MarketAxess Reports 33% Increase in June Average Daily Volumes


MarketAxess reported a substantial increase in trading
volumes for June, driven by notable gains in US high-grade credit, emerging
markets, and municipal bonds. The company achieved an average daily volume
(ADV) of $36.5 billion, a 33.8% increase from the previous year and a 13.5%
rise from May 2024.

This growth was bolstered by strong performances in
total credit ADV, which rose to $14.0 billion, and a significant 49.8% increase
in total rates ADV. The firm’s trading platform , X-Pro, reported a boost in
activity, specifically in the fixed-income securities market.

X-Pro platform reportedly posted a record usage, with 56% of portfolio
trading volume executed on it during the quarter. Total portfolio trading
volume reached $16.6 billion, marking a 104.6% year-over-year increase. The
open trading share of total credit trading volume remained steady at 34%.

The US high-grade credit segment led the charge with a
17% increase in ADV to $6.6 billion. Chris Concannon, the CEO of MarketAxes, highlighted that this growth was
accompanied by an improvement in market share, reaching an estimated 19.9% in
June. Despite a slight year-over-year decline, the month-over-month performance
showed positive momentum, indicating a strong market presence.

However, US high-yield ADV experienced a decline of
13.8% to $1.3 billion, with market share dropping to 13.9%. This segment faced
challenges reportedly due to lower credit spread volatility and a focus on new
issuances by long-only clients. Nonetheless, the estimated market share
slightly improved from May 2024.

Besides that, emerging markets displayed robust
growth, with ADV climbing 17.9% to $3.6 billion. Contributions from regions
like LATAM, EMEA, and APAC were significant, driven by a 25.1% increase in hard
currency ADV and record local currency market volumes.

Emerging Markets and Eurobonds

Eurobonds also performed well, with ADV up 16.1%
year-over-year, despite an 11.5% decrease from May 2024. The diverse credit
offerings continue to attract substantial trading activity. Municipal bonds
experienced a notable 48.4% increase in ADV to $549 million.

For the second quarter, MarketAxess reported a total
ADV of $34.2 billion, driven by a 22.8% increase from the previous year. The
total credit ADV grew by 12.4%, while total rates ADV saw a 30.9% rise. The
quarter also featured record performances in portfolio trading volumes and
continued strength in emerging markets and municipal bonds.

MarketAxess reported a substantial increase in trading
volumes for June, driven by notable gains in US high-grade credit, emerging
markets, and municipal bonds. The company achieved an average daily volume
(ADV) of $36.5 billion, a 33.8% increase from the previous year and a 13.5%
rise from May 2024.

This growth was bolstered by strong performances in
total credit ADV, which rose to $14.0 billion, and a significant 49.8% increase
in total rates ADV. The firm’s trading platform , X-Pro, reported a boost in
activity, specifically in the fixed-income securities market.

X-Pro platform reportedly posted a record usage, with 56% of portfolio
trading volume executed on it during the quarter. Total portfolio trading
volume reached $16.6 billion, marking a 104.6% year-over-year increase. The
open trading share of total credit trading volume remained steady at 34%.

The US high-grade credit segment led the charge with a
17% increase in ADV to $6.6 billion. Chris Concannon, the CEO of MarketAxes, highlighted that this growth was
accompanied by an improvement in market share, reaching an estimated 19.9% in
June. Despite a slight year-over-year decline, the month-over-month performance
showed positive momentum, indicating a strong market presence.

However, US high-yield ADV experienced a decline of
13.8% to $1.3 billion, with market share dropping to 13.9%. This segment faced
challenges reportedly due to lower credit spread volatility and a focus on new
issuances by long-only clients. Nonetheless, the estimated market share
slightly improved from May 2024.

Besides that, emerging markets displayed robust
growth, with ADV climbing 17.9% to $3.6 billion. Contributions from regions
like LATAM, EMEA, and APAC were significant, driven by a 25.1% increase in hard
currency ADV and record local currency market volumes.

Emerging Markets and Eurobonds

Eurobonds also performed well, with ADV up 16.1%
year-over-year, despite an 11.5% decrease from May 2024. The diverse credit
offerings continue to attract substantial trading activity. Municipal bonds
experienced a notable 48.4% increase in ADV to $549 million.

For the second quarter, MarketAxess reported a total
ADV of $34.2 billion, driven by a 22.8% increase from the previous year. The
total credit ADV grew by 12.4%, while total rates ADV saw a 30.9% rise. The
quarter also featured record performances in portfolio trading volumes and
continued strength in emerging markets and municipal bonds.



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