MarketAxess Announces Trading Volume Statistics for December and Fourth Quarter 2024
MarketAxess (MKTX) reported record Q4 2024 total trading average daily volume (ADV) of $41.0 billion, up 38% year-over-year. The growth was driven by record total rates ADV of $27.1 billion (+64% YoY) and total credit ADV of $13.9 billion (+6% YoY).
December 2024 total ADV was $32.0 billion, increasing 19% from the prior year but decreasing 29% from November 2024 due to seasonal slowdown. Notable achievements include record municipal bond ADV and strong performance in emerging markets, where ADV increased 18% YoY in Q4. Portfolio trading showed significant growth, with total portfolio trading ADV reaching $1.1 billion in Q4, up 57% YoY, with a record 77% executed on X-Pro in December.
The preliminary variable transaction fees per million for total credit in Q4 2024 was approximately $150, down from $156 in the prior year but slightly up from $149 in Q3 2024.
MarketAxess (MKTX) ha riportato un record di volume medio giornaliero di trading (ADV) per il Q4 2024, pari a $41,0 miliardi, in aumento del 38% rispetto all'anno precedente. La crescita è stata sostenuta da un ADV totale dei tassi record di $27,1 miliardi (+64% su base annua) e un ADV totale del credito di $13,9 miliardi (+6% su base annua).
Il totale ADV di dicembre 2024 è stato di $32,0 miliardi, +19% rispetto all'anno precedente, ma -29% rispetto a novembre 2024 a causa di un rallentamento stagionale. Le realizzazioni notevoli includono un ADV record di obbligazioni municipali e una forte performance nei mercati emergenti, dove l'ADV è aumentato del 18% su base annua nel Q4. Il trading di portafoglio ha mostrato una significativa crescita, con un ADV totale di trading di portafoglio che ha raggiunto $1,1 miliardi nel Q4, in aumento del 57% anno su anno, con un record del 77% eseguito su X-Pro a dicembre.
Le commissioni di transazione variabili preliminari per milione per il totale del credito nel Q4 2024 erano circa $150, in calo rispetto a $156 nell'anno precedente, ma leggermente superiore a $149 nel Q3 2024.
MarketAxess (MKTX) reportó un volumen promedio diario de trading (ADV) récord de $41.0 mil millones para el cuarto trimestre de 2024, un aumento del 38% interanual. El crecimiento fue impulsado por un ADV total récord de tasas de $27.1 mil millones (+64% interanual) y un ADV total de crédito de $13.9 mil millones (+6% interanual).
El ADV total de diciembre de 2024 fue de $32.0 mil millones, un aumento del 19% con respecto al año anterior, pero una disminución del 29% en comparación con noviembre de 2024 debido a la desaceleración estacional. Los logros notables incluyen un ADV récord en bonos municipales y un fuerte desempeño en los mercados emergentes, donde el ADV aumentó un 18% interanual en el cuarto trimestre. El trading de portafolio mostró un crecimiento significativo, con un ADV total de trading de portafolio alcanzando los $1.1 mil millones en el cuarto trimestre, un aumento del 57% interanual, con un récord del 77% ejecutado en X-Pro en diciembre.
Las tarifas de transacción variables preliminares por millón para el total de crédito en el cuarto trimestre de 2024 fueron aproximadamente $150, una disminución de $156 en el año anterior, pero ligeramente superior a $149 en el tercer trimestre de 2024.
MarketAxess (MKTX)는 2024년 4분기 총 거래 평균 일일 거래량(ADV)이 410억 달러를 기록하여 지난해 대비 38% 증가했다고 보고했습니다. 이 성장은 271억 달러(+64% YoY)의 기록적인 금리 ADV와 139억 달러(+6% YoY)의 총 신용 ADV에 의해 이끌어졌습니다.
