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 December 2025 and the fourth quarter ended December 31, 2025.1
Select Fourth Quarter 2025 Highlights* (See tables 1-1C and table 2)
Our new initiatives continued to show strong year-over-year progress across the client-initiated, portfolio trading and dealer-initiated channels.
Client-Initiated Channel
- 29% growth in block trading average daily volume (“ADV”), with strong growth across U.S. credit (+21%), record emerging markets (+41%) and eurobonds (+43%).
Portfolio Trading Channel
- 41% increase in total portfolio trading ADV to a record$1.5 billion, with record U.S. high-yield portfolio trading ADV of $368 million and record emerging markets portfolio trading ADV of $118 million.
- Our estimated market share of U.S. credit portfolio trading was a record20.6%, compared to 16.2% in the prior year, and 19.1% in 3Q25. Record U.S. credit portfolio trading estimated market share in the quarter was driven in part by record U.S. high-yield estimated market share in December 2025 of 27.7%.
Dealer-Initiated Channel
- 32% increase in dealer-initiated ADV to $1.8 billion, consisting of a 20% increase in Dealer RFQ ADV and an 185% increase in Mid-X ADV. Our Mid-X protocol in U.S. credit surpassed $3.0 billion in trading volume in December 2025.
Fourth Quarter 2025 Variable Transaction Fees Per Million1 (See table 1D)
- The decline in total credit FPM both year-over-year and quarter-over-quarter was driven principally by protocol mix, partially offset by the higher duration of bonds traded in U.S. high-grade. Total credit FPM in December 2025 was flat month-over-month compared to November 2025.
- The increase in total rates FPM both year-over-year and quarter-over-quarter was driven by the impact of product mix.
*All comparisons versus fourth quarter 2024 unless noted.
Table 1: MarketAxess ADV
|
|
Month |
% Change |
Quarter |
% Change |
||||||||||||||||||||||||||||||
|
|
|
Dec-25 |
|
Nov-25 |
|
Dec-24 |
|
MoM |
YoY |
|
4Q25 |
|
3Q25 |
|
4Q24 |
|
QoQ |
YoY |
||||||||||||||||
|
MKTX ADV ($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
U.S. High-Grade (incl. SD PT)2 |
|
$ |
6,275 |
|
$ |
7,763 |
|
$ |
5,949 |
|
|
(19 |
) |
% |
5 |
|
% |
|
$ |
7,035 |
|
$ |
6,783 |
|
$ |
6,578 |
|
|
4 |
|
% |
7 |
|
% |
|
U.S. High-Grade (excl. SD PT)2 |
|
|
6,043 |
|
|
7,594 |
|
|
5,921 |
|
|
(20 |
) |
|
2 |
|
|
|
|
6,848 |
|
|
6,558 |
|
|
6,454 |
|
|
4 |
|
|
6 |
|
|
|
U.S. High-Yield (incl. SD PT)2 |
|
|
1,591 |
|
|
1,791 |
|
|
1,222 |
|
|
(11 |
) |
|
30 |
|
|
|
|
1,749 |
|
|
1,557 |
|
|
1,378 |
|
|
