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MarketAxess Announces Trading Volume Statistics for June and Second Quarter 2026

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NEW YORK--(BUSINESS WIRE)-- 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 2026 and second quarter 2026 ended June 30, 2026.1

Trading Records for Second Quarter 2026

  • Total portfolio trading ADV
  • U.S. high-grade portfolio trading ADV
  • U.S. high-yield portfolio trading ADV
  • Municipal bonds portfolio trading ADV
  • Mid-X ADV

Select June 2026 Highlights* (See tables 1-1C and table 2)

Total credit trading volumes showed continued strength in June relative to May levels, and U.S. high-grade estimated market share increased approximately 10 basis points to 17.9%, driven by improvement in the client-initiated channel. U.S. high-yield estimated market share increased to 14.9%, up 190 basis points from the prior year and up 100 basis points sequentially.

The Company estimates that duplicate trade reports inflated U.S. high-grade TRACE volumes by up to 8% in June 2026. Adjusting for these duplicates, consistent with FINRA’s recent proposal to suppress duplicate reporting, we believe our estimated U.S. high-grade market share would have been approximately 150 basis points higher, or approximately 19.4%, in June 2026.

We also continued to make progress with block trading, portfolio trading, and dealer-initiated protocols across the platform.

Client-Initiated Channel

  • 33% increase in block trading ADV to $6.6 billion, with U.S. credit block ADV of $3.8 billion, up 40%, compared to a 28% increase in TRACE U.S. credit block ADV. Emerging markets block ADV of $2.3 billion increased 25% and eurobonds block ADV of $578 million increased 25%.

Portfolio Trading Channel

  • 71% increase in total portfolio trading ADV to $2.0 billion, including U.S. high-grade ADV of $1.3 billion up 105% and U.S. high-yield ADV of $461 million, up 98%.
  • 19.7% estimated market share of U.S. credit portfolio trading, compared to 15.5% in the prior year.

Dealer-Initiated Channel

  • Dealer-initiated ADV of $1.8 billion was up 4% from the prior year. Record levels of municipal bonds ADV (+98%), eurobonds ADV (+71%), and emerging markets ADV (+40%) were partially offset by a decline in U.S. high-grade ADV. Total Mid-X trading volume was a record $9.8 billion, representing an increase of 192%.

June 2026 Variable Transaction Fees Per Million1 (See table 1D)

  • The year-over-year decline in total credit FPM was driven by protocol mix and the impact of an increase in block trading, which is generally a lower FPM activity. The month-over-month decline in total credit FPM was largely driven by the lower duration of bonds traded in U.S. high-grade and protocol mix.
  • The year-over-year and month-over-month increases in total rates FPM were driven by the impact of protocol mix.

*All comparisons versus June 2025 unless noted. Client-initiated block trading ADV may include some portfolio trading activity.

Select Second Quarter 2026 Highlights* (See tables 1-1C and table 2)

U.S. high-yield, portfolio trading and international credit products remained key contributors to performance during the quarter given relatively lower industry activity and reduced market volatility.

Client-Initiated Channel

  • 11% increase in block trading ADV to $5.9 billion, with U.S. credit block ADV of $3.4 billion, up 8%, compared to a 12% increase in TRACE U.S. credit block ADV. Emerging markets block ADV of $2.0 billion increased 24% and eurobonds block ADV of $503 million decreased 5%.

Portfolio Trading Channel

  • 33% increase in total portfolio trading ADV to a record $2.0 billion, including record U.S. high-grade ADV of $1.2 billion up 41%, record U.S. high-yield ADV of $459 million, up 93% and emerging markets ADV of $118 million, up 44%.
  • 20.6% estimated market share of U.S. credit portfolio trading, compared to 17.5% in the prior year.

Dealer-Initiated Channel

  • Dealer-initiated ADV of $1.7 billion was down 3% from the prior year. Record levels of eurobonds ADV (+43%), municipal bonds ADV (+36%), and emerging markets ADV (+29%) were offset by declines in U.S. high-grade and U.S. high-yield ADVs. Total Mid-X trading volume was a record $23.6 billion, representing an increase of 156%.

