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MarketAxess Announces Monthly Volume Statistics for July 2024
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 trading volume and preliminary variable transaction fees per million (“FPM”) for July 2024.1\n\n\nChris Concannon, CEO of MarketAxess, commented:\n\n\n“In July, we delivered 12% growth in total credit ADV, driven by an 18% increase in U.S. high-grade, an 18% increase in Eurobonds, a 7% increase in emerging markets and a 65% increase in Municipal bonds on record estimated market share. We also generated record portfolio trading ADV of $972 million. These strong results helped offset a decline in U.S. high-yield ADV. We are not pleased with the progression of U.S. credit market share in July, but we are encouraged by the prospect for potential increases in market volatility in the coming months. We believe that our strategy, including the expansion of our portfolio trading offering and dealer solutions, through the roll-out of MarketAxess X-Pro to our global client base, will drive future market share expansion in U.S. credit.”\n\n\nSelect July 2024 highlights*\n\n\n\nTotal average daily volume (“ADV”) of $35.1 billion, up 24.1% on strong growth in total credit ADV to $12.8 billion, up 12.3%, and a 32.0% increase in total rates ADV.\n\n\n\nU.S. Credit\n\n\n\nU.S. high-grade ADV of $6.1 billion, up 17.9% on a 26.5% increase in estimated market ADV. Estimated market share was 18.6%, down from 19.9% in the prior year.\n\n\n\nU.S. high-yield ADV of $1.1 billion, down 17.7%, with estimated market share of 12.5%, down from 17.1% in the prior year. U.S. high-yield estimated market ADV increased 12.4% compared to the prior year.\n\n\n\nOther Credit\n\n\n\nEmerging markets ADV of $3.2 billion, up 7.1%, with strong regional contribution across the LATAM, EMEA and APAC regions. The increase was driven by a 5.4% increase in hard currency ADV, and a 10.6% increase in local currency markets ADV.\n\n\n\nEurobonds ADV of $1.8 billion, up 17.8% compared to the prior year.\n\n\n\nMunicipal bond ADV of $575 million, up 65.2%, with estimated market ADV up 5.4%. Record estimated market share of 8.6%, up from 5.5% in the prior year.2\n\n\n\nStrategic Priority Related Protocols & Workflow Tools\n\n\n\nRecord $972 million in portfolio trading ADV, up 178.5% from July 2023, and up 11.9% ...