MarketAxess Trading Volume Surges 44% in May 2025, Sets New Records

44% Increase in Total ADV Driven by 22% Increase in Total Credit ADV and 59% Increase in Total Rates ADV

Record Eurobonds ADV of $2.9 Billion on 116% Increase in Block Trading and 500% Increase in Portfolio Trading ADV

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 May 2025.¹

Select May 2025 Highlights* (See tables 1-1C and table 2)

The MarketAxess platform’s strong performance persisted in May through moderated levels of volatility, providing our clients with deep liquidity through Open Trading.
We delivered strong progress with our new initiatives across the client-initiated, portfolio trading and dealer-initiated channels that contributed to the strong performance in May.

Client-Initiated

Strong increases in block trading ADV across U.S. credit (+41%), emerging markets (+24%) and eurobonds (+116%). We launched our targeted block trading solution in U.S. credit in mid-May.
- Block trading in emerging markets and eurobonds both benefitted from the launch of our targeted block solution in late 2024, which has generated cumulative trading volume of approximately $1.7 billion and $2.7 billion, respectively, since launch.
Clients continued to leverage our algos in U.S. government bond trading, helping to drive a 57% increase in ADV to $28.3 billion with estimated market share of 2.6% in May.

Portfolio Trading

Year-to-date May 2025, estimated market share of U.S. credit portfolio trading is 18.6%, compared to 14.1% in the prior year same period, an increase of approximately 450 basis points.²
- 90% of all portfolio trading ADV was executed over X-Pro in May.

Dealer-Initiated

Dealer-initiated ADV increased 41% to $1.8 billion.

May 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. Total credit FPM was flat month-over-month.
The decline in total rates FPM compared to the prior year was driven by the impact of product mix. Total rates FPM was down slightly month-over-month.

*All comparisons versus May 2024 unless noted.

Table 1: MarketAxess ADV³
	Month						% Change
	May-25		Apr-25		May-24		YoY			MoM
MKTX ADV ($ millions)
Credit
U.S. High-Grade	$	7,649	$	8,595	$	6,122		25	%	(11	)	%
U.S. High-Yield		1,602		1,968		1,320		21		(19	)
Emerging Markets		3,615		4,273		3,074		18		(15	)
Eurobonds		2,870		2,785		2,274		26		3
Other Credit Products³		612		739		582		5		(17	)
Municipal Bonds		611		737		577		6		(17	)
Total MKTX Credit ADV	$	16,348	$	18,360	$	13,372		22		(11	)
Rates
U.S. Government Bonds	$	28,293	$	37,935	$	18,072		57	%	(25	)	%
Agencies and Other Government Bonds		1,589		1,141		728		118		39
Total MKTX Rates ADV	$	29,882	$	39,076	$	18,800		59		(24	)
Total MKTX Trading ADV	$	46,230	$	57,436	$	32,172		44		(20	)

U.S. Trading Days⁴		21		21		22
U.K. Trading Days⁴		19		20		20

Table 1A: Market ADV
	Month						% Change
	May-25		Apr-25		May-24		YoY			MoM
MARKET ADV ($ millions)
Credit
U.S. High-Grade TRACE	$	39,652	$	44,647	$	32,864		21	%	(11	)	%
U.S. High-Yield TRACE		13,171		14,565		10,313		28		(10	)
Total U.S. Credit TRACE		52,823		59,212		43,177		22		(11	)
Municipal Bonds MSRB		10,306		15,427		7,123		45		(33	)

Rates
U.S. Government Bonds TRACE	$	1,106,252	$	1,354,981	$	830,586		33	%	(18	)	%
Agency TRACE		4,032		4,064		2,982		35		(1	)

U.S. Trading Days⁴		21		21		22
U.K. Trading Days⁴		19		20		20

Table 1B: Estimated Market Share⁵
	Month			Bps Change
	May-25	Apr-25	May-24	YoY			MoM
MKTX ESTIMATED MARKET SHARE (%)
U.S. High-Grade
% of U.S. High-Grade TRACE (incl. SD PT)⁵	19.9%	19.4%	19.2%		+70	bps	+50	bps
% of U.S. High-Grade TRACE (excl. SD PT)⁵	19.3%	19.3%	18.6%		+70	bps	–	bps
U.S. High-Yield
% of U.S. High-Yield TRACE (incl. SD PT)⁵	12.4%	14.1%	13.1%		(70)	bps	(170)	bps
% of U.S. High-Yield TRACE (excl. SD PT)⁵	12.2%	13.5%	12.8%		(60)	bps	(130)	bps
Other Credit Products
% of Municipal Bonds MSRB	5.9%	4.8%	8.1%		(220)	bps	+110	bps
Rates
% of U.S. Government Bonds TRACE	2.6%	2.8%	2.2%		+40	bps	(20)	bps

