MarketAxess Announces Trading Volume Statistics for June and Second Quarter 2026

About this update from Marketaxess Holdings, Inc.

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 June 2026 and second quarter 2026 ended June 30, 2026. 1 Trading Records for Second Quarter 2026 Total portfolio trading ADV U.S. high-grade portfolio trading ADV U.S. high-yield portfolio trading ADV Municipal bonds portfolio trading ADV Mid-X ADV Select June 2026 Highlights* (See tables 1-1C and table 2) Total credit trading volumes showed continued strength in June relative to May levels, and U.S. high-grade estimated market share increased approximately 10 basis points to 17.9% , driven by improvement in the client-initiated channel. U.S. high-yield estimated market share increased to 14.9% , up 190 basis points from the prior year and up 100 basis points sequentially. The Company estimates that duplicate trade reports inflated U.S. high-grade TRACE volumes by up to 8% in June 2026. Adjusting for these duplicates, consistent with FINRA’s recent proposal to suppress duplicate reporting, we believe our estimated U.S. high-grade market share would have been approximately 150 basis points higher, or approximately 19.4% , in June 2026. We also continued to make progress with block trading , portfolio trading , and dealer-initiated protocols across the platform. Client-Initiated Channel 33% increase in block trading ADV to $6.6 billion , with U.S. credit block ADV of $3.8 billion , up 40% , compared to a 28% increase in TRACE U.S. credit block ADV. Emerging markets block ADV of $2.3 billion increased 25% and eurobonds block ADV of $578 million increased 25% . Portfolio Trading Channel 71% increase in total portfolio trading ADV to $2.0 billion , including U.S. high-grade ADV of $1.3 billion up 105% and U.S. high-yield ADV of $461 million , up 98% . 19.7% estimated market share of U.S. credit portfolio trading, compared to 15.5% in the prior year. Dealer-Initiated Channel Dealer-initiated ADV of $1.8 billion was up 4% from the prior year. Record levels of municipal bonds ADV ( +98% ), eurobonds ADV ( +71% ), and emerging markets ADV ( +40% ) were partially offset by a decline in U.S. high-grade ADV. Total Mid-X trading volume was a record $9.8 billion , representing an increase of 192% . June 2026 Variable Transaction Fees Per Million 1 (See table 1D) The year-over-year decline in total credit FPM was driven by protocol mix and the impact of an increase in block trading , which is generally a lower FPM activity. The month-over-month decline in total credit FPM was largely driven by the lower duration of bonds traded in U.S. high-grade and protocol mix . The year-over-year and month-over-month increases in total rates FPM were driven by the impact of protocol mix . *All comparisons versus June 2025 unless noted. Client-initiated block trading ADV may include some portfolio trading activity. Select Second Quarter 2026 Highlights* (See tables 1-1C and table 2) U.S. high-yield, portfolio trading and international credit products remained key contributors to performance during the quarter given relatively lower industry activity and reduced market volatility. Client-Initiated Channel 11% increase in block trading ADV to $5.9 billion , with U.S. credit block ADV of $3.4 billion , up 8% , compared to a 12% increase in TRACE U.S. credit block ADV. Emerging markets block ADV of $2.0 billion increased 24% and eurobonds block ADV of $503 million decreased 5% . Portfolio Trading Channel 33% increase in total portfolio trading ADV to a record $2.0 billion , including record U.S. high-grade ADV of $1.2 billion up 41% , record U.S. high-yield ADV of $459 million , up 93% and emerging markets ADV of $118 million , up 44% . 20.6% estimated market share of U.S. credit portfolio trading, compared to 17.5% in the prior year. Dealer-Initiated Channel Dealer-initiated ADV of $1.7 billion was down 3% from the prior year. Record levels of eurobonds ADV (+43%) , municipal bonds ADV (+36%) , and emerging markets ADV ( +29% ) were offset by declines in U.S. high-grade and U.S. high-yield ADVs. Total Mid-X trading volume was a record $23.6 billion , representing an increase of 156% . Second Quarter 2026 Variable Transaction Fees Per Million 1 (See table 1D) The year-over-year decline in total credit FPM was driven by protocol and product mix , as well as lower duration of bonds traded in U.S. high-grade. The quarter-over-quarter decline in total credit FPM was largely driven by lower duration . The year-over-year and quarter-over-quarter increases in total rates FPM were driven by the impact of protocol mix . *All comparisons versus second quarter 2025 unless noted. Client-initiated block trading ADV may include some portfolio trading activity. Table 1: MarketAxess ADV     Month   % Change   Quarter     % Change     