Emerging Markets Trading Volume Records: 3
Hard currency markets, up +11%2
Local currency markets, up +18%1, 2
Request for Market (RFM) in local markets, up +34%2
Dealer RFQ, up +36%2
MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced it has surpassed $1 trillion in traded volume this year in Emerging Markets (EM) debt.1, 2
Since 2000, MarketAxess has pioneered electronic trading in EM, building a comprehensive platform that now operates across 30 local currency bond markets and over 100 hard currency bond markets. The platform supports over 1,500 institutional clients operating out of 90 global markets, trading EM hard and local currency bonds. Following the June 2025 launch of a fully-electronic workflow for the trading of Indian Government Bonds (IGBs), MarketAxess is now the only fixed income electronic trading platform that covers 100% of the J.P. Morgan GBI-EM Index, the most widely followed benchmark in its class.
“Crossing $1 trillion in emerging markets trading volume reflects our commitment to creating solutions that deliver real impact for dealers and investors,” said Chris Concannon, Chief Executive Officer at MarketAxess. “With even more countries set to join leading emerging market indices in 2026, we are well positioned to support the evolution of this asset class through technology that deepens liquidity and boosts transparency.”
MarketAxess has delivered strong growth across its Emerging Markets1 business with record3 trading ADV of ~$5 billion, up 16%,2 driven by strong growth in both local markets (+18%)2 and hard currency markets (+11%)2 volumes, as well as strong growth across our three strategic channels, the client-initiated, portfolio trading and dealer-initiated channels. More recently, in the client-initiated channel, the platform has built out its Targeted RFQ workflow tool to help investors transact larger trades,4 which has helped drive a 25%2 increase in EM block4 trading volume globally.
“We are consistently innovating and developing trading protocols that give international investors access to dynamic debt markets,” said Dan Burke, Global Head of Emerging Markets at MarketAxess. “Our goal is to deliver solutions that not only drive global capital flows into emerging markets but also increase efficiency and drive better execution outcomes for all market participants.”
For more information on MarketAxess Emerging Markets, visit: www.marketaxess.com/trade/emerging-markets
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1 “Emerging Markets trading volume” is defined as trading volume reported by the Company in its monthly trading volume release in the line item “Emerging Markets” within the MKTX credit product area, combined with China-related trading volume that is currently reported in the "Agency and other government bonds" line item within the MKTX rates product area. Corresponding adjustments have been made to local currency figures presented in this release, as applicable. |
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2 All trading data is as of November 2025 and all percentage change comparisons are YTD November 2025 compared to YTD November 2024. |
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3 Trading volume records are based on whether the YTD November 2025 data is a record as compared to full-year data. |
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4 “Larger trades” or block trading in Emerging Markets consists of both hard currency block trades with notional trade sizes ≥ $3M and local markets block trades with notional trade sizes ≥ $5M. |
