MarketAxess Announces Trading Volume Statistics for April 2025

About this update from Marketaxess Holdings, Inc.

Record Total Credit ADV up 32%; Record Total Rates ADV up 93% Record Open Trading ADV of $5.7 Billion on Increase in Volatility and Client Demand for Liquidity Record Total Portfolio Trading ADV up 99%; Block Trading ADV in Emerging Markets and Eurobonds up 39% NEW YORK --(BUSINESS WIRE)-- MarketAxess 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 April 2025 .1 Trading Records for April 2025 Total average daily volume (“ADV”) of $57.4 billion Total credit ADV of $18.4 billion Total rates ADV of $39.1 billion U.S. credit block trading ADV of $3.8 billion Emerging markets ADV of $4.3 billion Eurobonds ADV of $2.8 billion Municipal bonds ADV of $737 million Total portfolio trading ADV of $1.8 billion Open Trading ADV of $5.7 billion AxessIQ ADV of $181 million Select April 2025 Highlights* (See tables 1-1C and table 2) The MarketAxess platform performed very well during increased volatility in April, providing our clients with deep liquidity through Open Trading. Market ADV increased significantly year-over-year across most product areas with record levels in U.S. high-yield, municipals and U.S. government bonds driven by an increase in volatility. Record Open Trading ADV of $5.7 billion with estimated share of total credit2 of 38% , up from 34% in the prior year, and up from 37% in March 2025 , reflecting the increasing importance of our differentiated liquidity to clients in more volatile periods. We delivered strong progress with our new initiatives across the client-initiated, portfolio trading and dealer-initiated channels that also contributed to the strong performance in April. 90% of all portfolio trading ADV was executed over X-Pro in April. April was the second highest monthly ADV in U.S. high-grade behind March 2025 . U.S. high-yield ADV of $2.0 billion represented the highest monthly ADV level since February 2023 , driven in part by a strong increase in ETF market maker activity . ETF market maker trading volume was the highest level since November 2023 . Continued strength in emerging markets ADV, which was a record $4.3 billion , was driven by a 30% increase in hard currency ADV to a record $2.6 billion , and a 23% increase in local markets ADV. As volatility picked up, investors relied on multiple MarketAxess protocols to navigate market uncertainty, including Open Trading, portfolio trading and request-for-market, or RFM. Block trading in emerging markets benefitted from the launch of our targeted block solution in late 2024, which has generated cumulative trading volume of over $1.4 billion since launch. Record eurobonds ADV benefited from record eurobond portfolio trading, which was driven by our increased sales efforts. Block trading in eurobonds benefitted from the launch of our targeted block solution in January 2025 , which has generated cumulative trading volume of over $2.6 billion since launch. Record municipal bond ADV was driven by increased market volatility and strong increases in taxable and record tax-exempt trading volumes. The lower estimated market share in municipals was in part driven by a shift to larger sized notional trades in the market. Our rates business reported an all-time single-day record of $102.3 billion U.S. government bonds notional traded on April 9 and delivered record ADV of $39.1 billion with estimated market share of 2.8% in April. April 2025 Variable Transaction Fees Per Million1 (See table 1D) The decline in total credit FPM compared to the prior year was driven principally by protocol mix. The increase month-over-month was principally driven by product mix. The decrease in total rates FPM compared to the prior year and the prior quarter was driven by the impact of product mix. *All comparisons versus April 2024 unless noted. Table 1: MarketAxess ADV3 Month % Change Apr-25 Mar-25 Apr-24 YoY MoM MKTX ADV ($ millions) Credit U.S. High-Grade $ 8,595 $ 8,666 $ 6,589 30 % (1 )% U.S. High-Yield 1,968 1,701 1,428 38 16 Emerging Markets 4,273 4,090 3,371 27 4 Eurobonds 2,785 2,680 2,027 37 4 Other Credit Products3 739 639 451 64 16 Municipal Bonds 737 635 444 66 16 Total MKTX Credit ADV $ 18,360 $ 17,776 $ 13,866 32 3 Rates U.S. Government Bonds $ 37,935 $ 27,624 $ 19,565 94 % 37 % Agencies and Other Government Bonds 1,141 1,090 718 59 5 Total MKTX Rates ADV $ 39,076 $ 28,714 $ 20,283 93 36 Total MKTX ADV $ 57,436 $ 46,490 $ 34,149 68 24 U.S. Trading Days4 21 21 22 U.K. Trading Days4 20 21 21 Table 1A: Market ADV Month % Change Apr-25 Mar-25 Apr-24 YoY MoM MARKET ADV ($ millions) Credit U.S. High-Grade TRACE $ 44,647 $ 45,024 $ 36,735 22 % (1 )% U.S. High-Yield TRACE 14,565 13,605 10,253 42 7 Total U.S. Credit TRACE 59,212 58,629 46,988 26 1 Municipal Bonds MSRB 15,427 9,895 6,961 122 56 Rates U.S. Government Bonds TRACE $ 1,354,981 $ 1,097,090 $ 867,900 56 % 24 % Agency TRACE 4,064 3,957 4,097 (1 ) 3 U.S. Trading Days4 21 21 22 U.K. Trading Days4 20 21 21 Table 1B: Estimated Market Share5 Month % Change Apr-25 Mar-25 Apr-24 YoY MoM MKTX ESTIMATED MARKET SHARE (%) U.S. High-Grade % of U.S. High-Grade TRACE (incl. SD PT)5 19.4 % 20.0 % 18.2 % 1.2 % (0.6 )% % of U.S. High-Grade TRACE (excl. SD PT)5 19.3 % 19.2 % 17.9 % 1.4 0.1 U.S. High-Yield % of U.S. High-Yield TRACE (incl. SD PT)5 14.1 % 12.8 % 14.2 % (0.1 )% 1.3 % % of U.S. High-Yield TRACE (excl. SD PT)5 13.5 % 12.5 % 13.9 % (0.4 ) 1.0 Other Credit Products % of Municipal Bonds MSRB 4.8 % 6.4 % 6.4 % (1.6 )% (1.6 )% Rates % of U.S. Government Bonds TRACE 2.8 % 2.5 % 2.3 % 0.5 % 0.3 % Table 1C: Strategic Priorities ADV6 Month % Change Apr-25 Mar-25 Apr-24 YoY MoM STRATEGIC PRIORITIES ADV ($ millions) Client-Initiated Channel U.S. Credit Block Trading $ 3,751 $ 3,450 $ 2,489 51 % 9 % Emerging Markets Block Trading 1,579 1,717 1,232 28 (8 ) Eurobonds Block Trading 497 510 265 88 (3 ) Portfolio Trading Channel Total MKTX Portfolio Trading6 $ 1,790 $ 1,525 $ 901 99 % 17 % Total MKTX U.S. Credit Portfolio Trading6 1,441 1,328 748 93 9 Total U.S. Credit TRACE Portfolio Trading6 7,349 6,608 5,744 28 11 Dealer-Initiated Channel Total Dealer Initiated (DRFQ & Mid-X) $ 1,916 $ 2,140 $ 1,232 56 % (10 )% Other Open Trading $ 5,739 $ 5,485 $ 3,973 44 % 5 % AxessIQ 181 175 123 47 3 U.S. Trading Days4 21 21 22 U.K. Trading Days4 20 21 21 Table 1D: Variable Transaction Fees Per Million (FPM)1 Month % Change Apr-25 Mar-25 Apr-24 YoY MoM AVG. VARIABLE TRANS. FEE PER MILLION (FPM) Total Credit $ 139 $ 136 $ 150 (7 )% 2 % Total Rates 4.23 4.61 4.40 (4 ) (8 ) 1 The FPM for total credit and total rates for April 2025 are preliminary and may be revised in subsequent updates and public filings. The Company undertakes no obligation to update any fee information in future press releases. 2 Open Trading share of total credit trading volume is derived by taking total Open Trading volume across all credit products where Open Trading is offered and dividing by total credit trading volume across all credit products where Open Trading is offered. 3 “Other Credit Products” includes municipal bonds, leveraged loans, convertible bonds and structured products. 4 The number of U.S. trading days is based on the SIFMA holiday recommendation calendar and the number of U.K. trading days is based primarily on the U.K. Bank holiday schedule. 5 “SD PT” is defined as single-dealer portfolio trades. The Company is currently highlighting the impact of single-dealer portfolio trading volume on U.S. high-grade and U.S. high-yield trading volume and estimated market share, but will continue to exclude single-dealer portfolio trading activity from each product’s aggregated trading volume and estimated market share and the total credit FPM calculation. 6 Due to variances in how portfolio trading market participants utilized the portfolio trading TRACE “flag,” the Company previously used its own internal methodology for calculating portfolio trading as an estimated percentage of TRACE volume and the Company’s estimated market share. Starting in June 2024 , the Company utilized the portfolio trading TRACE flag in its reported portfolio trading TRACE volume and the Company’s portfolio trading estimated market share. General Notes Regarding the Data Presented Reported MarketAxess volume in all product categories includes only fully electronic trading volume. MarketAxess trading volumes and the Financial Industry Regulatory Authority (“FINRA”) Trade Reporting and Compliance Engine (“TRACE”) reported volumes are available on the Company’s website at investor.marketaxess.com/volume . Cautionary Note Regarding Forward-Looking Statements This press release may contain forward-looking statements, including statements about the outlook and prospects for the Company, market conditions and industry growth, as well as statements about the Company’s future financial and operating performance. These and other statements that relate to future results and events are based on MarketAxess’ current expectations. The Company’s actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties, including: global economic, political and market factors; the level of trading volume transacted on the MarketAxess platform; the rapidly evolving nature of the electronic financial services industry; the level and intensity of competition in the fixed-income electronic trading industry and the pricing pressures that may result; the variability of our growth rate; our ability to introduce new fee plans and our clients’ response; our ability to attract clients or adapt our technology and marketing strategy to new markets; risks related to our growing international operations; our dependence on our broker-dealer clients; the loss of any of our significant institutional investor clients; our exposure to risks resulting from non-performance by counterparties to transactions executed between our clients in which we act as an intermediary in matched principal trades; risks related to self-clearing; risks related to sanctions levied against states or individuals that could expose us to operational or regulatory risks; the effect of rapid market or technological changes on us and the users of our technology; issues related to the development and use of artificial intelligence; our dependence on third-party suppliers for key products and services; our ability to successfully maintain the integrity of our trading