Second Quarter 2026 Variable Transaction Fees Per Million1 (See table 1D)

  • The year-over-year decline in total credit FPM was driven by protocol and product mix, as well as lower duration of bonds traded in U.S. high-grade. The quarter-over-quarter decline in total credit FPM was largely driven by lower duration.
  • The year-over-year and quarter-over-quarter increases in total rates FPM were driven by the impact of protocol mix.

*All comparisons versus second quarter 2025 unless noted. Client-initiated block trading ADV may include some portfolio trading activity.

Table 1: MarketAxess ADV

 

 

Month

 

% Change

 

Quarter

 

 

% Change

 

 

Jun-26

 

 

May-26

 

 

Jun-25

 

MoM

YoY

 

2Q26

 

 

1Q26

 

 

2Q25

 

 

QoQ

YoY

MKTX ADV ($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. High-Grade (incl. SD PT)2

 

$

8,234

 

 

$

8,405

 

 

$

7,168

 

 

(2

)

%

 

15

 

%

 

$

7,940

 

 

$

8,722

 

 

$

7,922

 

 

 

(9

)

%

-

 

%

U.S. High-Grade (excl. SD PT)2

 

 

7,795

 

 

 

7,728

 

 

 

6,998

 

 

1

 

 

 

11

 

 

 

 

7,437

 

 

 

8,385

 

 

 

7,760

 

 

 

(11

)

 

 

(4

)

 

U.S. High-Yield (incl. SD PT)2

 

 

1,845

 

 

 

1,755

 

 

 

1,570

 

 

5

 

 

 

18

 

 

 

 

1,818

 

 

 

1,864

 

 

 

1,753

 

 

 

(2

)

 

 

4

 

 

U.S. High-Yield (excl. SD PT)2

 

 

1,591

 

 

 

1,547

 

 

 

1,497

 

 

3

 

 

 

6

 

 

 

 

1,560

 

 

 

1,646

 

 

 

1,692

 

 

 

(5

)

 

 

(8

)

 

Emerging Markets

 

 

4,831

 

 

 

4,284

 

 

 

4,172

 

 

13

 

 

 

16

 

 

 

 

4,500

 

 

 

5,114

 

 

 

4,018

 

 

 

(12

)

 

 

12

 

 

Eurobonds

 

 

2,783

 

 

 

2,758

 

 

 

2,411

 

 

1

 

 

 

15

 

 

 

 

2,698

 

 

 

2,828

 

 

 

2,681

 

 

 

(5

)

 

 

1

 

 

Other Credit Products3

 

 

670

 

 

 

680

 

 

 

580

 

 

(1

)

 

 

16

 

 

 

 

657

 

 

 

659

 

 

 

644

 

 

 

(0

)

 

 

2

 

 

Municipal Bonds

 

 

670

 

 

 

680

 

 

 

579

 

 

(1

)

 

 

16

 

 

 

 

657

 

 

 

659

 

 

 

643

 

 

 

(0

)

 

 

2

 

 

Total MKTX Credit ADV (excl. SD PT)2

 

$

17,670

 

 

$

16,997

 

 

$

15,658

 

 

4

 

 

 

13

 

 

 

$

16,852

 

 

$

18,632

 

 

$

16,795

 

 

 

(10

)

 

-

 

 

Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government Bonds

 

$

23,034

 

 

$

26,045

 

 

$

25,804

 

 

(12

)

%

 

(11

)

%

 

$

24,108

 

 

$

29,511

 

 

$

30,756

 

 

 

(18

)

%

 

(22

)

%

Agencies and Other Government Bonds

 

 

3,201

 

 

 

2,194

 

 

 

1,641

 

 

46

 

 

 

95

 

 

 

 

2,641

 

 

 

1,659

 

 

 

1,458

 

 

 

59

 

 

 

81

 

 

Total MKTX Rates ADV

 

$

26,235

 

 

$

28,239

 

 

$

27,445

 

 

(7

)

 

 

(4

)

 

 

$

26,749

 

 

$

31,170

 

 

$

32,214

 

 

 

(14

)

 

 

(17

)

 

Total MKTX Trading ADV

 

$

43,905

 

 

$

45,236

 

 

$

43,103

 

 

(3

)

 

 

2

 

 

 

$

43,601

 

 

$

49,802

 

 

$

49,009

 

 

 

(12

)

 

 

(11

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Trading Days4

 

21

 

 

