MarketAxess Announces Trading Volume Statistics for October
MarketAxess Holdings (Nasdaq: MKTX) reported record total trading average daily volume (ADV) of $46.2 billion in October 2024, up 40% year-over-year. Total credit ADV reached $15.0 billion (+19% YoY), while record total rates ADV hit $31.2 billion (+54% YoY). Despite record trading volumes, U.S. high-grade market share declined to 18.0% from 20.3% last year. The company achieved record total trading volume of $1.0 trillion, increasing 47% from the previous year. Preliminary fee capture for total credit improved to $154 per million, up from $153 year-over-year.
MarketAxess Holdings (Nasdaq: MKTX) ha riportato un volume medio giornaliero totale di trading (ADV) record di 46,2 miliardi di dollari nell'ottobre 2024, con un incremento del 40% rispetto all'anno precedente. L'ADV totale per il credito ha raggiunto i 15,0 miliardi di dollari (+19% su base annua), mentre l'ADV totale per i tassi ha raggiunto il livello record di 31,2 miliardi di dollari (+54% su base annua). Nonostante i volumi di trading record, la quota di mercato dei titoli di alta qualità negli Stati Uniti è diminuita al 18,0% dal 20,3% dell'anno scorso. L'azienda ha raggiunto un volume totale di trading record di 1,0 trilioni di dollari, con un incremento del 47% rispetto all'anno precedente. La cattura delle commissioni preliminari per il credito totale è migliorata a 154 dollari per milione, rispetto ai 153 dollari dell'anno precedente.
MarketAxess Holdings (Nasdaq: MKTX) reportó un volumen diario promedio total de negociación (ADV) récord de $46.2 mil millones en octubre de 2024, un aumento del 40% en comparación con el año anterior. El ADV total de crédito alcanzó los $15.0 mil millones (+19% interanual), mientras que el ADV total de tasas alcanzó los $31.2 mil millones (+54% interanual). A pesar de los volúmenes de negociación récord, la participación de mercado de valores de alta calidad en EE. UU. disminuyó al 18.0% desde el 20.3% del año pasado. La compañía logró un volumen total de negociación récord de $1.0 billón, aumentando un 47% respecto al año anterior. La captura de tarifas preliminar para el crédito total mejoró a $154 por millón, un aumento desde los $153 interanuales.
MarketAxess Holdings (Nasdaq: MKTX)는 2024년 10월에 462억 달러의 기록적인 총 평균 일일 거래량(ADV)을 보고했으며, 이는 전년 대비 40% 증가한 수치입니다. 총 신용 ADV는 150억 달러에 도달했으며(+19% 전년 대비), 기록적인 총 금리 ADV는 312억 달러에 이르렀습니다(+54% 전년 대비). 거래량이 기록적으로 증가했음에도 불구하고 미국 고급 채권 시장 점유율은 작년 20.3%에서 18.0%로 감소했습니다. 회사는 1.0 조 달러의 기록적인 총 거래량을 달성하여 전년 대비 47% 증가했습니다. 총 신용에 대한 초기 수수료 포착은 백만 달러당 154달러로 증가했으며, 이는 전년 대비 153달러에서 증가한 수치입니다.
MarketAxess Holdings (Nasdaq: MKTX) a annoncé un volume moyen quotidien total de négociation (ADV) record de 46,2 milliards de dollars en octobre 2024, soit une augmentation de 40% par rapport à l'année précédente. L'ADV total pour le crédit a atteint 15,0 milliards de dollars (+19% en glissement annuel), tandis que l'ADV total des taux a atteint un niveau record de 31,2 milliards de dollars (+54% en glissement annuel). Malgré des volumes de négociation records, la part de marché des titres de haute qualité aux États-Unis a diminué à 18,0% contre 20,3% l'année dernière. L'entreprise a réalisé un volume total de négociation record de 1,0 billion de dollars, ce qui représente une augmentation de 47% par rapport à l'année précédente. La capture des frais préliminaire pour le crédit total s'est améliorée à 154 dollars par million, contre 153 dollars l'année dernière.