platform and our response to system failures, capacity constraints and business interruptions; the occurrence of design defects, errors, failures or delays with our platforms, products or services; our vulnerability to malicious cyber-attacks and attempted cybersecurity breaches; our actual or perceived failure to comply with privacy and data protection laws; our ability to protect our intellectual property rights or technology and defend against intellectual property infringement or other claims; our use of open-source software; our ability to enter into strategic alliances and to acquire other businesses and successfully integrate them with our business; our dependence on our management team and our ability to attract and retain talent; limitations on our flexibility because we operate in a highly regulated industry; the increasing government regulation of us and our clients; risks related to the divergence of U.K. and European Union legal and regulatory requirements following the U.K.’s exit from the European Union ; our exposure to costs and penalties related to our extensive regulation; our risks of litigation and securities laws liability; our tax filing positions; the effects of climate change or other sustainability risks that could affect our operations or reputation; our future capital needs and our ability to obtain capital when needed; limitations on our operating flexibility contained in our credit agreement; our exposure to financial institutions by holding cash in excess of federally insured limits; and other factors. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. More information about these and other factors affecting MarketAxess’ business and prospects is contained in MarketAxess’ periodic filings with the Securities and Exchange Commission and can be accessed at www.marketaxess.com . About MarketAxess MarketAxess (Nasdaq: MKTX) operates a leading electronic trading platform that delivers greater trading efficiency, a diversified pool of liquidity and significant cost savings to institutional investors and broker-dealers across the global fixed-income markets. Approximately 2,100 firms leverage MarketAxess’ patented technology to efficiently trade fixed-income securities. Our automated and algorithmic trading solutions, combined with our integrated and actionable data offerings, help our clients make faster, better-informed decisions on when and how to trade on our platform. MarketAxess’ award-winning Open Trading® marketplace is widely regarded as the preferred all-to-all trading solution in the global credit markets. Founded in 2000, MarketAxess connects a robust network of market participants through an advanced full trading lifecycle solution that includes automated trading solutions, intelligent data and index products and a range of post-trade services. Learn more at www.marketaxess.com and on X @MarketAxess . Table 2: Trading Volume Detail Month Ended April 30 , In millions (unaudited) 2025 2024 % Change Volume ADV Volume ADV Volume ADV Credit High-grade $ 180,504 $ 8,595 $ 144,951 $ 6,589 25 % 30 % High-yield 41,319 1,968 31,416 1,428 32 38 Emerging markets 89,728 4,273 74,154 3,371 21 27 Eurobonds 55,703 2,785 42,564 2,027 31 37 Other credit 15,516 739 9,932 451 56 64 Total credit trading1 382,770 18,360 303,017 13,866 26 32 Rates U.S. government bonds2 796,645 37,935 430,424 19,565 85 94 Agency and other government bonds1 22,936 1,141 15,212 718 51 59 Total rates trading 819,581 39,076 445,636 20,283 84 93 Total trading $ 1,202,351 $ 57,436 $ 748,653 $ 34,149 61 68 Number of U.S. Trading Days3 21 22 Number of U.K. Trading Days4 20 21 Year-to-Date Ended April 30 , In millions (unaudited) 2025 2024 % Change Volume ADV Volume ADV Volume ADV Credit High-grade $ 641,812 $ 7,827 $ 600,949 $ 7,240 7 % 8 % High-yield 131,316 1,601 116,795 1,407 12 14 Emerging markets 330,013 4,025 295,581 3,561 12 13 Eurobonds 203,620 2,453 171,413 2,041 19 20 Other credit 51,998 634 36,267 436 43 45 Total credit trading1 1,358,759 16,540 1,221,005 14,685 11 13 Rates U.S. government bonds2 2,378,726 29,009 1,476,220 17,786 61 63 Agency and other government bonds1 88,761 1,070 46,838 559 90 91 Total rates trading 2,467,487 30,079 1,523,058 18,345 62 64 Total trading $ 3,826,246 $ 46,619 $ 2,744,063 $ 33,030 39 41 Number of U.S. Trading Days3 82 83 Number of U.K. Trading Days4 83 84 1 Consistent with FINRA TRACE reporting standards, both sides of trades are included in the Company's reported volumes when the Company executes trades on a matched principal basis between two counterparties. 2 Consistent with industry standards, U.S. government bond trades are single-counted. 3 The number of U.S. trading days is based on the SIFMA holiday recommendation calendar. 4 The number of U.K. trading days is based primarily on the U.K. Bank holiday schedule. View source version on businesswire.com : https://www.businesswire.com/news/home/20250505959980/en/ INVESTOR RELATIONS Stephen Davidson MarketAxess Holdings Inc. +1 212 813 6313 [email protected] MEDIA RELATIONS Marisha Mistry MarketAxess Holdings Inc. +1 917 267 1232 [email protected] Source: MarketAxess Holdings Inc.

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