20

 

 

20

 

 

 

 

 

 

 

 

62

 

 

61

 

 

62

 

 

 

 

 

 

 

 

U.K. Trading Days4

 

22

 

 

19

 

 

21

 

 

 

 

 

 

 

 

61

 

 

63

 

 

60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Table 1A: Market ADV

 

 

Month

 

% Change

 

Quarter

 

 

% Change

 

 

Jun-26

 

 

May-26

 

 

Jun-25

 

MoM

YoY

 

2Q26

 

 

1Q26

 

 

2Q25

 

 

QoQ

YoY

MARKET ADV ($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. High-Grade TRACE

 

$

46,009

 

 

$

47,102

 

 

$

35,517

 

 

(2

)

%

 

30

 

%

 

$

45,305

 

 

$

49,074

 

 

$

40,010

 

 

 

(8

)

%

 

13

 

%

U.S. High-Yield TRACE

 

 

12,364

 

 

 

12,593

 

 

 

12,096

 

 

(2

)

 

 

2

 

 

 

 

12,857

 

 

 

13,542

 

 

 

13,296

 

 

 

(5

)

 

 

(3

)

 

Total U.S. Credit TRACE

 

 

58,373

 

 

 

59,695

 

 

 

47,613

 

 

(2

)

 

 

23

 

 

 

 

58,162

 

 

 

62,616

 

 

 

53,306

 

 

 

(7

)

 

 

9

 

 

Municipal Bonds MSRB

 

 

9,763

 

 

 

9,783

 

 

 

10,234

 

 

(0

)

 

 

(5

)

 

 

 

9,880

 

 

 

9,543

 

 

 

12,017

 

 

 

4

 

 

 

(18

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government Bonds TRACE

 

$

1,170,690

 

 

$

1,265,590

 

 

$

1,019,410

 

 

(7

)

%

 

15

 

%

 

$

1,169,971

 

 

$

1,289,038

 

 

$

1,162,485

 

 

 

(9

)

%

 

1

 

%

Agency TRACE

 

 

2,660

 

 

 

2,695

 

 

 

2,729

 

 

(1

)

 

 

(3

)

 

 

 

2,714

 

 

 

3,676

 

 

 

3,623

 

 

 

(26

)

 

 

(25

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Trading Days4

 

21

 

 

20

 

 

20

 

 

 

 

 

 

 

 

62

 

 

61

 

 

62

 

 

 

 

 

 

 

 

U.K. Trading Days4

 

22

 

 

19

 

 

21

 

 

 

 

 

 

 

 

61

 

 

63

 

 

60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Table 1B: Estimated Market Share

 

 

Month

 

Bps Change

 

Quarter

 

 

Bps Change

 

 

Jun-26

 

 

May-26

 

 

Jun-25

 

MoM

YoY

 

2Q26

 

 

1Q26

 

 

2Q25

 

 

QoQ

YoY

MKTX ESTIMATED MARKET SHARE (%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. High-Grade

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% of U.S. High-Grade TRACE2,5

 

 

17.9

%

2,5

 

17.8

%

 

 

20.2

%

+10

bps

(230)

bps

 

 

17.5

%

2,5

 

17.8

%

 

 

19.8

%

 

(30)

bps

(230)

bps

U.S. High-Yield

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% of U.S. High-Yield TRACE2

 

 

14.9

%

2

 

13.9

%

 

 

13.0

%

+100

bps

+190

bps

 

 

14.1

%

2

 

13.8

%

 

 

13.2

%

 

+30

bps

+90

bps

Other Credit Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% of Municipal Bonds MSRB

 

 

6.9

%

 

 

6.9

%

 

 

5.7

%

-

bps

+120

bps

 

 

6.6

%

 

 

6.9

%

 

 

5.4

%

 

(30)

bps

+120

bps

Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% of U.S. Government Bonds TRACE

 

 

2.0

%

 

 

2.1

%

 

 

2.5

%

(10)

bps

(50)

bps

 

 

2.1

%

 

 

2.3

%

 

 

2.6

%

 

(20)

bps

(50)

bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Table 1C: Strategic Priorities ADV

 

 

Month

 

% Change

 

Quarter

 

 

% Change

 

 

Jun-26

 

 

May-26

 

 

Jun-25

 