MarketAxess Holdings (Nasdaq: MKTX) meldete im Oktober 2024 ein rekordverdächtiges durchschnittliches tägliches Handelsvolumen (ADV) von 46,2 Milliarden Dollar, was einem Anstieg von 40% im Vergleich zum Vorjahr entspricht. Das gesamte Kredit-ADV erreichte 15,0 Milliarden Dollar (+19% im Jahresvergleich), während das rekordverdächtige Gesamt-ADV für Zinsen 31,2 Milliarden Dollar (+54% im Jahresvergleich) betrug. Trotz der rekordverdächtigen Handelsvolumina sank der Marktanteil der US-Hochzinsanleihen von 20,3% im vergangenen Jahr auf 18,0%. Das Unternehmen erreichte ein rekordverdächtiges Gesamt-Handelsvolumen von 1,0 Billionen Dollar, was einem Anstieg von 47% im Vergleich zum Vorjahr entspricht. Die vorläufige Gebührenerfassung für das gesamte Kreditvolumen verbesserte sich auf 154 Dollar pro Million, im Vergleich zu 153 Dollar im Jahresvergleich.
- Record total ADV of $46.2B, up 40% YoY
- Total trading volume reached $1.0T, up 47% YoY
- Record rates ADV of $31.2B, up 54% YoY
- Emerging markets ADV increased 33% YoY to $3.7B
- Fee capture improved to $154 per million from $153
- U.S. high-grade market share declined to 18.0% from 20.3% YoY
- U.S. high-yield market share dropped to 13.3% from 16.7% YoY
- U.S. high-grade ADV decreased 18% MoM to $6.9B
- Portfolio trading market share declined to 17.9% from 20.8% MoM
Insights
MarketAxess's October trading performance reveals mixed results. The record total ADV of
The preliminary fee capture improved slightly to
The evolving fixed-income market structure presents both opportunities and challenges for MarketAxess. The record rates ADV of
However, the decline in portfolio trading market share to
Second Consecutive Month of Record Total Trading ADV on Continued Strong Market Volumes
Chris Concannon, CEO of MarketAxess, commented:
“We delivered the second straight month of record total trading ADV in October, driven by continued robust market volumes and strength in our international businesses. Our rates business also generated record ADV in October, surpassing the previous monthly record set during a period of extreme market volatility in March 2020.
While we are disappointed with the absolute level of market share in
We are continuing the roll-out of X-Pro to our global client base and we now have our block solution in the market, which we believe will be integral to the success of our “high-touch” strategy.”
Select October 2024 Highlights
-
Record total average daily volume (“ADV”) of
increased$46.2 billion 40% compared to the prior year, and increased2% compared to September 2024. These strong results were driven by total credit ADV of , representing an increase of$15.0 billion 19% compared to the prior year, and a decrease of9% compared to September 2024. Record total rates ADV of , which increased$31.2 billion 54% compared to the prior year, and increased9% compared to September 2024 levels, also contributed to the strong performance in October 2024. -
Record total trading volume of
on the platform increased$1.0 trillion 47% compared to the prior year, and increased12% compared to September 2024.
-
U.S. high-grade ADV of billion increased$6.9 15% compared to the prior year, but decreased18% compared to September 2024. Estimated market ADV increased30% compared to the prior year, but decreased10% compared to September 2024. Estimated market share was18.0% , down from20.3% in the prior year, and down from19.9% in September 2024. Including the impact of single-dealer portfolio trades, estimated market share was18.7% , down from20.6% in the prior year, and down from20.3% in September 2024. -
U.S. high-yield ADV of decreased$1.5 billion 8% compared to the prior year, but increased4% compared to September 2024. Estimated market ADV increased15% compared to the prior year, but decreased5% compared to September 2024. Estimated market share was13.3% , down from16.7% in the prior year, but up from12.1% in September 2024. Including the impact of single-dealer portfolio trades, estimated market share was13.9% , down from16.9% in the prior year, but up from12.5% in September 2024.