12 |
|
|
27 |
|
|
|
U.S. High-Yield (excl. SD PT)2 |
|
|
1,391 |
|
|
1,622 |
|
|
1,219 |
|
|
(14 |
) |
|
14 |
|
|
|
|
1,543 |
|
|
1,347 |
|
|
1,345 |
|
|
15 |
|
|
15 |
|
|
|
Emerging Markets |
|
|
3,515 |
|
|
4,265 |
|
|
2,869 |
|
|
(18 |
) |
|
23 |
|
|
|
|
3,986 |
|
|
3,803 |
|
|
3,459 |
|
|
5 |
|
|
15 |
|
|
|
Eurobonds |
|
|
2,003 |
|
|
2,741 |
|
|
1,619 |
|
|
(27 |
) |
|
24 |
|
|
|
|
2,407 |
|
|
2,196 |
|
|
2,001 |
|
|
10 |
|
|
20 |
|
|
|
Other Credit Products3 |
|
|
594 |
|
|
586 |
|
|
657 |
|
|
1 |
|
|
(10 |
) |
|
|
|
597 |
|
|
631 |
|
|
624 |
|
|
(5 |
) |
|
(4 |
) |
|
|
Municipal Bonds |
|
|
593 |
|
|
585 |
|
|
656 |
|
|
1 |
|
|
(10 |
) |
|
|
|
597 |
|
|
630 |
|
|
620 |
|
|
(5 |
) |
|
(4 |
) |
|
|
Total MKTX Credit ADV (excl. SD PT)2 |
|
$ |
13,546 |
|
$ |
16,808 |
|
$ |
12,285 |
|
|
(19 |
) |
|
10 |
|
|
|
$ |
15,381 |
|
$ |
14,535 |
|
$ |
13,883 |
|
|
6 |
|
|
11 |
|
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
U.S. Government Bonds |
|
$ |
19,406 |
|
$ |
22,966 |
|
$ |
18,735 |
|
|
(16 |
) |
% |
4 |
|
% |
|
$ |
21,819 |
|
$ |
23,130 |
|
$ |
25,952 |
|
|
(6 |
) |
% |
(16 |
) |
% |
|
Agencies and Other Government Bonds |
|
|
620 |
|
|
715 |
|
|
1,017 |
|
|
(13 |
) |
|
(39 |
) |
|
|
|
686 |
|
|
1,166 |
|
|
1,195 |
|
|
(41 |
) |
|
(43 |
) |
|
|
Total MKTX Rates ADV |
|
$ |
20,026 |
|
$ |
23,681 |
|
$ |
19,752 |
|
|
(15 |
) |
|
1 |
|
|
|
$ |
22,505 |
|
$ |
24,296 |
|
$ |
27,147 |
|
|
(7 |
) |
|
(17 |
) |
|
|
Total MKTX Trading ADV |
|
$ |
33,572 |
|
$ |
40,489 |
|
$ |
32,037 |
|
|
(17 |
) |
|
5 |
|
|
|
$ |
37,886 |
|
$ |
38,831 |
|
$ |
41,030 |
|
|
(2 |
) |
|
(8 |
) |
|
|
U.S. Trading Days4 |
|
22 |
|
18 |
|
21 |
|
|
|
|
|
|
|
62 |
|
64 |
|
62 |
|
|
|
|
|
|
||||||||||
|
U.K. Trading Days4 |
|
21 |
|
20 |
|
20 |
|
|
|
|
|
|
|
64 |
|
65 |
|
64 |
|
|
|
|
|
|
||||||||||
Table 1A: Market ADV
|
|
Month |
% Change |
Quarter |
% Change |
||||||||||||||||||||||||||||||
|
|
|
Dec-25 |
|
Nov-25 |
|
Dec-24 |
|
MoM |
YoY |
|
4Q25 |
|
3Q25 |
|
4Q24 |
|
QoQ |
YoY |
||||||||||||||||
|
MARKET ADV ($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
U.S. High-Grade TRACE |
|
$ |
32,493 |
|
$ |
41,114 |
|
$ |
30,344 |
|
|
(21 |
) |
% |
7 |
|
% |
|
$ |
37,240 |
|
$ |
37,028 |
|
$ |
34,986 |
|
|
1 |
|
% |
6 |
|
% |
|
U.S. High-Yield TRACE |
|
|
10,112 |
|
|
12,279 |
|
|
8,294 |
|
|
(18 |
) |
|
22 |
|
|
|
|
11,563 |
|
|
11,348 |
|
|
10,061 |
|
|
2 |
|
|
15 |
|
|
|
Total U.S. Credit TRACE |
|
|
42,605 |
|
|
53,393 |
|
|
38,638 |
|
|
(20 |
) |
|
10 |
|
|
|
|
48,803 |
|
|
48,375 |
|
|
45,047 |
|
|
1 |
|
|
8 |
|
|
|
Municipal Bonds MSRB |
|
|
