MarketAxess Announces Trading Volume Statistics for March and First Quarter 2026

About this update from Marketaxess Holdings, Inc.

Record Total Credit ADV and Strong Growth in Total Rates ADV in Both Periods Record Total Portfolio Trading ADV of $2.3 Billion in March, Up 48% Record U.S. High-Grade, Emerging Markets, Eurobonds and Municipal Bonds ADV in 1Q26 Record Block Trading ADV Across U.S. High-Grade, Emerging Markets and Eurobonds in 1Q26 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 March 2026 and the first quarter ended March 31, 2026 .1 Trading Records for March 2026 Total credit average daily volume ("ADV") Open Trading® ADV Total portfolio trading ADV U.S. high-grade ADV U.S. high-grade block trading ADV U.S. high-grade portfolio trading ADV U.S. high-yield portfolio trading ADV Eurobonds ADV Axess IQ ADV Trading Records for First Quarter 2026 Total trading ADV Total credit ADV Open Trading® ADV Total portfolio trading ADV Mid-X ADV U.S. high-grade ADV U.S. high-grade block trading ADV U.S. high-grade portfolio trading ADV U.S. high-yield portfolio trading ADV Emerging markets ADV Emerging markets block trading ADV Emerging markets portfolio trading ADV Eurobonds ADV Eurobonds block trading ADV Municipal bonds ADV Municipal bonds portfolio trading ADV Axess IQ ADV Select March 2026 Highlights* (See tables 1-1C and table 2) Our new initiatives continued to show progress year-over-year, with strong growth in the client-initiated and portfolio trading channels . Client-Initiated Channel 23% growth in block trading ADV to $7.0 billion , with record U.S. credit block ADV of $4.1 billion (+19%) , including record U.S. high-grade block ADV of $3.1 billion (+23%) , as well as emerging markets block ADV of $2.3 billion (+34%) and eurobonds block ADV of $546 million (+7%) . Portfolio Trading Channel 48% increase in total portfolio trading ADV to a record $2.3 billion , including record U.S. high-grade ADV of $1.4 billion (+24%) , record U.S. high-yield ADV of $487 million (+119%) , emerging markets ADV of $114 million (+45%) , and eurobonds ADV of $279 million (+135%) . Our estimated market share of U.S. credit portfolio trading was 21.9% , compared to 20.1% in the prior year. Dealer-Initiated Channel Dealer-initiated ADV of $2.1 billion declined 3% compared to the prior year. Total Mid-X trading volume was $5.4 billion , representing an increase of 112% . March 2026 Variable Transaction Fees Per Million1 (See table 1D) The year-over-year decline in total credit FPM was driven by product and protocol mix , partially offset by the higher duration of bonds traded in U.S. high-grade. The month-over-month decline was driven by product mix . The year-over-year decrease in total rates FPM was driven by the impact of protocol mix . The month-over-month decrease in total rates FPM was driven by client mix . *All comparisons versus March 2025 unless noted. Select First Quarter 2026 Highlights* (See tables 1-1C and table 2) Client-Initiated Channel 35% growth in block trading ADV to $6.6 billion , with record U.S. credit block ADV of $3.8 billion (+27%) , including record U.S. high-grade ADV of $2.8 billion (+31%) , as well as record emerging markets ADV of $2.3 billion (+47%) and record eurobonds ADV of $591 million (+45%) . Portfolio Trading Channel 51% increase in total portfolio trading ADV to a record $1.9 billion including record U.S. high-grade ADV of $1.2 billion (+36%) , record U.S. high-yield ADV of $390 million (+78%) , record emerging markets ADV of $131 million (+69%) , and eurobonds ADV of $258 million (+90%) . Our estimated market share of U.S. credit portfolio trading was 19.8% , compared