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 November 2025.1
Select November 2025 Highlights* (See tables 1-1C and table 2)
Our new initiatives continued to show solid year-over-year progress across the client-initiated, portfolio trading and dealer-initiated channels. We also unveiled our new Closing Auctions protocol during the month, the first standardized market-wide auction protocol in fixed-income.
Client-Initiated Channel
- 46% growth in block trading average daily volume (“ADV”), with strong growth across U.S. credit (+34%), emerging markets (+61%) and eurobonds (+83%).
— Cumulative trading volume from our targeted block trading solution is now approximately $12 billion.
Portfolio Trading Channel
- 47% increase in total portfolio trading ADV to $1.4 billion, including a 55% increase in U.S. credit portfolio trading ADV.
- Our estimated market share of U.S. credit portfolio trading was 17.6%, compared to 13.5% in the prior year.
Dealer-Initiated Channel
- 32% increase in dealer-initiated ADV to $1.9 billion, consisting of a 21% increase in DRFQ ADV and a 153% increase in Mid-X ADV.
November 2025 Variable Transaction Fees Per Million1 (See table 1D)
- The decline in total credit FPM compared to the prior year was driven principally by protocol mix, partially offset by the higher duration of bonds traded in U.S. high-grade. The slight decline in total credit FPM compared to October 2025 was driven principally by protocol mix, partially offset by the higher duration of bonds traded in U.S. high-grade.
- The increase in total rates FPM year-over-year and month-over-month was driven by the impact of product mix.
*All comparisons versus November 2024 unless noted.
Table 1: MarketAxess ADV
|
|
|
Month |
|
% Change |
||||||||||||||||
|
|
|
Nov-25 |
|
|
Oct-25 |
|
|
Nov-24 |
|
MoM |
YoY |
|||||||||
|
MKTX ADV ($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
U.S. High-Grade |
|
$ |
7,594 |
|
|
$ |
7,042 |
|
|
$ |
6,533 |
|
|
8 |
|
% |
|
16 |
|
% |
|
U.S. High-Grade (incl. SD PT)2 |
|
|
7,763 |
|
|
|
7,200 |
|
|
|
6,578 |
|
|
8 |
|
|
|
18 |
|
|
|
U.S. High-Yield |
|
|
1,622 |
|
|
|
1,629 |
|
|
|
1,312 |
|
|
(0 |
) |
|
|
24 |
|
|
|
U.S. High-Yield (incl. SD PT)2 |
|
|
1,791 |
|
|
|
1,873 |
|
|
|
1,346 |
|
|
(4 |
) |
|
|
33 |
|
|
|
Emerging Markets |
|
|
4,265 |
|
|
|
4,230 |
|
|
|
3,811 |
|
|
1 |
|
|
|
12 |
|
|
|
Eurobonds |
|
|
2,741 |
|
|
|
2,486 |
|
|
|
2,001 |
|
|
10 |
|
|
|
37 |
|
|
|
Other Credit Products3 |
|
|
586 |
|
|
|
612 |
|
|
|
634 |
|
|
(4 |
) |
|
|
(8 |
) |
|
|
Municipal Bonds |
|
|
585 |
|
|
|
612 |
|
|
|
631 |
|
|
(4 |
) |
|
|
(7 |
) |
|
|
Total MKTX Credit ADV (excl. SD PT)2 |
|
$ |
16,808 |
|
|
$ |
15,999 |
|
|
$ |
14,291 |
|
|
5 |
|
|
|
18 |
