Business
MarketAxess Announces Trading Volume Statistics for August 2025
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 August 2025.1\n\n\nSelect August 2025 Highlights* (See tables 1-1C and table 2)\n\n\n\nWe delivered strong progress with our new initiatives across the client-initiated, portfolio trading and dealer-initiated channels.\n\n\n\nClient-Initiated Channel\n\n\n\n8% growth in block trading ADV consisting of a 1% decline in U.S. credit, 14% growth in emerging markets, and 95% growth in eurobonds.\n— Cumulative trading volume from our targeted block trading solution is now approximately $8.9 billion.\n\n\n\nPortfolio Trading Channel\n\n\n\n18% increase in total portfolio trading ADV to $1.2 billion, with record U.S. high-yield portfolio trading ADV of $344 million. Our estimated market share of U.S. credit portfolio trading was 19.4%, compared to 21.8% in the prior year, but up from 15.6% in July.\n\n\n\nDealer-Initiated Channel\n\n\n\n18% increase in dealer-initiated ADV to $1.3 billion.\n\n\n\nAugust 2025 Variable Transaction Fees Per Million1 (See table 1D)\n\n\n\nThe decrease in total credit FPM compared to the prior year was driven principally by protocol mix and product mix, specifically the lower duration of bonds traded in U.S. high-grade on a decrease in the weighted average years to maturity traded. The slight increase compared to July 2025 was driven principally by product mix, specifically the higher duration of bonds traded in U.S. high-grade on an increase in the weighted average years to maturity traded.\n\n\n\nThe increase in total rates FPM year-over-year was driven by the impact of product mix, and slight decline month-over-month was also driven by the impact of product mix.\n\n\n\n*All comparisons versus August 2024, unless otherwise noted.\n\n\n\nTable 1: MarketAxess ADV\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\nMonth\n% Change\n\n\n\nAug-25\nJul-25\nAug-24\nMoM\nYoY\n\n\nMKTX ADV ($ millions)\n\n\n\n\n\n\n\n\n\nCredit\n\n\n\n\n\n\n\n\n\nU.S. High-Grade\n\n$\n\n\n\n\n\n\n5,934\n\n\n\n\n\n\n$\n\n\n\n\n\n\n6,389\n\n\n\n\n\n\n$\n\n\n\n\n\n\n6,702\n\n\n\n\n\n\n(7)\n\n\n\n\n\n\n%\n\n\n\n\n\n\n(11)\n\n\n\n\n\n\n%\n\n\n\n\n\n\n\nU.S. High-Grade (incl. SD PT)2\n\n \n\n\n\n\n\n\...