Business
MarketAxess Announces Monthly Volume Statistics for January 2023
NEW YORK--(BUSINESS WIRE)-- MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, and
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, and the provider of market data and post-trade services for the global fixed-income markets, today announced monthly trading volume and preliminary variable transaction fees per million (“FPM”) for the month of January 2023.1\n\nChris Concannon, President and COO of MarketAxess commented:\n\n“In January, we generated record credit average daily volume of $14 billion, driven by strong double-digit growth across all credit product areas, including record emerging markets and Eurobonds average daily volume and record estimated market share in municipal bonds. We delivered these strong results against a backdrop of increasing estimated market volumes, with U.S. high-grade increasing 27% year-over-year, driven in part by a strong new issue calendar.\n\nOpen Trading estimated price improvement2 was approximately $71 million in January and average estimated price improvement per million was approximately $809.\nWe believe that the current operating environment, characterized by increasing asset inflows and higher industry volumes, reflects market participants’ increasing comfort with operating in a higher interest rate environment. We believe that this continued normalization of market conditions creates a favorable macro-backdrop for our model and that our enhanced product and geographic footprint, higher levels of estimated market share, and increasing U.S. credit market volumes provide us with multiple levers to drive growth in 2023.”\n\nSelect January 2023 highlights*\n\n\nRecord $14.0 billion in total credit average daily volume (“ADV”), up 17% from $12.0 billion in the prior year.\n\n\n14% increase in U.S. high-grade ADV to $6.2 billion with estimated market share of 19.5%. The January new issue calendar was robust and credit market volatility declined.\n\n\n11% increase in U.S. high-yield ADV to $1.9 billion with estimated market share of 16.8%, up from 15.3%.\n\n\nRecord emerging markets ADV of $3.4 billion, up 12%. Emerging markets local markets volume up 26% from January 2022 levels.\n\n\n33% increase in Eurobonds ADV to a record $1.9 billion with 16.8% (+580 bps) estimated Eurobonds market share, up from 11.0%.\n\n\n$516 million in municipal bond ADV, up 81%, with record e...