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 December 2025 and the fourth quarter ended December 31, 2025.1
Select Fourth Quarter 2025 Highlights* (See tables 1-1C and table 2)
Our new initiatives continued to show strong year-over-year progress across the client-initiated, portfolio trading and dealer-initiated channels.
Client-Initiated Channel
- 29% growth in block trading average daily volume (“ADV”), with strong growth across U.S. credit (+21%), record emerging markets (+41%) and eurobonds (+43%).
Portfolio Trading Channel
- 41% increase in total portfolio trading ADV to a record $1.5 billion, with record U.S. high-yield portfolio trading ADV of $368 million and record emerging markets portfolio trading ADV of $118 million.
- Our estimated market share of U.S. credit portfolio trading was a record 20.6%, compared to 16.2% in the prior year, and 19.1% in 3Q25. Record U.S. credit portfolio trading estimated market share in the quarter was driven in part by record U.S. high-yield estimated market share in December 2025 of 27.7%.
Dealer-Initiated Channel
- 32% increase in dealer-initiated ADV to $1.8 billion, consisting of a 20% increase in Dealer RFQ ADV and an 185% increase in Mid-X ADV. Our Mid-X protocol in U.S. credit surpassed $3.0 billion in trading volume in December 2025.
Fourth Quarter 2025 Variable Transaction Fees Per Million1 (See table 1D)
- The decline in total credit FPM both year-over-year and quarter-over-quarter was driven principally by protocol mix, partially offset by the higher duration of bonds traded in U.S. high-grade. Total credit FPM in December 2025 was flat month-over-month compared to November 2025.
- The increase in total rates FPM both year-over-year and quarter-over-quarter was driven by the impact of product mix.
*All comparisons versus fourth quarter 2024 unless noted.
Table 1: MarketAxess ADV
|
Month |
% Change |
Quarter |
% Change |
||||||||||||||||||||||||||||||
|
|
Dec-25 |
|
Nov-25 |
|
Dec-24 |
|
MoM |
YoY |
|
4Q25 |
|
3Q25 |
|
4Q24 |
|
QoQ |
YoY |
||||||||||||||||
MKTX ADV ($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. High-Grade (incl. SD PT)2 |
|
$ |
6,275 |
|
$ |
7,763 |
|
$ |
5,949 |
|
|
(19 |
) |
% |
5 |
|
% |
|
$ |
7,035 |
|
$ |
6,783 |
|
$ |
6,578 |
|
|
4 |
|
% |
7 |
|
% |
U.S. High-Grade (excl. SD PT)2 |
|
|
6,043 |
|
|
7,594 |
|
|
5,921 |
|
|
(20 |
) |
|
2 |
|
|
|
|
6,848 |
|
|
6,558 |
|
|
6,454 |
|
|
4 |
|
|
6 |
|
|
U.S. High-Yield (incl. SD PT)2 |
|
|
1,591 |
|
|
1,791 |
|
|
1,222 |
|
|
(11 |
) |
|
30 |
|
|
|
|
1,749 |
|
|
1,557 |
|
|
1,378 |
|
|
12 |
|
|
27 |
|
|
U.S. High-Yield (excl. SD PT)2 |
|
|
1,391 |
|
|
1,622 |
|
|
1,219 |
|
|
(14 |
) |
|
14 |
|
|
|
|
1,543 |
|
|
1,347 |
|
|
1,345 |
|
|
15 |
|
|
15 |
|
|
Emerging Markets |
|
|
3,515 |
|
|
4,265 |
|
|
2,869 |
|
|
(18 |
) |
|
23 |
|
|
|
|
3,986 |
|
|
3,803 |
|
|
3,459 |
|
|
5 |
|
|
15 |
|
|
Eurobonds |
|
|
2,003 |
|
|
2,741 |
|
|
1,619 |
|
|
(27 |
) |
|
24 |
|
|
|
|
2,407 |
|
|
2,196 |
|
|
2,001 |
|
|
10 |
|
|
20 |
|
|
Other Credit Products3 |
|
|
594 |
|
|
586 |
|
|
657 |
|
|
1 |
|
|
(10 |
) |
|
|
|
597 |
|
|
631 |
|
|
624 |
|
|
(5 |
) |
|
(4 |
) |