2024년 12월 총 ADV는 320억 달러로, 전년 대비 19% 증가했으나, 계절적 둔화로 인해 2024년 11월 대비 29% 감소했습니다. 주목할 만한 성과로는 기록적인 지방채 ADV와 신흥 시장에서의 강력한 성과가 있으며, 이 지역의 ADV는 4분기 동안 18% 증가했습니다. 포트폴리오 거래는 상당한 성장을 보여 주었으며, 4분기 포트폴리오 거래의 총 ADV는 11억 달러에 달하여 지난해 대비 57% 증가했으며, 12월에는 X-Pro를 통해 77%의 거래가 실행되었습니다.
2024년 4분기 총 신용에 대한 100만 달러당 잠정 변동 거래 수수료는 약 150달러로, 지난해의 156달러에서 감소했지만 2024년 3분기의 149달러보다 약간 증가했습니다.
MarketAxess (MKTX) a annoncé un volume moyen quotidien de trading (ADV) record de 41,0 milliards de dollars pour le quatrième trimestre 2024, en hausse de 38 % par rapport à l'année précédente. Cette croissance a été soutenue par un ADV total record de 27,1 milliards de dollars (+64 % en glissement annuel) et un ADV total de crédit de 13,9 milliards de dollars (+6 % en glissement annuel).
Le total ADV de décembre 2024 était de 32,0 milliards de dollars, en hausse de 19 % par rapport à l'année précédente, mais en baisse de 29 % par rapport à novembre 2024 en raison d'un ralentissement saisonnier. Les réalisations notables incluent un ADV record pour les obligations municipales et de solides performances sur les marchés émergents, où l'ADV a augmenté de 18 % en glissement annuel au quatrième trimestre. Le trading de portefeuille a montré une croissance significative, avec un ADV total de trading de portefeuille atteignant 1,1 milliard de dollars au quatrième trimestre, en hausse de 57 % par rapport à l'année précédente, avec un record de 77 % exécuté sur X-Pro en décembre.
Les frais de transaction variables préliminaires par million pour le total du crédit au quatrième trimestre 2024 étaient d'environ 150 dollars, en baisse par rapport à 156 dollars l'année précédente, mais légèrement en hausse par rapport à 149 dollars au troisième trimestre 2024.
MarketAxess (MKTX) hat einen Rekord von 41,0 Milliarden US-Dollar im durchschnittlichen täglichen Handelsvolumen (ADV) für das 4. Quartal 2024 gemeldet, was einem Anstieg von 38% im Vergleich zum Vorjahr entspricht. Das Wachstum wurde durch einen rekordverdächtigen ADV von 27,1 Milliarden US-Dollar (+64% im Vorjahresvergleich) im Bereich der Zinssätze und einen ADV von 13,9 Milliarden US-Dollar (+6% im Vorjahresvergleich) im Bereich der Kredite angekurbelt.
Der gesamte ADV im Dezember 2024 betrug 32,0 Milliarden US-Dollar, was einem Anstieg von 19% im Vergleich zum Vorjahr entspricht, aber einem Rückgang von 29% im Vergleich zu November 2024 aufgrund einer saisonalen Verlangsamung. Zu den bemerkenswerten Erfolgen gehören ein Rekord-ADV für kommunale Anleihen und eine starke Leistung in Schwellenmärkten, wo der ADV im 4. Quartal um 18% im Vergleich zum Vorjahr stieg. Der Portfoliohandel zeigte ein signifikantes Wachstum, wobei der gesamte ADV für Portfoliounternehmungen im 4. Quartal 1,1 Milliarden US-Dollar betrug, was einem Anstieg von 57% im Jahresvergleich entspricht, wobei im Dezember 77% über X-Pro ausgeführt wurden.
Die vorläufigen variablen Transaktionsgebühren pro Million für den gesamten Kredit im 4. Quartal 2024 betrugen etwa 150 US-Dollar, ein Rückgang gegenüber 156 US-Dollar im Vorjahr, aber ein kleiner Anstieg gegenüber 149 US-Dollar im 3. Quartal 2024.
