- Surpassed $1 Trillion in Total Credit Quarterly Trading Volume for the First Time; Record $2 Trillion in Total Rates Volume
- 43% Increase in Total Trading ADV in 2Q25 Driven by 22% Increase in Total Credit ADV and 58% Increase in Total Rates ADV
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 June 2025 and the second quarter ended June 30, 2025.1
Select Second Quarter Trading Records
|
|
Select Second Quarter 2025 Highlights* (See tables 1-1C and table 2)
- The MarketAxess platform’s strong year-over-year volume growth continued in June as volatility moderated through the quarter.
- We delivered strong progress with our new initiatives across the client-initiated, portfolio trading and dealer-initiated channels that contributed to the record level of trading volumes across most products in the second quarter of 2025.
Client-Initiated Channel
- Strong growth in block trading ADV with record ADV across U.S. credit block trading increasing 37%, emerging markets increasing 27%, and eurobonds increasing 100%.
- Block trading in emerging markets and eurobonds both benefitted from the launch of our targeted block solution in late 2024, which has generated cumulative trading volume of approximately $2.0 billion and $3.8 billion, respectively, since launch.
- Clients continued to leverage our algos in U.S. government bond trading, helping to drive a 57% increase in ADV to $30.8 billion with estimated market share of 2.6%.
Portfolio Trading Channel
- Estimated market share of U.S. credit portfolio trading was 17.5%, compared to 15.1% in the prior year. 2
Dealer-Initiated Channel
- Dealer-initiated ADV increased 40% to $1.8 billion, including record levels of eurobonds activity.
Second Quarter 2025 Variable Transaction Fees Per Million1 (See table 1D)
- The decline in total credit FPM compared to the prior year was driven principally by protocol mix. The slight decline compared to 1Q25 was driven principally by protocol mix.
- The decline in total rates FPM both quarter-over-quarter and year-over-year was driven by the impact of product mix.
*All comparisons versus second quarter 2024 unless noted.
Table 1: MarketAxess ADV3
| Month | % Change | Quarter | % Change | |||||||||||||||||||||||||
| Jun-25 | May-25 | Jun-24 | MoM | YoY |
|
2Q25 |
|
1Q25 |
|
2Q24 |
QoQ | YoY | ||||||||||||||||
| MKTX ADV ($ millions) | ||||||||||||||||||||||||||||
| Credit | ||||||||||||||||||||||||||||
| U.S. High-Grade |
$ |
6,998 |
$ |
7,649 |
$ |
6,622 |
(9 |
) |
% |
6 |
% |
$ |
7,760 |
$ |
7,562 |
$ |
6,436 |
3 |
% |
21 |
% |
|||||||
| U.S. High-Yield |
|
1,497 |
|
1,602 |
|
1,252 |
(7 |
) |
20 |
|
1,692 |
|
1,475 |
|
1,337 |
15 |
27 |
|||||||||||
| Emerging Markets |
|
4,172 |
|
3,615 |
|
3,601 |
15 |
|
16 |
|
4,018 |
|
3,939 |
|
3,337 |
2 |
20 |
|||||||||||
| Eurobonds |
|
2,411 |
|
2,870 |
|
2,012 |
(16 |
) |
20 |
|
2,681 |
|
2,348 |
|
2,103 |
14 |
27 |
|||||||||||
| Other Credit Products3 |
|
580 |
|
612 |
|
559 |
(5 |
) |
4 |
|
644 |
|
598 |
|
530 |
8 |
22 |
|||||||||||
| Municipal Bonds |
|
579 |
|
611 |
|
549 |
(5 |
) |
5 |
|
643 |
|
594 |
|
522 |
8 |
23 |
|||||||||||
| Total MKTX Credit ADV |
$ |
15,658 |
$ |
16,348 |
$ |
14,046 |
(4 |
) |
11 |
$ |
16,795 |
$ |
15,922 |
$ |
13,743 |
5 |
22 |
|||||||||||
| Rates | ||||||||||||||||||||||||||||
| U.S. Government Bonds |
$ |
25,804 |
$ |
28,293 |
$ |
21,521 |
(9 |
) |
% |
20 |
% |
$ |
30,756 |
$ |
25,936 |
$ |
19,634 |
19 |
% |
57 |