MoM

YoY

 

2Q26

 

 

1Q26

 

 

2Q25

 

 

QoQ

YoY

STRATEGIC PRIORITIES ADV ($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Client-Initiated Channel

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Credit Block Trading

 

$

3,750

 

 

$

3,509

 

 

$

2,672

 

 

7

 

%

 

40

 

%

 

$

3,412

 

 

$

3,751

 

 

$

3,172

 

 

 

(9

)

%

 

8

 

%

Emerging Markets Block Trading

 

 

2,318

 

 

 

1,952

 

 

 

1,860

 

 

19

 

 

 

25

 

 

 

 

2,019

 

 

 

2,292

 

 

 

1,626

 

 

 

(12

)

 

 

24

 

 

Eurobonds Block Trading

 

 

578

 

 

 

549

 

 

 

462

 

 

5

 

 

 

25

 

 

 

 

503

 

 

 

591

 

 

 

529

 

 

 

(15

)

 

 

(5

)

 

Portfolio Trading Channel

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total MKTX Portfolio Trading

 

$

2,039

 

 

$

2,140

 

 

$

1,193

 

 

(5

)

%

 

71

 

%

 

$

1,970

 

 

$

1,944

 

 

$

1,481

 

 

 

1

 

%

 

33

 

%

Total MKTX U.S. Credit Portfolio Trading

 

 

1,773

 

 

 

1,858

 

 

 

874

 

 

(5

)

 

 

103

 

 

 

 

1,692

 

 

 

1,547

 

 

 

1,112

 

 

 

9

 

 

 

52

 

 

Total U.S. Credit TRACE Portfolio Trading

 

 

9,000

 

 

 

8,458

 

 

 

5,640

 

 

6

 

 

 

60

 

 

 

 

8,218

 

 

 

7,834

 

 

 

6,355

 

 

 

5

 

 

 

29

 

 

Dealer-Initiated Channel

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Dealer Initiated (DRFQ & Mid-X)

 

$

1,752

 

 

$

1,765

 

 

$

1,683

 

 

(1

)

%

 

4

 

%

 

$

1,742

 

 

$

1,905

 

 

$

1,795

 

 

 

(9

)

%

 

(3

)

%

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Open Trading

 

$

5,255

 

 

$

5,208

 

 

$

4,553

 

 

1

 

%

 

15

 

%

 

$

5,135

 

 

$

5,669

 

 

$

5,030

 

 

 

(9

)

%

 

2

 

%

Axess IQ

 

 

187

 

 

 

190

 

 

 

158

 

 

(2

)

 

 

18

 

 

 

 

183

 

 

 

209

 

 

 

176

 

 

 

(12

)

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Trading Days4

 

21

 

 

20

 

 

20

 

 

 

 

 

 

 

 

62

 

 

61

 

 

62

 

 

 

 

 

 

 

 

U.K. Trading Days4

 

22

 

 

19

 

 

21

 

 

 

 

 

 

 

 

61

 

 

63

 

 

60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*Client-initiated channel activity may include some portfolio trading channel activity.

Table 1D: Variable Transaction Fees Per Million (FPM)1

 

 

Month

 

% Change

 

Quarter

 

 

% Change

 

 

Jun-26

 

 

May-26

 

 

Jun-25

 

MoM

YoY

 

2Q26

 

 

1Q26

 

 

2Q25

 

 

QoQ

YoY

AVG. VARIABLE TRANS. FEE PER MILLION (FPM)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Credit

 

$

125

 

 

$

128

 

 

$

138

 

 

(2

)

%

 

(9

)

%

 

$

129

 

 

$

132

 

 

$

138

 

 

 

(2

)

%

 

(7

)

%

Total Rates

 

 

5.09

 

 

 

4.96

 

 

 

4.39

 

 

3

 

 

 

16

 

 

 

 

4.99

 

 

 

4.68

 

 

 

4.03

 

 

 

7

 

 

 

24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

The FPM for total credit and total rates for June 2026 and second quarter 2026 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

Effective with the release of our January 2026 trading volume statistics, the Company revised certain aspects of its reporting methodology for estimated market share to provide a more comprehensive view of platform activity and enhance comparability with industry peers. The Company now highlights estimated market share for U.S. high-grade and U.S. high-yield on an all-in basis, which includes single-dealer portfolio trading activity, and the Company will no longer report estimated market share on an "excluding single-dealer portfolio trading" basis. Single-dealer portfolio trading activity continues to be excluded from the “Total MKTX Credit ADV (excl. SD PT)” line in Table 1, the “Total Credit” FPM calculation in Table 1D and the “Total Credit Trading” line in Table 2. “SD PT” is defined as single-dealer portfolio trades. As used in Table 1 to highlight the effect of single dealer portfolio trading on U.S. high-grade and U.S. high yield ADVs, “SD PT” means single-dealer portfolio trades.

