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 February 2026.1
Chris Concannon, CEO of MarketAxess, commented:
“We generated strong variable commission revenue growth to start 2026, driven by 20% growth in total credit ADV year-to-date, and benefiting from a 3% increase in total credit FPM month-over-month in February. Our estimated U.S. high-grade market share in February was negatively impacted by strong new issuance and a decrease in portfolio trading activity by our core clients. As we have noted previously, portfolio trading activity can fluctuate significantly month-to-month as clients modulate activity. We believe that the recent geopolitical events, as well as the very strong new issuance calendar year-to-date are supportive of a return to higher levels of volatility, as well as an increase in the velocity of trading in the global credit markets."
Select February 2026 Highlights* (See tables 1-1C and table 2)
Our new initiatives continued to show progress year-over-year across the client-initiated, portfolio trading and dealer-initiated channels.
Client-Initiated Channel
- 30% growth in block trading average daily volume (“ADV”), with strong growth across U.S. credit (+30%), including U.S. high-grade ADV of $2.6 billion (+38%), as well as emerging markets ADV of $2.0 billion(+22%) and eurobonds ADV of $596 million(+57%).
Portfolio Trading Channel
- 5% increase in total portfolio trading ADV to $1.5 billion.
- Our estimated market share of U.S. credit portfolio trading was 15.6%, compared to 20.7% in the prior year.
Dealer-Initiated Channel
- Dealer-initiated ADV of $1.8 billion was down slightly compared to the prior year. Total Mid-X trading volume was $5.2 billion, representing an increase of 93%.
February 2026 Variable Transaction Fees Per Million1 (See table 1D)
- The decline in total credit FPM year-over-year was driven principally by product and protocol mix, partially offset by the higher duration of bonds traded in U.S. high-grade. The increase month-over-month was driven by product and protocol mix, slightly offset by the lower duration of bonds traded in U.S. high-grade.
- The increase in total rates FPM year-over-year was driven by the impact of client and protocol mix. The decrease in total rates FPM month-over-month was driven by the impact of client and protocol mix.
*All comparisons versus February 2025 unless noted.
Table 1: MarketAxess ADV
|
|
|
Month |
|
% Change |
||||||||||||||||
|
|
|
Feb-26 |
|
|
Jan-26 |
|
|
Feb-25 |
|
MoM |
YoY |
|||||||||
|
MKTX ADV ($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
U.S. High-Grade (incl. SD PT)2 |
|
$ |
8,026 |
|
|
$ |
8,387 |
|
|
$ |
7,409 |
|
|
(4 |
) |
% |
|
8 |
|
% |
|
U.S. High-Grade (excl. SD PT)2 |
|
|
7,779 |
|
|
|
8,110 |
|
|
|
7,061 |
|
|
(4 |
) |
|
|
10 |
|
|
|
U.S. High-Yield (incl. SD PT)2 |
|
|
1,701 |
|
|
|
1,748 |
|
|
|
1,575 |
|
|
(3 |
) |
|
|
8 |
|
|
|