Jun-26     May-26     Jun-25   MoM YoY   2Q26     1Q26     2Q25     QoQ YoY MKTX ADV ($ millions)                                                               Credit                                                               U.S. High-Grade (incl. SD PT) 2   $ 8,234     $ 8,405     $ 7,168     (2 ) %   15   %   $ 7,940     $ 8,722     $ 7,922       (9 ) % -   % U.S. High-Grade (excl. SD PT) 2     7,795       7,728       6,998     1       11         7,437       8,385       7,760       (11 )     (4 )   U.S. High-Yield (incl. SD PT) 2     1,845       1,755       1,570     5       18         1,818       1,864       1,753       (2 )     4     U.S. High-Yield (excl. SD PT) 2     1,591       1,547       1,497     3       6         1,560       1,646       1,692       (5 )     (8 )   Emerging Markets     4,831       4,284       4,172     13       16         4,500       5,114       4,018       (12 )     12     Eurobonds     2,783       2,758       2,411     1       15         2,698       2,828       2,681       (5 )     1     Other Credit Products 3     670       680       580     (1 )     16         657       659       644       (0 )     2     Municipal Bonds     670       680       579     (1 )     16         657       659       643       (0 )     2     Total MKTX Credit ADV (excl. SD PT) 2   $ 17,670     $ 16,997     $ 15,658     4       13       $ 16,852     $ 18,632     $ 16,795       (10 )   -     Rates                                                               U.S. Government Bonds   $ 23,034     $ 26,045     $ 25,804     (12 ) %   (11 ) %   $ 24,108     $ 29,511     $ 30,756       (18 ) %   (22 ) % Agencies and Other Government Bonds     3,201       2,194       1,641     46       95         2,641       1,659       1,458       59       81     Total MKTX Rates ADV   $ 26,235     $ 28,239     $ 27,445     (7 )     (4 )     $ 26,749     $ 31,170     $ 32,214       (14 )     (17 )   Total MKTX Trading ADV   $ 43,905     $ 45,236     $ 43,103     (3 )     2       $ 43,601     $ 49,802     $ 49,009       (12 )     (11 )                                                                   U.S. Trading Days 4   21     20     20                 62     61     62                 U.K. Trading Days 4   22     19     21                 61     63     60                                                                                 Table 1A: Market ADV     Month   % Change   Quarter     % Change     Jun-26     May-26     Jun-25   MoM YoY   2Q26     1Q26     2Q25     QoQ YoY MARKET ADV ($ millions)                                                               Credit                                                               U.S. High-Grade TRACE   $ 46,009     $ 47,102     $ 35,517     (2 ) %   30   %   $ 45,305     $ 49,074     $ 40,010       (8 ) %   13   % U.S. High-Yield TRACE     12,364       12,593       12,096     (2 )     2         12,857       13,542       13,296       (5 )     (3 )   Total U.S. Credit TRACE     58,373       59,695       47,613     (2 )     23         58,162       62,616       53,306       (7 )     9     Municipal Bonds MSRB     9,763       9,783       10,234     (0 )     (5 )       9,880       9,543       12,017       4       (18 )                                                                   Rates                                                               U.S. Government Bonds TRACE   $ 1,170,690     $ 1,265,590     $ 1,019,410     (7 ) %   15   %   $ 1,169,971     $ 1,289,038     $ 1,162,485       (9 ) %   1   % Agency TRACE     2,660       2,695       2,729     (1 )     (3 )       2,714       3,676       3,623       (26 )     (25 )                                                                   U.S. Trading Days 4   21     20     20                 62     61     62                 U.K. Trading Days 4   22     19     21                 61     63     60                                                                                 Table 1B: Estimated Market Share     Month   Bps Change   Quarter     Bps Change     Jun-26     May-26     Jun-25   MoM YoY   2Q26     1Q26     2Q25     QoQ YoY MKTX ESTIMATED MARKET SHARE (%)                                                       U.S. High-Grade                                                       % of U.S. High-Grade TRACE 2,5     17.9 % 2,5   17.8 %     20.2 % +10 bps (230) bps     17.5 % 2,5   17.8 %     19.8 %   (30) bps (230) bps U.S. High-Yield                                                       % of U.S. High-Yield TRACE 2     14.9 % 2   13.9 %     13.0 % +100 bps +190 bps     14.1 % 2   13.8 %     13.2 %   +30 bps +90 bps Other Credit Products                                                       % of Municipal Bonds MSRB     6.9 %     6.9 %     5.7 % - bps +120 bps     6.6 %     6.9 %     5.4 %   (30) bps +120 bps Rates                                                       % of U.S. Government