 

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

The Company estimates that duplicate reports increased reported monthly TRACE volumes by up to 8% of U.S. high-grade TRACE in June 2026. Adjusting for these duplicates, consistent with FINRA’s recent proposal to suppress duplicate reporting, the Company believes its estimated U.S. high-grade market share would have been approximately 150 basis points higher in June 2026.

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 MarketAxess Holdings Inc. (the “Company” or “MarketAxess”), 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; our dependence on third-party suppliers for key products and services; 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; risks related to sanctions levied against states or individuals that could expose us to operational or regulatory risks; the effects of climate change or other sustainability risks that could affect our operations or reputation; 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 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; limitations on our flexibility because we operate in a highly regulated industry; the increasing government regulation of us and our clients; our exposure to costs and penalties related to our extensive regulation; our risks of litigation and securities laws liability; our tax filing positions; 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 and other 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)

 

 

2026

 

 

2025

 

 

% Change

 

 

 

 

 

Volume

 

 

ADV

 

 

Volume

 

 

ADV

 

 

Volume

 

 

ADV

 

 

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

High-grade

 

 

$

163,686

 

 

$

7,795

 

 

$

139,950

 

 

$

6,998

 

 

 

17

 

%

 

11

 

%

High-yield

 

 

 

33,405

 

 

 

1,591

 

 

 

29,942

 

 

 

1,497

 

 

 

12

 

 

 

6

 

 

Emerging markets

 

 

 

101,461

 

 

 

4,831

 

 

 

83,438

 

 

 

4,172

 

 

 

22

 

 

 

16

 

 

Eurobonds

 

 

 

61,216

 

 

 

2,783

 

 

 

50,632

 

 

 

2,411

 

 

 

21

 

 

 

15

 

 

Other credit

 

 

 

14,066

 

 

 

670

 

 

 

11,599

 

 

 

580

 

 

 

21

 

 

 

16

 

 

Total credit trading1

 

 

 

373,834

 

 

 

17,670

 

 

 

315,561

 

 

 

15,658

 

 

 

18

 

 

 

13

 

 

Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government bonds2

 

 

 

483,717

 

 

 

23,034

 

 

 

516,084

 

 

 

25,804

 

 

 

(6

)

 

 

(11

)

 

Agency and other government bonds1

 

 

 

70,360

 

 

 

3,201

 

 

 

34,360

 

 

 

1,641

 

 

 

105

 

 

 

95

 

 

Total rates trading

 

 

 

554,077

 

 

 

26,235

 

 

 

550,444

 

 

 

27,445

 

 

 

1

 

 

 

(4

)

 

Total trading

 

 

$

927,911

 

 

$

43,905

 

 

$

866,005

 

 

$

43,103

 

 

 

7

 

 

 

2

 

 

Number of U.S. Trading Days3

 

 

 

 

 

 

21

 

 

 

 

 

 

20

 

 

 

 

 

 

 

 

Number of U.K. Trading Days4

 

 

 

 

 

 

22

 

 

 

 

 

 

21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended June 30,

 

 

In millions (unaudited)

 

 

2026

 

 

2025

 

 

% Change

 

 

 

 

 

Volume

 

 

ADV

 

 

Volume

 

 

ADV

 

 

Volume

 

 

ADV

 

 

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

High-grade

 

 

$

461,087

 

 

$

7,437

 

 

$

481,090

 

 

$

7,760

 

 

 

(4

)

%

 

(4

)

%

High-yield

 

 

 

96,701

 

 

 

1,560

 

 

 

104,897

 

 

 

1,692

 

 

 

(8

)

 

 

(8

)

 

Emerging markets

 

 

 

278,991

 

