MarketAxess Announces Trading Volume Statistics for November 2024
MarketAxess Holdings (Nasdaq: MKTX) reported its November 2024 trading statistics, achieving a total average daily volume (ADV) of $44.9 billion, up 56% year-over-year but down 3% from October 2024. Total rates ADV reached $30.7 billion, showing a 112% increase from the previous year. Total credit ADV was $14.3 billion, flat year-over-year but down 5% from October.
Notable achievements include record emerging markets ADV of $3.8 billion (up 15% YoY) and record municipal bond ADV of $631 million (up 5% YoY). The company's portfolio trading solution showed positive engagement with 21 dealers and 26 long-only clients, with average trade size over $4 million notional. A record 76% of portfolio trading volume was executed on X-Pro.
MarketAxess Holdings (Nasdaq: MKTX) ha riportato le statistiche di trading di novembre 2024, registrando un volume medio giornaliero totale (ADV) di $44,9 miliardi, in aumento del 56% rispetto all'anno precedente, ma in calo del 3% rispetto a ottobre 2024. L'ADV totale dei tassi ha raggiunto $30,7 miliardi, mostrando un incremento del 112% rispetto all'anno precedente. L'ADV totale del credito è stato di $14,3 miliardi, invariato rispetto all'anno scorso, ma in diminuzione del 5% rispetto a ottobre.
Tra i risultati notevoli c'è il record di ADV per i mercati emergenti di $3,8 miliardi (in aumento del 15% su base annua) e il record di ADV per i bond municipali di $631 milioni (in aumento del 5% su base annua). La soluzione di trading del portafoglio dell'azienda ha mostrato un coinvolgimento positivo con 21 dealer e 26 clienti long-only, con una dimensione media delle operazioni superiore a $4 milioni in valore nozionale. Un record del 76% del volume di trading del portafoglio è stato eseguito su X-Pro.
MarketAxess Holdings (Nasdaq: MKTX) informó sus estadísticas de trading de noviembre de 2024, logrando un volumen diario promedio total (ADV) de $44.9 mil millones, un aumento del 56% interanual pero una disminución del 3% respecto a octubre de 2024. El ADV total de tasas alcanzó los $30.7 mil millones, mostrando un incremento del 112% en comparación con el año anterior. El ADV total de crédito fue de $14.3 mil millones, sin cambios interanuales, pero un 5% menos que en octubre.
Logros notables incluyen un ADV récord de mercados emergentes de $3.8 mil millones (aumento del 15% interanual) y un ADV récord de bonos municipales de $631 millones (aumento del 5% interanual). La solución de trading de cartera de la compañía mostró un compromiso positivo con 21 intermediarios y 26 clientes de largo plazo, con un tamaño de operación promedio superior a $4 millones en valor nocional. Un récord del 76% del volumen de trading de cartera se ejecutó en X-Pro.
MarketAxess Holdings (Nasdaq: MKTX)는 2024년 11월 거래 통계를 보고하며, 총 평균 일일 거래량(ADV)을 $44.9억으로 기록하였습니다. 이는 지난해 대비 56% 증가했으나 2024년 10월 대비 3% 감소한 수치입니다. 총 금리 ADV는 $30.7억에 도달하여 지난해보다 112% 증가하였으며, 총 신용 ADV는 $14.3억으로 지난해와 동일하지만 10월에 비해서는 5% 감소하였습니다.
주목할 만한 성과로는 $3.8억의 신흥 시장 ADV 기록(전년 대비 15% 증가) 및 $631백만의 지방채 ADV 기록(전년 대비 5% 증가)이 있습니다. 회사의 포트폴리오 거래 솔루션은 21명의 거래자 및 26명의 롱온리 고객과 긍정적인 거래를 나타내었으며, 평균 거래 규모는 4백만 달러 이상의 노미널로 나타났습니다. 포트폴리오 거래량의 76%가 X-Pro에서 실행되었습니다.
MarketAxess Holdings (Nasdaq: MKTX) a annoncé ses statistiques de trading pour novembre 2024, enregistrant un volume quotidien moyen total (ADV) de 44,9 milliards de dollars, en hausse de 56 % par rapport à l'année précédente, mais en baisse de 3 % par rapport à octobre 2024. L'ADV total des taux a atteint 30,7 milliards de dollars, montrant une augmentation de 112 % par rapport à l'année précédente. L'ADV total du crédit était de 14,3 milliards de dollars, stable d'une année sur l'autre, mais en baisse de 5 % par rapport à octobre.
