADV down 17.2%. Estimated market share of 6.8%, up from 5.4% in the prior year.2\n\n\n\nAx...