to 18.8% in the prior year. Dealer-Initiated Channel Record dealer-initiated ADV of $1.9 billion increased 3% compared to the prior year. Total Mid-X trading volume was a record $17.5 billion , representing an increase of 163% . First Quarter 2026 Variable Transaction Fees Per Million1 (See table 1D) The year-over-year decline in total credit FPM was driven by protocol and product mix , partially offset by the higher duration of bonds traded in U.S. high-grade. The quarter-over-quarter decline was driven by product mix . The year-over-year increase in total rates FPM was driven principally by the impact of client mix . The quarter-over-quarter decrease in total rates FPM was driven by client and protocol mix . *All comparisons versus first quarter 2025 unless noted. Table 1: MarketAxess ADV Month % Change Quarter % Change Mar-26 Feb-26 Mar-25 MoM YoY 1Q26 4Q25 1Q25 QoQ YoY MKTX ADV ($ millions) Credit U.S. High-Grade (incl. SD PT)2 $ 9,627 $ 8,026 $ 8,998 20 % 7 % $ 8,722 $ 7,035 $ 7,813 24 % 12 % U.S. High-Grade (excl. SD PT)2 9,159 7,779 8,666 18 6 8,385 6,848 7,562 22 11 U.S. High-Yield (incl. SD PT)2 2,110 1,701 1,740 24 21 1,864 1,749 1,544 7 21 U.S. High-Yield (excl. SD PT)2 1,839 1,480 1,701 24 8 1,646 1,543 1,475 7 12 Emerging Markets 5,194 4,647 4,090 12 27 5,114 3,986 3,939 28 30 Eurobonds 2,992 2,674 2,680 12 12 2,828 2,407 2,348 17 20 Other Credit Products3 675 681 639 (1 ) 6 659 597 598 10 10 Municipal Bonds 675 681 635 (1 ) 6 659 597 594 10 11 Total MKTX Credit ADV (excl. SD PT)2 $ 19,859 $ 17,261 $ 17,776 15 12 $ 18,632 $ 15,381 $ 15,922 21 17 Rates U.S. Government Bonds $ 32,879 $ 27,509 $ 27,624 20 % 19 % $ 29,511 $ 21,819 $ 25,936 35 % 14 % Agencies and Other Government Bonds 2,582 923 1,090 180 137 1,659 686 1,047 142 58 Total MKTX Rates ADV $ 35,461 $ 28,432 $ 28,714 25 23 $ 31,170 $ 22,505 $ 26,983 39 16 Total MKTX Trading ADV $ 55,320 $ 45,693 $ 46,490 21 19 $ 49,802 $ 37,886 $ 42,905 31 16 U.S. Trading Days4 22 19 21 61 62 61 U.K. Trading Days4 22 20 21 63 64 63 Table 1A: Market ADV Month % Change Quarter % Change Mar-26 Feb-26 Mar-25 MoM YoY 1Q26 4Q25 1Q25 QoQ YoY MARKET ADV ($ millions) Credit U.S. High-Grade TRACE $ 51,422 $ 47,928 $ 45,024 7 % 14 % $ 49,074 $ 37,240 $ 41,910 32 % 17 % U.S. High-Yield TRACE 13,742 13,602 13,605 1 1 13,542 11,563 12,419 17 9 Total U.S. Credit TRACE 65,164 61,530 58,629 6 11 62,616 48,803 54,329 28 15 Municipal Bonds MSRB 9,527 9,724 9,895 (2 ) (4 ) 9,543 9,686 9,347 (1 ) 2 Rates U.S. Government Bonds TRACE $ 1,448,791 $ 1,205,789 $ 1,097,090 20 % 32 % $ 1,289,038 $ 1,006,294 $ 1,002,379 28 % 29 % Agency TRACE 3,681 2,980 3,957 24 (7 ) 3,676 3,548 4,290 4 (14 ) U.S. Trading Days4 22 19 21 61 62 61 U.K. Trading Days4 22 20 21 63 64 63 Table 1B: Estimated Market Share Month Bps Change Quarter Bps Change Mar-26 Feb-26 Mar-25 MoM YoY 1Q26 4Q25 1Q25 QoQ YoY MKTX ESTIMATED MARKET SHARE (%) U.S. High-Grade % of U.S. High-Grade TRACE2,5 18.7% 2,5 16.7 % 20.0 % +200 bps (130) bps 17.8% 2,5 18.9 % 18.6 % (110) bps (80) bps U.S. High-Yield % of U.S. High-Yield TRACE2,5 15.4% 2,5 12.5 % 12.8 % +290 bps +260 bps 13.8% 2,5 15.1 % 12.4 % (130) bps +140 bps Other Credit Products % of Municipal Bonds MSRB 7.1% 7.0 % 6.4 % +10 bps +70 bps 6.9% 6.2 % 6.4 % +70 bps +50 bps Rates % of U.S. Government Bonds TRACE 2.3% 2.3 % 2.5 % - bps (20) bps 2.3% 2.2 % 2.6 % +10 bps (30) bps Table 1C: Strategic Priorities ADV Month % Change Quarter % Change Mar-26 Feb-26 Mar-25 MoM YoY 1Q26 4Q25 1Q25 QoQ YoY STRATEGIC PRIORITIES ADV ($ millions) Client-Initiated Channel U.S. Credit Block Trading $ 4,112 $ 3,422 $ 3,450 20 % 19 % $ 3,751 $ 2,811 $ 2,942 33 % 27 % Emerging Markets Block