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 $1.5 billion.
July 2025 Variable Transaction Fees Per Million1 (See table 1D)
- The slight decline in total credit FPM compared to the prior year was driven principally by protocol mix. The slight increase compared to June 2025 was driven principally by product mix, specifically the higher duration of bonds traded in U.S. high-grade on an increase in the weighted average years to maturity traded.
- The slight increase in total rates FPM year-over-year was driven by the impact of product mix, and the slight decrease month-over-month was also driven by the impact of product mix.
*All comparisons versus July 2024.
Table 1: MarketAxess ADV |
||||||||||||||
Month | % Change | |||||||||||||
Jul-25 | Jun-25 | Jul-24 | MoM | YoY | ||||||||||
MKTX ADV ($ 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 |
|
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. |