% |
|||||||
| Agencies and Other Government Bonds |
|
1,641 |
|
1,589 |
|
934 |
3 |
|
76 |
|
1,458 |
|
1,047 |
|
792 |
39 |
84 |
|||||||||||
| Total MKTX Rates ADV |
$ |
27,445 |
$ |
29,882 |
$ |
22,455 |
(8 |
) |
22 |
$ |
32,214 |
$ |
26,983 |
$ |
20,426 |
19 |
58 |
|||||||||||
| Total MKTX Trading ADV |
$ |
43,103 |
$ |
46,230 |
$ |
36,501 |
(7 |
) |
18 |
$ |
49,009 |
$ |
42,905 |
$ |
34,169 |
14 |
43 |
|||||||||||
| U.S. Trading Days4 |
|
20 |
|
21 |
|
19 |
|
62 |
|
61 |
|
63 |
||||||||||||||||
| U.K. Trading Days4 |
|
21 |
|
19 |
|
20 |
|
60 |
|
63 |
|
61 |
||||||||||||||||
Table 1A: Market ADV
| Month | % Change | Quarter | % Change | |||||||||||||||||||||||||||
| Jun-25 | May-25 | Jun-24 | MoM | YoY |
|
2Q25 |
|
1Q25 |
|
2Q24 |
QoQ | YoY | ||||||||||||||||||
| MARKET ADV ($ millions) | ||||||||||||||||||||||||||||||
| Credit | ||||||||||||||||||||||||||||||
| U.S. High-Grade TRACE |
$ |
35,517 |
$ |
39,652 |
$ |
33,250 |
(10 |
) |
% |
7 |
|
% |
$ |
40,010 |
$ |
41,910 |
$ |
34,333 |
(5 |
) |
% |
17 |
% |
|||||||
| U.S. High-Yield TRACE |
|
12,096 |
|
13,171 |
|
9,007 |
(8 |
) |
34 |
|
|
13,296 |
|
12,419 |
|
9,898 |
7 |
|
34 |
|||||||||||
| Total U.S. Credit TRACE |
|
47,613 |
|
52,823 |
|
42,257 |
(10 |
) |
13 |
|
|
53,306 |
|
54,329 |
|
44,231 |
(2 |
) |
21 |
|||||||||||
| Municipal Bonds MSRB |
|
10,234 |
|
10,306 |
|
7,047 |
(1 |
) |
45 |
|
|
12,017 |
|
9,347 |
|
7,043 |
29 |
|
71 |
|||||||||||
| Rates | ||||||||||||||||||||||||||||||
| U.S. Government Bonds TRACE |
$ |
1,019,410 |
$ |
1,106,252 |
$ |
910,468 |
(8 |
) |
% |
12 |
|
% |
$ |
1,162,485 |
$ |
1,002,379 |
$ |
867,708 |
16 |
|
% |
34 |
% |
|||||||
| Agency TRACE |
|
2,729 |
|
4,032 |
|
2,888 |
(32 |
) |
(6 |
) |
|
3,623 |
|
4,290 |
|
3,343 |
(16 |
) |
8 |
|||||||||||
| U.S. Trading Days4 |
|
20 |
|
21 |
|
19 |
|
62 |
|
61 |
|
63 |
||||||||||||||||||
| U.K. Trading Days4 |
|
21 |
|
19 |
|
20 |
|
60 |
|
63 |
|
61 |
||||||||||||||||||
Table 1B: Estimated Market Share5
| Month | % Change | Quarter | Bps Change | ||||||||||||||||||||||||||||||
| Jun-25 | May-25 | Jun-24 | MoM | YoY |
2Q25 |
|
1Q25 |
|
2Q24 |
|
QoQ | YoY | |||||||||||||||||||||
| MKTX ESTIMATED MARKET SHARE (%) | |||||||||||||||||||||||||||||||||
| U.S. High-Grade | |||||||||||||||||||||||||||||||||
| % of U.S. High-Grade TRACE (incl. SD PT)5 |
20.2 |
% |
19.9 |
% |
20.2 |
% |
+30 | bps |
– |
|
bps |
19.8 |
% |
18.6 |
% |
19.2 |
% |
+120 | bps | +60 | bps | ||||||||||||
| % of U.S. High-Grade TRACE (excl. SD PT)5 |
19.7 |
% |
19.3 |
% |
19.9 |
% |
+40 | bps |
(20 |
) |
bps |
19.4 |
% |
18.0 |
% |
18.7 |
% |
+140 | bps | +70 | bps | ||||||||||||
| U.S. High-Yield | |||||||||||||||||||||||||||||||||
| % of U.S. High-Yield TRACE (incl. SD PT)5 |
13.0 |
% |
12.4 |
% |
14.1 |
% |
+60 | bps |
(110 |
) |
bps |
13.2 |
% |
12.4 |
% |
13.8 |
% |
+80 | bps |
(60 |
) |
bps | |||||||||||
| % of U.S. High-Yield TRACE (excl. SD PT)5 |
12.4 |
% |
12.2 |
% |
13.9 |
% |
+20 | bps |
(150 |
) |
bps |
12.7 |
% |
11.9 |
% |
13.5 |
% |
+80 | bps |
(80 |
) |
bps | |||||||||||
| Other Credit Products | |||||||||||||||||||||||||||||||||
| % of Municipal Bonds MSRB |
5.7 |
% |
5.9 |
% |
7.8 |
% |
(20 |
) |
bps |
(210 |
) |
bps |
5.4 |
% |
6.4 |
% |
7.4 |
% |
(100 |
) |
bps |
(200 |
) |
bps | |||||||||
| Rates | |||||||||||||||||||||||||||||||||
| % of U.S. Government Bonds TRACE |
2.5 |
% |
2.6 |
% |
2.4 |
% |
(10 |
) |
bps | +10 | bps |
2.6 |
% |
2.6 |
% |