Table 1C: Strategic Priorities ADV²
	Month						% Change
	May-25		Apr-25		May-24		YoY			MoM
STRATEGIC PRIORITIES ADV ($ millions)
Client-Initiated Channel
U.S. Credit Block Trading	$	3,070	$	3,751	$	2,182		41	%	(18	)	%
Emerging Markets Block Trading		1,451		1,579		1,173		24		(8	)
Eurobonds Block Trading		637		497		294		116		28
Portfolio Trading Channel
Total MKTX Portfolio Trading²	$	1,455	$	1,790	$	853		71	%	(19	)	%
Total MKTX U.S. Credit Portfolio Trading²		1,014		1,441		734		38		(30	)
Total U.S. Credit TRACE Portfolio Trading²		6,041		7,349		4,164		45		(18	)
Dealer-Initiated Channel
Total Dealer Initiated (DRFQ & Mid-X)	$	1,781	$	1,916	$	1,260		41	%	(7	)	%
Other
Open Trading	$	4,777	$	5,739	$	3,924		22	%	(17	)	%
AxessIQ		189		181		138		37		4

U.S. Trading Days⁴		21		21		22
U.K. Trading Days⁴		19		20		20

Table 1D: Variable Transaction Fees Per Million (FPM)¹
	Month						% Change
	May-25		Apr-25		May-24		YoY				MoM
AVG. VARIABLE TRANS. FEE PER MILLION (FPM)
Total Credit	$	138	$	138	$	148		(7	)	%	0		%
Total Rates		3.75		3.76		4.40		(15	)		(0	)

¹The FPM for total credit and total rates for May 2025 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 Due to variances in how portfolio trading market participants utilized the portfolio trading TRACE “flag,” the Company previously used its own internal methodology for calculating portfolio trading as an estimated percentage of TRACE volume and the Company’s estimated market share. Starting in June 2024, the Company utilized the portfolio trading TRACE flag in its reported portfolio trading TRACE volume and the Company’s portfolio trading estimated market share.

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 “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.

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.

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 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 May 31,
In millions (unaudited)	2025				2024				% Change
	Volume		ADV		Volume		ADV		Volume			ADV
Credit
High-grade	$	160,636	$	7,649	$	134,675	$	6,122		19	%		25	%
High-yield		33,636		1,602		29,044		1,320		16			21
Emerging markets		75,925		3,615		67,625		3,074		12			18
Eurobonds		54,538		2,870		45,471		2,274		20			26
Other credit		12,850		612		12,836		582		-			5
Total credit trading¹		337,585		16,348		289,651		13,372		17			22
Rates
U.S. government bonds²		594,163		28,293		397,586		18,072		49			57
Agency and other government bonds¹		30,329		1,589		14,744		728		106			118
Total rates trading		624,492		29,882		412,330		18,800		51			59
Total trading	$	962,077	$	46,230	$	701,981	$	32,172		37			44
Number of U.S. Trading Days³			21				22
Number of U.K. Trading Days⁴			19				20

	Year-to-Date Ended May 31,
In millions (unaudited)	2025				2024				% Change
	Volume		ADV		Volume		ADV		Volume			ADV
Credit
High-grade	$	802,448	$	7,791	$	735,624	$	7,006		9	%		11	%
High-yield		164,952		1,601		145,839		1,389		13			15
Emerging markets		405,938		3,941		363,206		3,459		12			14
Eurobonds		258,158		2,531		216,884		2,085		19			21
Other credit		64,848		630		49,097		467		32			35
Total credit trading¹		1,696,344		16,494		1,510,650		14,406		12			14
Rates
U.S. government bonds²		2,972,889		28,863		1,873,806		17,846		59			62
Agency and other government bonds¹		119,090		1,167		61,582		591		93			97
Total rates trading		3,091,979		30,030		1,935,388		18,437		60			63
Total trading	$	4,788,323	$	46,524	$	3,446,038	$	32,843		39			42
Number of U.S. Trading Days³			103				105
Number of U.K. Trading Days⁴			102				104

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.