MarketAxess Announces Trading Volume Statistics for March and First Quarter 2025

Rhea-AI Summary

MarketAxess (MKTX) reported strong trading volumes for March and Q1 2025, with record total credit Average Daily Volume (ADV) of $17.8B in March, up 20% year-over-year. The company achieved record total ADV of $46.5B in March 2025, representing a 46% increase from the previous year.

Key highlights include record Q1 2025 performance with total ADV of $42.9B, up 31% year-over-year. The company saw significant growth in portfolio trading, with March 2025 ADV reaching $1.5B, up 134% from the prior year. U.S. high-grade estimated market share was 20.0% in March 2025, improving from 19.8% year-over-year and 17.8% in February 2025.

Notable achievements include record block trading volumes in emerging markets and eurobonds, with March 2025 emerging markets block trading ADV of $1.7B (+37% YoY) and eurobonds block trading ADV of $510M (+106% YoY). Open Trading ADV reached $5.5B in March 2025, representing 37% of total credit trading volume.

Positive

• Record total ADV of $46.5B in March 2025, up 46% YoY
• Record total credit ADV of $17.8B in March 2025, up 20% YoY
• Portfolio trading ADV reached $1.5B in March 2025, up 134% YoY
• Eurobonds block trading ADV increased 106% YoY to $510M
• U.S. high-grade market share improved to 20.0% in March 2025

Negative

• Q1 2025 U.S. high-grade market share declined to 18.6% from 19.7% YoY
• U.S. high-yield market share decreased to 12.4% in Q1 2025 from 13.0% YoY
• Municipal bond market share declined to 6.4% from 6.5% YoY
• Total credit FPM declined 12% YoY in March 2025 due to product mix

Insights

Fixed Income Trading Analyst

MarketAxess delivered record trading volumes in March and Q1 2025, demonstrating strong momentum in electronic fixed income trading. Total ADV reached $46.5 billion in March (up 46% YoY) and $42.9 billion for Q1 (up 31% YoY), driven by substantial growth across multiple product categories.

The firm's credit trading business showed particularly impressive results with March credit ADV of $17.8 billion (up 20% YoY). Portfolio trading emerged as a standout growth driver, with March ADV surging 134% YoY to $1.5 billion, while capturing 20.1% of the U.S. credit portfolio trading market (up from 12.5% YoY). The X-Pro platform is gaining significant traction, handling 91% of portfolio trading volume in March.

What's particularly encouraging is the strength in block trading, especially in Emerging Markets and Eurobonds, where targeted solutions implemented in late 2024/early 2025 have already generated substantial volumes. The firm's Open Trading protocol is also gaining share, representing 37% of credit volume in March versus 33% a year ago.

The primary concern is the 12% YoY decline in variable transaction fees per million for credit trading, attributed to product and protocol mix. This metric bears watching as it directly impacts revenue conversion from volume growth. However, the sheer magnitude of volume increases should more than offset the FPM decline in terms of overall revenue generation.

Market volatility has clearly benefited MarketAxess, with U.S. high-grade market share improving to 20.0% in March from 17.8% in February. The combination of market conditions and the firm's enhanced offerings positions it well for continued market share gains in U.S. credit markets.

Strong Finish to 1Q25 Driven by Record Total Credit ADV in March 2025, Up 20%

Record Total Portfolio Trading ADV in March 2025 and 1Q25

Record Levels of Block Trading in Emerging Markets and Eurobonds in 1Q25

NEW YORK--(BUSINESS WIRE)-- MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced trading volume and preliminary variable transaction fees per million (“FPM”) for March 2025 and the first quarter ended March 31, 2025.¹

Chris Concannon, CEO of MarketAxess, commented:
“Our record trading results in March, combined with the progress we are seeing from the enhancements we have made to our portfolio trading solution, the launch of our High Touch block trading solution in eurobonds and emerging markets, and our dealer solutions offering, helped drive our record 1Q25 ADV performance. We generated record 1Q25 total ADV on record ADV across most of our product areas, which included record portfolio trading ADV and record block trading ADV across both emerging markets and eurobonds. We also generated record Dealer RFQ ADV, driven in part by improving market share of this important channel. We are encouraged by the increase in volatility in the markets and record levels of Open Trading activity on our platform, which helped drive improved estimated market share in March relative to February. We believe the new capabilities we have launched, combined with continued volatility in the market, should help drive higher levels of market share in U.S. credit in the coming quarters.”

