Business
MarketAxess Announces Monthly Volume Statistics for June 2022
NEW YORK, July 06, 2022 (GLOBE NEWSWIRE) -- MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income
About this update from Marketaxess Holdings, Inc.
[{"type":"text","content":"NEW YORK, July 06, 2022 (GLOBE NEWSWIRE) -- MarketAxess 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 trading volume for June 2022 and trading volume and preliminary variable transaction fees per million (“FPM”) for the quarter ended June 30, 2022.1 Chris Concannon, President and COO of MarketAxess commented: “We delivered another strong month of double-digit growth in credit and rates, with estimated market share gains across all products and record ADV and share in U.S. high-yield and Eurobonds. The strong finish in June drove record quarterly estimated market share across credit and rates products. Since the beginning of 2022, the median bid/ask spread reflected in Composite+™ for high-grade bonds has doubled, reflecting an improved operating environment in which the cost savings benefits of Open Trading®, our differentiated liquidity pool, are increasing. We believe strong growth in trading volume, broad-based share gains, increasing momentum in new product areas and higher cost savings for investor clients are setting the foundation for a return to stronger growth in the months and quarters ahead.” Select June 2022 highlights* U.S. high-grade average daily volume (“ADV”) of $5.8 billion, up 9%; estimated market share of 22.7%, up from 21.9%.Record U.S. high-yield ADV of $2.0 billion, up 44%; record estimated market share of 19.0%, up from 13.7%.Emerging markets ADV of $2.9 billion, up 6%; estimated market ADV down 6%. Excluding the impact of currency fluctuations, emerging markets ADV in June 2022 was up approximately 9%.Record Eurobond ADV of $1.6 billion, up 17%; record estimated market share of 17.2%, up from 11.1%. Excluding the impact of currency fluctuations, Eurobonds ADV in June 2022 was up approximately 33%.Record composite corporate bond2 estimated market share of 21.2%, up from 17.9%.Municipal bond ADV of $379 million with strong market share gains.Total credit ADV of $12.7 billion up 16%; 92% of credit volume on the platform was executed by institutional clients.36% of total credit trading volume was executed via Open Trading®. Estimated total cost savings from Open Trading3 were approximately $94 million in June and average cost savings p...