9,555 |
|
|
9,457 |
|
|
9,630 |
|
|
1 |
|
|
(1 |
) |
|
|
|
9,686 |
|
|
10,908 |
|
|
8,755 |
|
|
(11 |
) |
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
U.S. Government Bonds TRACE |
|
$ |
944,841 |
|
$ |
1,091,150 |
|
$ |
832,181 |
|
|
(13 |
) |
% |
14 |
|
% |
|
$ |
1,006,294 |
|
$ |
1,006,577 |
|
$ |
926,037 |
|
|
(0 |
) |
% |
9 |
|
% |
|
Agency TRACE |
|
|
3,454 |
|
|
3,449 |
|
|
3,294 |
|
|
0 |
|
|
5 |
|
|
|
|
3,548 |
|
|
4,177 |
|
|
3,897 |
|
|
(15 |
) |
|
(9 |
) |
|
|
U.S. Trading Days4 |
|
22 |
|
18 |
|
21 |
|
|
|
|
|
|
|
62 |
|
64 |
|
62 |
|
|
|
|
|
|
||||||||||
|
U.K. Trading Days4 |
|
21 |
|
20 |
|
20 |
|
|
|
|
|
|
|
64 |
|
65 |
|
64 |
|
|
|
|
|
|
||||||||||
Table 1B: Estimated Market Share
|
|
|
Month |
|
Bps Change |
|
Quarter |
|
|
% Change |
||||||||||||||||||
|
|
|
Dec-25 |
|
|
Nov-25 |
|
|
Dec-24 |
|
MoM |
YoY |
|
4Q25 |
|
|
3Q25 |
|
|
4Q24 |
|
|
QoQ |
YoY |
||||
|
MKTX ESTIMATED MARKET SHARE (%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
U.S. High-Grade |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
% of U.S. High-Grade TRACE (incl. SD PT)2 |
|
19.3 |
% |
|
18.9 |
% |
|
19.6 |
% |
+40 |
bps |
(30) |
bps |
|
18.9 |
% |
|
18.3 |
% |
|
18.8 |
% |
|
+60 |
bps |
+10 |
bps |
|
% of U.S. High-Grade TRACE (excl. SD PT)2 |
|
18.6 |
% |
|
18.5 |
% |
|
19.5 |
% |
+10 |
|
(90) |
|
|
18.4 |
% |
|
17.7 |
% |
|
18.4 |
% |
|
+70 |
|
- |
|
|
U.S. High-Yield |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
% of U.S. High-Yield TRACE (incl. SD PT)2 |
|
15.7 |
% |
|
14.6 |
% |
|
14.7 |
% |
+110 |
bps |
+100 |
bps |
|
15.1 |
% |
|
13.7 |
% |
|
13.7 |
% |
|
+140 |
bps |
+140 |
bps |
|
% of U.S. High-Yield TRACE (excl. SD PT)2 |
|
13.8 |
% |
|
13.2 |
% |
|
14.7 |
% |
+60 |
|
(90) |
|
|
13.3 |
% |
|
11.9 |
% |
|
13.4 |
% |
|
+140 |
|
(10) |
|
|
Other Credit Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
% of Municipal Bonds MSRB |
|
6.2 |
% |
|
6.2 |
% |
|
6.8 |
% |
- |
bps |
(60) |
bps |
|
6.2 |
% |
|
5.8 |
% |
|
7.1 |
% |
|
+40 |
bps |
(90) |
bps |
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
% of U.S. Government Bonds TRACE |
|
2.1 |
% |
|
2.1 |
% |
|
2.3 |
% |
- |
bps |
(20) |
bps |
|
2.2 |
% |
|
2.3 |
% |
|
2.8 |
% |
|
(10) |
bps |
(60) |
bps |
Table 1C: Strategic Priorities ADV2
|
|
|
Month |
|
% Change |
|
Quarter |
|
% Change |
||||||||||||||||||||||||||
|
|
|
Dec-25 |
|
Nov-25 |
|
Dec-24 |
|
MoM |
YoY |
|
4Q25 |
|
3Q25 |
|
4Q24 |
|
QoQ |
YoY |
||||||||||||||||
|
STRATEGIC PRIORITIES ADV ($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Client-Initiated Channel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