Records for March and First Quarter 2025

• Total average daily volume (“ADV”) in March 2025 and 1Q25 of $46.5 billion and $42.9 billion, respectively.
• Total credit ADV in March 2025 and 1Q25 of $17.8 billion and $15.9 billion, respectively.
• U.S. high-grade ADV March 2025 and 1Q25 of $8.7 billion and $7.6 billion, respectively.
• Emerging markets ADV in 1Q25 of $3.9 billion.
  • Block trading ADV in March 2025 and 1Q25 of $1.7 billion and $1.6 billion, respectively.
• Eurobonds ADV in March 2025 and 1Q25 of $2.7 billion and $2.3 billion, respectively.
  • Block trading ADV 1Q25 of $407 million.
• Total portfolio trading ADV in March 2025 and 1Q25 of $1.5 billion and $1.3 billion, respectively.
  • Portfolio trading volume executed over X-Pro in March 2025 and 1Q25 of 91% and 85%, respectively.
• Dealer RFQ ADV in March and 1Q25 of $2.0 billion and $1.8 billion, respectively.
• Open Trading ADV in March 2025 and 1Q25 of $5.5 billion and $4.8 billion, respectively.
• AxessIQ ADV in March 2025 and 1Q25 of $175 million and $159 million, respectively.

Select March and First Quarter 2025 Highlights

Trading ADV

• Record March 2025 total ADV of $46.5 billion increased 46% compared to the prior year, and increased 7% compared to February 2025 levels driven by record total credit ADV. Record 1Q25 total ADV of $42.9 billion increased 31% compared to the prior year, and increased 5% compared to 4Q24 levels driven by record total credit ADV.

Table 1: MarketAxess Trading ADV2
	Month									% Change						Quarter									% Change
	Mar-25			Feb-25			Mar-24			YoY			MoM				1Q25			4Q24			1Q24		YoY			QoQ
MKTX TRADING ADV ($ millions)
Credit
U.S. High-Grade	$	8,666		$	7,061		$	7,233			20	%	23	%		$	7,562		$	6,454		$	7,475			1	%	17		%
U.S. High-Yield		1,701			1,438			1,361			25		18				1,475			1,345			1,400			5		10
Emerging Markets		4,090			4,105			3,533			16		0				3,939			3,459			3,630			9		14
Eurobonds		2,680			2,272			2,255			19		18				2,348			2,001			2,045			15		17
Other Credit Products2		639			617			432			48		4				598			624			432			38		(4	)
Municipal Bonds		635			614			417			52		3				594			620			419			42		(4	)
Total MKTX Credit ADV	$	17,776		$	15,493		$	14,814			20		15			$	15,922		$	13,883		$	14,982			6		15
Rates
U.S. Government Bonds	$	27,624		$	26,901		$	16,450			68	%	3	%		$	25,936		$	25,952		$	17,144			51	%	(0	)	%
Agencies and Other Government Bonds		1,090			969			567			92		12				1,047			1,195			506			107		(12	)
Total MKTX Rates ADV	$	28,714		$	27,870		$	17,017			69		3			$	26,983		$	27,147		$	17,650			53		(1	)
Total MKTX Trading ADV	$	46,490		$	43,363		$	31,831			46		7			$	42,905		$	41,030		$	32,632			31		5
U.S. Trading Days3		21			19			20									61			62			61
U.K. Trading Days3		21			20			20									63			64			63

Table 1A: Market Trading ADV
	Month									% Change							Quarter									% Change
	Mar-25			Feb-25			Mar-24			YoY			MoM					1Q25			4Q24			1Q24		YoY			QoQ
MARKET TRADING ADV ($ millions)
Credit
U.S. High-Grade TRACE	$	45,024		$	41,522		$	37,403			20	%	8		%		$	41,910		$	34,986		$	38,672			8	%	20	%
U.S. High-Yield TRACE		13,605			12,999			10,718			27		5					12,419			10,061			10,880			14		23
Total U.S. Credit TRACE		58,629			54,522			48,121			22		8					54,329			45,046			49,552			10		21
Municipal Bonds MSRB		9,895			8,943			6,331			56		11					9,347			8,755			6,424			46		7
Rates
U.S. Government Bonds TRACE	$	1,097,090		$	999,242		$	803,810			36	%	10		%		$	1,002,379		$	926,037		$	878,389			14	%	8	%
Agency TRACE		3,957			5,144			3,383			17		(23	)				4,290			3,897			3,817			12		10
U.S. Trading Days3		21			19			20										61			62			61
U.K. Trading Days3		21			20			20										63			64			63

