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MarketAxess Holdings Inc. (Nasdaq:MKTX), the operator of a leading electronic trading platform for fixed-income securities, and the provider of market data and post-trade services for the global fixed-income markets, yesterday announced total monthly trading volume for August 2014 of $52.2 billion, consisting of $31.2 billion in U.S. high-grade volume, $15.9 billion in other credit volume, and $5.1 billion in liquid products volume.
For the month of August 2014, estimated FINRA reported U.S. high-grade TRACE volume was $250.8 billion, consisting of $223.0 billion in registered securities and $27.8 billion in 144A securities. As discussed on the earnings call on July 23, 2014, MarketAxess believes that certain broker-dealers initiated reporting of affiliate back-to-back trades to FINRA in April 2014. The Company believes that this double counting of trades inflated the TRACE reported volume by approximately 3.7% for August 2014 and, accordingly, reduced the Company's estimated U.S. high-grade market share by approximately 0.5%. MarketAxess is providing both the reported and the adjusted estimated U.S. high-grade TRACE volumes on our website. The Company believes that adjusted estimated volumes provides a more accurate comparison to prior period reporting and, in the case of affiliate back-to-back trades, the adjusted volumes assumes a base level of such double-reported trades consistent with prior periods. FINRA has not yet made available any historical 144A data for periods prior to July 1, 2014.
This data can be accessed on MarketAxess' website at investor.marketaxess.com/volume.cfm
Monthly volume updates are posted in the Investor Relations section of the website on or before the tenth business day of each month. The data provide current month and historical volume totals on a monthly, quarterly and annual basis.