U.S. Credit Block Trading |
|
$ |
2,298 |
|
$ |
3,245 |
|
$ |
2,108 |
|
|
(29 |
) |
% |
9 |
|
% |
|
$ |
2,811 |
|
$ |
2,589 |
|
$ |
2,330 |
|
|
9 |
|
% |
21 |
|
% |
|
Emerging Markets Block Trading |
|
|
1,494 |
|
|
1,954 |
|
|
1,004 |
|
|
(24 |
) |
|
49 |
|
|
|
|
1,687 |
|
|
1,553 |
|
|
1,194 |
|
|
9 |
|
|
41 |
|
|
|
Eurobonds Block Trading |
|
|
291 |
|
|
532 |
|
|
195 |
|
|
(45 |
) |
|
49 |
|
|
|
|
425 |
|
|
364 |
|
|
297 |
|
|
17 |
|
|
43 |
|
|
|
Portfolio Trading Channel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Total MKTX Portfolio Trading |
|
$ |
1,541 |
|
$ |
1,364 |
|
$ |
1,002 |
|
|
13 |
|
% |
54 |
|
% |
|
$ |
1,491 |
|
$ |
1,375 |
|
$ |
1,060 |
|
|
8 |
|
% |
41 |
|
% |
|
Total MKTX U.S. Credit Portfolio Trading |
|
|
1,200 |
|
|
1,003 |
|
|
825 |
|
|
20 |
|
|
45 |
|
|
|
|
1,146 |
|
|
1,140 |
|
|
796 |
|
|
1 |
|
|
44 |
|
|
|
Total U.S. Credit TRACE Portfolio Trading |
|
|
5,206 |
|
|
5,685 |
|
|
4,950 |
|
|
(8 |
) |
|
5 |
|
|
|
|
5,555 |
|
|
5,962 |
|
|
4,929 |
|
|
(7 |
) |
|
13 |
|
|
|
Dealer-Initiated Channel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Total Dealer Initiated (DRFQ & Mid-X) |
|
$ |
1,602 |
|
$ |
1,916 |
|
$ |
1,088 |
|
|
(16 |
) |
% |
47 |
|
% |
|
$ |
1,755 |
|
$ |
1,516 |
|
$ |
1,334 |
|
|
16 |
|
% |
32 |
|
% |
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Open Trading |
|
$ |
4,382 |
|
$ |
5,370 |
|
$ |
3,642 |
|
|
(18 |
) |
% |
20 |
|
% |
|
$ |
4,939 |
|
$ |
4,349 |
|
$ |
4,130 |
|
|
14 |
|
% |
20 |
|
% |
|
AxessIQ |
|
|
160 |
|
|
170 |
|
|
135 |
|
|
(6 |
) |
|
19 |
|
|
|
|
164 |
|
|
163 |
|
|
147 |
|
|
1 |
|
|
12 |
|
|
|
U.S. Trading Days4 |
|
22 |
|
18 |
|
21 |
|
|
|
|
|
|
|
62 |
|
64 |
|
62 |
|
|
|
|
|
|
||||||||||
|
U.K. Trading Days4 |
|
21 |
|
20 |
|
20 |
|
|
|
|
|
|
|
64 |
|
65 |
|
64 |
|
|
|
|
|
|
||||||||||
Table 1D: Variable Transaction Fees Per Million (FPM)1
|
|
|
Month |
|
% Change |
|
Quarter |
|
% Change |
||||||||||||||||||||||||||
|
|
|
Dec-25 |
|
Nov-25 |
|
Dec-24 |
|
MoM |
YoY |
|
4Q25 |
|
3Q25 |
|
4Q24 |
|
QoQ |
YoY |
||||||||||||||||
|
AVG. VARIABLE TRANS. FEE PER MILLION (FPM) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Total Credit |
|
$ |
138 |
|
$ |
138 |
|
$ |
148 |
|
|
0 |
|
% |
(7 |
) |
% |
|
$ |
138 |
|
$ |
140 |
|
$ |
150 |
|
|
(1 |
) |
% |
(8 |
) |
% |
|
Total Rates |
|
|
4.79 |
|
|
4.52 |
|
|
4.14 |
|
|
6 |
|
|
16 |
|
|
|
|
4.72 |
|
|
4.21 |
|
|
4.31 |
|
|
12 |
|
|
10 |
|
|
|
1 |
The FPM for total credit and total rates for December 2025 and 4Q25 is 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.
