Business
MarketAxess Announces Monthly Volume Statistics for July 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 July 2023.1\n\n\nChris Concannon, CEO of MarketAxess, commented:\n\n\n“Unusually low credit spread volatility persisted in July, temporarily reducing credit spread price dispersion and Open Trading price improvement. Lower U.S. high-yield volatility has reduced ETF market maker activity, but our leading market position remains strong. Estimated market share trends in our international product areas, emerging markets and Eurobonds, are encouraging and we are starting to see a rebound in emerging market volumes on strong local currency activity. Our new technology roll-out is gaining momentum, providing clients with new tools to access our unique liquidity pool and diverse set of trading protocols. We believe that our Open Trading liquidity pool, combined with our innovative technology solutions, will drive stronger growth in the coming quarters as markets normalize.”\n\n\nSelect July 2023 highlights*\n\n\n\nTotal credit average daily volume (“ADV”) of $11.4 billion, up 8.0%.\n\n\n\nU.S. high-grade ADV of $5.2 billion, up 8.9% with estimated market share of 19.9%. New issuance represented approximately 13% of U.S. high-grade TRACE in the second half of July, compared to approximately 7% in the first half of the month.\n\n\n\nU.S. high-yield ADV of $1.4 billion, down 13.7% with estimated market share of 17.1%. ETF market maker activity decreased approximately 62% in the second half of July, compared to the first half of the month.\n\n\n\n13.8% increase in emerging markets ADV to $2.9 billion driven by a 26.7% increase in local markets trading activity; 1.9% increase in emerging markets estimated market ADV.2\n\n\n\n27.8% increase in Eurobonds ADV to $1.6 billion with estimated market share of 16.5%. Eurobonds estimated market ADV increased 29.2%.3\n\n\n\nMunicipal bond ADV of $348 million, down 12.8% with estimated market share of 5.7% (+20 bps). Municipal bond estimated market ADV decreased 16.0%.\n\n\n\n34% Open Trading® share4 of total credit trading volume, down from 36% in the prior year on low volatility. Estimated price improvement5 via Open Trading was approximately $4...