Business
MarketAxess Announces Trading Volume Statistics for May 2025
44% Increase in Total ADV Driven by 22% Increase in Total Credit ADV and 59% Increase in Total Rates ADV Record Eurobonds ADV of $2.9 Billion on 116%
About this update from Marketaxess Holdings, Inc.
[{"type":"text","content":"\n44% Increase in Total ADV Driven by 22% Increase in Total Credit ADV and 59% Increase in Total Rates ADV\n\n\nRecord Eurobonds ADV of $2.9 Billion on 116% Increase in Block Trading and 500% Increase in Portfolio Trading ADV\n\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 May 2025.1\n\n\nSelect May 2025 Highlights* (See tables 1-1C and table 2)\n\n\n\nThe MarketAxess platform’s strong performance persisted in May through moderated levels of volatility, providing our clients with deep liquidity through Open Trading.\n\n\n\nWe delivered strong progress with our new initiatives across the client-initiated, portfolio trading and dealer-initiated channels that contributed to the strong performance in May.\n\n\n\nClient-Initiated\n\n\n\nStrong increases in block trading ADV across U.S. credit (+41%), emerging markets (+24%) and eurobonds (+116%). We launched our targeted block trading solution in U.S. credit in mid-May.\n\n\nBlock trading in emerging markets and eurobonds both benefitted from the launch of our targeted block solution in late 2024, which has generated cumulative trading volume of approximately $1.7 billion and $2.7 billion, respectively, since launch.\n\n\n\n\n\n\nClients continued to leverage our algos in U.S. government bond trading, helping to drive a 57% increase in ADV to $28.3 billion with estimated market share of 2.6% in May.\n\n\n\nPortfolio Trading\n\n\n\nYear-to-date May 2025, estimated market share of U.S. credit portfolio trading is 18.6%, compared to 14.1% in the prior year same period, an increase of approximately 450 basis points.2\n\n\n90% of all portfolio trading ADV was executed over X-Pro in May.\n\n\n\n\n\n\nDealer-Initiated\n\n\n\nDealer-initiated ADV increased 41% to $1.8 billion.\n\n\n\nMay 2025 Variable Transaction Fees Per Million1 (See table 1D)\n\n\n\nThe decline in total credit FPM compared to the prior year was driven principally by protocol mix. Total credit FPM was flat month-over-month.\n\n\n\nThe decline in total rates FPM compared to the prior year was driven by the impact of product mix. Total rates FPM was down slightly month-over-month.\n\n\n\n*All comparisons versus May 2024...