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MarketAxess Announces Record Total Credit ADV for February 2023
NEW YORK--(BUSINESS WIRE)-- MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, and
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, and the provider of market data and post-trade services for the global fixed-income markets, today announced monthly trading volume and preliminary variable transaction fees per million (“FPM”) for the month of February 2023.1\n\nChris Concannon, President and COO of MarketAxess commented:\n\n“In February we delivered 25% growth in total credit average daily volume to a record $14.4 billion, driven by 30% growth in high-grade to a record $6.7 billion, and 43% growth in high-yield to a record $2.3 billion. These results were generated in part by strong estimated market share gains in high-yield, Eurobonds and municipals, with record Open Trading average daily trading volume of $4.7 billion.\n\nOpen Trading estimated price improvement3 was approximately $81 million in February and average estimated price improvement per million was approximately $908. Year-to-date, price improvement is running 27% above prior year levels.\nWe believe that stronger industry volumes, estimated market share gains and a favorable macro backdrop, combined with stable average fees per million for total credit, are setting the stage for a strong 2023.”\n\nSelect February 2023 highlights*\n\n\nRecord $14.4 billion in total credit average daily volume (“ADV”), up 25% from $11.6 billion in the prior year.\n\n\n30% increase in U.S. high-grade ADV to a record $6.7 billion with estimated market share of 20.1%.2 Estimated U.S. high-grade TRACE market ADV increased 28% due to an increase in trading velocity. The February new issue calendar was robust with high-grade new issuance up approximately 78% year-over-year and up approximately 5% from January 2023 levels.\n\n\n43% increase in U.S. high-yield ADV to a record $2.3 billion with estimated market share of 19.2% (+400 bps), up from 15.2%.\n\n\n11% increase in emerging markets ADV to $3.2 billion; FINRA TRACE-reportable emerging markets ADV was flat year-over-year.\n\n\n14% increase in Eurobonds ADV to $1.8 billion with 15.1% (+260 bps) estimated market share, up from 12.5%.\n\n\n43% increase in municipal bond ADV to $402 million, with estimated market share of 5.7% (+150 bps).\n\n\n90% of credit volume on the platform was executed by institutional clients.\n...