Other Credit
-
Emerging markets ADV of
increased$3.7 billion 33% compared to the prior year, and increased1% compared to September 2024. The year-over-year increase was driven by a42% increase in hard currency ADV, and a22% increase in local currency ADV. -
Eurobonds ADV of
increased$2.3 billion 37% compared to the prior year, but slightly decreased1% compared to September 2024. -
Municipal bond ADV of
increased$578 million 9% compared to the prior year, but was in line with September 2024. Estimated market ADV decreased33% compared to the prior year, but increased12% compared to September 2024. Estimated market share of7.9% , up from4.9% in the prior year, but down from a record8.8% in September 2024.3
Strategic Priority Related Protocols & Workflow Tools
-
in total portfolio trading ADV increased$1.2 billion 72% compared to the prior year, but decreased19% compared to September 2024.
— Estimated
-
Our estimated market share of
U.S. high-grade andU.S. high-yield TRACE portfolio trading was17.9% in October 2024, down from20.8% in September 2024.
— Portfolio trading represented
-
Open Trading ADV of
, increased$4.5 billion 17% compared to the prior year, but decreased8% compared to September 2024. Open Trading share4 of total credit trading volume was35% , in line with the prior year and September 2024 levels. -
Dealer RFQ ADV of
across all credit products increased$1.3 billion 26% compared to the prior year, but decreased8% compared to September 2024. -
AxessIQ, the order and execution workflow solution designed for wealth management and private banking clients, achieved ADV of
, up$161 million 39% compared to the prior year, but down3% compared to September 2024.
Rates
-
Record total rates ADV of
, up$31.2 billion 54% compared to the prior year, and up9% compared to September 2024.
Variable Transaction Fees Per Million (FPM)1
-
The preliminary FPM for total credit for October 2024 was approximately
, up from$154 in the prior year, and up from$153 in September 2024. The preliminary FPM for total rates was approximately$150 , up from$4.40 in the prior year, and up from$4.30 in September 2024.$4.18
Table 1: October 2024 ADV
CREDIT | RATES | ||||||||||
$ in millions (unaudited) |
US/ |
Total ADV |
Total Credit |
High-Grade | High-Yield | Emerging Markets |
Eurobonds | Municipal Bonds | Total Rates |
US Govt. Bonds |
Agcy./Other Govt. Bonds |
Oct-24 | 22/23 |
|
|
|
|
|
|
|
|
|
|
Sep-24 |
20/21 |
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|
|
|
|
|
|
|
|
|
Oct-23 |
21/22 |
|
|
|
|
|
|
|
|
|
|
YoY % Change |
|
|
|
|
( |
|
|
|
|
|
|
MoM % Change |
|
|
( |
( |
|
|
( |
– |
|
|
( |
Table 1B: October 2024 estimated market share
CREDIT | RATES | ||||
(unaudited) |
High-Grade | High-Yield | High-Grade/High-Yield Combined | Municipals3 | US Govt. Bonds3 |
Oct-24 |
|
|
|
|
|
Sep-24 |
|
|
|
|
|
Oct-23 |
|
|
|
|
|
YoY Bps Change |
(230) bps |
(340) bps |
(250) bps |
+300 bps |
+80 bps |
MoM Bps Change |
(190) bps |
+120 bps |
(130) bps |
(90) bps |
+40 bps |
1 The FPM for total credit and total rates for October 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 |
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3 See “General Notes Regarding the Data Presented” below. |
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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. |
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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 |