2.3 |
% |
– |
|
bps | +30 | bps | |||||||||||
Table 1C: Strategic Priorities ADV2
| Month | % Change | Quarter | % Change | |||||||||||||||||||||||||||
| Jun-25 | May-25 | Jun-24 | MoM | YoY |
|
2Q25 |
|
1Q25 |
|
2Q24 |
QoQ | YoY | ||||||||||||||||||
| STRATEGIC PRIORITIES ADV ($ millions) | ||||||||||||||||||||||||||||||
| Client-Initiated Channel | ||||||||||||||||||||||||||||||
| U.S. Credit Block Trading |
$ |
2,672 |
$ |
3,070 |
$ |
2,292 |
(13 |
) |
% |
17 |
% |
$ |
3,172 |
$ |
2,942 |
$ |
2,322 |
8 |
|
% |
37 |
% |
||||||||
| Emerging Markets Block Trading |
|
1,860 |
|
1,451 |
|
1,469 |
28 |
|
27 |
|
1,626 |
|
1,562 |
|
1,283 |
4 |
|
27 |
||||||||||||
| Eurobonds Block Trading |
|
462 |
|
637 |
|
235 |
(27 |
) |
97 |
|
529 |
|
407 |
|
265 |
30 |
|
100 |
||||||||||||
| Portfolio Trading Channel | ||||||||||||||||||||||||||||||
| Total MKTX Portfolio Trading2 |
$ |
1,193 |
$ |
1,455 |
$ |
868 |
(18 |
) |
% |
37 |
% |
$ |
1,481 |
$ |
1,284 |
$ |
875 |
15 |
|
% |
69 |
% |
||||||||
| Total MKTX U.S. Credit Portfolio Trading2 |
|
874 |
|
1,013 |
|
685 |
(14 |
) |
28 |
|
1,112 |
|
1,070 |
|
724 |
4 |
|
54 |
||||||||||||
| Total U.S. Credit TRACE Portfolio Trading2 |
|
5,640 |
|
6,041 |
|
4,407 |
(7 |
) |
28 |
|
6,355 |
|
5,697 |
|
4,789 |
12 |
|
33 |
||||||||||||
| Dealer-Initiated Channel | ||||||||||||||||||||||||||||||
| Total Dealer Initiated (DRFQ & Mid-X) |
$ |
1,683 |
$ |
1,781 |
$ |
1,365 |
(6 |
) |
% |
23 |
% |
$ |
1,795 |
$ |
1,856 |
$ |
1,283 |
(3 |
) |
% |
40 |
% |
||||||||
| Other | ||||||||||||||||||||||||||||||
| Open Trading |
$ |
4,553 |
$ |
4,777 |
$ |
3,960 |
(5 |
) |
% |
15 |
% |
$ |
5,030 |
$ |
4,769 |
$ |
3,951 |
5 |
|
% |
27 |
% |
||||||||
| AxessIQ |
|
158 |
|
189 |
|
140 |
(16 |
) |
13 |
|
176 |
|
159 |
|
134 |
11 |
|
31 |
||||||||||||
| U.S. Trading Days4 |
|
20 |
|
21 |
|
19 |
|
62 |
|
61 |
|
63 |
||||||||||||||||||
| U.K. Trading Days4 |
|
21 |
|
19 |
|
20 |
|
60 |
|
63 |
|
61 |
||||||||||||||||||
Table 1D: Variable Transaction Fees Per Million (FPM)1
| Month | % Change | Quarter | % Change | ||||||||||||||||||||||||||||
| Jun-25 | May-25 | Jun-24 | MoM | YoY |
|
2Q25 |
|
1Q25 |
|
2Q24 |
QoQ | YoY | |||||||||||||||||||
| AVG. VARIABLE TRANS. FEE PER MILLION (FPM) | |||||||||||||||||||||||||||||||
| Total Credit |
$ |
137 |
$ |
138 |
$ |
147 |
(1 |
) |
% |
(7 |
) |
% |
$ |
138 |
$ |
139 |
$ |
148 |
(1 |
) |
% |
(7 |
) |
% |
|||||||
| Total Rates |
|
3.93 |
|
4.06 |
|
4.32 |
(3 |
) |
(9 |
) |
|
3.90 |
|
4.20 |
|
4.44 |
(7 |
) |
(12 |
) |
|||||||||||
| 1 |
The FPM for total credit and total rates for June 2025 and second quarter 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 |
Due to variances in how portfolio trading market participants utilized the portfolio trading TRACE “flag,” the Company previously used its own internal methodology for calculating portfolio trading as an estimated percentage of TRACE volume and the Company’s estimated market share. Starting in June 2024, the Company utilized the portfolio trading TRACE flag in its reported portfolio trading TRACE volume and the Company’s portfolio trading estimated market share. |
| 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. |
| 5 |