- Record Q4 2024 total trading ADV of $41.0B, up 38% YoY
- Record total rates ADV of $27.1B in Q4, up 64% YoY
- Portfolio trading ADV increased 57% YoY to $1.1B in Q4
- Emerging markets ADV increased 18% YoY in Q4
- Record municipal bond ADV with 37% YoY growth in December
- U.S. high-grade market share declined to 18.4% in Q4 from 20.9% YoY
- U.S. high-yield market share dropped to 13.4% in Q4 from 17.2% YoY
- Total credit FPM decreased to $150 in Q4 from $156 YoY
- December ADV declined 29% compared to November 2024
Insights
The record-breaking Q4 2024 performance demonstrates MarketAxess's continued market dominance in electronic fixed-income trading. Total ADV reached
Key growth metrics reveal the platform's expanding footprint: emerging markets ADV increased
However, market share pressure in core segments warrants attention. U.S. high-grade market share declined to
The evolution of MarketAxess's trading ecosystem reveals significant structural shifts in fixed-income markets. The rise in block trading volumes, particularly in emerging markets with average trade sizes of
The Open Trading protocol, while showing slight decline to
The record
Record 4Q24 Total Trading ADV, Up
Chris Concannon, CEO of MarketAxess, commented:
“In the fourth quarter, we delivered record total trading ADV, driven by strong growth across most product areas, including
Select December 2024 Highlights
-
Total average daily volume (“ADV”) of
$32.0 billion 19% compared to the prior year, but decreased29% compared to November 2024 levels. The decline in total trading ADV in December compared to November 2024 includes the impact of the normal seasonal slowdown we experience across most product areas in the month. These results were driven by total rates ADV of$19.8 billion 34% compared to the prior year, but decreased36% compared to November 2024. Total credit ADV of$12.3 billion 14% compared to November 2024.
-
U.S. high-grade ADV of$5.9 3% compared to the prior year, and decreased9% compared to November 2024. Estimated market ADV increased9% compared to the prior year, but decreased16% compared to November 2024. Estimated market share was19.5% , down from22.1% in the prior year, but up from18.0% in November 2024. Including the impact of single-dealer portfolio trades, estimated market share was19.6% , down from22.1% in the prior year, but up from18.1% in November 2024. -
U.S. high-yield ADV of$1.2 billion 14% compared to the prior year, and decreased7% compared to November 2024. Estimated market ADV increased7% compared to the prior year, but decreased22% compared to November 2024. Estimated market share was14.7% , down from18.2% in the prior year, but up from12.3% in November 2024. Including the impact of single-dealer portfolio trades, estimated market share was14.7% , down from18.3% in the prior year, but up from12.6% in November 2024.
Other Credit
-
Emerging markets ADV of
$2.9 billion 8% compared to the prior year, but decreased25% compared to November 2024. The year-over-year increase was driven by a14% increase in hard currency ADV, and a2% increase in local currency ADV. -
Eurobonds ADV of
$1.6 billion 2% compared to the prior year, but decreased19% compared to November 2024. -
Record municipal bond ADV of
$656 million 37% compared to the prior year, and increased4% compared to November 2024. Estimated market ADV increased26% compared to the prior year, and increased2% compared to November 2024. Estimated market share was6.8% , up from6.3% in the prior year, and up slightly from6.7% in November 2024.3
Strategic Priority Related Protocols & Workflow Tools
-
$1.0 billion 48% compared to the prior year, and increased8% compared to November 2024. A record77% of portfolio trading volume was executed over X-Pro.
— EstimatedU.S. high-grade andU.S. high-yield TRACE portfolio trading market ADV increased3% compared to November 2024. -
Our estimated market share of
U.S. high-grade andU.S. high-yield TRACE portfolio trading was16.7% in December 2024, up from13.6% in November 2024.
