MarketAxess Announces Monthly Volume Statistics for March 2021

Rhea-AI Summary

MarketAxess Holdings reported a record monthly trading volume of $689.6 billion for March 2021, split between $292.6 billion in credit and $397.0 billion in rates. Highlights include a total credit average daily trading volume of $12.7 billion and various trading volume records, such as $145.7 billion for U.S. high-grade and $43.9 billion for U.S. high-yield. Preliminary variable transaction fees were reported at $180 for U.S. high-grade and $3.70 for rates. These figures underscore MarketAxess's strong performance in fixed-income securities trading.

Positive

• Achieved a record monthly trading volume of $689.6 billion.
• Credit trading volume reached $292.6 billion, with a daily average of $12.7 billion.
• Open Trading total credit trading volume was $94.4 billion.
• U.S. high-grade trading volume was $145.7 billion.
• U.S. high-yield average daily trading volume was $1.9 billion.
• Emerging markets total trading volume was $64.2 billion.
• Reported preliminary transaction fees indicating strong pricing power.

Negative

• None.

Company Reports Record Monthly Trading Volume for Credit and Open Trading™

NEW YORK, April 05, 2021 (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 March 2021 of $689.6 billion consisting of $292.6 billion in credit volume and $397.0 billion in rates volume.

A number of trading volume records were achieved in March 2021, including for the following categories:

• Total credit average daily trading volume of $12.7 billion and total credit trading volume of $292.6 billion
• Open Trading total credit trading volume of $94.4 billion
• U.S. high-grade total trading volume of $145.7 billion
• U.S. high-yield average daily trading volume of $1.9 billion and total trading volume of $43.9 billion
• Emerging markets total trading volume of $64.2 billion
• Eurobonds total trading volume of $36.5 billion
• Municipal bonds total trading volume of $2.1 billion
  

The Company also reported preliminary variable transaction fees per million (“FPM”) for the quarter ended March 31, 2021 of $180 for U.S. high-grade, $201 for other credit, $191 for total credit and $3.70 for rates. The FPM for the quarter ended March 31, 2021 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.

Reported MarketAxess volume in all product categories includes only fully electronic trading volume. MarketAxess trading volumes, TRACE reported volumes and Trax^® 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. Actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties, including: the volatility of financial services markets generally; the level of trading volume transacted on the MarketAxess platform; the absolute level and direction of interest rates and the corresponding volatility in the corporate fixed-income market; 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; the rapidly evolving nature of the electronic financial services industry; our ability to introduce new fee plans and our clients’ response; our exposure to risks resulting from non-performance by counterparties to transactions executed between our clients in which we act as an intermediary in matching back-to-back trades; our dependence on our broker-dealer clients; the loss of any of our significant institutional investor clients; our ability to develop new products and offerings and the market’s acceptance of those products; the effect of rapid market or technological changes on us and the users of our technology; our ability to successfully maintain the integrity of our trading platform and our response to system failures, capacity constraints and business interruptions; our vulnerability to cyber security risks; 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 ability to comply with new laws, rules and regulations both domestically and internationally; our ability to maintain effective compliance and risk management methods; the strain of growth initiatives on management and other resources; 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’s actual results and financial condition may differ, perhaps materially, from the anticipated results and financial condition in any such forward-looking statements. 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 operates a leading, institutional electronic trading platform delivering expanded liquidity opportunities, improved execution quality and significant cost savings across global fixed-income markets. A global network of over 1,800 firms, including the world’s leading asset managers and institutional broker-dealers, leverages MarketAxess’ patented trading technology to efficiently trade bonds. MarketAxess’ award-winning Open Trading™ marketplace is regarded as the preferred all-to-all trading solution in the global credit markets, creating a unique liquidity pool for a broad range of credit market participants. Drawing on its deep data and analytical resources, MarketAxess provides automated trading solutions, market data products and a range of pre- and post-trade services.

MarketAxess is headquartered in New York and has offices in London, Amsterdam, Boston, Chicago, Los Angeles, Miami, San Francisco, São Paulo, Hong Kong and Singapore. For more information, please visit www.marketaxess.com.