Bonds TRACE     2.0 %     2.1 %     2.5 % (10) bps (50) bps     2.1 %     2.3 %     2.6 %   (20) bps (50) bps                                                         Table 1C: Strategic Priorities ADV     Month   % Change   Quarter     % Change     Jun-26     May-26     Jun-25   MoM YoY   2Q26     1Q26     2Q25     QoQ YoY STRATEGIC PRIORITIES ADV ($ millions)                                                               Client-Initiated Channel                                                               U.S. Credit Block Trading   $ 3,750     $ 3,509     $ 2,672     7   %   40   %   $ 3,412     $ 3,751     $ 3,172       (9 ) %   8   % Emerging Markets Block Trading     2,318       1,952       1,860     19       25         2,019       2,292       1,626       (12 )     24     Eurobonds Block Trading     578       549       462     5       25         503       591       529       (15 )     (5 )   Portfolio Trading Channel                                                               Total MKTX Portfolio Trading   $ 2,039     $ 2,140     $ 1,193     (5 ) %   71   %   $ 1,970     $ 1,944     $ 1,481       1   %   33   % Total MKTX U.S. Credit Portfolio Trading     1,773       1,858       874     (5 )     103         1,692       1,547       1,112       9       52     Total U.S. Credit TRACE Portfolio Trading     9,000       8,458       5,640     6       60         8,218       7,834       6,355       5       29     Dealer-Initiated Channel                                                               Total Dealer Initiated (DRFQ & Mid-X)   $ 1,752     $ 1,765     $ 1,683     (1 ) %   4   %   $ 1,742     $ 1,905     $ 1,795       (9 ) %   (3 ) % Other                                                               Open Trading   $ 5,255     $ 5,208     $ 4,553     1   %   15   %   $ 5,135     $ 5,669     $ 5,030       (9 ) %   2   % Axess IQ     187       190       158     (2 )     18         183       209       176       (12 )     4                                                                     U.S. Trading Days 4   21     20     20                 62     61     62                 U.K. Trading Days 4   22     19     21                 61     63     60                                                                                 *Client-initiated channel activity may include some portfolio trading channel activity. Table 1D: Variable Transaction Fees Per Million (FPM) 1     Month   % Change   Quarter     % Change     Jun-26     May-26     Jun-25   MoM YoY   2Q26     1Q26     2Q25     QoQ YoY AVG. VARIABLE TRANS. FEE PER MILLION (FPM)                                                           Total Credit   $ 125     $ 128     $ 138     (2 ) %   (9 ) %   $ 129     $ 132     $ 138       (2 ) %   (7 ) % Total Rates     5.09       4.96       4.39     3       16         4.99       4.68       4.03       7       24                                                                     1 The FPM for total credit and total rates for June 2026 and second quarter 2026 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 Effective with the release of our January 2026 trading volume statistics, the Company revised certain aspects of its reporting methodology for estimated market share to provide a more comprehensive view of platform activity and enhance comparability with industry peers. The Company now highlights estimated market share for U.S. high-grade and U.S. high-yield on an all-in basis, which includes single-dealer portfolio trading activity, and the Company will no longer report estimated market share on an "excluding single-dealer portfolio trading" basis. Single-dealer portfolio trading activity continues to be excluded from the “Total MKTX Credit ADV (excl. SD PT)” line in Table 1, the “Total Credit” FPM calculation in Table 1D and the “Total Credit Trading” line in Table 2. “SD PT” is defined as single-dealer portfolio trades. As used in Table 1 to highlight the effect of single dealer portfolio trading on U.S. high-grade and U.S. high yield ADVs, “SD PT” means single-dealer portfolio trades.   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 The Company estimates that duplicate reports increased reported monthly TRACE volumes by up to 8% of U.S. high-grade TRACE in June 2026. Adjusting for these duplicates, consistent with FINRA’s recent proposal to suppress duplicate reporting, the Company believes its estimated U.S. high-grade market share would have been approximately 150 basis points higher in June 2026. 