— Portfolio trading represented approximately13% ofU.S. high-grade andU.S. high-yield TRACE in December 2024, up from10% in November 2024. -
Open Trading ADV of
$3.6 billion 7% compared to the prior year, and decreased15% compared to November 2024. Open Trading share4 of total credit trading volume was36% , down from37% in the prior year, but up from35% in November 2024. -
Dealer RFQ ADV of
$1.0 billion 5% compared to the prior year, and decreased23% compared to November 2024. -
AxessIQ, the order and execution workflow solution designed for wealth management and private banking clients, achieved ADV of
$135 million 9% compared to the prior year, and down8% compared to November 2024.
Rates
-
Total rates ADV of
$19.8 billion 34% compared to the prior year, but decreased36% compared to November 2024.
Variable Transaction Fees Per Million (FPM)1
-
The preliminary FPM for total credit for December 2024 was approximately
$148 $159 $146 U.S. high-grade, an increase in portfolio trading activity and lower levels ofU.S. high-yield activity. The increase in total credit FPM month-over-month was due to product mix, principallyU.S. high-yield. The preliminary FPM for total rates for December 2024 was approximately$4.14 $4.61 $4.07
Select 4Q24 Highlights
-
Record total ADV of
$41.0 billion 38% compared to the prior year, and increased1% compared to 3Q24 levels. These results were driven by record total rates ADV of$27.1 billion 64% compared to the prior year, and increased3% compared to 3Q24 levels.U.S. Treasury ADV on the platform in 4Q23 was negatively impacted by an outage at ICBC, the third-party the Company was then using forU.S. Treasury settlement services. Total credit ADV of$13.9 billion 6% compared to the prior year, but decreased2% compared to 3Q24.
-
U.S. high-grade ADV of$6.5 4% compared to the prior year, but decreased8% compared to 3Q24. Estimated market ADV increased18% compared to the prior year, but decreased3% compared to 3Q24. Estimated market share was18.4% , down from20.9% in the prior year, and down from19.5% in 3Q24. Including the impact of single-dealer portfolio trades, estimated market share was18.8% , down from21.0% in the prior year, and down from20.0% in 3Q24. -
U.S. high-yield ADV of$1.3 billion 19% compared to the prior year, but increased5% compared to 3Q24. Estimated market ADV increased5% compared to the prior year, and increased2% compared to 3Q24. Estimated market share was13.4% , down from17.2% in the prior year, but up from13.0% in 3Q24. Including the impact of single-dealer portfolio trades, estimated market share was13.7% , down from17.3% in the prior year, but up from13.4% in 3Q24.
Other Credit
-
Emerging markets ADV of
$3.5 billion 18% compared to the prior year, and increased4% compared to 3Q24. The year-over-year increase was driven by a26% increase in hard currency ADV, and a7% increase in local currency ADV. -
Eurobonds ADV of
$2.0 billion 13% compared to the prior year, and increased6% compared to 3Q24. -
Record municipal bond ADV of
$620 million 15% compared to the prior year, and increased7% compared to 3Q24. Estimated market ADV decreased9% compared to the prior year, but increased32% compared to 3Q24. Estimated market share was7.1% , up from5.6% in the prior year, but down from a record8.7% in 3Q24.3
Strategic Priority Related Protocols & Workflow Tools
-
$1.1 billion 57% compared to the prior year, but decreased8% compared to 3Q24. A record71% of portfolio trading volume was executed over X-Pro.
— EstimatedU.S. high-grade andU.S. high-yield TRACE portfolio trading market ADV was flat compared to 3Q24. -
Our estimated market share of
U.S. high-grade andU.S. high-yield TRACE portfolio trading was16.2% , down from20.0% in 3Q24.
— Portfolio trading represented approximately11% ofU.S. high-grade andU.S. high-yield TRACE in 4Q24, in line with 3Q24. -
Open Trading ADV of
$4.1 billion 2% compared to the prior year, and was in line with 3Q24. Open Trading share4 of total credit trading volume was35% , down from36% in the prior year, but in line with 3Q24 levels. -
Dealer RFQ ADV of
$1.2 billion 8% compared to the prior year, and increased5% compared to 3Q24. -
AxessIQ achieved record ADV of
$147 million 6% compared to the prior year, and up14% compared to 3Q24.