Investor Relations Contact:

David Cresci
MarketAxess Holdings Inc.
+1-212-813-6027

Media Relations Contacts:

Kyle White
MarketAxess Holdings Inc.
+1-212-813-6355

William McBride
RF | Binder
+1-917-239-6726

MarketAxess Holdings Inc.
Monthly Volume Statistics

	Average Daily Volume									Total Trading Volume
	Mar-21			Mar-20			% Change			Mar-21			Mar-20			% Change
	($ in millions)
U.S High-Grade
Fixed Rate	$	6,076		$	6,055		0.3	%		$	139,756		$	133,217		4.9	%
Floating Rate		259			359		-27.9	%			5,965			7,904		-24.5	%
Total U.S. High-Grade		6,335			6,414		-1.2	%			145,721			141,121		3.3	%
Other Credit
U.S. High-Yield		1,910			1,678		13.8	%			43,928			36,908		19.0	%
Emerging Markets		2,792			2,499		11.7	%			64,225			54,972		16.8	%
Eurobonds		1,585			1,588		-0.2	%			36,450			34,935		4.3	%
Other Credit Products		98			70		40.0	%			2,264			1,548		46.3	%
Total Other Credit		6,385			5,835		9.4	%			146,867			128,363		14.4	%
Total Credit1		12,720			12,249		3.8	%			292,588			269,484		8.6	%
Rates
U.S. Government Bonds 2		17,072			29,070		-41.3	%			392,656			639,548		-38.6	%
Agencies and Other Government Bonds 1		187			342		-45.3	%			4,311			7,532		-42.8	%
Total Rates		17,259			29,412		-41.3	%			396,967			647,080		-38.7	%
Number of U.S. Trading Days 3		23			22
Number of U.K. Trading Days 4		23			22
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 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 on the U.K. Bank holiday schedule.

MarketAxess Holdings Inc.
Quarterly Volume Statistics

	Average Daily Volume									Total Trading Volume
	1Q21			1Q20			% Change			1Q21			1Q20			% Change
	($ in millions)
U.S High-Grade
Fixed Rate	$	5,735		$	5,035		13.9	%		$	349,815		$	312,188		12.1	%
Floating Rate		223			287		-22.3	%			13,626			17,806		-23.5	%
Total U.S. High-Grade		5,958			5,322		12.0	%			363,441			329,994		10.1	%
Other Credit
U.S. High-Yield		1,839			1,501		22.5	%			112,172			93,078		20.5	%
Emerging Markets		2,912			2,429		19.9	%			177,612			150,582		18.0	%
Eurobonds		1,502			1,288		16.6	%			94,643			82,425		14.8	%
Other Credit Products		108			59		83.1	%			6,593			3,668		79.7	%
Total Other Credit		6,361			5,277		20.5	%			391,020			329,753		18.6	%
Total Credit1		12,319			10,599		16.2	%			754,461			659,747		14.4	%
Rates
U.S. Government Bonds 2		18,175			23,073		-21.2	%			1,108,699			1,430,497		-22.5	%
Agencies and Other Government Bonds 1		199			232		-14.2	%			12,169			14,381		-15.4	%
Total Rates		18,374			23,305		-21.2	%			1,120,868			1,444,878		-22.4	%
Number of U.S. Trading Days 3		61			62
Number of U.K. Trading Days 4		63			64
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 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 on the U.K. Bank holiday schedule.

FAQ

What was the trading volume for MarketAxess in March 2021?

MarketAxess reported a total trading volume of $689.6 billion in March 2021.

How much of the trading volume was in credit for March 2021?

The credit trading volume for March 2021 was $292.6 billion.

What were the average daily trading volumes for U.S. high-grade and high-yield in March 2021?

U.S. high-grade average daily trading volume was $1.9 billion, and U.S. high-yield average daily trading volume was $1.9 billion.

What were the preliminary variable transaction fees reported by MarketAxess?

The preliminary variable transaction fees were $180 for U.S. high-grade and $3.70 for rates.

Where can I find the trading volumes reported by MarketAxess?

You can find the trading volumes on the MarketAxess investor website at investor.marketaxess.com/volume.cfm.