MarketAxess Announces Monthly Volume Statistics for October 2022
MarketAxess Holdings Inc. (MKTX) reported strong trading performance for October 2022, achieving a 20% increase in credit average daily volume (ADV) to $12.4 billion. The company gained significant market share across several segments, including 21.0% in high-yield and 21.9% in emerging markets. Total trading ADV reached $32.0 billion, with transaction cost savings of approximately $84 million for the month. Year-to-date savings totaled $783 million, a 62% increase from the previous year. President Chris Concannon highlighted the growth and significance of their all-to-all liquidity model amid challenging market conditions.
- 20% growth in credit ADV to $12.4 billion.
- $32.0 billion in total trading ADV.
- Estimated market share for composite corporate bonds increased to 20.2%, up from 17.3%.
- Record $2.0 billion in high-yield ADV, up 43%.
- Estimated U.S. high-yield market share climbed to 21.0%, a 670 bps increase.
- Year-to-date estimated transaction cost savings reached $783 million, up 62%.
- Total ADV for emerging markets decreased by 1% to $2.8 billion.
“October was another strong month with
Open Trading estimated transaction cost savings4 were a total of
We continue to extend our leadership in institutional credit, we are gaining market share in Portfolio Trading, with strong growth in
Select
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billion in total trading average daily volume (“ADV”);$32.0 20% increase in total credit ADV to billion.$12.4 -
20.2% (+290 bps) composite corporate bond estimated market share,2 up from17.3% . -
18% increase inU.S. high-grade ADV to billion with estimated market share of$5.5 19.8% . Elevated dealer-to-dealer and international client flows were drivers of higher estimatedU.S. high-grade TRACE volume in October relative toSeptember 2022 . -
Record
billion in high-yield ADV representing an increase of$2.0 43% . EstimatedU.S. high-yield market share of21.0% (+670 bps), up from14.3% . -
Record
21.9% (+530 bps) estimated emerging markets market share,3 up from16.6% , on ADV of billion, down$2.8 1% ; up approximately3% excluding the impact of foreign currency fluctuations. -
24% increase in Eurobonds ADV to billion, up approximately$1.6 46% excluding the impact of foreign currency fluctuations.17.8% (+550 bps) estimated Eurobonds market share, up from12.3% . -
Record
million in municipal bond ADV.$480 4.4% (+170 bps) municipal bond estimated market share, up from2.7% . -
22.0% (+880 bps) estimatedU.S. Portfolio Trading market share. Record billion in Portfolio Trading volume, which included a record$13.0 billion in Eurobond Portfolio Trading volume.$2.1 -
91% of credit volume on the platform was executed by institutional clients. -
37% of total credit trading volume was executed via Open Trading®, up from35% .-
Estimated total transaction cost savings4 via Open Trading were approximately
million, and$84 million year-to-date. Average transaction cost savings4 per million via Open Trading in October was$783 .$1,009
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Estimated total transaction cost savings4 via Open Trading were approximately
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3.4% (+40 bps) estimatedU.S. Treasury market share. -
The preliminary FPM for total credit for October was
, in line with the$164 and$166 reported in 3Q22 and 2Q22, respectively. The preliminary FPM for total rates for October was$166 .1$4.10
*All comparisons versus
Table 1:
CREDIT | RATES | |||||||||||||||||||||
$ in millions
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US/ |
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Total
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High-Grade |
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High-Yield |
|
Emerging
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Eurobonds |
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Other
|
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Total
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US Govt.
