Business
MarketAxess Announces Trading Volume Statistics for September and Third Quarter 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 September 2025 and the third quarter ended September 30, 2025.1\n\n\nChris Concannon, CEO of MarketAxess, commented:\n\n\n“Despite historic levels of new issuance in U.S. credit in September, which dampened our estimated market share in the month, we set a new record for U.S. credit portfolio trading ADV and market share. We also generated strong year-over-year growth in ADV in our combined emerging markets and eurobonds product areas of 9% in September, driven in part by record levels of emerging markets hard currency trading ADV, which increased 13%. Additionally, in September, we set a new record for our single highest credit trading volume day ever on the platform on the last trading day of the month. With our new initiatives in the client-initiated channel, block trading ADV in emerging markets and eurobonds increased 35% and 41%, respectively. In the portfolio trading channel, we delivered record U.S. high-yield market share of 25.9%. The growth in these new initiatives is being driven by the technology modernization that we are delivering across U.S. credit, eurobonds and emerging markets.”\n\n\nSelect Third Quarter 2025 Highlights* (See tables 1-1C and table 2)\n\n\nWe continued to show solid progress year-over-year with our new initiatives across the client-initiated, portfolio trading and dealer-initiated channels.\n\n\nClient-Initiated Channel\n\n\n\n10% growth in block trading ADV, including 20% growth in emerging markets and 58% growth in eurobonds block trading ADV.\n— Cumulative trading volume from our targeted block trading solution is now approximately $10.1 billion.\n\n\n\nPortfolio Trading Channel\n\n\n\n20% increase in total portfolio trading ADV to $1.4 billion, with record U.S. high-yield portfolio trading ADV of $341 million. These results for the quarter were driven by strong monthly total portfolio trading ADV in September 2025 of $1.7 billion.\n\n\n\nOur third quarter estimated market share of U.S. credit portfolio trading was 19.1%, compared to 20.0% in the prior year, but up from 17.5% in second quarter 2025.\n\n\n\nOur U.S. credit portfolio trading mark...