Business
MarketAxess Announces Trading Volume Statistics for February 2026
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 February 2026.1\n\n\nChris Concannon, CEO of MarketAxess, commented:\n“We generated strong variable commission revenue growth to start 2026, driven by 20% growth in total credit ADV year-to-date, and benefiting from a 3% increase in total credit FPM month-over-month in February. Our estimated U.S. high-grade market share in February was negatively impacted by strong new issuance and a decrease in portfolio trading activity by our core clients. As we have noted previously, portfolio trading activity can fluctuate significantly month-to-month as clients modulate activity. We believe that the recent geopolitical events, as well as the very strong new issuance calendar year-to-date are supportive of a return to higher levels of volatility, as well as an increase in the velocity of trading in the global credit markets.\"\n\n\nSelect February 2026 Highlights* (See tables 1-1C and table 2)\n\n\nOur new initiatives continued to show progress year-over-year across the client-initiated, portfolio trading and dealer-initiated channels.\n\n\nClient-Initiated Channel\n\n\n\n30% growth in block trading average daily volume (“ADV”), with strong growth across U.S. credit (+30%), including U.S. high-grade ADV of $2.6 billion (+38%), as well as emerging markets ADV of $2.0 billion (+22%) and eurobonds ADV of $596 million (+57%).\n\n\n\nPortfolio Trading Channel\n\n\n\n5% increase in total portfolio trading ADV to $1.5 billion.\n\n\n\nOur estimated market share of U.S. credit portfolio trading was 15.6%, compared to 20.7% in the prior year.\n\n\n\nDealer-Initiated Channel\n\n\n\nDealer-initiated ADV of $1.8 billion was down slightly compared to the prior year. Total Mid-X trading volume was $5.2 billion, representing an increase of 93%.\n\n\n\nFebruary 2026 Variable Transaction Fees Per Million1 (See table 1D)\n\n\n\nThe decline in total credit FPM year-over-year was driven principally by product and protocol mix, partially offset by the higher duration of bonds traded in U.S. high-grade. The increase month-over-month was driven by product and protocol mix, slightly offset by the lower duration of bo...