Business
MarketAxess Announces Monthly Volume Statistics for January 2024
Record Total Credit Trading ADV of $15.0 billion Driven by Record U.S. High-Grade ADV of $7.5 Billion and Record Emerging Markets ADV of $3.7 Billion NEW
About this update from Marketaxess Holdings, Inc.
[{"type":"text","content":"\nRecord Total Credit Trading ADV of $15.0 billion Driven by Record U.S. High-Grade ADV of $7.5 Billion and Record Emerging Markets ADV of $3.7 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 January 2024.1\n\n\nChris Concannon, CEO of MarketAxess, commented:\n\n\n“We delivered record total credit ADV of $15.0 billion, driven by a 20% increase in U.S. high-grade ADV to a record $7.5 billion, and an 8% increase in emerging markets ADV to a record $3.7 billion, on record levels of hard currency trading volume. The roll-out of X-Pro is continuing and client engagement is increasing with approximately 12% of our largest client firms active on the platform. These solid results helped to offset lower levels of U.S. high-yield trading activity and estimated share on our platform driven by continued low levels of credit spread volatility. Our U.S. high-yield client franchise is strong, with a record 1,300 active client firms. We believe that higher levels of credit spread volatility will help drive a return to more normal levels of trading activity in U.S. high-yield in the coming months.”\n\n\nSelect January 2024 highlights*\n\n\n\nRecord total credit average daily volume (“ADV”) of $15.0 billion, up 6.9%.\n\n\n\nRecord U.S. high-grade ADV of $7.5 billion, up 20.2%. Estimated market share of 19.1%, down slightly from 19.5% in the prior year. Including the impact of single-dealer portfolio trades, U.S. high-grade ADV would have been $7.7 billion, up 22.8%, and estimated market share would have been 19.7%, compared to 19.7% in the prior year.2 U.S. high-grade estimated market ADV increased 22.6%.\n\n\n\nU.S. high-yield ADV of $1.4 billion, down 25.4%. Estimated market share of 13.0%, down from 16.8% in the prior year. U.S. high-yield estimated market ADV decreased 3.8%. We believe the decrease in U.S. high-yield market share year-over-year was driven, in part, by lower levels of credit spread volatility, a greater focus on the new issue calendar by our long-only client segment, and a higher mix of lower-rated bonds in U.S. high-yield TRACE market volumes, which are less likely to trade on electronic platforms. Lower ...