Business
MarketAxess Announces Monthly Volume Statistics for March and First Quarter 2024
Record Quarterly Total Credit Trading ADV of $15.0 Billion, Driven by Record U.S. High-Grade ADV of $7.5 Billion, Record Emerging Markets ADV of $3.6 Billion
About this update from Marketaxess Holdings, Inc.
[{"type":"text","content":"\nRecord Quarterly Total Credit Trading ADV of $15.0 Billion, Driven by Record U.S. High-Grade ADV of $7.5 Billion, Record Emerging Markets ADV of $3.6 Billion and Record Eurobonds ADV of $2.0 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 trading volume and preliminary variable transaction fees per million (“FPM”) for March and the first quarter ended March 31, 2024.1\n\n\nChris Concannon, CEO of MarketAxess, commented:\n\n\n“In the first quarter, we delivered record total credit ADV of $15.0 billion, driven by an 18.0% increase in U.S. high-grade ADV, a 17.3% increase in emerging markets ADV and a 10.6% increase in Eurobonds ADV. Record levels of ADV across these product areas helped offset significantly lower levels of U.S. high-yield trading activity on the platform, driven by continued low levels of credit spread volatility. The roll-out of MarketAxess X-Pro is continuing and client engagement is increasing with approximately 12.5% of U.S. credit trading volume executed on X-Pro in the quarter.”\n\n\nSelect 1Q24 highlights*\n\n\n\nRecord total credit average daily trading volume (“ADV”) of $15.0 billion, up 9.2%.\n\n\n\nRecord U.S. high-grade ADV of $7.5 billion, up 18.0% on a 21.3% increase in estimated market ADV. Estimated market share of 19.3%, down from 19.9% in the prior year.\n\n\n\nU.S. high-yield ADV of $1.4 billion, down 29.4%. Estimated market share of 12.9%, down from 18.3% in the prior year. U.S. high-yield estimated market ADV increased 0.5%. We believe the decrease in U.S. high-yield estimated market share year-over-year was driven, in part, by lower levels of credit spread volatility and a greater focus on the new issue calendar by our long only client segment.\n\n\n\n— Lower levels of credit spread volatility drove an estimated 54.3% decrease in ETF market maker client activity on the platform, and high-yield ETF notional market volume traded declined 25.2% compared to 1Q23.\n— U.S. high-yield new issuance was $87.6 billion in 1Q24, up 116.5% from the prior year.\n\n\n\nRecord emerging markets ADV of $3.6 billion, up 17.3%. The year-over-year increase was due to a 13.1% increase in hard currency trading ADV and record local currency markets ADV, up 29.8%.2\n\n\n\n— Our Lat...