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MarketAxess Announces Monthly Volume Statistics for May 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 the month of May 2023.1\n\n\nChris Concannon, CEO of MarketAxess, commented:\n\n\n“We registered our best single day of credit trading volume ever in May and delivered solid estimated year-over-year market share gains across U.S. high-yield, emerging markets, Eurobonds and municipal bonds. Additionally, estimated market share in U.S. high-grade, emerging markets and Eurobonds are showing sequential improvement versus first quarter 2023 levels. Credit spread volatility has remained fairly subdued since the initial March market dislocation, which has reduced trading activity by select client segments in U.S. high-yield. The strong rebound in the new issuance calendar in May is a positive for the macro backdrop and the passage of the debt ceiling bill reduces risk and uncertainty in the outlook for fixed income.”\n\n\nSelect May 2023 highlights*\n\n\n\nU.S. high-grade ADV of $5.8 billion, up 2.1%, with estimated market share of 20.2%. The new issue calendar snapped back strongly in May to $155 billion, up approximately 131% from April 2023 levels. Quarter-to-date, estimated market share in U.S. high-grade is 20.8%, running 90 basis points above first quarter 2023 levels.\n\n\n\nU.S. high-yield ADV of $1.5 billion with estimated market share of 16.7% (+80 bps). Low credit spread volatility has reduced trading activity in some client segments within U.S. high-yield with estimated U.S. high-yield TRACE market ADV down 14.5%.\n\n\n\nEmerging markets trading volume decreased 4.8% compared to a decrease of 6.8% in emerging markets estimated market trading volume.2\n\n\n\n27.8% increase in Eurobonds ADV to $1.8 billion with 17.7% (+350 bps) estimated market share, up from 14.2%.3 Quarter-to-date, estimated market share in Eurobonds is 19.7%, running 370 basis points above first quarter 2023 levels.\n\n\n\nMunicipal bond ADV of $403 million, up 3.4%, with estimated market share of 6.0% (+230 bps), up from 3.7%.\n\n\n\n34% Open Trading® share4 of total credit trading volume. Estimated price improvement5 via Open Trading was approximately $61 million.\n\n\n\nThe preliminary FPM1 for tot...