Business
MarketAxess Announces Volume Statistics for April 2023
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 monthly trading volume and preliminary variable transaction fees per million (“FPM”) for the month of April 2023.1\n\n\nChris Concannon, CEO of MarketAxess, commented:\n\n\n“After a very strong start to the year, characterized by higher levels of industry volumes, April credit market volumes were weaker than prior months. We believe that this is due to short term dislocations in the banking sector and the impact of lower new issue activity.”\n\n\nSelect April 2023 highlights*\n\n\n\n$12.4 billion in total credit average daily volume (“ADV”), up 1.3%, reflecting the adverse impact of the banking sector dislocation on April trading volumes.\n\n\n\nU.S. high-grade ADV of $5.7 billion with estimated market share of 21.5%. Estimated U.S. high-grade TRACE market ADV decreased 0.2%.\n\n\n\nU.S. high-yield ADV of $1.4 billion with estimated market share of 16.6%. Trading volume from ETF participants decreased approximately 50% in April 2023 versus March 2023. Estimated U.S. high-yield TRACE market ADV decreased 10.7%.\n\n\n\nEmerging markets ADV of $2.6 billion, down 10.3%; decrease of 21.8% in emerging markets estimated market ADV.2\n\n\n\n63.3% increase in Eurobonds ADV to a record $2.3 billion with a record 21.8% (+780 bps) estimated market share, up from 14.0%.3 The strong increase in ADV and estimated market share was driven by a large amount of client crossing programs in April that carry a lower average fee per million. Excluding the impact of client crossing programs, estimated market share3 would have been approximately 16.9% (+290 bps).\n\n\n\n14.6% increase in municipal bond ADV to $392 million, with estimated market share of 6.2% (+250 bps), up from 3.7%.\n\n\n\n36% (+200 bps) Open Trading® share4 of total credit trading volume. Estimated price improvement5 via Open Trading was approximately $48 million.\n\n\n\nThe preliminary FPM1 for total credit for April 2023 was approximately $151, or $159 excluding the impact of client crossing programs. The impact of crossing programs, combined with a mix shift in total credit volume, specifically lower contribution from U.S. high-yield, were the primary drivers of the decline in preliminary total credit FPM in April...