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MarketAxess Announces Trading Volume Statistics for November 2024
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 November 2024.1\n\n\nChris Concannon, CEO of MarketAxess, commented:\n\n\n“We delivered total ADV of $45 billion in November, an increase of 56% from the prior year, driven by a rebound in U.S. Treasury ADV. In credit, record emerging markets ADV, which increased 15%, and record municipal bond ADV helped offset lower U.S. high-yield activity driven by lower credit spread volatility. We recently launched our block trading solution, and we are experiencing positive client engagement in the emerging markets hard currency market. 21 dealers and 26 long-only clients were active with the average trade size executed over $4 million notional. We have also enhanced our portfolio trading functionality to include benchmark trading and a record 76% of portfolio trading volume was executed on X-Pro. We believe both of these initiatives are critical to growing our market share in U.S. credit in the coming quarters.”\n\n\nSelect November 2024 Highlights\n\n\n\nTotal average daily volume (“ADV”) of $44.9 billion increased 56% compared to the prior year, but decreased 3% compared to record October 2024 levels. These results were driven by total rates ADV of $30.7 billion, which increased 112% compared to the prior year, but decreased 2% compared to record October 2024 levels. U.S. Treasury ADV on the platform in November 2023 was negatively impacted by an outage at ICBC, the third-party the Company was then using for U.S. Treasury settlement services. Total credit ADV of $14.3 billion was in line with the prior year, but decreased 5% compared to October 2024.\n\n\n\nU.S. Credit2\n\n\n\nU.S. high-grade ADV of $6.5 billion was in line with the prior year, but decreased 5% compared to October 2024. Estimated market ADV increased 14% compared to the prior year, but decreased 5% compared to October 2024. Estimated market share was 18.0%, down from 20.6% in the prior year, and in line with October 2024. Including the impact of single-dealer portfolio trades, estimated market share was 18.1%, down from 20.6% in the prior year, and down from 18.7% in October 2024.\n\n\n\nU.S. high-yield ADV of $1.3 billion...