Parmi les réalisations notables figurent un ADV record pour les marchés émergents de 3,8 milliards de dollars (en hausse de 15 % par rapport à l'année précédente) et un ADV record pour les obligations municipales de 631 millions de dollars (en hausse de 5 % par rapport à l'année précédente). La solution de trading de portefeuille de l'entreprise a montré un engagement positif avec 21 courtiers et 26 clients long-only, avec une taille moyenne de transaction de plus de 4 millions de dollars en valeur nominale. Un record de 76 % du volume de trading de portefeuille a été exécuté sur X-Pro.
MarketAxess Holdings (Nasdaq: MKTX) hat seine Handelsstatistiken für November 2024 veröffentlicht und einen durchschnittlichen täglichen Gesamtumsatz (ADV) von 44,9 Milliarden USD erreicht, was einem Anstieg von 56 % im Vergleich zum Vorjahr entspricht, jedoch einem Rückgang von 3 % im Vergleich zu Oktober 2024. Der gesamte Zins-ADV erreichte 30,7 Milliarden USD, was einen Anstieg von 112 % im Vergleich zum Vorjahr zeigt. Der gesamte Kredit-ADV betrug 14,3 Milliarden USD, was im Jahresvergleich stabil blieb, jedoch um 5 % im Vergleich zu Oktober zurückging.
Bemerkenswerte Erfolge umfassen einen Rekord-ADV von Schwellenmärkten von 3,8 Milliarden USD (Anstieg um 15 % im Vergleich zum Vorjahr) und einen Rekord-ADV von kommunalen Anleihen von 631 Millionen USD (Anstieg um 5 % im Vergleich zum Vorjahr). Die Handelslösung des Unternehmens für Portfolios zeigte eine positive Beteiligung von 21 Händlern und 26 Long-Only-Kunden, mit einer durchschnittlichen Handelsgröße von über 4 Millionen USD nominal. Ein Rekord von 76 % des Portfoliovolumens wurde auf X-Pro durchgeführt.
- Total ADV increased 56% year-over-year to $44.9 billion
- Total rates ADV grew 112% year-over-year to $30.7 billion
- Record emerging markets ADV up 15% to $3.8 billion
- Record municipal bond ADV increased 5% to $631 million
- Portfolio trading ADV grew 49% year-over-year to $0.9 billion
- U.S. high-yield ADV decreased 31% year-over-year to $1.3 billion
- High-yield market share declined to 12.3% from 17.0% year-over-year
- High-grade market share dropped to 18.0% from 20.6% year-over-year
- Total credit FPM decreased to $146 from $157 year-over-year
- Open Trading ADV declined 3% year-over-year to $4.3 billion
Insights
MarketAxess reported mixed results for November 2024, with some concerning trends in market share despite volume growth. Total ADV of
Key concerns include:
- U.S. high-grade market share dropped to
18.0% from20.6% year-over-year - U.S. high-yield market share declined significantly to
12.3% from17.0% - Variable transaction fees per million decreased to
$146 from$157
The bright spots were emerging markets reaching record ADV with
The platform's strategic initiatives are showing mixed results in terms of market penetration. The record
Competition in electronic fixed income trading is intensifying, as evidenced by the broad-based market share declines across products. While total volumes are growing, MarketAxess is not capturing a proportional share of the expanding market, particularly in high-yield bonds where ADV dropped
Chris Concannon, CEO of MarketAxess, commented:
“We delivered total ADV of
Select November 2024 Highlights
-
Total average daily volume (“ADV”) of
$44.9 billion 56% compared to the prior year, but decreased3% compared to record October 2024 levels. These results were driven by total rates ADV of$30.7 billion 112% compared to the prior year, but decreased2% compared to record October 2024 levels.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. Total credit ADV of$14.3 billion 5% compared to October 2024.
-
U.S. high-grade ADV of$6.5 5% compared to October 2024. Estimated market ADV increased14% compared to the prior year, but decreased5% compared to October 2024. Estimated market share was18.0% , down from20.6% in the prior year, and in line with October 2024. Including the impact of single-dealer portfolio trades, estimated market share was18.1% , down from20.6% in the prior year, and down from18.7% in October 2024. -
U.S. high-yield ADV of$1.3 billion 31% compared to the prior year, and decreased12% compared to October 2024. Estimated market ADV decreased5% compared to the prior year, and decreased5% compared to October 2024. Estimated market share was12.3% , down from17.0% in the prior year, and down from13.3% in October 2024. Including the impact of single-dealer portfolio trades, estimated market share was12.6% , down from17.1% in the prior year, and down from13.9% in October 2024.