U.S. High-Yield (excl. SD PT)2 |
|
|
1,480 |
|
|
|
1,592 |
|
|
|
1,438 |
|
|
(7 |
) |
|
|
3 |
|
|
|
Emerging Markets |
|
|
4,647 |
|
|
|
5,468 |
|
|
|
4,105 |
|
|
(15 |
) |
|
|
13 |
|
|
|
Eurobonds |
|
|
2,674 |
|
|
|
2,803 |
|
|
|
2,272 |
|
|
(5 |
) |
|
|
18 |
|
|
|
Other Credit Products3 |
|
|
681 |
|
|
|
620 |
|
|
|
617 |
|
|
10 |
|
|
|
10 |
|
|
|
Municipal Bonds |
|
|
681 |
|
|
|
620 |
|
|
|
614 |
|
|
10 |
|
|
|
11 |
|
|
|
Total MKTX Credit ADV (excl. SD PT)2 |
|
$ |
17,261 |
|
|
$ |
18,593 |
|
|
$ |
15,493 |
|
|
(7 |
) |
|
|
11 |
|
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
U.S. Government Bonds |
|
$ |
27,509 |
|
|
$ |
27,707 |
|
|
$ |
26,901 |
|
|
(1 |
) |
% |
|
2 |
|
% |
|
Agencies and Other Government Bonds |
|
|
923 |
|
|
|
1,392 |
|
|
|
969 |
|
|
(34 |
) |
|
|
(5 |
) |
|
|
Total MKTX Rates ADV |
|
$ |
28,432 |
|
|
$ |
29,099 |
|
|
$ |
27,870 |
|
|
(2 |
) |
|
|
2 |
|
|
|
Total MKTX Trading ADV |
|
$ |
45,693 |
|
|
$ |
47,692 |
|
|
$ |
43,363 |
|
|
(4 |
) |
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
U.S. Trading Days4 |
19 |
20 |
19 |
|||||||||||||||||
|
U.K. Trading Days4 |
|
20 |
|
|
21 |
|
|
20 |
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Table 1A: Market ADV
|
|
|
Month |
|
% Change |
||||||||||||||||
|
|
|
Feb-26 |
|
|
Jan-26 |
|
|
Feb-25 |
|
MoM |
YoY |
|||||||||
|
MARKET ADV ($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
U.S. High-Grade TRACE |
|
$ |
47,928 |
|
|
$ |
47,579 |
|
|
$ |
41,522 |
|
|
1 |
|
% |
|
15 |
|
% |
|
U.S. High-Yield TRACE |
|
|
13,602 |
|
|
|
13,265 |
|
|
|
12,999 |
|
|
3 |
|
|
|
5 |
|
|
|
Total U.S. Credit TRACE |
|
|
61,530 |
|
|
|
60,844 |
|
|
|
54,521 |
|
|
1 |
|
|
|
13 |
|
|
|
Municipal Bonds MSRB |
|
|
9,724 |
|
|
|
9,389 |
|
|
|
8,943 |
|
|
4 |
|
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
U.S. Government Bonds TRACE |
|
$ |
1,205,789 |
|
|
$ |
1,192,395 |
|
|
$ |
999,242 |
|
|
1 |
|
% |
|
21 |
|
% |
|
Agency TRACE |
|
|
2,980 |
|
|
|
4,332 |
|
|
|
5,144 |
|
|
(31 |
) |
|
|
(42 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
U.S. Trading Days4 |
|
19 |
|
|
20 |
|
|
19 |
|
|
|
|
|
|
|
|||||
|
U.K. Trading Days4 |
|
20 |
|
|
21 |
|
|
20 |
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Table 1B: Estimated Market Share
|
|
|
Month |
|
Bps Change |
||||||||||||
|
|
|
Feb-26 |
|
|
Jan-26 |
|
|
Feb-25 |
|
MoM |
YoY |
|||||
|
MKTX ESTIMATED MARKET SHARE (%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
U.S. High-Grade |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
% of U.S. High-Grade TRACE2 |
|
|
16.7 |
% |
|
|
17.6 |
% |
|
|
17.8 |
% |
(90) |
bps |
(110) |
bps |
|
U.S. High-Yield |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
% of U.S. High-Yield TRACE2 |
|
|
12.5 |
% |
|
|
13.2 |
% |
|
|
12.1 |
% |
(70) |
bps |
+40 |
bps |
|
Other Credit Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
% of Municipal Bonds MSRB |
|
|
7.0 |
% |
|
|
6.6 |
% |
|
|
