Business
MarketAxess Announces Trading Volume Statistics for July 2025
12% Growth in Total Credit ADV Driven by 21% Growth in Combined Emerging Markets and Eurobonds ADV NEW YORK--(BUSINESS WIRE)-- MarketAxess Holdings Inc.
About this update from Marketaxess Holdings, Inc.
[{"type":"text","content":"\n12% Growth in Total Credit ADV Driven by 21% Growth in Combined Emerging Markets and Eurobonds ADV\n\n\n NEW YORK--(BUSINESS WIRE)--\n\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 July 2025.1\n\n\nSelect July 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 that contributed to strong growth in total credit trading volumes.\n\n\n\nClient-Initiated Channel\n\n\n\n9% growth in block trading ADV consisting of 3% growth in U.S. credit, 11% growth in emerging markets, and 54% growth in eurobonds.\n— Cumulative trading volume from our targeted block trading solution is now approximately $7.9 billion.\n\n\n\nPortfolio Trading Channel\n\n\n\n32% increase in total portfolio trading ADV to $1.3 billion, with record emerging markets portfolio trading volume of $2.6 billion. Our estimated market share of U.S. credit portfolio trading was 15.6%, compared to 17.2% in the prior year.\n\n\n\nDealer-Initiated Channel\n\n\n\n33% increase in dealer-initiated ADV to $1.5 billion.\n\n\n\nJuly 2025 Variable Transaction Fees Per Million1 (See table 1D)\n\n\n\nThe slight decline in total credit FPM compared to the prior year was driven principally by protocol mix. The slight increase compared to June 2025 was driven principally by product mix, specifically the higher duration of bonds traded in U.S. high-grade on an increase in the weighted average years to maturity traded.\n\n\n\n\nThe slight increase in total rates FPM year-over-year was driven by the impact of product mix, and the slight decrease month-over-month was also driven by the impact of product mix.\n\n\n\n*All comparisons versus July 2024.\n\n\n\n\nTable 1: MarketAxess ADV\n\n\n\n\n\n\n \n\n \n\n\n\n\n\n\n\n\n\n \n\n \n\n\n\n\n \n\n\n \nMonth\n% Change\n\n\n \nJul-25\n \nJun-25\n \nJul-24\nMoM\nYoY\n\n\nMKTX ADV ($ millions)\n \n \n \n \n \n \n \n \n \n\n\nCredit\n \n \n \n \n \n \n \n \n \n\n\nU.S. High-Grade\n\n $\n\n\n\n\n\n\n 6,389\n\n\n\n\n\n \n\n $\n\n\n\n\n\n\n 6,998\n\n\n\n\n\n \n\n $\n\n\n\n\n\n\n 6,090\n\n\n\n\n\n\n (9\n\n\n\n\n\n\n)\n\n\n\n\n\n\n % \n\n\n\n\n\n\n5\n\n\n...