“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.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements, including statements about the outlook and prospects for the Company, market conditions and industry growth, as well as statements about the Company’s future financial and operating performance. These and other statements that relate to future results and events are based on MarketAxess’ current expectations. The Company’s actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties, including: global economic, political and market factors; the level of trading volume transacted on the MarketAxess platform; the rapidly evolving nature of the electronic financial services industry; the level and intensity of competition in the fixed-income electronic trading industry and the pricing pressures that may result; the variability of our growth rate; our ability to introduce new fee plans and our clients’ response; our ability to attract clients or adapt our technology and marketing strategy to new markets; risks related to our growing international operations; our dependence on our broker-dealer clients; the loss of any of our significant institutional investor clients; our exposure to risks resulting from non-performance by counterparties to transactions executed between our clients in which we act as an intermediary in matched principal trades; risks related to self-clearing; risks related to sanctions levied against states or individuals that could expose us to operational or regulatory risks; the effect of rapid market or technological changes on us and the users of our technology; issues related to the development and use of artificial intelligence; our dependence on third-party suppliers for key products and services; our ability to successfully maintain the integrity of our trading platform and our response to system failures, capacity constraints and business interruptions; the occurrence of design defects, errors, failures or delays with our platforms, products or services; our vulnerability to malicious cyber-attacks and attempted cybersecurity breaches; our actual or perceived failure to comply with privacy and data protection laws; our ability to protect our intellectual property rights or technology and defend against intellectual property infringement or other claims; our use of open-source software; our ability to enter into strategic alliances and to acquire other businesses and successfully integrate them with our business; our dependence on our management team and our ability to attract and retain talent; limitations on our flexibility because we operate in a highly regulated industry; the increasing government regulation of us and our clients; risks related to the divergence of U.K. and European Union legal and regulatory requirements following the U.K.’s exit from the European Union; our exposure to costs and penalties related to our extensive regulation; our risks of litigation and securities laws liability; our tax filing positions; the effects of climate change or other sustainability risks that could affect our operations or reputation; our future capital needs and our ability to obtain capital when needed; limitations on our operating flexibility contained in our credit agreement; our exposure to financial institutions by holding cash in excess of federally insured limits; and other factors. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. More information about these and other factors affecting MarketAxess’ business and prospects is contained in MarketAxess’ periodic filings with the Securities and Exchange Commission and can be accessed at www.marketaxess.com.
