Business
MarketAxess Announces Trading Volume Statistics for April 2025
Record Total Credit ADV up 32%; Record Total Rates ADV up 93% Record Open Trading ADV of $5.7 Billion on Increase in Volatility and Client Demand for
About this update from Marketaxess Holdings, Inc.
[{"type":"text","content":"\nRecord Total Credit ADV up 32%; Record Total Rates ADV up 93%\n\nRecord Open Trading ADV of $5.7 Billion on Increase in Volatility and Client Demand for Liquidity\n\nRecord Total Portfolio Trading ADV up 99%; Block Trading ADV in Emerging Markets and Eurobonds up 39%\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 trading volume and preliminary variable transaction fees per million (“FPM”) for April 2025.1\n\nTrading Records for April 2025\n\n\n\n \n\n\n\nTotal average daily volume (“ADV”) of $57.4 billion\n\n\nTotal credit ADV of $18.4 billion\n\n\nTotal rates ADV of $39.1 billion\n\n\nU.S. credit block trading ADV of $3.8 billion\n\n\nEmerging markets ADV of $4.3 billion\n\n\n\n \n\n\n\n \n\n\n\nEurobonds ADV of $2.8 billion\n\n\nMunicipal bonds ADV of $737 million\n\n\nTotal portfolio trading ADV of $1.8 billion\n\n\nOpen Trading ADV of $5.7 billion\n\n\nAxessIQ ADV of $181 million\n\n\n\n \n\n\n\n\nSelect April 2025 Highlights* (See tables 1-1C and table 2)\n\n\nThe MarketAxess platform performed very well during increased volatility in April, providing our clients with deep liquidity through Open Trading.\n\n\nMarket ADV increased significantly year-over-year across most product areas with record levels in U.S. high-yield, municipals and U.S. government bonds driven by an increase in volatility.\n\n\nRecord Open Trading ADV of $5.7 billion with estimated share of total credit2 of 38%, up from 34% in the prior year, and up from 37% in March 2025, reflecting the increasing importance of our differentiated liquidity to clients in more volatile periods.\n\n\n\n\nWe delivered strong progress with our new initiatives across the client-initiated, portfolio trading and dealer-initiated channels that also contributed to the strong performance in April.\n\n\n90% of all portfolio trading ADV was executed over X-Pro in April.\n\n\n\n\nApril was the second highest monthly ADV in U.S. high-grade behind March 2025.\n\n\nU.S. high-yield ADV of $2.0 billion represented the highest monthly ADV level since February 2023, driven in part by a strong increase in ETF market maker activity. ETF market maker trading volume was the highest level since November 2023.\n\n\nContinued strength in emerging markets ADV, which was...