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Agcy./Other
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Total
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Oct-22 |
|
20/21 |
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Oct-21 |
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20/21 |
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% Change |
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( |
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( |
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( |
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( |
Table 2:
CREDIT | RATES | |||||||||||||||
|
High-Grade |
|
High-Yield |
High-Grade/High-Yield Combined |
|
Emerging Markets3 |
|
Eurobonds |
Composite Corporate Bond2 |
Municipals |
US Govt. Bonds |
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Oct-22 |
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Oct-21 |
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Bps Change | +20 bps |
|
+670 bps |
+210 bps |
|
+530 bps |
|
+550 bps |
+290 bps |
+170 bps |
+40 bps |
Table 3: Rolling 3-month trading ADV (period ending
CREDIT | RATES | |||||||||||||||||||||
$ in millions
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|
US/ |
Total
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|
High-Grade |
|
High-Yield |
|
Emerging
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|
Eurobonds |
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Other
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Total
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US Govt.
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Agcy./Other
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Total
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Oct-22 |
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64/64 |
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Oct-21 |
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63/64 |
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% Change |
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Table 4: Rolling 3-month estimated market share (period ending
CREDIT | RATES | |||||||||||||||
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High-Grade |
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High-Yield |
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High-Grade/High- Yield Combined |
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Emerging Markets3 |
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Eurobonds |
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Composite Corporate Bond2 |
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Municipals |
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US Govt.
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Oct-22 |
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Oct-21 |
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Bps Change | +50 bps |
|
+550 bps |
|
+200 bps |
|
+450 bps |
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+500 bps |
|
+260 bps |
|
+210 bps |
|
+70 bps |
1 The FPM for total credit and total rates for the month of
2 Composite corporate bond estimated market share is defined as combined estimated market share across
3 Emerging markets estimated market share calculated using FINRA TRACE-reportable emerging markets trading volume, principally
4 Estimated transaction cost savings consists of estimated liquidity taker cost savings (defined as the difference between the winning price and the best disclosed dealer cover price) and estimated liquidity provider cost savings (defined as the difference between the winning price and then current Composite+ bid or offer level, offer if the provider is buying, bid if provider is selling) at the time of the inquiry.
5 Please refer to the Company’s website at investor.marketaxess.com/volume for more information on trading days.
Reported
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
About
Monthly Volume Statistics |
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Average Daily Volume |
|
Total Trading Volume |
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Oct-22 |
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Oct-21 |
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% Change |
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Oct-22 |
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Oct-21 |
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% Change |
|
($ in millions) | |||||||||||
Credit | |||||||||||
5,549 |
4,716 |
|
110,978 |
94,323 |
|
||||||
2,004 |
1,401 |
|
40,076 |
28,018 |
|
||||||
Emerging Markets | 2,791 |
2,824 |
- |
55,829 |
56,490 |
- |
|||||
Eurobonds | 1,589 |
1,280 |
|
33,367 |
26,872 |
|
|||||
Other Credit Products3 | 494 |
132 |
|
9,874 |
2,643 |
|
|||||
Total Credit1 | 12,427 |
10,353 |
|
250,124 |
208,346 |
|
|||||
Rates | |||||||||||
19,224 |
20,066 |
- |
384,482 |
401,316 |
- |
||||||
Agencies and Other Government Bonds 1 | 331 |
455 |
- |
6,865 |
9,356 |
- |
|||||
Total Rates | 19,555 |
20,521 |
- |
391,347 |
410,672 |
- |
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Number of |
20 |
20 |
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Number of |
21 |
21 |
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, |
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3 Beginning |
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4 The number of |
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5 The number of |
View source version on businesswire.com: https://www.businesswire.com/news/home/20221102006156/en/
INVESTOR RELATIONS
+1 212 813 6313
sdavidson2@marketaxess.com
MEDIA RELATIONS
+1 917 267 1232
mmistry@marketaxess.com
RF | Binder
+1 917 239 6726
Source:
FAQ
What was the October 2022 trading volume for MarketAxess (MKTX)?
How much did MarketAxess (MKTX) save clients in transaction costs in October 2022?
What was the market share increase for high-yield bonds reported by MarketAxess (MKTX) in October 2022?
What is the significance of the all-to-all liquidity model mentioned in MarketAxess's (MKTX) report?