Business
MarketAxess Reports Record Revenues of $203.2 Million in First Quarter 2023
Record Total Credit ADV of $13.7 Billion, Up 14%; Record Open Trading® ADV of $4.5 Billion, Up 21% NEW YORK--(BUSINESS WIRE)-- MarketAxess Holdings Inc.
About this update from Marketaxess Holdings, Inc.
[{"type":"text","content":"\nRecord Total Credit ADV of $13.7 Billion, Up 14%; Record Open Trading® ADV of $4.5 Billion, Up 21%\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 financial results for the first quarter ended March 31, 2023.\n\n\nChris Concannon, CEO of MarketAxess, commented:\n\n\n“We executed very well against our growth strategy in the first quarter and delivered 9% revenue growth to a record $203 million, driven by record total credit revenue on a 14% increase in total credit average daily volume to a record $13.7 billion.\n\n\nOur strong results were broad-based, with record commission revenue across U.S. high-yield, emerging markets and Eurobonds. Our differentiated liquidity pool, Open Trading, and the diversification of our model across products and geographies was a key driver of our results, with our international businesses contributing record levels of commission revenue and average daily volume. We also achieved new volume records across our new growth initiatives, including Portfolio Trading, Dealer RFQ and automated trading. Estimated price improvement6 for our clients was approximately $252 million, well in excess of our total revenue for the quarter.\n\n\nThe macro backdrop remains favorable, despite the market dislocation in March, and there was a significant uptick in trading velocity in the quarter compared to the prior year. Our estimated market share gains across most products are strong and total credit average fee per million has been stable. Our focus now is building on the strong momentum we have established in the first quarter.”\n\n\n1Q23 financial and operational highlights*\n\n\n\nRecord total revenues of $203.2 million, up 9%; up 11% excluding the impact of foreign currency fluctuations.\n\n\nRecord total revenues include the impact of a 4% decline in total credit average variable transaction fee per million (“FPM”) driven by the lower duration of U.S. high-grade bonds traded.\n\n\n\n\n\n\nRecord total credit revenue on 14% growth in total credit average daily volume (“ADV”) to a record $13.7 billion. Record Open Trading ADV of $4.5 billion, up 21%, with total trade count up 27%.\n\n\n\nRecord commission revenue in U.S. high-yield (+16%), emerging markets (+6%) and Eurobonds (+30%); 15%...