Other Credit
-
Record emerging markets ADV of
$3.8 billion 15% compared to the prior year, and increased3% compared to October 2024. The year-over-year increase was driven by a24% increase in hard currency ADV, partially offset by a2% decrease in local currency ADV. -
Eurobonds ADV of
$2.0 billion 1% compared to the prior year, but decreased14% compared to October 2024. -
Record municipal bond ADV of
$631 million 5% compared to the prior year, and increased9% compared to October 2024. Estimated market ADV decreased9% compared to the prior year, but increased29% compared to October 2024. Estimated market share of6.7% , up from5.8% in the prior year, but down from7.9% in October 2024.3
Strategic Priority Related Protocols & Workflow Tools
-
$0.9 billion 49% compared to the prior year, but decreased24% compared to October 2024. A record76% of portfolio trading volume was executed over X-Pro.
— EstimatedU.S. high-grade andU.S. high-yield TRACE portfolio trading market ADV decreased4% compared to October 2024. -
Our estimated market share of
U.S. high-grade andU.S. high-yield TRACE portfolio trading was13.6% in November 2024, down from17.9% in October 2024.
— Portfolio trading represented approximately10% ofU.S. high-grade andU.S. high-yield TRACE in November 2024, in line with October 2024. -
Open Trading ADV of
$4.3 billion 3% compared to the prior year, and decreased4% compared to October 2024. Open Trading share4 of total credit trading volume was35% , down from36% in the prior year, but in line with October 2024 levels. -
Dealer RFQ ADV of
$1.3 billion 4% compared to the prior year, but decreased1% compared to October 2024. -
AxessIQ, the order and execution workflow solution designed for wealth management and private banking clients, achieved ADV of
$149 million 6% compared to the prior year, and down8% compared to October 2024.
Rates
-
Total rates ADV of
$30.7 billion 112% compared to the prior year, but decreased2% compared to October 2024.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 November 2024 was approximately
$146 $157 $154 U.S. high-yield activity. The decline in total credit FPM month-over-month was due to product mix. Preliminary total credit FPM quarter-to-date through November 30 was approximately$151 $149 $4.07 $5.07 $4.40
Table 1: November 2024 ADV
| CREDIT | RATES |
||||||||||
| $ in millions (unaudited) |
US/ Trading Days5 |
Total ADV |
Total Credit |
High-Grade | High-Yield | Emerging Markets |
Eurobonds | Municipal Bonds |
Total Rates |
US Govt. Bonds |
Agcy./Other Govt. Bonds |
| Nov-24 | 19/21 |
|
|
|
|
|
|
|
|
|
|
| Oct-24 | 22/23 |
|
|
|
|
|
|
|
|
|
|
| Nov-23 | 21/22 |
|
|
|
|
|
|
|
|
|
|
| YoY % Change |
|
|
– |
– |
( |
|
|
|
|
|
|
| MoM % Change |
|
( |
( |
( |
( |
|
( |
|
( |
( |
|
Table 1A: November 2024 estimated market share
| CREDIT | RATES | ||||
(unaudited) |
High-Grade | High-Yield | High-Grade/High-Yield Combined |
Municipals3 | US Govt. Bonds3 |
| Nov-24 |
|
|
|
|
|
| Oct-24 |
|
|
|
|
|
| Nov-23 |
|
|
|
|
|
| YoY Bps Change | (260) bps |
(470) bps |
(290) bps |
+90 bps |
+110 bps |
| MoM Bps Change | – bps |
(100) bps |
(20) bps |
(120) bps |
(30) bps |
1 |
The FPM for total credit and total rates for November 2024 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 November 30, |
|
||||||||||||||||||||||
In millions (unaudited) |
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
||||||||||||||||