 

 

4,500

 

 

 

249,091

 

 

 

4,018

 

 

 

12

 

 

 

12

 

 

Eurobonds

 

 

 

164,600

 

 

 

2,698

 

 

 

160,873

 

 

 

2,681

 

 

 

2

 

 

 

1

 

 

Other credit

 

 

 

40,716

 

 

 

657

 

 

 

39,965

 

 

 

644

 

 

 

2

 

 

 

2

 

 

Total credit trading1

 

 

 

1,042,095

 

 

 

16,852

 

 

 

1,035,916

 

 

 

16,795

 

 

 

1

 

 

 

-

 

 

Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government bonds2

 

 

 

1,494,713

 

 

 

24,108

 

 

 

1,906,892

 

 

 

30,756

 

 

 

(22

)

 

 

(22

)

 

Agency and other government bonds1

 

 

 

161,162

 

 

 

2,641

 

 

 

87,625

 

 

 

1,458

 

 

 

84

 

 

 

81

 

 

Total rates trading

 

 

 

1,655,875

 

 

 

26,749

 

 

 

1,994,517

 

 

 

32,214

 

 

 

(17

)

 

 

(17

)

 

Total trading

 

 

$

2,697,970

 

 

$

43,601

 

 

$

3,030,433

 

 

$

49,009

 

 

 

(11

)

 

 

(11

)

 

Number of U.S. Trading Days3

 

 

 

 

 

 

62

 

 

 

 

 

 

62

 

 

 

 

 

 

 

 

Number of U.K. Trading Days4

 

 

 

 

 

 

61

 

 

 

 

 

 

60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year-to-Date Ended June 30,

 

 

In millions (unaudited)

 

 

2026

 

 

2025

 

 

% Change

 

 

 

 

 

Volume

 

 

ADV

 

 

Volume

 

 

ADV

 

 

Volume

 

 

ADV

 

 

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

High-grade

 

 

$

972,579

 

 

$

7,907

 

 

$

942,398

 

 

$

7,662

 

 

 

3

 

%

 

3

 

%

High-yield

 

 

 

197,110

 

 

 

1,603

 

 

 

194,894

 

 

 

1,585

 

 

 

1

 

 

 

1

 

 

Emerging markets

 

 

 

590,916

 

 

 

4,804

 

 

 

489,376

 

 

 

3,979

 

 

 

21

 

 

 

21

 

 

Eurobonds

 

 

 

342,762

 

 

 

2,764

 

 

 

308,790

 

 

 

2,510

 

 

 

11

 

 

 

10

 

 

Other credit

 

 

 

80,902

 

 

 

658

 

 

 

76,447

 

 

 

621

 

 

 

6

 

 

 

6

 

 

Total credit trading1

 

 

 

2,184,269

 

 

 

17,736

 

 

 

2,011,905

 

 

 

16,357

 

 

 

9

 

 

 

8

 

 

Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government bonds2

 

 

 

3,294,863

 

 

 

26,788

 

 

 

3,488,973

 

 

 

28,366

 

 

 

(6

)

 

 

(6

)

 

Agency and other government bonds1

 

 

 

266,675

 

 

 

2,152

 

 

 

153,450

 

 

 

1,248

 

 

 

74

 

 

 

72

 

 

Total rates trading

 

 

 

3,561,538

 

 

 

28,940

 

 

 

3,642,423

 

 

 

29,614

 

 

 

(2

)

 

 

(2

)

 

Total trading

 

 

$

5,745,807

 

 

$

46,676

 

 

$

5,654,328

 

 

$

45,971

 

 

 

2

 

 

 

2

 

 

Number of U.S. Trading Days3

 

 

 

 

 

 

123

 

 

 

 

 

 

123

 

 

 

 

 

 

 

 

Number of U.K. Trading Days4

 

 

 

 

 

 

124

 

 

 

 

 

 

123

 

 

 

 

 

 

 

 

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.

 

INVESTOR RELATIONS

Stephen Davidson
MarketAxess Holdings Inc.
+1 212 813 6313
sdavidson2@marketaxess.com

MEDIA RELATIONS

Marisha Mistry
MarketAxess Holdings Inc.
+1 917 267 1232
mmistry@marketaxess.com

Source: MarketAxess Holdings Inc.

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