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MarketAxess Announces Monthly Volume Statistics for June and Second Quarter 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 June and the second quarter ended June 30, 2024.1\n\n\nChris Concannon, CEO of MarketAxess, commented:\n\n\n“In the second quarter, we delivered 12.4% growth in total credit ADV, driven by strength in U.S. high-grade (+13.0%), emerging markets (+23.0%), municipals (+34.2%) and Eurobonds (+8.3%). We exited the second quarter with U.S. high-grade estimated market share of 19.9% in June (20.2% including single-dealer portfolio trades), reflecting sequential monthly improvement through the quarter. A record 56% of our portfolio trading volume was executed on X-Pro during the quarter, as momentum continues to build with the roll-out.”\n\n\nSelect June 2024 highlights*\n\n\n\nTotal average daily volume (“ADV”) of $36.5 billion, up 33.8% (+13.5% compared to May 2024) on strong growth in total credit ADV to $14.0 billion, up 14.3% (+5.0% compared to May 2024), and a 49.8% increase in total rates ADV (+19.4% compared to May 2024).\n\n\n\nU.S. Credit\n\n\n\nU.S. high-grade ADV of $6.6 billion, up 17.0% (+8.2% compared to May 2024) on a 21.2% increase in estimated market ADV (+1.2% compared to May 2024). Estimated market share was 19.9% (20.2% including single-dealer portfolio trades),2 down from 20.6% (20.7% including single-dealer portfolio trades) in the prior year, but up from 18.6% (19.2% including single-dealer portfolio trades) in May 2024.2\n\n\n\nU.S. high-yield ADV of $1.3 billion, down 13.8% (down 5.2% compared to May 2024), with estimated market share of 13.9% (14.1% including single-dealer portfolio trades),2 down from 16.3% (16.4% including single-dealer portfolio trades) in the prior year, but up from 12.8% (13.1% including single-dealer portfolio trades) in May 2024.2 U.S. high-yield estimated market ADV increased 1.1% compared to the prior year, but decreased 12.7% compared to May 2024.\n\n\n\nOther Credit\n\n\n\nEmerging markets ADV of $3.6 billion, up 17.9% (+17.1% compared to May 2024) with strong regional contribution across the LATAM, EMEA and APAC regions. The year-over-year increase was driven by a 25.1% increase in hard currency ADV, and record local currency markets ...