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Month Ended October 31, |
|
|
||||||||||||||||||||||
In millions (unaudited) |
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
|
||||||||||||||||
|
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
||||||
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High-grade |
|
|
$ |
151,660 |
|
|
$ |
6,894 |
|
|
$ |
125,665 |
|
|
|
$ |
5,984 |
|
|
|
21 |
|
% |
|
15 |
|
% |
High-yield |
|
|
|
32,848 |
|
|
|
1,493 |
|
|
|
34,080 |
|
|
|
|
1,623 |
|
|
|
(4 |
) |
|
|
(8 |
) |
|
Emerging markets |
|
|
|
81,797 |
|
|
|
3,718 |
|
|
|
58,793 |
|
|
|
|
2,800 |
|
|
|
39 |
|
|
|
33 |
|
|
Eurobonds |
|
|
|
53,667 |
|
|
|
2,333 |
|
|
|
37,559 |
|
|
|
|
1,707 |
|
|
|
43 |
|
|
|
37 |
|
|
Other credit |
|
|
|
12,847 |
|
|
|
584 |
|
|
|
11,359 |
|
|
|
|
541 |
|
|
|
13 |
|
|
|
8 |
|
|
Total credit trading1 |
|
|
|
332,819 |
|
|
|
15,022 |
|
|
|
267,456 |
|
|
|
|
12,655 |
|
|
|
24 |
|
|
|
19 |
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
658,390 |
|
|
|
29,927 |
|
|
|
417,127 |
|
|
|
|
19,863 |
|
|
|
58 |
|
|
|
51 |
|
|
Agency and other government bonds1 |
|
|
|
28,097 |
|
|
|
1,228 |
|
|
|
9,054 |
|
|
|
|
419 |
|
|
|
210 |
|
|
|
193 |
|
|
Total rates trading |
|
|
|
686,487 |
|
|
|
31,155 |
|
|
|
426,181 |
|
|
|
|
20,282 |
|
|
|
61 |
|
|
|
54 |
|
|
Total trading |
|
|
$ |
1,019,306 |
|
|
$ |
46,177 |
|
|
$ |
693,637 |
|
|
|
$ |
32,937 |
|
|
|
47 |
|
|
|
40 |
|
|
Number of |
|
|
|
|
|
|
22 |
|
|
|
|
|
|
|
21 |
|
|
|
|
|
|
|
|
|
|
||
Number of |
|
|
|
|
|
|
23 |
|
|
|
|
|
|
|
22 |
|
|
|
|
|
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||
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Year-to-Date Ended October 31, |
|
|
||||||||||||||||||||||
In millions (unaudited) |
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
|
||||||||||||||||
|
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
||||||
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High-grade |
|
|
$ |
1,462,806 |
|
|
$ |
6,966 |
|
|
$ |
1,197,923 |
|
|
|
$ |
5,759 |
|
|
|
22 |
|
% |
|
21 |
|
% |
High-yield |
|
|
|
284,242 |
|
|
|
1,354 |
|
|
|
329,854 |
|
|
|
|
1,586 |
|
|
|
(14 |
) |
|
|
(15 |
) |
|
Emerging markets |
|
|
|
726,770 |
|
|
|
3,461 |
|
|
|
595,225 |
|
|
|
|
2,862 |
|
|
|
22 |
|
|
|
21 |
|
|
Eurobonds |
|
|
|
433,696 |
|
|
|
2,046 |
|
|
|
367,400 |
|
|
|
|
1,750 |
|
|
|
18 |
|
|
|
17 |
|
|
Other credit |
|
|
|
110,118 |
|
|
|
524 |
|
|
|
89,956 |
|
|
|
|
432 |
|
|
|
22 |
|
|
|
21 |
|
|
Total credit trading1 |
|
|
|
3,017,632 |
|
|
|
14,351 |
|
|
|
2,580,358 |
|
|
|
|
12,389 |
|
|
|
17 |
|
|
|
16 |
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,560,440 |
|
|
|
21,716 |
|
|
|
3,964,435 |
|
|
|
|
19,060 |
|
|
|
15 |
|
|
|
14 |
|
|
Agency and other government bonds1 |
|
|
|
179,490 |
|
|
|
848 |
|
|
|
89,303 |
|
|
|
|
426 |
|
|
|
101 |
|
|
|
99 |
|
|
Total rates trading |
|
|
|
4,739,930 |
|
|
|
22,564 |
|
|
|
4,053,738 |
|
|
|
|
19,486 |
|
|
|
17 |
|
|
|
16 |
|
|
Total trading |
|
|
$ |
7,757,562 |
|
|
$ |
36,915 |
|
|
$ |
6,634,096 |
|
|
|
$ |
31,875 |
|
|
|
17 |
|
|
|
16 |
|
|
Number of |
|
|
|
|
|
|
210 |
|
|
|
|
|
|
|
208 |
|
|
|
|
|
|
|
|
|
|
||
Number of |
|
|
|
|
|
|
212 |
|
|
|
|
|
|
|
210 |
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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/20241104063311/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.
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