Business
MarketAxess Announces Monthly Volume Statistics for November 2023
Record Total Credit Trading Volume of $303.3 Billion; Record Eurobonds Trading Volume of $43.7 Billion and Record Municipal Bond Trading Volume of $12.6
About this update from Marketaxess Holdings, Inc.
[{"type":"text","content":"\nRecord Total Credit Trading Volume of $303.3 Billion; Record Eurobonds Trading Volume of $43.7 Billion and Record Municipal Bond Trading Volume of $12.6 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 monthly trading volume and preliminary variable transaction fees per million (“FPM”) for November 2023.1\n\n\nChris Concannon, CEO of MarketAxess, commented:\n\n\n“We delivered record total credit trading volume in November, driven by strong growth across all credit products. The adoption of MarketAxess X-Pro continues to expand, with 30% of our portfolio trading volume executed over the X-Pro platform quarter-to-date, up from 18% in third quarter 2023. We believe that the continued improvement in the market backdrop, and the high levels of client engagement with X-Pro, our unique proprietary data products, and our automated trading solutions, position us for growth in the coming quarters.”\n\n\nSelect November 2023 highlights*\n\n\n\nTotal credit average daily trading volume (“ADV”) of $14.3 billion, up 9.3% versus the prior year, and up 13.4% versus October 2023 levels.\n\n\n\nU.S. high-grade ADV of $6.5 billion, up 11.2% from the prior year, and up 9.0% versus October 2023. Estimated market share of 20.6%, up slighly from 20.5% in the prior year, and up from 20.3% in October 2023. U.S. high-grade estimated market ADV increased 10.7%, compared to the prior year, and was up 7.8% versus October 2023.\n\n\n\nU.S. high-yield ADV of $1.9 billion, up 2.5% compared to the prior year, and up 17.9% from October 2023 levels. Estimated market share of 17.0%, down from 19.3% in the prior year, but up from 16.7% in October 2023. U.S. high-yield estimated market ADV increased 16.5% versus the prior year, and increased 16.0% compared to October 2023. The decrease in U.S. high-yield estimated market share year-over-year was driven principally by lower levels of credit spread volatility, resulting in an estimated 8.1% decrease in ETF market maker activity on the platform. ETF market maker activity increased an estimated 17.1% from October 2023 levels.\n\n\n\nEmerging markets ADV of $3.3 billion, up 7.6% from the prior year, and up 18.5% from October 2023 levels. The year-over-year increase was principally due t...