|
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
U.S. Government Bonds |
|
$ |
22,966 |
|
|
$ |
23,295 |
|
|
$ |
29,325 |
|
|
(1 |
) |
% |
|
(22 |
) |
% |
|
Agencies and Other Government Bonds |
|
|
715 |
|
|
|
724 |
|
|
|
1,329 |
|
|
(1 |
) |
|
|
(46 |
) |
|
|
Total MKTX Rates ADV |
|
$ |
23,681 |
|
|
$ |
24,019 |
|
|
$ |
30,654 |
|
|
(1 |
) |
|
|
(23 |
) |
|
|
Total MKTX Trading ADV |
|
$ |
40,489 |
|
|
$ |
40,018 |
|
|
$ |
44,945 |
|
|
1 |
|
|
|
(10 |
) |
|
|
U.S. Trading Days4 |
|
18 |
|
|
22 |
|
|
19 |
|
|
|
|
|
|
|
|||||
|
U.K. Trading Days4 |
|
20 |
|
|
23 |
|
|
21 |
|
|
|
|
|
|
|
|||||
Table 1A: Market ADV
|
|
|
Month |
|
% Change |
||||||||||||||||
|
|
|
Nov-25 |
|
|
Oct-25 |
|
|
Nov-24 |
|
MoM |
YoY |
|||||||||
|
MARKET ADV ($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
U.S. High-Grade TRACE |
|
$ |
41,114 |
|
|
$ |
38,818 |
|
|
$ |
36,296 |
|
|
6 |
|
% |
|
13 |
|
% |
|
U.S. High-Yield TRACE |
|
|
12,279 |
|
|
|
12,428 |
|
|
|
10,692 |
|
|
(1 |
) |
|
|
15 |
|
|
|
Total U.S. Credit TRACE |
|
|
53,393 |
|
|
|
51,246 |
|
|
|
46,988 |
|
|
4 |
|
|
|
14 |
|
|
|
Municipal Bonds MSRB |
|
|
9,457 |
|
|
|
10,003 |
|
|
|
9,456 |
|
|
(5 |
) |
|
|
0 |
|
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
U.S. Government Bonds TRACE |
|
$ |
1,091,150 |
|
|
$ |
998,318 |
|
|
$ |
1,010,226 |
|
|
9 |
|
% |
|
8 |
|
% |
|
Agency TRACE |
|
|
3,449 |
|
|
|
3,724 |
|
|
|
4,172 |
|
|
(7 |
) |
|
|
(17 |
) |
|
|
U.S. Trading Days4 |
|
18 |
|
|
22 |
|
|
19 |
|
|
|
|
|
|
|
|||||
|
U.K. Trading Days4 |
|
20 |
|
|
23 |
|
|
21 |
|
|
|
|
|
|
|
|||||
Table 1B: Estimated Market Share
|
|
|
Month |
|
Bps Change |
||||||||||||
|
|
|
Nov-25 |
|
|
Oct-25 |
|
|
Nov-24 |
|
MoM |
YoY |
|||||
|
MKTX ESTIMATED MARKET SHARE (%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
U.S. High-Grade |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
% of U.S. High-Grade TRACE (incl. SD PT)2 |
|
|
18.9 |
% |
|
|
18.5 |
% |
|
|
18.1 |
% |
+40 |
bps |
+80 |
bps |
|
% of U.S. High-Grade TRACE (excl. SD PT)2 |
|
|
18.5 |
% |
|
|
18.1 |
% |
|
|
18.0 |
% |
+40 |
|
+50 |
|
|
U.S. High-Yield |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
% of U.S. High-Yield TRACE (incl. SD PT)2 |
|
|
14.6 |
% |
|
|
15.1 |
% |
|
|
12.6 |
% |
(50) |
bps |
+200 |
bps |
|
% of U.S. High-Yield TRACE (excl. SD PT)2 |
|
|
13.2 |
% |
|
|
13.1 |
% |
|
|
12.3 |
% |
+10 |
|
+90 |
|
|
Other Credit Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
% of Municipal Bonds MSRB |
|
|
6.2 |
% |
|
|
6.1 |
% |
|
|
6.7 |
% |
+10 |
bps |
(50) |
bps |
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
% of U.S. Government Bonds TRACE |
|
|
2.1 |
% |
|
|
2.3 |
% |
|
|
2.9 |
% |
(20) |
bps |
(80) |
bps |
Table 1C: Strategic Priorities ADV2