6.9 |
% |
+40 |
bps |
+10 |
bps |
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
% of U.S. Government Bonds TRACE |
|
|
2.3 |
% |
|
|
2.3 |
% |
|
|
2.7 |
% |
- |
bps |
(40) |
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Table 1C: Strategic Priorities ADV2
|
|
|
Month |
|
% Change |
||||||||||||||||
|
|
|
Feb-26 |
|
|
Jan-26 |
|
|
Feb-25 |
|
MoM |
YoY |
|||||||||
|
STRATEGIC PRIORITIES ADV ($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Client-Initiated Channel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
U.S. Credit Block Trading |
|
$ |
3,422 |
|
|
$ |
3,667 |
|
|
$ |
2,625 |
|
|
(7 |
) |
% |
|
30 |
|
% |
|
Emerging Markets Block Trading |
|
|
2,027 |
|
|
|
2,536 |
|
|
|
1,657 |
|
|
(20 |
) |
|
|
22 |
|
|
|
Eurobonds Block Trading |
|
|
596 |
|
|
|
633 |
|
|
|
379 |
|
|
(6 |
) |
|
|
57 |
|
|
|
Portfolio Trading Channel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Total MKTX Portfolio Trading |
|
$ |
1,539 |
|
|
$ |
1,989 |
|
|
$ |
1,463 |
|
|
(23 |
) |
% |
|
5 |
|
% |
|
Total MKTX U.S. Credit Portfolio Trading |
|
|
1,148 |
|
|
|
1,583 |
|
|
|
1,217 |
|
|
(27 |
) |
|
|
(6 |
) |
|
|
Total U.S. Credit TRACE Portfolio Trading |
|
|
7,352 |
|
|
|
7,582 |
|
|
|
5,877 |
|
|
(3 |
) |
|
|
25 |
|
|
|
Dealer-Initiated Channel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Total Dealer Initiated (DRFQ & Mid-X) |
|
$ |
1,833 |
|
|
$ |
1,777 |
|
|
$ |
1,861 |
|
|
3 |
|
% |
|
(2 |
) |
% |
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Open Trading |
|
$ |
5,404 |
|
|
$ |
5,317 |
|
|
$ |
4,600 |
|
|
2 |
|
% |
|
17 |
|
% |
|
AxessIQ |
|
|
206 |
|
|
|
208 |
|
|
|
158 |
|
|
(1 |
) |
|
|
30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
U.S. Trading Days4 |
|
19 |
|
|
20 |
|
|
19 |
|
|
|
|
|
|
|
|||||
|
U.K. Trading Days4 |
|
20 |
|
|
21 |
|
|
20 |
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Table 1D: Variable Transaction Fees Per Million (FPM)1
|
|
|
Month |
|
% Change |
||||||||||||||||
|
|
|
Feb-26 |
|
|
Jan-26 |
|
|
Feb-25 |
|
MoM |
YoY |
|||||||||
|
AVG. VARIABLE TRANS. FEE PER MILLION (FPM) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Total Credit |
|
$ |
136 |
|
|
$ |
132 |
|
|
$ |
143 |
|
|
3 |
|
% |
|
(5 |
) |
% |
|
Total Rates |
|
|
4.56 |
|
|
|
5.18 |
|
|
|
4.29 |
|
|
(12 |
) |
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
1 |
The FPM for total credit and total rates for February 2026 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 |
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. |
|||||||||||||||||||||
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 February 28, |
|
|
|||||||||||||||||||||
|
In millions (unaudited) |
|
|
2026 |
|
|
2025 |
|
|
% Change |
|
|
|||||||||||||||
|
|
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
||||||
|
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
High-grade |
|
|
$ |
147,796 |
|
|
$ |
7,779 |
|
|
$ |
134,161 |
|
|
$ |
7,061 |