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 MarketAxess Holdings Inc. (the “Company” or “MarketAxess”), 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; our dependence on third-party suppliers for key products and services; 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; risks related to sanctions levied against states or individuals that could expose us to operational or regulatory risks; the effects of climate change or other sustainability risks that could affect our operations or reputation; 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 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; limitations on our flexibility because we operate in a highly regulated industry; the increasing government regulation of us and our clients; our exposure to costs and penalties related to our extensive regulation; our risks of litigation and securities laws liability; our tax filing positions; 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 and other 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 June 30,     In millions (unaudited)     2026     2025     % Change           Volume     ADV     Volume     ADV     Volume     ADV     Credit                                         High-grade     $ 163,686     $ 7,795     $ 139,950     $ 6,998       17   %   11   % High-yield       33,405       1,591       29,942       1,497       12       6     Emerging markets       101,461       4,831       83,438       4,172       22       16     Eurobonds       61,216       2,783       50,632       2,411       21       15     Other credit       14,066       670       11,599       580       21       16     Total credit trading 1       373,834       17,670       315,561       15,658       18       13     Rates                                         U.S. government bonds 2       483,717       23,034       516,084       25,804       (6 )     (11 )   Agency and other government bonds 1       70,360       3,201       34,360       1,641       105       95     Total rates trading       554,077       26,235       550,444       27,445       1       (4 )   Total trading     $ 927,911     $ 43,905     $ 866,005     $ 43,103       7       2     Number of U.S. Trading Days 3             21             20                 Number of U.K. Trading Days 4             22             21                                                                 Quarter Ended June 30,     In millions (unaudited)     2026     2025     % Change           Volume     ADV     Volume     ADV     Volume     ADV     Credit                                         High-grade     $ 461,087     $ 7,437     $ 481,090     $ 7,760       (4 ) %   (4 ) % High-yield       96,701       1,560       104,897       1,692       (8 )     (8 )   Emerging markets       278,991       4,500       249,091       4,018       12       12     Eurobonds       164,600       2,698       160,873       2,681       2       1     Other credit       40,716       657       39,965       644       2       2     Total credit trading 1       1,042,095       16,852       1,035,916       16,795       1       -     Rates                                         U.S. government bonds 2       1,494,713       24,108       1,906,892       30,756       (22 )     (22 )   Agency and other government bonds 1       161,162       2,641       87,625       1,458       84       81     Total rates trading       1,655,875       26,749       1,994,517       32,214       (17 )     (17 )   Total trading     $ 2,697,970     $ 43,601     $ 3,030,433     $ 49,009       (11 )     (11 )   Number of U.S. Trading Days 3             62             62                 Number of U.K. Trading Days 4             61             60                                                                 Year-to-Date Ended June 30,     In millions (unaudited)     2026     2025     % Change           Volume     ADV     Volume     ADV     Volume     ADV     Credit                                         High-grade     $ 972,579     $ 7,907     $ 942,398     $ 7,662       3   %   3   % High-yield       197,110       1,603       194,894       1,585       1       1     Emerging markets       590,916       4,804       489,376       3,979       21       21     Eurobonds       342,762       2,764       308,790       2,510       11       10     Other credit       80,902       658       76,447       621       6       6     Total credit trading 1       2,184,269       17,736       2,011,905       16,357       9       8     Rates                                         U.S. government bonds 2       3,294,863       26,788       3,488,973       28,366       (6 )     (6 )   Agency and other government bonds 1       266,675       2,152       153,450       1,248       74       72     Total rates trading       3,561,538       28,940       3,642,423       29,614       (2 )     (2 )   Total trading     $ 5,745,807     $ 46,676     $ 5,654,328     $ 45,971       2       2     Number of U.S. Trading Days 3             123             123                 Number of U.K. Trading Days 4             124             123                 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/20260706031156/en/

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