Rates
-
Record total rates ADV of
$27.1 billion 64% compared to the prior year, and increased3% compared to 3Q24.U.S. Treasury ADV on the platform in November 2023 was negatively impacted by an outage at ICBC, the third-party the Company was then using forU.S. Treasury settlement services.
Variable Transaction Fees Per Million (FPM)1
-
The preliminary FPM for total credit for 4Q24 was approximately
$150 $156 $149 U.S. high-yield activity. The increase in total credit FPM quarter-over-quarter was due to product mix, principallyU.S. high-yield. The preliminary FPM for total rates for 4Q24 was approximately$4.30 $4.62 $4.15
Table 1: December 2024 ADV
| CREDIT | RATES | ||||||||||
| $ in millions (unaudited) |
US/ |
Total
|
Total
|
High-Grade |
High-Yield |
Emerging
|
Eurobonds |
Municipal
|
Total
|
US Govt.
|
Agcy./Other
|
| Dec-24 | 21/20 |
|
|
|
|
|
|
|
|
|
|
| Nov-24 | 19/21 |
|
|
|
|
|
|
|
|
|
|
| Dec-23 | 20/19 |
|
|
|
|
|
|
|
|
|
|
| YoY % Change |
|
|
– |
( |
( |
|
|
|
|
|
|
| MoM % Change |
|
( |
( |
( |
( |
( |
( |
|
( |
( |
( |
Table 1A: December 2024 estimated market share
| CREDIT | RATES | ||||
(unaudited) |
High-Grade |
High-Yield |
High-Grade/High-Yield
|
Municipals3 |
US Govt.
|
| Dec-24 |
|
|
|
|
|
| Nov-24 |
|
|
|
|
|
| Dec-23 |
|
|
|
|
|
| YoY Bps Change | (260) bps |
(350) bps |
(280) bps |
+50 bps |
+40 bps |
| MoM Bps Change | +150 bps |
+240 bps |
+180 bps |
+10 bps |
(60) bps |
Table 1B: 4Q24 ADV
| CREDIT | RATES | ||||||||||
| $ in millions (unaudited) |
US/ |
Total
|
Total
|
High-Grade |
High-Yield |
Emerging
|
Eurobonds |
Municipal
|
Total
|
US Govt.
|
Agcy./Other
|
4Q24 |
62/64 |
|
|
|
|
|
|
|
|
|
|
3Q24 |
64/65 |
|
|
|
|
|
|
|
|
|
|
4Q23 |
62/63 |
|
|
|
|
|
|
|
|
|
|
YoY % Change |
|
|
|
|
( |
|
|
|
|
|
|
QoQ % Change |
|
|
( |
( |
|
|
|
|
|
|
|
Table 1C: 4Q24 estimated market share
| CREDIT | RATES | ||||
(unaudited) |
High-Grade | High-Yield | High-Grade/High-Yield Combined |
Municipals3 | US Govt. Bonds3 |
4Q24 |
|
|
|
|
|
3Q24 |
|
|
|
|
|
4Q23 |
|
|
|
|
|
YoY Bps Change |
(250) bps |
(380) bps |
(270) bps |
+150 bps |
+80 bps |
QoQ Bps Change |
(110) bps |
+40 bps |
(80) bps |
(160) bps |
+20 bps |
1 |
The FPM for total credit and total rates for December 2024 and 4Q24 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 |
The Company is highlighting the impact of single-dealer portfolio trading volume on |
3 |
See “General Notes Regarding the Data Presented” below. |
4 |
Open Trading share of total credit trading volume is derived by taking total Open Trading volume across all credit products where Open Trading is offered and dividing by total credit trading volume across all credit products where Open Trading is offered. |
5 |
The number of |
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.
