MarketAxess Announces Trading Volume Statistics For March And First Quarter 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 March 2025 and the first quarter ended March 31, 2025.¹

Chris Concannon, CEO of MarketAxess, commented:
“Our record trading results in March, combined with the progress we are seeing from the enhancements we have made to our portfolio trading solution, the launch of our High Touch block trading solution in eurobonds and emerging markets, and our dealer solutions offering, helped drive our record 1Q25 ADV performance. We generated record 1Q25 total ADV on record ADV across most of our product areas, which included record portfolio trading ADV and record block trading ADV across both emerging markets and eurobonds. We also generated record Dealer RFQ ADV, driven in part by improving market share of this important channel. We are encouraged by the increase in volatility in the markets and record levels of Open Trading activity on our platform, which helped drive improved estimated market share in March relative to February. We believe the new capabilities we have launched, combined with continued volatility in the market, should help drive higher levels of market share in U.S. credit in the coming quarters.”

Records for March and First Quarter 2025

• Total average daily volume(“ADV”)in March 2025 and 1Q25 of$46.5 billionand$42.9 billion, respectively.
• Total credit ADVin March 2025 and 1Q25 of$17.8 billionand$15.9 billion, respectively.
• U.S. high-grade ADVMarch 2025 and 1Q25 of$8.7 billion and $7.6 billion, respectively.
• Emerging markets ADVin 1Q25 of$3.9 billion.
  • Block trading ADVin March 2025 and 1Q25 of$1.7 billionand$1.6 billion, respectively.
• Eurobonds ADVin March 2025 and 1Q25 of$2.7billionand$2.3 billion, respectively.
  • Block trading ADV1Q25 of$407 million.
• Total portfolio trading ADVin March 2025 and 1Q25 of$1.5 billionand$1.3 billion, respectively.
  • Portfolio trading volume executed over X-Proin March 2025 and 1Q25 of91%and85%, respectively.
• Dealer RFQ ADVin March and 1Q25 of$2.0 billionand$1.8 billion, respectively.
• Open Trading ADVin March 2025 and 1Q25 of$5.5 billionand $4.8 billion, respectively.
• AxessIQ ADVin March 2025 and 1Q25 of$175 millionand$159 million, respectively.

Select March and First Quarter 2025 Highlights

Trading ADV

• RecordMarch 2025 total ADV of$46.5 billionincreased46% compared to the prior year, and increased7%compared to February 2025 levels driven byrecordtotal credit ADV.Record1Q25 total ADV of$42.9 billionincreased31% compared to the prior year, and increased5%compared to 4Q24 levels driven byrecordtotal credit ADV.

Estimated Market Share⁴

• U.S. high-grade estimated market share,including the impact of single-dealer portfolio trades, was20.0% in March 2025, up from19.8%in the prior year, and up from17.8%in February 2025. In 1Q25,including the impact of single-dealer portfolio trades, U.S. high-grade estimated market share was18.6%, down from19.7%in the prior year, and down slightly from18.8%in 4Q24.
• U.S. high-yield estimated market share, including the impact of single-dealer portfolio trades, was12.8% in March 2025, down slightly from13.0%in the prior year, but up from12.1%in February 2025. In 1Q25,including the impact of single-dealer portfolio trades, U.S. high-yield estimated market share was12.4%, down from13.0%in the prior year, and down from13.7%in 4Q24.
• Municipal bond estimated market share was 6.4% in March 2025, down slightly from6.6%in the prior year, and down from6.9%in February 2025. Municipal bond estimated market share was 6.4% in 1Q25, down slightly from6.5%in the prior year, and down from7.1%in 4Q24.
• Estimated U.S. government bonds market share was2.5%in March 2025, up from2.0%in the prior year, but down slightly from2.7%in February 2025. 1Q25 estimated U.S. government bonds market share was2.6%, up from2.0%in the prior year, but down slightly from2.8%in 4Q24.

