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MarketAxess Announces Trading Volume Statistics for November 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 November 2025.1\n\nSelect November 2025 Highlights* (See tables 1-1C and table 2)\n\nOur new initiatives continued to show solid year-over-year progress across the client-initiated, portfolio trading and dealer-initiated channels. We also unveiled our new Closing Auctions protocol during the month, the first standardized market-wide auction protocol in fixed-income.\n\nClient-Initiated Channel\n\n\n46% growth in block trading average daily volume (“ADV”), with strong growth across U.S. credit (+34%), emerging markets (+61%) and eurobonds (+83%).\n— Cumulative trading volume from our targeted block trading solution is now approximately $12 billion.\n\n\nPortfolio Trading Channel\n\n\n47% increase in total portfolio trading ADV to $1.4 billion, including a 55% increase in U.S. credit portfolio trading ADV.\n\n\nOur estimated market share of U.S. credit portfolio trading was 17.6%, compared to 13.5% in the prior year.\n\n\nDealer-Initiated Channel\n\n\n32% increase in dealer-initiated ADV to $1.9 billion, consisting of a 21% increase in DRFQ ADV and a 153% increase in Mid-X ADV.\n\n\nNovember 2025 Variable Transaction Fees Per Million1 (See table 1D)\n\n\nThe decline in total credit FPM compared to the prior year was driven principally by protocol mix, partially offset by the higher duration of bonds traded in U.S. high-grade. The slight decline in total credit FPM compared to October 2025 was driven principally by protocol mix, partially offset by the higher duration of bonds traded in U.S. high-grade.\n\n\nThe increase in total rates FPM year-over-year and month-over-month was driven by the impact of product mix.\n\n\n*All comparisons versus November 2024 unless noted.\n\nTable 1: MarketAxess ADV\n\n\n\n \n\n\n\n \n\n\n\nMonth\n\n\n\n \n\n\n\n% Change\n\n\n\n\n\n \n\n\n\n \n\n\n\nNov-25\n\n\n\n \n\n\n\n \n\n\n\nOct-25\n\n\n\n \n\n\n\n \n\n\n\nNov-24\n\n\n\n \n\n\n\nMoM\n\n\n\nYoY\n\n\n\n\n\nMKTX ADV ($ millions)\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\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\n\n \n\n\n\n\n\nCredit\n\n\n\n \n\n\n\n \n\...