Estimated Market Share⁴

• U.S. high-grade estimated market share, including the impact of single-dealer portfolio trades, was 20.0% in March 2025, up from 19.8% in the prior year, and up from 17.8% in February 2025. In 1Q25, including the impact of single-dealer portfolio trades, U.S. high-grade estimated market share was 18.6%, down from 19.7% in the prior year, and down slightly from 18.8% in 4Q24.
• U.S. high-yield estimated market share, including the impact of single-dealer portfolio trades, was 12.8% in March 2025, down slightly from 13.0% in the prior year, but up from 12.1% in February 2025. In 1Q25, including the impact of single-dealer portfolio trades, U.S. high-yield estimated market share was 12.4%, down from 13.0% in the prior year, and down from 13.7% in 4Q24.
• Municipal bond estimated market share was 6.4% in March 2025, down slightly from 6.6% in the prior year, and down from 6.9% in February 2025. Municipal bond estimated market share was 6.4% in 1Q25, down slightly from 6.5% in the prior year, and down from 7.1% in 4Q24.
• Estimated U.S. government bonds market share was 2.5% in March 2025, up from 2.0% in the prior year, but down slightly from 2.7% in February 2025. 1Q25 estimated U.S. government bonds market share was 2.6%, up from 2.0% in the prior year, but down slightly from 2.8% in 4Q24.

Table 1B: Estimated Market Share4
	Month							% Change								Quarter							% Change
	Mar-25		Feb-25		Mar-24			YoY				MoM				1Q25		4Q24		1Q24			YoY				QoQ
MKTX ESTIMATED MARKET SHARE (%)
U.S. High-Grade
% of U.S. High-Grade TRACE (incl. SD PT)4	20.0	%	17.8	%	19.8	%			0.2		%	2.2		%		18.6	%	18.8	%	19.7	%			(1.1	)	%	(0.2	)	%
% of U.S. High-Grade TRACE (excl. SD PT)4	19.2	%	17.0	%	19.3	%			(0.1	)		2.2				18.0	%	18.4	%	19.3	%			(1.3	)		(0.4	)
U.S. High-Yield
% of U.S. High-Yield TRACE (incl. SD PT)4	12.8	%	12.1	%	13.0	%			(0.2	)	%	0.7		%		12.4	%	13.7	%	13.0	%			(0.6	)	%	(1.3	)	%
% of U.S. High-Yield TRACE (excl. SD PT)4	12.5	%	11.1	%	12.7	%			(0.2	)		1.4				11.9	%	13.4	%	12.9	%			(1.0	)		(1.5	)
Other Credit Products
% of Municipal Bonds MSRB	6.4	%	6.9	%	6.6	%			(0.2	)	%	(0.5	)	%		6.4	%	7.1	%	6.5	%			(0.1	)	%	(0.7	)	%
Rates
% of U.S. Government Bonds TRACE	2.5	%	2.7	%	2.0	%			0.5		%	(0.2	)	%		2.6	%	2.8	%	2.0	%			0.6		%	(0.2	)	%

Strategic Priority Related Protocols & Workflow Tools

Client-Initiated Channel

• Record March 2025 emerging markets block trading ADV (hard currency blocks defined as trade sizes ≥ $3 million notional, local currency blocks defined as trade sizes ≥ $5 million notional) of $1.7 billion increased 37% from the prior year, and increased 4% from February 2025. Record 1Q25 emerging markets block trading ADV of $1.6 billion increased 22% from the prior year, and increased 31% from 4Q24. Block trading in emerging markets is benefiting from the launch of our targeted block solution in late 2024, which has generated cumulative trading volume of approximately $1.2 billion since launch.
• March 2025 eurobonds block trading ADV (defined as trade sizes ≥ $5 million notional) of $510 million increased 106% from the prior year, and increased 34% from February 2025. Record 1Q25 eurobonds block trading ADV of $407 million increased 68% from the prior year, and increased 37% from 4Q24. Block trading in eurobonds is benefiting from the launch of our targeted block solution in January 2025, which has generated cumulative trading volume of over $1.8 billion since launch.

