MarketAxess Holdings Inc. - MKTX STOCK NEWS

MarketAxess Holdings announced its trading volume and preliminary variable transaction fees for June and Q2 2024. Total average daily volume (ADV) rose 22.8% year-over-year to $34.2 billion in Q2, driven by a 12.4% increase in total credit ADV to $13.7 billion and a 30.9% rise in total rates ADV. U.S. high-grade ADV climbed 13.0% to $6.4 billion, though market share dipped to 18.7% from 20.7% a year ago. U.S. high-yield ADV fell 9.3% to $1.3 billion, with market share declining to 13.5% from 16.5%. Emerging markets ADV surged 23.0% to $3.3 billion, driven by a 25.6% rise in hard currency ADV. Municipal bond ADV jumped 34.2% to $522 million. The preliminary FPM for total credit dropped to $148 from $157 a year ago. Rates ADV increased 30.9% to $20.4 billion, with the preliminary FPM for total rates at $4.50, down from $4.70.

MarketAxess (Nasdaq: MKTX), a premier electronic trading platform for fixed-income securities, has introduced its first portfolio trade tool for tax-exempt municipal bonds. This tool enables clients to bundle and trade up to 1,500 CUSIPs efficiently and discreetly. The tool allows for price negotiation and quick adjustments in portfolio metrics, providing better execution certainty. The tool addresses a major demand among municipal bond traders, aligning their trading capabilities with those in the corporate bond market. MarketAxess has seen considerable growth, capturing an 8.1% market share in municipal bonds, up from 5.6% the previous year, with $577 million in average daily volumes.

MarketAxess Holdings announced notable trading volume stats for May 2024. CEO Chris Concannon highlighted an 11.1% growth in total credit average daily volume (ADV), with significant increases in emerging markets (21.8%), Eurobonds (24.8%), and municipal bonds (43.2%). U.S. high-grade portfolio trading market share rose to 21.8%, a significant jump from 12.8% the previous year. Total ADV was up 13.5% to $32.2 billion, driven by a 15.2% increase in total rates trading ADV. However, U.S. high-yield ADV fell by 13.1%, with market share declining to 12.8%.

Notably, total portfolio trading volume surged 136.2%, with 55% executed on X-Pro. The preliminary variable transaction fees per million (FPM) for total credit decreased to $149, down from $164 the previous year, while total rates FPM dropped to $4.40.

MarketAxess Holdings (Nasdaq: MKTX), a major electronic trading platform for fixed-income securities, will participate in upcoming investor conferences. Richard Schiffman, the Global Head of Trading Solutions, will join a fireside chat at the Piper Sandler Global Exchange & Trading Conference on June 5, 2024, at 10:00 a.m. ET. CEO Chris Concannon will speak at the Morgan Stanley U.S. Financials, Payments & CRE Conference on June 11, 2024, at 4:00 p.m. ET. Live webcasts and replays for both events will be available on the MarketAxess Investor Relations homepage.

MarketAxess (Nasdaq: MKTX) has appointed John Maggiacomo as Head of North America Client Sales. In this new role, Maggiacomo will lead sales efforts to expand MarketAxess's institutional client base across all product areas. Kevin McPherson, Chief Revenue Officer, emphasized Maggiacomo's extensive fixed income sales experience and strong industry relationships. Previously, Maggiacomo was Head of US Credit Sales at Royal Bank of Canada, focusing on leveraged finance. He has also held senior roles at Bank of America Merrill Lynch. His appointment aims to enhance trading efficiency and offer innovative solutions in a rapidly changing market.

MarketAxess Holdings Inc. (Nasdaq: MKTX) reported its first-quarter 2024 financial results with total revenues of $210.3 million, a 3.5% increase. The company saw strong growth in U.S. high-grade commission revenue and record commission revenue from emerging markets, Eurobonds, and municipal bonds. Diluted EPS was $1.92 on net income of $72.6 million, compared to $1.96 on net income of $73.6 million in the prior year. The company highlighted the expansion of its client franchise, strong international product growth, and record automation and algorithmic trading metrics.

MarketAxess Holdings Inc. announced trading volume and transaction fees for April 2024. CEO Chris Concannon highlighted strong growth in credit ADV, driven by increases in U.S. high-grade, emerging markets, and municipal bonds. Total ADV was $34.1 billion, up 22.6%, with notable increases in rates trading ADV and total credit ADV. MarketAxess saw a decrease in U.S. high-yield ADV but an increase in new issuance. The company also reported growth in emerging markets ADV, municipal bond ADV, and portfolio trading volume. Open Trading share of total credit trading volume decreased slightly. Preliminary fees for total credit and rates were lower than the prior year. MarketAxess continues to exclude single-dealer portfolio trading activity from reported figures.

MarketAxess Holdings Inc. (Nasdaq: MKTX) announced the appointment of Dan Burke as Global Head of Emerging Markets, responsible for developing and executing business strategy for EM trading. Burke, with extensive experience in Emerging Markets, joins from Standard Chartered where he played a key role in automating credit offerings. MarketAxess aims to enhance liquidity and efficiency internationally under Burke's leadership. Recent investments in EM trading solutions led to a record average daily volume of $3.6 billion in Q1 2024, with Latin America and Asia-Pacific clients contributing significantly to the growth.