Strategic Priority Related Protocols & Workflow Tools

Client-Initiated Channel

• RecordMarch 2025 emerging markets block trading ADV (hard currency blocks defined as trade sizes≥ $3 millionnotional, local currency blocks defined as trade sizes≥ $5 millionnotional) of$1.7 billionincreased37%from the prior year, and increased4%from February 2025.Record1Q25 emerging markets block trading ADV of$1.6 billionincreased22%from the prior year, and increased31%from 4Q24. Block trading in emerging markets is benefiting from the launch of our targeted block solution in late 2024, which has generated cumulative trading volume of approximately $1.2 billionsince launch.
• March 2025 eurobonds block trading ADV (defined as trade sizes≥ $5 millionnotional) of $510 millionincreased106%from the prior year, and increased34%from February 2025.Record1Q25 eurobonds block trading ADV of $407 millionincreased68%from the prior year, and increased37%from 4Q24. Block trading in eurobonds is benefiting from the launch of our targeted block solution in January 2025, which has generated cumulative trading volume of over$1.8 billionsince launch.

Portfolio Trading Channel⁵

• Record March 2025 total portfolio trading ADV of$1.5 billion increased134%compared to the prior year, and increased4% compared to February 2025. Arecord91%of portfolio trading volume was executed over X-Pro in March 2025.Record 1Q25 total portfolio trading ADV of$1.3 billion increased78%compared to the prior year, and increased21% compared to 4Q24. Arecord85%of portfolio trading volume was executed over X-Pro in 1Q25.
  • March 2025 estimated U.S. credit TRACE portfolio trading market ADV increased50%compared to the prior year, and increased12%compared to February 2025. In 1Q25, estimated U.S. credit TRACE portfolio trading market ADV increased25%compared to the prior year and increased16%compared to 4Q24.
• Our estimated market share of U.S. credit TRACE portfolio trading was20.1%in March 2025, up from12.5%in the prior year, but down from20.7%in February 2025. Our estimated market share of U.S. credit TRACE portfolio trading was18.8%in 1Q25, up from13.3%in the prior year, and up from16.2%in 4Q24.
  • Portfolio trading represented approximately11%of U.S. credit TRACE in March 2025, up from9%in the prior year, and up slightly from February 2025 levels. Portfolio trading represented approximately10%of U.S. credit TRACE in 1Q25, up from9%in the prior year, but down from11% in 4Q24.

Dealer-Initiated Channel

• RecordMarch 2025 Dealer RFQ ADV of $2.0 billion across all credit products increased 64% compared to the prior year, and increased 17% compared to February 2025, driven by recordDealer RFQ ADV in U.S. high-grade.Record1Q25 Dealer RFQ ADV of $1.8 billion across all credit products increased 40% compared to the prior year, and increased 41% compared to 4Q24, driven by recordDealer RFQ ADV in U.S. high-grade and emerging markets.

Other

• RecordMarch 2025 Open Trading ADV of $5.5 billionincreased 29%compared to the prior year, and increased 19%compared to February 2025. Open Trading share⁶of total credit trading volume was37%, up from33%in the prior year, and up from36%in February 2025.Record 1Q25 Open Trading ADV of $4.8 billionincreased 8%compared to the prior year, and increased 15%compared to 4Q24. Open Trading share⁶of total credit trading volume was35%, up from34%in the prior year, in line with35%in 4Q24.
• AxessIQ, the order and execution workflow solution designed for wealth management and private banking clients, achieved recordMarch 2025 ADV of $175 million, up 21% compared to the prior year, and up11%compared to February 2025.AxessIQachievedrecord1Q25 ADV of $159 million, up 15% compared to the prior year, and up8%compared to 4Q24.

Variable Transaction Fees Per Million (FPM)¹

• The year-over-year decline in March 2025 total credit FPM was due to product and protocol mix. The month-over-month decline in March 2025 total credit FPM was due to product mix, principally the lower duration of bonds traded in U.S. high-grade, driven by a decrease in the weighted average years to maturity. The decline in 1Q25 total credit FPM both year-over-year and quarter-over-quarter was principally due to product mix.
• The decrease in March 2025 total rates FPM year-over-year and the month-over-month increase was driven by the impact of product mix. The decrease in 1Q25 total rates FPM year-over-year and the slight increase quarter-over-quarter was also driven by the impact of product mix.

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.