MarketAxess Announces Monthly Volume Statistics for April 2022
MarketAxess Holdings reported a significant rise in April 2022 trading volume, achieving $38.1 billion in average daily volume (ADV), up 56% year-over-year. Key highlights include a 90% increase in rates ADV and a 14% boost in credit ADV. U.S. Treasury ADV soared to $25.5 billion, marking a 91% rise. Market share also improved, with U.S. high-grade and high-yield ADV increasing to 22.6% and 16.9%, respectively. The Open Trading® network contributed to approximately 34% of total credit trading volume, reflecting robust market activity.
- $38.1 billion in average daily volume, up 56%
- Rates ADV increased by 90%
- U.S. Treasury ADV reached $25.5 billion, up 91%
- U.S. high-grade market share rose to 22.6%
- U.S. high-yield market share increased to 16.9%
- Record monthly municipal bond ADV of $342 million
- Record monthly portfolio trading volume of $7.3 billion
- None.
NEW YORK, May 04, 2022 (GLOBE NEWSWIRE) -- MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, and the provider of market data and post-trade services for the global fixed-income markets, today announced monthly trading volume for April 2022.
Rick McVey, Chairman of the Board and CEO of MarketAxess commented:
“We registered strong growth in average daily trading volume in April in Credit and Rates, driven by broad-based market share gains across product areas. The market environment continues to improve for Open Trading®, our all-to-all trading network, leading to increased transaction cost savings for our clients. We are encouraged by the growing momentum we see in new product areas like U.S. Treasuries and Municipal bonds, as well as additional trading protocols, including Portfolio Trading and Live Markets™.”
Select April 2022 highlights*
$38.1 billion in total trading average daily volume (“ADV”), up56% , consisting of credit ADV of$12.2 billion, up14% , and rates ADV of$25.9 billion, up90% .- U.S. high-grade ADV of
$6.0 billion, up14% ; estimated market share of22.6% , up from21.0% . - U.S. high-yield ADV of
$1.6 billion, up6% ; estimated market share of16.9% , up from15.0% . - Emerging markets ADV of
$2.9 billion, up15% , with estimated market ADV down11% . - Eurobond ADV of
$1.4 billion, up1% , with estimated market ADV down20% . $25.5 billion in U.S. Treasury ADV, up91% with record market share.- Open Trading® represented approximately
34% of total credit trading volume. - Record monthly municipal bond ADV of
$342 million. - Record monthly portfolio trading volume of
$7.3 billion.
*All comparisons versus April 2021 unless otherwise noted.
April 2022 trading volume (ADV)
| CREDIT | RATES | ||||||||||||||||||||||||||||||||
| $ in millions (unaudited) | Total Volumes | High-Grade | High-Yield | Emerging Markets | Eurobonds | Other Credit Prod. | Total Other Credit | Total Credit | US Govt. Bonds | Agcy./Other Govt. Bonds | Total Rates | ||||||||||||||||||||||
| Apr-22 | |||||||||||||||||||||||||||||||||
| Apr-21 | |||||||||||||||||||||||||||||||||
| Apr-22 vs. Apr-21 % Change | |||||||||||||||||||||||||||||||||
Reported MarketAxess volume in all product categories includes only fully electronic trading volume. MarketAxess trading volumes, TRACE reported volumes and MarketAxess Post-Trade processed volumes are available on the Company’s website at investor.marketaxess.com/volume.cfm.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements, including statements about the outlook and prospects for Company 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; risks relating to the COVID-19 pandemic, including the possible effects of the economic conditions worldwide resulting from the COVID-19 pandemic; adverse effects as a result of climate change or other ESG risks that could affect our reputation; 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; reputational or credibility risks related to our data products and index business; 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; the effect of rapid market or technological changes on us and the users of our technology; 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; our vulnerability to cyber security risks; 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 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 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 future capital needs and our ability to obtain capital when needed; limitations on our operating flexibility contained in our credit agreement; 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. Over 1,900 firms leverage MarketAxess’ patented technology to efficiently trade fixed-income securities. 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 the full trading lifecycle, including automated trading solutions, intelligent data products and a range of post-trade services. Learn more at www.marketaxess.com and on Twitter @MarketAxess.
| Contacts | |
| INVESTOR RELATIONS | MEDIA RELATIONS |
| Stephen Davidson MarketAxess Holdings Inc. +1 212 813 6313 sdavidson2@marketaxess.com | Marisha Mistry MarketAxess Holdings Inc. +1 917 267 1232 mmistry@marketaxess.com |
| William McBride RF | Binder +1 917 239 6726 |
MarketAxess Holdings Inc.
Monthly Volume Statistics
| Average Daily Volume | Total Trading Volume | ||||||||||||||||
| Apr-22 | Apr-21 | % Change | Apr-22 | Apr-21 | % Change | ||||||||||||
| ($ in millions) | |||||||||||||||||
| U.S High-Grade | |||||||||||||||||
| Fixed Rate | $ | 5,785 | $ | 5,010 | 15.5 | % | $ | 115,709 | $ | 105,205 | 10.0 | % | |||||
| Floating Rate | 176 | 211 | -16.6 | % | 3,516 | 4,425 | -20.5 | % | |||||||||
| Total U.S. High-Grade | 5,961 | - | 5,221 | 14.2 | % | 119,225 | 109,630 | 8.8 | % | ||||||||
| Other Credit | |||||||||||||||||
| U.S. High-Yield | 1,647 | 1,551 | 6.2 | % | 32,938 | 32,568 | 1.1 | % | |||||||||
| Emerging Markets | 2,852 | 2,490 | 14.5 | % | 57,034 | 52,288 | 9.1 | % | |||||||||
| Eurobonds | 1,426 | 1,409 | 1.2 | % | 27,099 | 28,186 | -3.9 | % | |||||||||
| Other Credit Products3 | 351 | 110 | 219.1 | % | 7,024 | 2,306 | 204.6 | % | |||||||||
| Total Other Credit | 6,276 | 5,560 | 12.9 | % | 124,095 | 115,348 | 7.6 | % | |||||||||
| Total Credit1 | 12,237 | 10,781 | 13.5 | % | 243,320 | 224,978 | 8.2 | % | |||||||||
| Rates | |||||||||||||||||
| U.S. Government Bonds 2 | 25,544 | 13,395 | 90.7 | % | 510,870 | 281,297 | 81.6 | % | |||||||||
| Agencies and Other Government Bonds 1 | 358 | 247 | 44.9 | % | 6,955 | 5,146 | 35.2 | % | |||||||||
| Total Rates | 25,902 | 13,642 | 89.9 | % | 517,825 | 286,443 | 80.8 | % | |||||||||
| Number of U.S. Trading Days 4 | 20 | 21 | |||||||||||||||
| Number of U.K. Trading Days 5 | 19 | 20 | |||||||||||||||
| NOTES: | |||||||||||||||||
| 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 Beginning January 2022, following the integration of the MuniBrokers platform, we are now including MuniBrokers variable commission related trading volume in Other Credit Products. | |||||||||||||||||
| 4 The number of U.S. trading days is based on the SIFMA holiday recommendation calendar. | |||||||||||||||||
| 5 The number of U.K. trading days is based primarily on the U.K. Bank holiday schedule. | |||||||||||||||||
FAQ
What was MarketAxess' trading volume in April 2022?
How much did U.S. Treasury ADV increase in April 2022?
What is the market share of U.S. high-grade bonds for MarketAxess in April 2022?
What growth did MarketAxess see in its rates ADV in April 2022?
How did the Open Trading® network perform in April 2022?