|
|
|
Month |
|
% Change |
||||||||||||||||
|
|
|
Nov-25 |
|
|
Oct-25 |
|
|
Nov-24 |
|
MoM |
YoY |
|||||||||
|
STRATEGIC PRIORITIES ADV ($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Client-Initiated Channel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
U.S. Credit Block Trading |
|
$ |
3,245 |
|
|
$ |
2,968 |
|
|
$ |
2,419 |
|
|
9 |
|
% |
|
34 |
|
% |
|
Emerging Markets Block Trading |
|
|
1,954 |
|
|
|
1,661 |
|
|
|
1,211 |
|
|
18 |
|
|
|
61 |
|
|
|
Eurobonds Block Trading |
|
|
532 |
|
|
|
453 |
|
|
|
291 |
|
|
17 |
|
|
|
83 |
|
|
|
Portfolio Trading Channel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Total MKTX Portfolio Trading |
|
$ |
1,364 |
|
|
$ |
1,536 |
|
|
$ |
928 |
|
|
(11 |
) |
% |
|
47 |
|
% |
|
Total MKTX U.S. Credit Portfolio Trading |
|
|
1,003 |
|
|
|
1,209 |
|
|
|
648 |
|
|
(17 |
) |
|
|
55 |
|
|
|
Total U.S. Credit TRACE Portfolio Trading |
|
|
5,685 |
|
|
|
5,798 |
|
|
|
4,813 |
|
|
(2 |
) |
|
|
18 |
|
|
|
Dealer-Initiated Channel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Total Dealer Initiated (DRFQ & Mid-X) |
|
$ |
1,916 |
|
|
$ |
1,773 |
|
|
$ |
1,455 |
|
|
8 |
|
% |
|
32 |
|
% |
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Open Trading |
|
$ |
5,370 |
|
|
$ |
5,134 |
|
|
$ |
4,274 |
|
|
5 |
|
% |
|
26 |
|
% |
|
AxessIQ |
|
|
170 |
|
|
|
162 |
|
|
|
147 |
|
|
5 |
|
|
|
16 |
|
|
|
U.S. Trading Days4 |
|
18 |
|
|
22 |
|
|
19 |
|
|
|
|
|
|
|
|||||
|
U.K. Trading Days4 |
|
20 |
|
|
23 |
|
|
21 |
|
|
|
|
|
|
|
|||||
Table 1D: Variable Transaction Fees Per Million (FPM)1
|
|
|
Month |
|
% Change |
||||||||||||||||
|
|
|
Nov-25 |
|
|
Oct-25 |
|
|
Nov-24 |
|
MoM |
YoY |
|||||||||
|
AVG. VARIABLE TRANS. FEE PER MILLION (FPM) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Total Credit |
|
$ |
139 |
|
|
$ |
140 |
|
|
$ |
146 |
|
|
(1 |
) |
% |
|
(5 |
) |
% |
|
Total Rates |
|
|
4.52 |
|
|
|
4.28 |
|
|
|
4.07 |
|
|
6 |
|
|
|
11 |
|
|
|
1 |
The FPM for total credit and total rates for November 2025 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 |
“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. |
|
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 November 30, |
|
|
|||||||||||||||||||||
|
In millions (unaudited) |
|
|
2025 |
|
|
2024 |
|
|
% Change |
|
|
|||||||||||||||
|
|
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
||||||
|
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
High-grade |
|
|
$ |
136,689 |
|
|
$ |
7,594 |
|
|
$ |
124,135 |
|
|
$ |
6,533 |
|
|
|
10 |
|
% |
|
16 |
|
% |
|
High-yield |
|
|
|
29,192 |
|
|
|
1,622 |
|
|
|
24,927 |
|
|
|
1,312 |
|
|
|
17 |
|
|
|
24 |
|
|
|
Emerging markets |
|
|
|
76,765 |
|
|
|
4,265 |
|
|
|
72,402 |
|
|
|
3,811 |
|
|
|
