Business
MarketAxess Announces Monthly Volume Statistics for March and First Quarter 2023
Record Total Credit Volume of $296.3 Billion in March; Record Total Credit ADV of $13.7 Billion in 1Q Record Open Trading® Penetration of 39%1 in March;
About this update from Marketaxess Holdings, Inc.
[{"type":"text","content":"\nRecord Total Credit Volume of $296.3 Billion in March; Record Total Credit ADV of $13.7 Billion in 1Q\n\n\nRecord Open Trading® Penetration of 39%1 in March; Record Open Trading ADV in 1Q\n\n\n 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 automated trading solutions, intelligent data and index products 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 and the first quarter ended March 31, 2023.2\n\n\nSelect March 2023 highlights*\n\n\n\nRecord $296.3 billion in total credit trading volume; $12.9 billion in total credit average daily volume (“ADV”), up 4%.\n\n\n\nRecord U.S. high-grade Open Trading® penetration1 of 37% (+670 bps) on a 5% increase in U.S. high-grade ADV to $6.1 billion. Estimated market share of 19.9%.\n\n\n\n14% increase in U.S. high-yield ADV to $1.8 billion with estimated market share of 18.9% (+380 bps), up from 15.1%.\n\n\n\nEmerging markets ADV of $2.7 billion down 16%.\n\n\n\n— MarketAxess estimated emerging markets TraX and FINRA TRACE-reportable emerging market ADV down a combined 32%.3\n\n\n\n25% increase in Eurobonds ADV to $1.8 billion with 16.2% (+310 bps) estimated market share, up from 13.1%.4\n\n\n\n36% increase in municipal bond ADV to $401 million, with estimated market share of 6.4% (+250 bps).\n\n\n\nRecord total credit Open Trading penetration1 of 39% (+500 bps), up from 34%.\n\n\n\n— Estimated price improvement5 via Open Trading was approximately $100 million, and average estimated price improvement per million was $976.\n\n\n\nRecord $14 billion in portfolio trading volume, up 200% from $5 billion.\n\n\n\nThe preliminary FPM2 for total credit for March 2023 was approximately $166, in line with February 2023 levels. The duration of bonds traded in U.S. high-grade was stable in March 2023 relative to February and January 2023. The preliminary FPM for total rates was $3.86, compared to $3.94 in March 2022.\n\n\n\n*All comparisons versus March 2022 unless otherwise noted.\n\n\nSelect 1Q23 highlights**\n\n\n\nRecord $13.7 billion in total credit ADV, up 14%, with total trade count up 26%.\n\n\n\nRecord U.S. high-grade Open Trading penetration1 ...