Table 2: Trading Volume Detail
|
|
|
|
Month Ended December 31, |
|
|
|||||||||||||||||||||
|
In millions (unaudited) |
|
|
2025 |
|
|
2024 |
|
|
% Change |
|
|
|||||||||||||||
|
|
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
||||||
|
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
High-grade |
|
|
$ |
132,950 |
|
|
$ |
6,043 |
|
|
$ |
124,334 |
|
|
$ |
5,921 |
|
|
|
7 |
|
% |
|
2 |
|
% |
|
High-yield |
|
|
|
30,610 |
|
|
|
1,391 |
|
|
|
25,598 |
|
|
|
1,219 |
|
|
|
20 |
|
|
|
14 |
|
|
|
Emerging markets |
|
|
|
77,319 |
|
|
|
3,515 |
|
|
|
60,240 |
|
|
|
2,869 |
|
|
|
28 |
|
|
|
23 |
|
|
|
Eurobonds |
|
|
|
42,062 |
|
|
|
2,003 |
|
|
|
32,380 |
|
|
|
1,619 |
|
|
|
30 |
|
|
|
24 |
|
|
|
Other credit |
|
|
|
13,067 |
|
|
|
594 |
|
|
|
13,800 |
|
|
|
657 |
|
|
|
(5 |
) |
|
|
(10 |
) |
|
|
Total credit trading1 |
|
|
|
296,008 |
|
|
|
13,546 |
|
|
|
256,352 |
|
|
|
12,285 |
|
|
|
15 |
|
|
|
10 |
|
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
U.S. government bonds2 |
|
|
|
426,932 |
|
|
|
19,406 |
|
|
|
393,430 |
|
|
|
18,735 |
|
|
|
9 |
|
|
|
4 |
|
|
|
Agency and other government bonds1 |
|
|
|
13,087 |
|
|
|
620 |
|
|
|
20,414 |
|
|
|
1,017 |
|
|
|
(36 |
) |
|
|
(39 |
) |
|
|
Total rates trading |
|
|
|
440,019 |
|
|
|
20,026 |
|
|
|
413,844 |
|
|
|
19,752 |
|
|
|
6 |
|
|
|
1 |
|
|
|
Total trading |
|
|
$ |
736,027 |
|
|
$ |
33,572 |
|
|
$ |
670,196 |
|
|
$ |
32,037 |
|
|
|
10 |
|
|
|
5 |
|
|
|
Number of U.S. Trading Days3 |
|
|
|
|
|
|
22 |
|
|
|
|
|
|
21 |
|
|
|
|
|
|
|
|
||||
|
Number of U.K. Trading Days4 |
|
|
|
|
|
|
21 |
|
|
|
|
|
|
20 |
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
Quarter Ended December 31, |
|
|
|||||||||||||||||||||
|
In millions (unaudited) |
|
|
2025 |
|
|
2024 |
|
|
% Change |
|
|
|||||||||||||||
|
|
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
||||||
|
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
High-grade |
|
|
$ |
424,563 |
|
|
$ |
6,848 |
|
|
$ |
400,129 |
|
|
$ |
6,454 |
|
|
|
6 |
|
% |
|
6 |
|
% |
|
High-yield |
|
|
|
95,650 |
|
|
|
1,543 |
|
|
|
83,373 |
|
|
|
1,345 |
|
|
|
15 |
|
|
|
15 |
|
|
|
Emerging markets |
|
|
|
247,140 |
|
|
|
3,986 |
|
|
|
214,439 |
|
|
|
3,459 |
|
|
|
15 |
|
|
|
15 |
|
|
|
Eurobonds |
|
|
|
154,061 |
|
|
|
2,407 |
|
|
|
128,064 |
|
|
|
2,001 |
|
|
|
20 |
|
|
|
20 |
|
|
|
Other credit |
|
|
|
37,086 |
|
|
|
597 |
|
|
|
38,698 |
|
|
|
624 |
|
|
|
(4 |
) |
|
|
(4 |
) |
|
|
Total credit trading1 |
|
|
|
958,500 |
|