Trading 2,300 2,027 1,717 13 34 2,292 1,687 1,562 36 47 Eurobonds Block Trading 546 596 510 (8 ) 7 591 425 407 39 45 Portfolio Trading Channel Total MKTX Portfolio Trading $ 2,254 $ 1,539 $ 1,525 46 % 48 % $ 1,944 $ 1,491 $ 1,284 30 % 51 % Total MKTX U.S. Credit Portfolio Trading 1,859 1,148 1,325 62 40 1,547 1,146 1,070 35 45 Total U.S. Credit TRACE Portfolio Trading 8,478 7,352 6,608 15 28 7,834 5,555 5,697 41 38 Dealer-Initiated Channel Total Dealer Initiated (DRFQ & Mid-X) $ 2,081 $ 1,833 $ 2,140 14 % (3 ) % $ 1,905 $ 1,755 $ 1,856 9 % 3 % Other Open Trading $ 6,222 $ 5,404 $ 5,485 15 % 13 % $ 5,669 $ 4,939 $ 4,769 15 % 19 % AxessIQ 212 206 175 3 21 209 164 159 27 31 U.S. Trading Days4 22 19 21 61 62 61 U.K. Trading Days4 22 20 21 63 64 63 Table 1D: Variable Transaction Fees Per Million (FPM)1 Month % Change Quarter % Change Mar-26 Feb-26 Mar-25 MoM YoY 1Q26 4Q25 1Q25 QoQ YoY AVG. VARIABLE TRANS. FEE PER MILLION (FPM) Total Credit $ 131 $ 135 $ 135 (3 ) % (3 ) % $ 132 $ 138 $ 139 (4 ) % (5 ) % Total Rates 4.05 4.76 4.24 (15 ) (4 ) 4.56 4.79 4.20 (5 ) 9 1 The FPM for total credit and total rates for March 2026 and first 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 In February 2026 , FINRA’s regulatory policy agenda indicated plans for a rule filing that would suppress certain affiliate back-to-back trade reports to TRACE. The Company estimates that duplicate reports increased reported monthly TRACE volumes by up to 9% of U.S. high-grade TRACE and by up to 3% of U.S. high-yield TRACE in March 2026 . The Company also estimates that the Company’s market share in March 2026 for U.S. high-grade would have been up to 190 basis points higher and U.S. high-yield would have been up to 50 basis points higher than reported all-in market share for each product. FINRA’s agenda indicates that the rule filing is expected to be filed with the SEC in Q2 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 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 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 March 31 , In millions (unaudited) 2026 2025 % Change Volume ADV Volume ADV Volume ADV Credit High-grade $ 201,487 $ 9,159 $ 181,995 $ 8,666 11 % 6 % High-yield 40,455 1,839 35,719 1,701 13 8 Emerging markets 114,268 5,194 85,883 4,090 33 27 Eurobonds 65,815 2,992 56,270 2,680 17 12 Other credit 14,843 675 13,431 639 11 6 Total credit trading1 436,868 19,859 373,298 17,776 17 12 Rates U.S. government bonds2 723,337 32,879 580,113 27,624 25 19 Agency and other government bonds1 56,805 2,582 22,901 1,090 148 137 Total rates trading 780,142 35,461 603,014 28,714 29 23 Total trading $ 1,217,010 $ 55,320 $ 976,312 $ 46,490 25 19 Number of U.S. Trading Days3 22 21 Number of U.K. Trading Days4 22 21 Quarter and Year-to-Date Ended March 31 , In millions (unaudited) 2026 2025 % Change Volume ADV Volume ADV Volume ADV Credit High-grade $ 511,492 $ 8,385 $ 461,308 $ 7,562 11 % 11 % High-yield 100,409 1,646 89,997 1,475 12 12 Emerging markets 311,925 5,114 240,285 3,939 30 30 Eurobonds 178,162 2,828 147,917 2,348 20 20 Other credit 40,186 659 36,482 598 10 10 Total credit trading1 1,142,174 18,632 975,989 15,922 17 17 Rates U.S. government bonds2 1,800,150 29,511 1,582,081 25,936 14 14 Agency and other government bonds1 104,376 1,659 65,825 1,047 59 58 Total rates trading 1,904,526 31,170 1,647,906 26,983 16 16 Total trading $ 3,046,700 $ 49,802 $ 2,623,895 $ 42,905 16 16 Number of U.S. Trading Days3 61 61 Number of U.K. Trading Days4 63 63 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/20260406447657/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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