6 |
|
|
|
12 |
|
|
|
Eurobonds |
|
|
|
54,818 |
|
|
|
2,741 |
|
|
|
42,017 |
|
|
|
2,001 |
|
|
|
30 |
|
|
|
37 |
|
|
|
Other credit |
|
|
|
10,552 |
|
|
|
586 |
|
|
|
12,051 |
|
|
|
634 |
|
|
|
(12 |
) |
|
|
(8 |
) |
|
|
Total credit trading1 |
|
|
|
308,016 |
|
|
|
16,808 |
|
|
|
275,532 |
|
|
|
14,291 |
|
|
|
12 |
|
|
|
18 |
|
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
U.S. government bonds2 |
|
|
|
413,380 |
|
|
|
22,966 |
|
|
|
557,175 |
|
|
|
29,325 |
|
|
|
(26 |
) |
|
|
(22 |
) |
|
|
Agency and other government bonds1 |
|
|
|
14,145 |
|
|
|
715 |
|
|
|
27,710 |
|
|
|
1,329 |
|
|
|
(49 |
) |
|
|
(46 |
) |
|
|
Total rates trading |
|
|
|
427,525 |
|
|
|
23,681 |
|
|
|
584,885 |
|
|
|
30,654 |
|
|
|
(27 |
) |
|
|
(23 |
) |
|
|
Total trading |
|
|
$ |
735,541 |
|
|
$ |
40,489 |
|
|
$ |
860,417 |
|
|
$ |
44,945 |
|
|
|
(15 |
) |
|
|
(10 |
) |
|
|
Number of U.S. Trading Days3 |
|
|
|
|
|
|
18 |
|
|
|
|
|
|
19 |
|
|
|
|
|
|
|
|
||||
|
Number of U.K. Trading Days4 |
|
|
|
|
|
|
20 |
|
|
|
|
|
|
21 |
|
|
|
|
|
|
|
|
||||
|
|
|
|
Year-to-Date Ended November 30, |
|
|
|||||||||||||||||||||
|
In millions (unaudited) |
|
|
2025 |
|
|
2024 |
|
|
% Change |
|
|
|||||||||||||||
|
|
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
||||||
|
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
High-grade |
|
|
$ |
1,653,714 |
|
|
$ |
7,285 |
|
|
$ |
1,586,941 |
|
|
$ |
6,930 |
|
|
|
4 |
|
% |
|
5 |
|
% |
|
High-yield |
|
|
|
346,162 |
|
|
|
1,525 |
|
|
|
309,163 |
|
|
|
1,350 |
|
|
|
12 |
|
|
|
13 |
|
|
|
Emerging markets |
|
|
|
902,568 |
|
|
|
3,976 |
|
|
|
799,172 |
|
|
|
3,490 |
|
|
|
13 |
|
|
|
14 |
|
|
|
Eurobonds |
|
|
|
563,561 |
|
|
|
2,440 |
|
|
|
475,713 |
|
|
|
2,042 |
|
|
|
18 |
|
|
|
19 |
|
|
|
Other credit |
|
|
|
140,802 |
|
|
|
620 |
|
|
|
122,175 |
|
|
|
533 |
|
|
|
15 |
|
|
|
16 |
|
|
|
Total credit trading1 |
|
|
|
3,606,807 |
|
|
|
15,846 |
|
|
|
3,293,164 |
|
|
|
14,345 |
|
|
|
10 |
|
|
|
10 |
|
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
U.S. government bonds2 |
|
|
|
5,895,166 |
|
|
|
25,970 |
|
|
|
5,117,615 |
|
|
|
22,348 |
|
|
|
15 |
|
|
|
16 |
|
|
|
Agency and other government bonds1 |
|
|
|
259,864 |
|
|
|
1,127 |
|
|
|
207,200 |
|
|
|
891 |
|
|
|
25 |
|
|
|
26 |
|
|
|
Total rates trading |
|
|
|
6,155,030 |
|
|
|
27,097 |
|
|
|
5,324,815 |
|
|
|
23,239 |
|
|
|
16 |
|
|
|
17 |
|
|
|
Total trading |
|
|
$ |
9,761,837 |
|
|
$ |
42,943 |
|
|
$ |
8,617,979 |
|
|
$ |
37,584 |
|
|
|
13 |
|
|
|
14 |
|
|
|
Number of U.S. Trading Days3 |
|
|
|
|
|
|
227 |
|
|
|
|
|
|
229 |
|
|
|
|
|
|
|
|
||||
|
Number of U.K. Trading Days4 |
|
|
|
|
|
|
231 |
|
|
|
|
|
|
233 |
|
|
|
|
|
|
|
|
||||
|
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. |