|
|
|
10 |
|
% |
|
10 |
|
% |
|
High-yield |
|
|
|
28,114 |
|
|
|
1,480 |
|
|
|
27,320 |
|
|
|
1,438 |
|
|
|
3 |
|
|
|
3 |
|
|
|
Emerging markets |
|
|
|
88,288 |
|
|
|
4,647 |
|
|
|
78,000 |
|
|
|
4,105 |
|
|
|
13 |
|
|
|
13 |
|
|
|
Eurobonds |
|
|
|
53,480 |
|
|
|
2,674 |
|
|
|
45,440 |
|
|
|
2,272 |
|
|
|
18 |
|
|
|
18 |
|
|
|
Other credit |
|
|
|
12,939 |
|
|
|
681 |
|
|
|
11,718 |
|
|
|
617 |
|
|
|
10 |
|
|
|
10 |
|
|
|
Total credit trading1 |
|
|
|
330,617 |
|
|
|
17,261 |
|
|
|
296,639 |
|
|
|
15,493 |
|
|
|
11 |
|
|
|
11 |
|
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
U.S. government bonds2 |
|
|
|
522,677 |
|
|
|
27,509 |
|
|
|
511,116 |
|
|
|
26,901 |
|
|
|
2 |
|
|
|
2 |
|
|
|
Agency and other government bonds1 |
|
|
|
18,393 |
|
|
|
923 |
|
|
|
19,243 |
|
|
|
969 |
|
|
|
(4 |
) |
|
|
(5 |
) |
|
|
Total rates trading |
|
|
|
541,070 |
|
|
|
28,432 |
|
|
|
530,359 |
|
|
|
27,870 |
|
|
|
2 |
|
|
|
2 |
|
|
|
Total trading |
|
|
$ |
871,687 |
|
|
$ |
45,693 |
|
|
$ |
826,998 |
|
|
$ |
43,363 |
|
|
|
5 |
|
|
|
5 |
|
|
|
Number of U.S. Trading Days3 |
|
|
|
|
|
|
19 |
|
|
|
|
|
|
19 |
|
|
|
|
|
|
|
|
||||
|
Number of U.K. Trading Days4 |
|
|
|
|
|
|
20 |
|
|
|
|
|
|
20 |
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
Year-to-Date Ended February 28, |
|
|
|||||||||||||||||||||
|
In millions (unaudited) |
|
|
2026 |
|
|
2025 |
|
|
% Change |
|
|
|||||||||||||||
|
|
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
||||||
|
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
High-grade |
|
|
$ |
310,005 |
|
|
$ |
7,949 |
|
|
$ |
279,313 |
|
|
$ |
6,983 |
|
|
|
11 |
|
% |
|
14 |
|
% |
|
High-yield |
|
|
|
59,954 |
|
|
|
1,537 |
|
|
|
54,278 |
|
|
|
1,357 |
|
|
|
10 |
|
|
|
13 |
|
|
|
Emerging markets |
|
|
|
197,657 |
|
|
|
5,068 |
|
|
|
154,402 |
|
|
|
3,860 |
|
|
|
28 |
|
|
|
31 |
|
|
|
Eurobonds |
|
|
|
112,347 |
|
|
|
2,740 |
|
|
|
91,647 |
|
|
|
2,182 |
|
|
|
23 |
|
|
|
26 |
|
|
|
Other credit |
|
|
|
25,343 |
|
|
|
650 |
|
|
|
23,051 |
|
|
|
576 |
|
|
|
10 |
|
|
|
13 |
|
|
|
Total credit trading1 |
|
|
|
705,306 |
|
|
|
17,944 |
|
|
|
602,691 |
|
|
|
14,958 |
|
|
|
17 |
|
|
|
20 |
|
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
U.S. government bonds2 |
|
|
|
1,076,813 |
|
|
|
27,611 |
|
|
|
1,001,968 |
|
|
|
25,049 |
|
|
|
7 |
|
|
|
10 |
|
|
|
Agency and other government bonds1 |
|
|
|
47,571 |
|
|
|
1,163 |
|
|
|
42,924 |
|
|
|
1,027 |
|
|
|
11 |
|
|
|
13 |
|
|
|
Total rates trading |
|
|
|
1,124,384 |
|
|
|
28,774 |
|
|
|
1,044,892 |
|
|
|
26,076 |
|
|
|
8 |
|
|
|
10 |
|
|
|
Total trading |
|
|
$ |
1,829,690 |
|
|
$ |
46,718 |
|
|
$ |
1,647,583 |
|
|
$ |
41,034 |
|
|
|
11 |
|
|
|
14 |
|
|
|
Number of U.S. Trading Days3 |
|
|
|
|
|
|
39 |
|
|
|
|
|
|
40 |
|
|
|
|
|
|
|
|
||||
|
Number of U.K. Trading Days4 |
|
|
|
|
|
|
41 |
|
|
|
|
|
|
42 |
|
|
|
|
|
|
|
|
||||
|
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. |
