MarketAxess Announces Trading Volume Statistics for December and Fourth Quarter 2024
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
increased$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 , which increased$19.8 billion 34% compared to the prior year, but decreased36% compared to November 2024. Total credit ADV of was in line with the prior year, but decreased$12.3 billion 14% compared to November 2024.
-
U.S. high-grade ADV of billion decreased$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 decreased$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
increased$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
increased$1.6 billion 2% compared to the prior year, but decreased19% compared to November 2024. -
Record municipal bond ADV of
increased$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
-
in total portfolio trading ADV increased$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
decreased$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
across all credit products decreased$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
, down$135 million 9% compared to the prior year, and down8% compared to November 2024.
Rates
-
Total rates ADV of
increased$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
, down from$148 in the prior year, but up from$159 in November 2024. The decline in total credit FPM year-over-year was due to protocol and product mix, principally by the lower Open Trading share of$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 , down from$4.14 in the prior year, but up from$4.61 in November 2024.$4.07
Select 4Q24 Highlights
-
Record total ADV of
increased$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 , which increased$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 increased$13.9 billion 6% compared to the prior year, but decreased2% compared to 3Q24.
-
U.S. high-grade ADV of billion increased$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 decreased$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
increased$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
increased$2.0 billion 13% compared to the prior year, and increased6% compared to 3Q24. -
Record municipal bond ADV of
increased$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
-
in total portfolio trading ADV increased$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
increased$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
across all credit products increased$1.2 billion 8% compared to the prior year, and increased5% compared to 3Q24. -
AxessIQ achieved record ADV of
, up$147 million 6% compared to the prior year, and up14% compared to 3Q24.
Rates
-
Record total rates ADV of
increased$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
, down from$150 in the prior year, but up slightly from$156 in 3Q24. The decline in total credit FPM year-over-year was due to product mix, principally lower levels of$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 , down from$4.30 in the prior year, but up from$4.62 in 3Q24.$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. |
|
|
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2 Consistent with industry standards, |
|
|
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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.