|
|
15,381 |
|
|
|
864,703 |
|
|
|
13,883 |
|
|
|
11 |
|
|
|
11 |
|
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
U.S. government bonds2 |
|
|
|
1,352,808 |
|
|
|
21,819 |
|
|
|
1,608,995 |
|
|
|
25,952 |
|
|
|
(16 |
) |
|
|
(16 |
) |
|
|
Agency and other government bonds1 |
|
|
|
43,787 |
|
|
|
686 |
|
|
|
76,221 |
|
|
|
1,195 |
|
|
|
(43 |
) |
|
|
(43 |
) |
|
|
Total rates trading |
|
|
|
1,396,595 |
|
|
|
22,505 |
|
|
|
1,685,216 |
|
|
|
27,147 |
|
|
|
(17 |
) |
|
|
(17 |
) |
|
|
Total trading |
|
|
$ |
2,355,095 |
|
|
$ |
37,886 |
|
|
$ |
2,549,919 |
|
|
$ |
41,030 |
|
|
|
(8 |
) |
|
|
(8 |
) |
|
|
Number of U.S. Trading Days3 |
|
|
|
|
|
|
62 |
|
|
|
|
|
|
62 |
|
|
|
|
|
|
|
|
||||
|
Number of U.K. Trading Days4 |
|
|
|
|
|
|
64 |
|
|
|
|
|
|
64 |
|
|
|
|
|
|
|
|
||||
|
|
|
|
Year-to-Date Ended December 31, |
|
|
|||||||||||||||||||||
|
In millions (unaudited) |
|
|
2025 |
|
|
2024 |
|
|
% Change |
|
|
|||||||||||||||
|
|
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
||||||
|
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
High-grade |
|
|
$ |
1,786,664 |
|
|
$ |
7,175 |
|
|
$ |
1,711,275 |
|
|
$ |
6,845 |
|
|
|
4 |
|
% |
|
5 |
|
% |
|
High-yield |
|
|
|
376,772 |
|
|
|
1,513 |
|
|
|
334,761 |
|
|
|
1,339 |
|
|
|
13 |
|
|
|
13 |
|
|
|
Emerging markets |
|
|
|
979,903 |
|
|
|
3,935 |
|
|
|
859,412 |
|
|
|
3,438 |
|
|
|
14 |
|
|
|
14 |
|
|
|
Eurobonds |
|
|
|
605,623 |
|
|
|
2,403 |
|
|
|
508,093 |
|
|
|
2,008 |
|
|
|
19 |
|
|
|
20 |
|
|
|
Other credit |
|
|
|
153,869 |
|
|
|
617 |
|
|
|
135,975 |
|
|
|
543 |
|
|
|
13 |
|
|
|
14 |
|
|
|
Total credit trading1 |
|
|
|
3,902,831 |
|
|
|
15,643 |
|
|
|
3,549,516 |
|
|
|
14,173 |
|
|
|
10 |
|
|
|
10 |
|
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
U.S. government bonds2 |
|
|
|
6,322,098 |
|
|
|
25,390 |
|
|
|
5,511,045 |
|
|
|
22,044 |
|
|
|
15 |
|
|
|
15 |
|
|
|
Agency and other government bonds1 |
|
|
|
272,951 |
|
|
|
1,084 |
|
|
|
227,614 |
|
|
|
902 |
|
|
|
20 |
|
|
|
20 |
|
|
|
Total rates trading |
|
|
|
6,595,049 |
|
|
|
26,474 |
|
|
|
5,738,659 |
|
|
|
22,946 |
|
|
|
15 |
|
|
|
15 |
|
|
|
Total trading |
|
|
$ |
10,497,880 |
|
|
$ |
42,117 |
|
|
$ |
9,288,175 |
|
|
$ |
37,119 |
|
|
|
13 |
|
|
|
13 |
|
|
|
Number of U.S. Trading Days3 |
|
|
|
|
|
|
249 |
|
|
|
|
|
|
250 |
|
|
|
|
|
|
|
|
||||
|
Number of U.K. Trading Days4 |
|
|
|
|
|
|
252 |
|
|
|
|
|
|
253 |
|
|
|
|
|
|
|
|
||||
|
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. |