For periods beginning with January 2024, the Company has made changes to the market volume data used to calculate estimated market share for Municipal and
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; 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 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
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 2,000 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 December 31, |
|
|
||||||||||||||||||||||
In millions (unaudited) |
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
|
||||||||||||||||
|
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
||||||
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High-grade |
|
|
$ |
124,334 |
|
|
$ |
5,921 |
|
|
$ |
122,656 |
|
|
|
$ |
6,133 |
|
|
|
1 |
|
% |
|
(3 |
) |
% |
High-yield |
|
|
|
25,598 |
|
|
|
1,219 |
|
|
|
28,248 |
|
|
|
|
1,412 |
|
|
|
(9 |
) |
|
|
(14 |
) |
|
Emerging markets |
|
|
|
60,240 |
|
|
|
2,869 |
|
|
|
52,988 |
|
|
|
|
2,649 |
|
|
|
14 |
|
|
|
8 |
|
|
Eurobonds |
|
|
|
32,380 |
|
|
|
1,619 |
|
|
|
30,025 |
|
|
|
|
1,580 |
|
|
|
8 |
|
|
|
2 |
|
|
Other credit |
|
|
|
13,800 |
|
|
|
657 |
|
|
|
9,762 |
|
|
|
|
488 |
|
|
|
41 |
|
|
|
35 |
|
|
Total credit trading1 |
|
|
|
256,352 |
|
|
|
12,285 |
|
|
|
243,679 |
|
|
|
|
12,262 |
|
|
|
5 |
|
|
|
- |
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
393,430 |
|
|
|
18,735 |
|
|
|
287,590 |
|
|
|
|
14,380 |
|
|
|
37 |
|
|
|
30 |
|
|
Agency and other government bonds1 |
|
|
|
20,414 |
|
|
|
1,017 |
|
|
|
6,830 |
|
|
|
|
352 |
|
|
|
199 |
|
|
|
189 |
|
|
Total rates trading |
|
|
|
413,844 |
|
|
|
19,752 |
|
|
|
294,420 |
|
|
|
|
14,732 |
|
|
|
41 |
|
|
|
34 |
|
|
Total trading |
|
|
$ |
670,196 |
|
|
$ |
32,037 |
|
|
$ |
538,099 |
|
|
|
$ |
26,994 |
|
|
|
25 |
|
|
|
19 |
|
|
Number of |
|
|
|
|
|
|
21 |
|
|
|
|
|
|
|
20 |
|
|
|
|
|
|
|
|
|
|
||
Number of |
|
|
|
|
|
|
20 |
|
|
|
|
|
|
|
19 |
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended December 31, |
|
|
||||||||||||||||||||||
In millions (unaudited) |
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
|
||||||||||||||||
|
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
||||||
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High-grade |
|
|
$ |
400,129 |
|
|
$ |
6,454 |
|
|
$ |
385,301 |
|
|
|
$ |
6,215 |
|
|
|
4 |
|
% |
|
4 |
|
% |
High-yield |
|
|
|
83,373 |
|
|
|
1,345 |
|
|
|
102,501 |
|
|
|
|
1,653 |
|
|
|
(19 |
) |
|
|
(19 |
) |
|
Emerging markets |
|
|
|
214,439 |
|
|
|
3,459 |
|
|
|
181,445 |
|
|
|
|
2,927 |
|
|
|
18 |
|
|
|
18 |
|
|
Eurobonds |
|
|
|
128,064 |
|
|
|
2,001 |
|
|
|
111,330 |
|
|
|
|
1,767 |
|
|
|
15 |
|
|
|
13 |
|
|
Other credit |
|
|
|
38,698 |
|
|
|
624 |
|
|
|
33,854 |
|
|
|
|
546 |
|
|
|
14 |
|
|
|
14 |
|
|
Total credit trading1 |
|
|
|
864,703 |
|
|
|
13,883 |
|
|
|
814,431 |
|
|
|
|
13,108 |
|
|
|
6 |
|
|
