MarketAxess Announces Trading Volume Statistics for September and Third Quarter 2025

About this update from Marketaxess Holdings, Inc.

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 September 2025 and the third quarter ended September 30, 2025 .1 Chris Concannon , CEO of MarketAxess , commented: “Despite historic levels of new issuance in U.S. credit in September , which dampened our estimated market share in the month, we set a new record for U.S. credit portfolio trading ADV and market share . We also generated strong year-over-year growth in ADV in our combined emerging markets and eurobonds product areas of 9% in September, driven in part by record levels of emerging markets hard currency trading ADV, which increased 13% . Additionally, in September, we set a new record for our single highest credit trading volume day ever on the platform on the last trading day of the month. With our new initiatives in the client-initiated channel , block trading ADV in emerging markets and eurobonds increased 35% and 41% , respectively. In the portfolio trading channel, we delivered record U.S. high-yield market share of 25.9% . The growth in these new initiatives is being driven by the technology modernization that we are delivering across U.S. credit, eurobonds and emerging markets.” Select Third Quarter 2025 Highlights* (See tables 1-1C and table 2) We continued to show solid progress year-over-year with our new initiatives across the client-initiated, portfolio trading and dealer-initiated channels . Client-Initiated Channel 10% growth in block trading ADV, including 20% growth in emerging markets and 58% growth in eurobonds block trading ADV. — Cumulative trading volume from our targeted block trading solution is now approximately $10.1 billion . Portfolio Trading Channel 20% increase in total portfolio trading ADV to $1.4 billion , with record U.S. high-yield portfolio trading ADV of $341 million . These results for the quarter were driven by strong monthly total portfolio trading ADV in September 2025 of $1.7 billion . Our third quarter estimated market share of U.S. credit portfolio trading was 19.1% , compared to 20.0% in the prior year, but up from 17.5% in second quarter 2025. Our U.S. credit portfolio trading market share in September hit a new monthly record of 22.5% . This strong performance was in part driven by record U.S. high-yield market share of 25.9% , representing an increase of approximately 730 basis points year-over-year. Dealer-Initiated Channel Dealer-initiated ADV increased 18% to $1.5 billion . Third Quarter 2025 Variable Transaction Fees Per Million1 (See table 1D) The decline in total credit FPM compared to the prior year was driven principally by protocol mix . The increase compared to 2Q25 was driven principally by product mix , specifically the higher duration of bonds traded in U.S. high-grade on an increase in the weighted average years to maturity traded. Total rates FPM was in line with the prior year. The quarter-over-quarter increase was driven by the impact of product mix. *All comparisons versus third quarter 2024 unless noted. Table 1: MarketAxess ADV Month % Change Quarter % Change Sep-25 Aug-25 Sep-24 MoM YoY 3Q25 2Q25 3Q24 QoQ YoY MKTX ADV ($ millions) Credit U.S. High-Grade $ 7,358 $ 5,934 $ 8,414 24 % (13 ) % $ 6,558 $ 7,760 $ 7,027 (15 ) % (7 ) % U.S. High-Grade (incl. SD PT)2 7,649 6,134 8,602 25 (11 ) 6,783 7,922 7,216 (14 ) (6 ) U.S. High-Yield 1,461 1,232 1,434 19 2 1,347 1,692 1,278 (20 ) 5 U.S. High-Yield (incl. SD PT)2 1,724 1,473 1,476 17 17 1,557 1,753 1,316 (11 ) 18 Emerging Markets 4,190 3,455 3,689 21 14 3,803 4,018 3,333 (5 ) 14 Eurobonds 2,411 1,885 2,359 28 2 2,196 2,681 1,891 (18 ) 16 Other Credit Products3 737 580 587 27 26 631 644 587 (2 ) 7 Municipal Bonds 737 579 577 27 28 630 643 577 (2 ) 9 Total MKTX Credit ADV (excl. SD PT)2 $ 16,157 $ 13,086 $ 16,483 23 (2 ) $ 14,535 $ 16,795 $ 14,116 (13 ) % 3 % Rates U.S. Government Bonds $ 25,643 $ 22,544 $ 27,466 14 % (7 ) % $ 23,130 $ 30,756 $ 25,302 (25 ) % (9 ) % Agencies and Other Government Bonds 900 1,243 1,239 (28 ) (27 ) 1,166 1,458 1,098 (20 ) 6 Total MKTX Rates ADV $ 26,543 $ 23,787 $ 28,705 12 (8 ) $ 24,296 $ 32,214 $ 26,400 (25 ) (8 ) Total MKTX Trading ADV $ 42,700 $ 36,873 $ 45,188 16 (6 ) $ 38,831 $ 49,009 $ 40,516 (21 ) (4 ) U.S. Trading Days4 21 21 20 64 62 64 U.K. Trading Days4 22 20 21 65 60 65 Table 1A: Market ADV Month % Change Quarter % Change Sep-25 Aug-25 Sep-24 MoM YoY 3Q25 2Q25 3Q24 QoQ YoY MARKET ADV ($ millions) Credit U.S. High-Grade TRACE $ 43,292 $ 31,643 $ 42,371 37 % 2 % $ 37,028 $ 40,010 $ 36,077 (7 ) % 3 % U.S. High-Yield TRACE 12,662 9,679 11,812 31 7 11,348 13,296 9,849 (15 ) 15 Total U.S. Credit TRACE 55,955 41,322 54,183 35 3 48,375 53,306 45,926 (9 ) 5 Municipal Bonds MSRB 11,245 10,645 6,517 6 73 10,908 12,017 6,644 (9 ) 64 Rates U.S. Government Bonds TRACE $ 1,078,295 $ 1,021,133 $ 997,205 6 % 8 % $ 1,006,577 $ 1,162,485 $ 964,105 (13 ) % 4 % Agency TRACE 5,498 3,865 4,582 42 20 4,177 3,623 4,040 15 3 U.S. Trading Days4 21 21 20 64 62 64 U.K. Trading Days4 22 20 21 65 60 65 Table 1B: Estimated Market Share Month Bps Change Quarter Bps Change Sep-25 Aug-25 Sep-24 MoM YoY 3Q25 2Q25 3Q24 QoQ YoY MKTX ESTIMATED MARKET SHARE (%) U.S. High-Grade % of U.S. High-Grade TRACE (incl. SD PT)2 17.7 % 19.4 % 20.3 % (170 ) bps (260 ) bps 18.3 % 19.8 % 20.0 % (150 ) bps (170 ) bps % of U.S. High-Grade TRACE (excl. SD PT)2 17.0 % 18.8 % 19.9 % (180 ) (290 ) 17.7 % 19.4 % 19.5 % (170 ) (180 ) U.S. High-Yield % of U.S. High-Yield TRACE (incl. SD PT)2 13.6 % 15.2 % 12.5 % (160 ) bps +110 bps 13.7 % 13.2 % 13.4 % +50 bps +30 bps % of U.S. High-Yield TRACE (excl. SD PT)2 11.5 % 12.7 % 12.1 % (120 ) (60 ) 11.9 % 12.7 % 13.0 % (80 ) (110 ) Other Credit Products % of Municipal Bonds MSRB 6.6 % 5.4 % 8.8 % +120 bps (220 ) bps 5.8 % 5.4 % 8.7 % +40 bps (290 ) bps Rates % of U.S. Government Bonds TRACE 2.4 % 2.2 % 2.8 % +20 bps (40 ) bps 2.3 % 2.6 % 2.6 % (30 ) bps (30 ) bps Table 1C: Strategic Priorities ADV2 Month % Change Quarter % Change Sep-25 Aug-25 Sep-24 MoM YoY 3Q25 2Q25 3Q24 QoQ YoY STRATEGIC PRIORITIES ADV ($ millions) Client-Initiated Channel U.S. Credit Block Trading $ 3,078 $ 2,261 $ 3,117 36 % (1 ) % $ 2,589 $ 3,172 $ 2,565 (18 ) % 1 % Emerging Markets Block Trading 1,761 1,471 1,307 20 35 1,553 1,626 1,295 (4 ) 20 Eurobonds Block Trading 452 299 321 51 41 364 529 231 (31 ) 58 Portfolio Trading Channel Total MKTX Portfolio Trading $ 1,676 $ 1,163 $ 1,504 44 % 11 % $ 1,375 $ 1,481 $ 1,145 (7 ) % 20 % Total MKTX U.S. Credit Portfolio Trading 1,445 992 1,336 46 8 1,140 1,112 985 3 16 Total U.S. Credit TRACE Portfolio Trading 6,417 5,103 6,418 26 (0 ) 5,962 6,355 4,928 (6 ) 21 Dealer-Initiated