About MarketAxess
MarketAxess (Nasdaq: MKTX) operates a leading electronic trading platform that delivers greater trading efficiency, a diversified pool of liquidity and significant cost savings to institutional investors and broker-dealers across the global fixed-income markets. Approximately 2,100 firms leverage MarketAxess’ patented technology to efficiently trade fixed-income securities. Our automated and algorithmic trading solutions, combined with our integrated and actionable data offerings, help our clients make faster, better-informed decisions on when and how to trade on our platform. MarketAxess’ award-winning Open Trading® marketplace is widely regarded as the preferred all-to-all trading solution in the global credit markets. Founded in 2000, MarketAxess connects a robust network of market participants through an advanced full trading lifecycle solution that includes automated trading solutions, intelligent data and index products and a range of post-trade services. Learn more at www.marketaxess.com and on X @MarketAxess.
|
Table 2: Trading Volume Detail |
|
|
|||||||||||||||||||||||||
|
|
|
|
Month Ended June 30, |
|
|
||||||||||||||||||||||
|
In millions (unaudited) |
|
|
2025 |
|
|
2024 |
|
|
% Change |
|
|
||||||||||||||||
|
|
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
||||||
|
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High-grade |
|
|
$ |
139,950 |
|
|
$ |
6,998 |
|
|
$ |
125,814 |
|
|
|
$ |
6,622 |
|
|
|
11 |
|
% |
|
6 |
|
% |
|
High-yield |
|
|
|
29,942 |
|
|
|
1,497 |
|
|
|
23,788 |
|
|
|
|
1,252 |
|
|
|
26 |
|
|
|
20 |
|
|
|
Emerging markets |
|
|
|
83,438 |
|
|
|
4,172 |
|
|
|
68,426 |
|
|
|
|
3,601 |
|
|
|
22 |
|
|
|
16 |
|
|
|
Eurobonds |
|
|
|
50,632 |
|
|
|
2,411 |
|
|
|
40,231 |
|
|
|
|
2,012 |
|
|
|
26 |
|
|
|
20 |
|
|
|
Other credit |
|
|
|
11,599 |
|
|
|
580 |
|
|
|
10,608 |
|
|
|
|
559 |
|
|
|
9 |
|
|
|
4 |
|
|
|
Total credit trading1 |
|
|
|
315,561 |
|
|
|
15,658 |
|
|
|
268,867 |
|
|
|
|
14,046 |
|
|
|
17 |
|
|
|
11 |
|
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government bonds2 |
|
|
|
516,084 |
|
|
|
25,804 |
|
|
|
408,907 |
|
|
|
|
21,521 |
|
|
|
26 |
|
|
|
20 |
|
|
|
Agency and other government bonds1 |
|
|
|
34,360 |
|
|
|
1,641 |
|
|
|
18,550 |
|
|
|
|
934 |
|
|
|
85 |
|
|
|
76 |
|
|
|
Total rates trading |
|
|
|
550,444 |
|
|
|
27,445 |
|
|
|
427,457 |
|
|
|
|
22,455 |
|
|
|
29 |
|
|
|
22 |
|
|
|
Total trading |
|
|
$ |
866,005 |
|
|
$ |
43,103 |
|
|
$ |
696,324 |
|
|
|
$ |
36,501 |
|
|
|
24 |
|
|
|
18 |
|
|
|
Number of U.S. Trading Days3 |
|
|
|
|
|
|
20 |
|
|
|
|
|
|
|
19 |
|
|
|
|
|
|
|
|
|
|
||
|
Number of U.K. Trading Days4 |
|
|
|
|
|
|
21 |
|
|
|
|
|
|
|
20 |
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended June 30, |
|
|
||||||||||||||||||||||
|
In millions (unaudited) |
|
|
2025 |
|
|
2024 |
|
|
% Change |
|
|
||||||||||||||||
|
|
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
||||||
|
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High-grade |
|
|
$ |
481,090 |
|
|
$ |
7,760 |
|
|
$ |
405,440 |
|
|
|
$ |
6,436 |
|
|
|