Portfolio Trading Channel⁵

• Record March 2025 total portfolio trading ADV of $1.5 billion increased 134% compared to the prior year, and increased 4% compared to February 2025. A record 91% of portfolio trading volume was executed over X-Pro in March 2025. Record 1Q25 total portfolio trading ADV of $1.3 billion increased 78% compared to the prior year, and increased 21% compared to 4Q24. A record 85% of portfolio trading volume was executed over X-Pro in 1Q25.
  • March 2025 estimated U.S. credit TRACE portfolio trading market ADV increased 50% compared to the prior year, and increased 12% compared to February 2025. In 1Q25, estimated U.S. credit TRACE portfolio trading market ADV increased 25% compared to the prior year and increased 16% compared to 4Q24.
• Our estimated market share of U.S. credit TRACE portfolio trading was 20.1% in March 2025, up from 12.5% in the prior year, but down from 20.7% in February 2025. Our estimated market share of U.S. credit TRACE portfolio trading was 18.8% in 1Q25, up from 13.3% in the prior year, and up from 16.2% in 4Q24.
  • Portfolio trading represented approximately 11% of U.S. credit TRACE in March 2025, up from 9% in the prior year, and up slightly from February 2025 levels. Portfolio trading represented approximately 10% of U.S. credit TRACE in 1Q25, up from 9% in the prior year, but down from 11% in 4Q24.

Dealer-Initiated Channel

• Record March 2025 Dealer RFQ ADV of $2.0 billion across all credit products increased 64% compared to the prior year, and increased 17% compared to February 2025, driven by record Dealer RFQ ADV in U.S. high-grade. Record 1Q25 Dealer RFQ ADV of $1.8 billion across all credit products increased 40% compared to the prior year, and increased 41% compared to 4Q24, driven by record Dealer RFQ ADV in U.S. high-grade and emerging markets.

Other

• Record March 2025 Open Trading ADV of $5.5 billion increased 29% compared to the prior year, and increased 19% compared to February 2025. Open Trading share⁶ of total credit trading volume was 37%, up from 33% in the prior year, and up from 36% in February 2025. Record 1Q25 Open Trading ADV of $4.8 billion increased 8% compared to the prior year, and increased 15% compared to 4Q24. Open Trading share⁶ of total credit trading volume was 35%, up from 34% in the prior year, in line with 35% in 4Q24.
• AxessIQ, the order and execution workflow solution designed for wealth management and private banking clients, achieved record March 2025 ADV of $175 million, up 21% compared to the prior year, and up 11% compared to February 2025. AxessIQ achieved record 1Q25 ADV of $159 million, up 15% compared to the prior year, and up 8% compared to 4Q24.

Variable Transaction Fees Per Million (FPM)¹

• The year-over-year decline in March 2025 total credit FPM was due to product and protocol mix. The month-over-month decline in March 2025 total credit FPM was due to product mix, principally the lower duration of bonds traded in U.S. high-grade, driven by a decrease in the weighted average years to maturity. The decline in 1Q25 total credit FPM both year-over-year and quarter-over-quarter was principally due to product mix.
• The decrease in March 2025 total rates FPM year-over-year and the month-over-month increase was driven by the impact of product mix. The decrease in 1Q25 total rates FPM year-over-year and the slight increase quarter-over-quarter was also driven by the impact of product mix.