|
6 |
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,608,995 |
|
|
|
25,952 |
|
|
|
998,542 |
|
|
|
|
16,106 |
|
|
|
61 |
|
|
|
61 |
|
|
Agency and other government bonds1 |
|
|
|
76,221 |
|
|
|
1,195 |
|
|
|
26,684 |
|
|
|
|
427 |
|
|
|
186 |
|
|
|
180 |
|
|
Total rates trading |
|
|
|
1,685,216 |
|
|
|
27,147 |
|
|
|
1,025,226 |
|
|
|
|
16,533 |
|
|
|
64 |
|
|
|
64 |
|
|
Total trading |
|
|
$ |
2,549,919 |
|
|
$ |
41,030 |
|
|
$ |
1,839,657 |
|
|
|
$ |
29,641 |
|
|
|
39 |
|
|
|
38 |
|
|
Number of |
|
|
|
|
|
|
62 |
|
|
|
|
|
|
|
62 |
|
|
|
|
|
|
|
|
|
|
||
Number of |
64 |
63 |
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 2: Trading Volume Detail (continued) |
|
|
|||||||||||||||||||||||||
|
|
|
Year-to-Date Ended December 31, |
|
|
||||||||||||||||||||||
In millions (unaudited) |
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
|
||||||||||||||||
|
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
||||||
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High-grade |
|
|
$ |
1,711,275 |
|
|
$ |
6,845 |
|
|
$ |
1,457,559 |
|
|
|
$ |
5,854 |
|
|
|
17 |
|
% |
|
17 |
|
% |
High-yield |
|
|
|
334,761 |
|
|
|
1,339 |
|
|
|
398,275 |
|
|
|
|
1,599 |
|
|
|
(16 |
) |
|
|
(16 |
) |
|
Emerging markets |
|
|
|
859,412 |
|
|
|
3,438 |
|
|
|
717,877 |
|
|
|
|
2,883 |
|
|
|
20 |
|
|
|
19 |
|
|
Eurobonds |
|
|
|
508,093 |
|
|
|
2,008 |
|
|
|
441,171 |
|
|
|
|
1,758 |
|
|
|
15 |
|
|
|
14 |
|
|
Other credit |
|
|
|
135,975 |
|
|
|
543 |
|
|
|
112,451 |
|
|
|
|
451 |
|
|
|
21 |
|
|
|
20 |
|
|
Total credit trading1 |
|
|
|
3,549,516 |
|
|
|
14,173 |
|
|
|
3,127,333 |
|
|
|
|
12,545 |
|
|
|
13 |
|
|
|
13 |
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,511,045 |
|
|
|
22,044 |
|
|
|
4,545,850 |
|
|
|
|
18,256 |
|
|
|
21 |
|
|
|
21 |
|
|
Agency and other government bonds1 |
|
|
|
227,614 |
|
|
|
902 |
|
|
|
106,933 |
|
|
|
|
427 |
|
|
|
113 |
|
|
|
111 |
|
|
Total rates trading |
|
|
|
5,738,659 |
|
|
|
22,946 |
|
|
|
4,652,783 |
|
|
|
|
18,683 |
|
|
|
23 |
|
|
|
23 |
|
|
Total trading |
|
|
$ |
9,288,175 |
|
|
$ |
37,119 |
|
|
$ |
7,780,116 |
|
|
|
$ |
31,228 |
|
|
|
19 |
|
|
|
19 |
|
|
Number of |
|
|
|
|
|
|
250 |
|
|
|
|
|
|
|
249 |
|
|
|
|
|
|
|
|
|
|
||
Number of |
|
|
|
|
|
|
253 |
|
|
|
|
|
|
|
251 |
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
|||||||||||||||||||||||||
3 The number of |
|
|
|||||||||||||||||||||||||
4 The number of |
|
|
|||||||||||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250105378963/en/
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.
FAQ
What was MarketAxess (MKTX) total trading volume for Q4 2024?
How did MKTX's portfolio trading perform in Q4 2024?
What was MKTX's market share in U.S. high-grade bonds for Q4 2024?
How did MKTX's emerging markets trading perform in Q4 2024?
What were MKTX's transaction fees per million for Q4 2024?
