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MarketAxess Announces Trading Volume Statistics For July 2025 - 12% Growth In Total Credit ADV Driven By 21% Growth In Combined Emerging Markets And Eurobonds ADV

Date 06/08/2025

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 July 2025.1

Select July 2025 Highlights* (See tables 1-1C and table 2)

  • We delivered strong progress with our new initiatives across the client-initiated, portfolio trading and dealer-initiated channels that contributed to strong growth in total credit trading volumes.

Client-Initiated Channel

  • 9% growth in block trading ADV consisting of 3% growth in U.S. credit, 11% growth in emerging markets, and 54% growth in eurobonds.
     Cumulative trading volume from our targeted block trading solution is now approximately $7.9 billion.

Portfolio Trading Channel

  • 32% increase in total portfolio trading ADV to $1.3 billion, with record emerging markets portfolio trading volume of $2.6 billion. Our estimated market share of U.S. credit portfolio trading was 15.6%, compared to 17.2% in the prior year.

Dealer-Initiated Channel

  • 33% increase in dealer-initiated ADV to $1.5 billion.

July 2025 Variable Transaction Fees Per Million(See table 1D)

  • The slight decline in total credit FPM compared to the prior year was driven principally by protocol mix. The slight increase compared to June 2025 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.
  • The slight increase in total rates FPM year-over-year was driven by the impact of product mix, and the slight decrease month-over-month was also driven by the impact of product mix.

*All comparisons versus July 2024.

Table 1: MarketAxess ADV

Month % Change
  Jul-25 Jun-25 Jul-24 MoM YoY
MKTX ADV ($ millions)
Credit
U.S. High-Grade

$

6,389

$

6,998

$

6,090

(9

)

%

5

 

%

U.S. High-Yield

 

1,348

 

1,497

 

1,128

(10

)

20

 

Emerging Markets

 

3,766

 

4,172

 

3,157

(10

)

19

 

Eurobonds

 

2,263

 

2,411

 

1,832

(6

)

24

 

Other Credit Products2

 

576

 

580

 

584

(1

)

(1

)

Municipal Bonds

 

575

 

579

 

575

(1

)

-

 

Total MKTX Credit ADV

 $

         14,342

 $

         15,658

 $

         12,791

        (8

)

12

 

Rates
U.S. Government Bonds

$

21,291

$

25,804

$

21,332

(17

)

%

(0

)

%

Agencies and Other Government Bonds

 

1,355

 

1,641

 

1,012

(17

)

34

 

Total MKTX Rates ADV

 $

         22,646

 $

         27,445

 $

         22,344

      (17

)

          1

 

Total MKTX Trading ADV

 $

         36,988

 $

         43,103

 $

         35,135

      (14

)

 

          5

 

U.S. Trading Days3

 

22

 

20

 

22

U.K. Trading Days3

 

23

 

21

 

23

Table 1A: Market Trading ADV
  Month % Change
  Jul-25 Jun-25 Jul-24 MoM YoY
MARKET ADV ($ millions)              
Credit
U.S. High-Grade TRACE

$

36,188

$

35,517

$

32,830

2

 

 

 

%

10

 

%

U.S. High-Yield TRACE

11,685

12,096

8,993

(3

)

30

Total U.S. Credit TRACE

 

            47,873

 

            47,613

 

            41,823

          1

 

 

 

14

 

 
Municipal Bonds MSRB

 

10,837

 

10,234

 

6,660

6

 

 

 

63

 

Rates    
U.S. Government Bonds TRACE

$

924,223

$

1,019,410

$

870,327

(9

)

 

%

6

 

%

Agency TRACE

 

3,213

 

2,729

 

3,279

18

 

 

 

(2

)

U.S. Trading Days3

 

22

 

20

 

22

U.K. Trading Days3

 

23

 

21

 

23

Table 1B: Estimated Market Share
  Month Bps Change
  Jul-25 Jun-25 Jul-24 MoM YoY
MKTX ESTIMATED MARKET SHARE (%)
U.S. High-Grade    
% of U.S. High-Grade TRACE (incl. SD PT)4

18.2

%

20.2

%

18.7

%

(200

)

bps

(50

)

bps
% of U.S. High-Grade TRACE (excl. SD PT)4

17.7

%

19.7

%

18.6

%

(200

)

(90

)

U.S. High-Yield  
% of U.S. High-Yield TRACE (incl. SD PT)4

12.6

%

13.0

%

13.1

%

(40

)

bps

(50

)

bps
% of U.S. High-Yield TRACE (excl. SD PT)4

11.5

%

12.4

%

12.5

%

(90

)

(100

)

Other Credit Products
% of Municipal Bonds MSRB

5.3

%

5.7

%

8.6

%

(40

)

bps

(330

)

bps
Rates
% of U.S. Government Bonds TRACE

2.3

%

2.5

%

2.5

%

(20

)

bps

(20

)

bps
Table 1C: Strategic Priorities ADV
  Month % Change
  Jul-25 Jun-25 Jul-24 MoM YoY
STRATEGIC PRIORITIES ADV ($ millions)
Client-Initiated Channel     
U.S. Credit Block Trading

$

2,435

$

2,672

$

2,353

(9

)

%

3

%

Emerging Markets Block Trading

 

1,432

 

1,860

 

1,289

(23

)

11

Eurobonds Block Trading

 

338

 

462

 

220

(27

)

54

Portfolio Trading Channel
Total MKTX Portfolio Trading

$

1,286

$

1,193

$

972

8

 

%

32

%

Total MKTX U.S. Credit Portfolio Trading

 

990

 

874

 

766

13

 

29

Total U.S. Credit TRACE Portfolio Trading

 