19 |
|
% |
|
21 |
|
% |
|
High-yield |
|
|
|
104,897 |
|
|
|
1,692 |
|
|
|
84,248 |
|
|
|
|
1,337 |
|
|
|
25 |
|
|
|
27 |
|
|
|
Emerging markets |
|
|
|
249,091 |
|
|
|
4,018 |
|
|
|
210,205 |
|
|
|
|
3,337 |
|
|
|
18 |
|
|
|
20 |
|
|
|
Eurobonds |
|
|
|
160,873 |
|
|
|
2,681 |
|
|
|
128,266 |
|
|
|
|
2,103 |
|
|
|
25 |
|
|
|
27 |
|
|
|
Other credit |
|
|
|
39,965 |
|
|
|
644 |
|
|
|
33,376 |
|
|
|
|
530 |
|
|
|
20 |
|
|
|
22 |
|
|
|
Total credit trading1 |
|
|
|
1,035,916 |
|
|
|
16,795 |
|
|
|
861,535 |
|
|
|
|
13,743 |
|
|
|
20 |
|
|
|
22 |
|
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government bonds2 |
|
|
|
1,906,892 |
|
|
|
30,756 |
|
|
|
1,236,917 |
|
|
|
|
19,634 |
|
|
|
54 |
|
|
|
57 |
|
|
|
Agency and other government bonds1 |
|
|
|
87,625 |
|
|
|
1,458 |
|
|
|
48,506 |
|
|
|
|
792 |
|
|
|
81 |
|
|
|
84 |
|
|
|
Total rates trading |
|
|
|
1,994,517 |
|
|
|
32,214 |
|
|
|
1,285,423 |
|
|
|
|
20,426 |
|
|
|
55 |
|
|
|
58 |
|
|
|
Total trading |
|
|
$ |
3,030,433 |
|
|
$ |
49,009 |
|
|
$ |
2,146,958 |
|
|
|
$ |
34,169 |
|
|
|
41 |
|
|
|
43 |
|
|
|
Number of U.S. Trading Days3 |
|
|
62 |
|
|
|
|
|
|
63 |
|
|
|
|
|
|
|
|
|||||||||
|
Number of U.K. Trading Days4 |
60 |
|
61 |
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 2: Trading Volume Detail (continued) |
|
|
|||||||||||||||||||||||||
|
|
|
|
Year-to-Date Ended June 30, |
|
|
||||||||||||||||||||||
|
In millions (unaudited) |
|
|
2025 |
|
|
2024 |
|
|
% Change |
|
|
||||||||||||||||
|
|
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
||||||
|
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High-grade |
|
|
$ |
942,398 |
|
|
$ |
7,662 |
|
|
$ |
861,438 |
|
|
|
$ |
6,947 |
|
|
|
9 |
|
% |
|
10 |
|
% |
|
High-yield |
|
|
|
194,894 |
|
|
|
1,585 |
|
|
|
169,627 |
|
|
|
|
1,368 |
|
|
|
15 |
|
|
|
16 |
|
|
|
Emerging markets |
|
|
|
489,376 |
|
|
|
3,979 |
|
|
|
431,632 |
|
|
|
|
3,481 |
|
|
|
13 |
|
|
|
14 |
|
|
|
Eurobonds |
|
|
|
308,790 |
|
|
|
2,510 |
|
|
|
257,115 |
|
|
|
|
2,074 |
|
|
|
20 |
|
|
|
21 |
|
|
|
Other credit |
|
|
|
76,447 |
|
|
|
621 |
|
|
|
59,705 |
|
|
|
|
481 |
|
|
|
28 |
|
|
|
29 |
|
|
|
Total credit trading1 |
|
|
|
2,011,905 |
|
|
|
16,357 |
|
|
|
1,779,517 |
|
|
|
|
14,351 |
|
|
|
13 |
|
|
|
14 |
|
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government bonds2 |
|
|
|
3,488,973 |
|
|
|
28,366 |
|
|
|
2,282,713 |
|
|
|
|
18,409 |
|
|
|
53 |
|
|
|
54 |
|
|
|
Agency and other government bonds1 |
|
|
|
153,450 |
|
|
|
1,248 |
|
|
|
80,132 |
|
|
|
|
646 |
|
|
|
91 |
|
|
|
93 |
|
|
|
Total rates trading |
|
|
|
3,642,423 |
|
|
|
29,614 |
|
|
|
2,362,845 |
|
|
|
|
19,055 |
|
|
|
54 |
|
|
|
55 |
|
|
|
Total trading |
|
|
$ |
5,654,328 |
|
|
$ |
45,971 |
|
|
$ |
4,142,362 |
|
|
|
$ |
33,406 |
|
|
|
37 |
|
|
|
38 |
|
|
|
Number of U.S. Trading Days3 |
|
|
|
|
|
|
123 |
|
|
|
|
|
|
|
124 |
|
|
|
|
|
|
|
|
|
|
||
|
Number of U.K. Trading Days4 |
|
|
|
|
|
|
123 |
|
|
|
|
|
|
|
124 |
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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. |
|||||||||||||||||||||||||||