Channel Total Dealer Initiated (DRFQ & Mid-X) $ 1,705 $ 1,335 $ 1,614 28 % 6 % $ 1,516 $ 1,795 $ 1,285 (16 ) % 18 % Other Open Trading $ 4,875 $ 3,951 $ 4,848 23 % 1 % $ 4,349 $ 5,030 $ 4,147 (14 ) % 5 % AxessIQ 181 150 164 21 10 163 176 129 (7 ) 26 U.S. Trading Days4 21 21 20 64 62 64 U.K. Trading Days4 22 20 21 65 60 65 Table 1D: Variable Transaction Fees Per Million (FPM)1 Month % Change Quarter % Change Sep-25 Aug-25 Sep-24 MoM YoY 3Q25 2Q25 3Q24 QoQ YoY AVG. VARIABLE TRANS. FEE PER MILLION (FPM) Total Credit $ 140 $ 142 $ 150 (1 ) % (7 ) % $ 140 $ 138 $ 149 1 % (6 ) % Total Rates 3.84 4.25 4.15 (10 ) (7 ) 4.15 4.03 4.15 3 - 1 The FPM for total credit and total rates for September 2025 and third quarter 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 “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. 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. 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 September 30 , In millions (unaudited) 2025 2024 % Change Volume ADV Volume ADV Volume ADV Credit High-grade $ 154,527 $ 7,358 $ 168,278 $ 8,414 (8 ) % (13 ) % High-yield 30,691 1,461 28,671 1,434 7 2 Emerging markets 87,980 4,190 73,774 3,689 19 14 Eurobonds 53,031 2,411 49,537 2,359 7 2 Other credit 15,485 737 11,749 587 32 26 Total credit trading1 341,714 16,157 332,009 16,483 3 (2 ) Rates U.S. government bonds2 538,505 25,643 549,317 27,466 (2 ) (7 ) Agency and other government bonds1 19,680 900 25,875 1,239 (24 ) (27 ) Total rates trading 558,185 26,543 575,192 28,705 (3 ) (8 ) Total trading $ 899,899 $ 42,700 $ 907,201 $ 45,188 (1 ) (6 ) Number of U.S. Trading Days3 21 20 Number of U.K. Trading Days4 22 21 Quarter Ended September 30 , In millions (unaudited) 2025 2024 % Change Volume ADV Volume ADV Volume ADV Credit High-grade $ 419,703 $ 6,558 $ 449,708 $ 7,027 (7 ) % (7 ) % High-yield 86,228 1,347 81,761 1,278 5 5 Emerging markets 243,387 3,803 213,341 3,333 14 14 Eurobonds 142,772 2,196 122,914 1,891 16 16 Other credit 40,336 631 37,566 587 7 7 Total credit trading1 932,426 14,535 905,290 14,116 3 3 Rates U.S. government bonds2 1,480,317 23,130 1,619,337 25,302 (9 ) (9 ) Agency and other government bonds1 75,714 1,166 71,261 1,098 6 6 Total rates trading 1,556,031 24,296 1,690,598 26,400 (8 ) (8 ) Total trading $ 2,488,457 $ 38,831 $ 2,595,888 $ 40,516 (4 ) (4 ) Number of U.S. Trading Days3 64 64 Number of U.K. Trading Days4 65 65 Table 2: Trading Volume Detail (continued) Year-to-Date Ended September 30 , In millions (unaudited) 2025 2024 % Change Volume ADV Volume ADV Volume ADV Credit High-grade $ 1,362,101 $ 7,284 $ 1,311,146 $ 6,974 4 % 4 % High-yield 281,122 1,503 251,388 1,337 12 12 Emerging markets 732,763 3,919 644,973 3,431 14 14 Eurobonds 451,562 2,402 380,029 2,011 19 19 Other credit 116,783 625 97,271 517 20 21 Total credit trading1 2,944,331 15,733 2,684,807 14,270 10 10 Rates U.S. government bonds2 4,969,290 26,574 3,902,050 20,756 27 28 Agency and other government bonds1 229,164 1,218 151,393 801 51 52 Total rates trading 5,198,454 27,792 4,053,443 21,557 28 29 Total trading $ 8,142,785 $ 43,525 $ 6,738,250 $ 35,827 21 21 Number of U.S. Trading Days3 187 188 Number of U.K. Trading Days4 188 189 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/20251005652366/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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