6,349

 

5,640

 

4,445

13

 

43

Dealer-Initiated Channel 
Total Dealer Initiated (DRFQ & Mid-X)

$

1,508

$

1,683

$

1,138

(10

)

%

33

%

Other 
Open Trading

$

4,224

$

4,553

$

3,658

(7

)

%

15

%

AxessIQ

 

157

 

158

 

115

(1

)

37

U.S. Trading Days3

 

22

 

20

 

22

U.K. Trading Days3

 

23

 

21

 

23

Table 1D: Variable Transaction Fees Per Million (FPM)1 
  Month % Change
  Jul-25 Jun-25 Jul-24 MoM YoY
AVG. VARIABLE TRANS. FEE PER MILLION (FPM)
Total Credit

$

140

$

138

$

143

1

 

%

(2

)

%

Total Rates

 

4.31

 

4.39

 

4.25

(2

)

1

 

The FPM for total credit and total rates for July 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 “Other Credit Products” includes municipal bonds, leveraged loans, convertible bonds and structured products.

3 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.

4“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.

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 July 31,

 

 

In millions (unaudited)

 

 

2025

 

 

2024

 

 

% Change

 

 

 

 

 

Volume

 

 

ADV

 

 

Volume

 

 

 

ADV

 

 

Volume

 

 

ADV

 

 

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

High-grade

 

 

$

140,560

 

 

$

6,389

 

 

$

133,981

 

 

 

$

6,090

 

 

 

5

 

%

 

5

 

%

High-yield

 

 

 

29,655

 

 

 

1,348

 

 

 

24,806

 

 

 

 

1,128

 

 

 

20

 

 

 

20

 

 

Emerging markets

 

 

 

82,843

 

 

 

3,766

 

 

 

69,452

 

 

 

 

3,157

 

 

 

19

 

 

 

19

 

 

Eurobonds

 

 

 

52,043

 

 

 

2,263

 

 

 

42,137

 

 

 

 

1,832

 

 

 

24

 

 

 

24

 

 

Other credit

 

 

 

12,669

 

 

 

576

 

 

 

12,847

 

 

 

 

584

 

 

 

(1

)

 

 

(1

)

 

Total credit trading1

 

 

 

317,770

 

 

 

14,342

 

 

 

283,223

 

 

 

 

12,791

 

 

 

12

 

 

 

12

 

 

Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government bonds2

 

 

 

468,396

 

 

 

21,291

 

 

 

469,305

 

 

 

 

21,332

 

 

 

-

 

 

 

-

 

 

Agency and other government bonds1

 

 

 

31,103

 

 

 

1,355

 

 

 

23,153

 

 

 

 

1,012

 

 

 

34

 

 

 

34

 

 

Total rates trading

 

 

 

499,499

 

 

 

22,646

 

 

 

492,458

 

 

 

 

22,344

 

 

 

1

 

 

 

1

 

 

Total trading

 

 

$

817,269

 

 

$

36,988

 

 

$

775,681

 

 

 

$

35,135

 

 

 

5

 

 

 

5

 

 

Number of U.S. Trading Days3

 

 

 

 

 

 

22

 

 

 

 

 

 

 

22

 

 

 

 

 

 

 

 

 

 

Number of U.K. Trading Days4

 

 

 

 

 

 

23

 

 

 

 

 

 

 

23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-to-Date Ended July 31,

 

 

In millions (unaudited)

 

 

2025

 

 

2024

 

 

% Change

 

 

 

 

 

Volume

 

 

ADV

 

 

Volume

 

 

 

ADV

 

 

Volume

 

 

ADV

 

 

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

High-grade

 

 

$

1,082,958

 

 

$

7,469

 

 

$

995,419

 

 

 

$

6,818

 

 

 

9

 

%

 

10

 

%

High-yield

 

 

 

224,549

 

 

 

1,549

 

 

 

194,433

 

 

 

 

1,332

 

 

 

15

 

 

 

16

 

 

Emerging markets

 

 

 

572,219

 

 

 

3,946

 

 

 

501,084

 

 

 

 

3,432

 

 

 

14

 

 

 

15

 

 

Eurobonds

 

 

 

360,833

 

 

 

2,471

 

 

 

299,252

 

 

 

 

2,036

 

 

 

21

 

 

 

21

 

 

Other credit

 

 

 

89,116

 

 

 

614

 

 

 

66,890

 

 

 

 

458

 

 

 

33

 

 

 

34

 

 

Total credit trading1

 

 

 

2,329,675

 

 

 

16,049

 

 

 

2,057,078

 

 

 

 

14,076

 

 

 

13

 

 

 

14

 

 

Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government bonds2

 

 

 

3,957,369

 

 

 

27,292

 

 

 

2,752,018

 

 

 

 

18,849

 

 

 

44

 

 

 

45

 

 

Agency and other government bonds1

 

 

 

184,553

 

 

 

1,264

 

 

 

103,285

 

 

 

 

703

 

 

 

79

 

 

 

80

 

 

Total rates trading

 

 

 

4,141,922

 

 

 

28,556

 

 

 

2,855,303

 

 

 

 

19,552

 

 

 

45

 

 

 

46

 

 

Total trading

 

 

$

6,471,597

 

 

$

44,605

 

 

$

4,912,381

 

 

 

$

33,628

 

 

 

32

 

 

 

33

 

 

Number of U.S. Trading Days3

 

 

 

 

 

 

145

 

 

 

 

 

 

 

146

 

 

 

 

 

 

 

 

 

 

Number of U.K. Trading Days4

 

 

 

 

 

 

146

 

 

 

 

 

 

 

147

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.