Table 1C: Variable Transaction Fees Per Million (FPM)1
	Month									% Change								Quarter									% Change
	Mar-25			Feb-25			Mar-24			YoY				MoM					1Q25			4Q24			1Q24		YoY				QoQ
AVG. VARIABLE TRANS. FEE PER MILLION (FPM)
Total Credit	$	136		$	143		$	154			(12	)	%	(5	)	%		$	140		$	150		$	154			(9	)	%	(7	)	%
Total Rates		4.61			4.29			4.81			(4	)		7					4.32			4.31			4.79			(10	)		0
1 The FPM for total credit and total rates for March and first quarter 2025 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 “Other Credit Products” includes municipal bonds, leveraged loans, convertible bonds and structured products.
3 The number of U.S. trading days is based on the SIFMA holiday recommendation calendar and the number of U.K. trading days is based primarily on the U.K. Bank holiday schedule.
4 “SD PT” is defined as single-dealer portfolio trades. The Company is currently highlighting the impact of single-dealer portfolio trading volume on U.S. high-grade and U.S. high-yield trading volume and estimated market share, but will continue to exclude single-dealer portfolio trading activity from each product’s aggregated trading volume and estimated market share and the total credit FPM calculation.
5 Due to variances in how portfolio trading market participants utilized the portfolio trading TRACE “flag,” the Company previously used its own internal methodology for calculating portfolio trading as an estimated percentage of TRACE volume and the Company’s estimated market share. Starting in June 2024, the Company utilized the portfolio trading TRACE flag in its reported portfolio trading TRACE volume and the Company’s portfolio trading estimated market share.
6 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.

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.

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; issues related to the development and use of artificial intelligence; 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 use of open-source software; 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 U.K. and European Union legal and regulatory requirements following 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 tax filing positions; the effects of climate change or other sustainability risks that could affect our operations or reputation; our future capital needs and our ability to obtain capital when needed; limitations on our operating flexibility contained in our credit agreement; our exposure to financial institutions by holding cash in excess of federally insured limits; 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. Approximately 2,100 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 March 31,
In millions (unaudited)			2025								2024									% Change
			Volume				ADV				Volume					ADV				Volume				ADV
Credit
High-grade			$	181,995			$	8,666			$	144,659				$	7,233				26		%		20		%
High-yield				35,719				1,701				27,228					1,361				31				25
Emerging markets				85,883				4,090				70,661					3,533				22				16
Eurobonds				56,270				2,680				45,108					2,255				25				19
Other credit				13,431				639				8,650					432				55				48
Total credit trading1				373,298				17,776				296,306					14,814				26				20
Rates
U.S. government bonds2				580,113				27,624				329,008					16,450				76				68
Agency and other government bonds1				22,901				1,090				11,360					567				102				92
Total rates trading				603,014				28,714				340,368					17,017				77				69
Total trading			$	976,312			$	46,490			$	636,674				$	31,831				53				46
Number of U.S. Trading Days3							21									20
Number of U.K. Trading Days4							21									20
			Quarter and Year-to-Date Ended March 31,
In millions (unaudited)			2025								2024									% Change
			Volume				ADV				Volume					ADV				Volume				ADV
Credit
High-grade			$	461,308			$	7,562			$	455,998				$	7,475				1		%		1		%
High-yield				89,997				1,475				85,379					1,400				5				5
Emerging markets				240,285				3,939				221,427					3,630				9				9
Eurobonds				147,917				2,348				128,849					2,045				15				15
Other credit				36,482				598				26,335					432				39				38
Total credit trading1				975,989				15,922				917,988					14,982				6				6
Rates
U.S. government bonds2				1,582,081				25,936				1,045,796					17,144				51				51
Agency and other government bonds1				65,825				1,047				31,626					506				108				107
Total rates trading				1,647,906				26,983				1,077,422					17,650				53				53
Total trading			$	2,623,895			$	42,905			$	1,995,410				$	32,632				31				31
Number of U.S. Trading Days3							61									61
Number of U.K. Trading Days4							63									63
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 primarily on the U.K. Bank holiday schedule.

 

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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 in March 2025?

MKTX achieved record total ADV of $46.5B in March 2025, representing a 46% increase year-over-year and 7% increase from February 2025.

How did MarketAxess (MKTX) portfolio trading perform in Q1 2025?

MKTX recorded Q1 2025 portfolio trading ADV of $1.3B, up 78% year-over-year, with 85% executed over X-Pro platform.

What was MKTX's U.S. high-grade market share in March 2025?

U.S. high-grade estimated market share was 20.0% in March 2025, up from 19.8% year-over-year and 17.8% in February 2025.

How did MarketAxess (MKTX) Open Trading perform in March 2025?

Open Trading ADV reached $5.5B in March 2025, up 29% year-over-year, representing 37% of total credit trading volume.