|
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
ADV |
|
||||||||
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
High-grade |
|
|
$ |
124,135 |
|
|
$ |
6,533 |
|
|
$ |
136,980 |
|
|
$ |
6,523 |
|
|
|
(9 |
)% |
|
- |
% |
||
High-yield |
|
|
|
24,927 |
|
|
|
1,312 |
|
|
|
40,173 |
|
|
|
1,913 |
|
|
|
(38 |
) |
|
(31 |
) |
||
Emerging markets |
|
|
|
72,402 |
|
|
|
3,811 |
|
|
|
69,664 |
|
|
|
3,317 |
|
|
|
4 |
|
|
15 |
|
||
Eurobonds |
|
|
|
42,017 |
|
|
|
2,001 |
|
|
|
43,746 |
|
|
|
1,988 |
|
|
|
(4 |
) |
|
1 |
|
||
Other credit |
|
|
|
12,051 |
|
|
|
634 |
|
|
|
12,733 |
|
|
|
606 |
|
|
|
(5 |
) |
|
5 |
|
||
Total credit trading1 |
|
|
|
275,532 |
|
|
|
14,291 |
|
|
|
303,296 |
|
|
|
14,347 |
|
|
|
(9 |
) |
|
- |
|
||
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
557,175 |
|
|
|
29,325 |
|
|
|
293,825 |
|
|
|
13,992 |
|
|
|
90 |
|
|
110 |
|
||
Agency and other government bonds1 |
|
|
|
27,710 |
|
|
|
1,329 |
|
|
|
10,800 |
|
|
|
500 |
|
|
|
157 |
|
|
166 |
|
||
Total rates trading |
|
|
|
584,885 |
|
|
|
30,654 |
|
|
|
304,625 |
|
|
|
14,492 |
|
|
|
92 |
|
|
112 |
|
||
Total trading |
|
|
$ |
860,417 |
|
|
$ |
44,945 |
|
|
$ |
607,921 |
|
|
$ |
28,839 |
|
|
|
42 |
|
|
56 |
|
||
Number of |
|
|
|
|
|
|
19 |
|
|
|
|
|
|
21 |
|
|
|
|
|
|
|
|
||||
Number of |
|
|
|
|
|
|
21 |
|
|
|
|
|
|
22 |
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Year-to-Date Ended November 30, |
|
||||||||||||||||||||||
In millions (unaudited) |
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
||||||||||||||||
|
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
ADV |
|
||||||||
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
High-grade |
|
|
$ |
1,586,941 |
|
|
$ |
6,930 |
|
|
$ |
1,334,903 |
|
|
$ |
5,829 |
|
|
|
19 |
% |
|
19 |
% |
||
High-yield |
|
|
|
309,163 |
|
|
|
1,350 |
|
|
|
370,027 |
|
|
|
1,616 |
|
|
|
(16 |
) |
|
(16 |
) |
||
Emerging markets |
|
|
|
799,172 |
|
|
|
3,490 |
|
|
|
664,889 |
|
|
|
2,903 |
|
|
|
20 |
|
|
20 |
|
||
Eurobonds |
|
|
|
475,713 |
|
|
|
2,042 |
|
|
|
411,146 |
|
|
|
1,772 |
|
|
|
16 |
|
|
15 |
|
||
Other credit |
|
|
|
122,175 |
|
|
|
533 |
|
|
|
102,689 |
|
|
|
448 |
|
|
|
19 |
|
|
19 |
|
||
Total credit trading1 |
|
|
|
3,293,164 |
|
|
|
14,345 |
|
|
|
2,883,654 |
|
|
|
12,568 |
|
|
|
14 |
|
|
14 |
|
||
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
5,117,615 |
|
|
|
22,348 |
|
|
|
4,258,260 |
|
|
|
18,595 |
|
|
|
20 |
|
|
20 |
|
||
Agency and other government bonds1 |
|
|
|
207,200 |
|
|
|
891 |
|
|
|
100,103 |
|
|
|
434 |
|
|
|
107 |
|
|
105 |
|
||
Total rates trading |
|
|
|
5,324,815 |
|
|
|
23,239 |
|
|
|
4,358,363 |
|
|
|
19,029 |
|
|
|
22 |
|
|
22 |
|
||
Total trading |
|
|
$ |
8,617,979 |
|
|
$ |
37,584 |
|
|
$ |
7,242,017 |
|
|
$ |
31,597 |
|
|
|
19 |
|
|
19 |
|
||
Number of |
|
|
|
|
|
|
229 |
|
|
|
|
|
|
229 |
|
|
|
|
|
|
|
|
||||
Number of |
|
|
|
|
|
|
233 |
|
|
|
|
|
|
232 |
|
|
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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 |
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4 The number of |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20241203025005/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 in November 2024?
How did MKTX emerging markets trading perform in November 2024?
What was MKTX's U.S. high-grade market share in November 2024?
How did MKTX's portfolio trading perform in November 2024?