|
Municipal Bonds |
|
|
593 |
|
|
585 |
|
|
656 |
|
|
1 |
|
|
(10 |
) |
|
|
|
597 |
|
|
630 |
|
|
620 |
|
|
(5 |
) |
|
(4 |
) |
|
Total MKTX Credit ADV (excl. SD PT)2 |
|
$ |
13,546 |
|
$ |
16,808 |
|
$ |
12,285 |
|
|
(19 |
) |
|
10 |
|
|
|
$ |
15,381 |
|
$ |
14,535 |
|
$ |
13,883 |
|
|
6 |
|
|
11 |
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Government Bonds |
|
$ |
19,406 |
|
$ |
22,966 |
|
$ |
18,735 |
|
|
(16 |
) |
% |
4 |
|
% |
|
$ |
21,819 |
|
$ |
23,130 |
|
$ |
25,952 |
|
|
(6 |
) |
% |
(16 |
) |
% |
Agencies and Other Government Bonds |
|
|
620 |
|
|
715 |
|
|
1,017 |
|
|
(13 |
) |
|
(39 |
) |
|
|
|
686 |
|
|
1,166 |
|
|
1,195 |
|
|
(41 |
) |
|
(43 |
) |
|
Total MKTX Rates ADV |
|
$ |
20,026 |
|
$ |
23,681 |
|
$ |
19,752 |
|
|
(15 |
) |
|
1 |
|
|
|
$ |
22,505 |
|
$ |
24,296 |
|
$ |
27,147 |
|
|
(7 |
) |
|
(17 |
) |
|
Total MKTX Trading ADV |
|
$ |
33,572 |
|
$ |
40,489 |
|
$ |
32,037 |
|
|
(17 |
) |
|
5 |
|
|
|
$ |
37,886 |
|
$ |
38,831 |
|
$ |
41,030 |
|
|
(2 |
) |
|
(8 |
) |
|
U.S. Trading Days4 |
|
22 |
|
18 |
|
21 |
|
|
|
|
|
|
|
62 |
|
64 |
|
62 |
|
|
|
|
|
|
||||||||||
U.K. Trading Days4 |
|
21 |
|
20 |
|
20 |
|
|
|
|
|
|
|
64 |
|
65 |
|
64 |
|
|
|
|
|
|
||||||||||
Table 1A: Market ADV
|
Month |
% Change |
Quarter |
% Change |
||||||||||||||||||||||||||||||
|
|
Dec-25 |
|
Nov-25 |
|
Dec-24 |
|
MoM |
YoY |
|
4Q25 |
|
3Q25 |
|
4Q24 |
|
QoQ |
YoY |
||||||||||||||||
MARKET ADV ($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. High-Grade TRACE |
|
$ |
32,493 |
|
$ |
41,114 |
|
$ |
30,344 |
|
|
(21 |
) |
% |
7 |
|
% |
|
$ |
37,240 |
|
$ |
37,028 |
|
$ |
34,986 |
|
|
1 |
|
% |
6 |
|
% |
U.S. High-Yield TRACE |
|
|
10,112 |
|
|
12,279 |
|
|
8,294 |
|
|
(18 |
) |
|
22 |
|
|
|
|
11,563 |
|
|
11,348 |
|
|
10,061 |
|
|
2 |
|
|
15 |
|
|
Total U.S. Credit TRACE |
|
|
42,605 |
|
|
53,393 |
|
|
38,638 |
|
|
(20 |
) |
|
10 |
|
|
|
|
48,803 |
|
|
48,375 |
|
|
45,047 |
|
|
1 |
|
|
8 |
|
|
Municipal Bonds MSRB |
|
|
9,555 |
|
|
9,457 |
|
|
9,630 |
|
|
1 |
|
|
(1 |
) |
|
|
|
9,686 |
|
|
10,908 |
|
|
8,755 |
|
|
(11 |
) |
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Government Bonds TRACE |
|
$ |
944,841 |
|
$ |
1,091,150 |
|
$ |
832,181 |
|
|
(13 |
) |
% |
14 |
|
% |
|
$ |
1,006,294 |
|
$ |
1,006,577 |
|
$ |
926,037 |
|
|
(0 |
) |
% |
9 |
|
% |
Agency TRACE |
|
|
3,454 |
|
|
3,449 |
|
|
3,294 |
|
|
0 |
|
|
5 |
|
|
|
|
3,548 |
|
|
4,177 |
|
|
3,897 |
|
|
(15 |
) |
|
(9 |
) |
|
U.S. Trading Days4 |
|
22 |
|
18 |
|
21 |
|
|
|
|
|
|
|
62 |
|
64 |
|
62 |
|
|
|
|
|
|
||||||||||
U.K. Trading Days4 |
|
21 |
|
20 |
|
20 |
|
|
|
|
|
|
|
64 |
|
65 |
|
64 |
|
|
|
|
|
|
||||||||||
Table 1B: Estimated Market Share
|
|
Month |
|
Bps Change |
|
Quarter |
|
|
% Change |
||||||||||||||||||
|
|
Dec-25 |
|
|
Nov-25 |
|
|
Dec-24 |
|
MoM |
YoY |
|
4Q25 |
|
|
3Q25 |
|
|
4Q24 |
|
|
QoQ |
YoY |
||||
MKTX ESTIMATED MARKET SHARE (%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. High-Grade |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
% of U.S. High-Grade TRACE (incl. SD PT)2 |
|
19.3 |
% |
|
18.9 |
% |
|
19.6 |
% |
+40 |
bps |
(30) |
bps |
|
18.9 |
% |
|
18.3 |
% |
|
18.8 |
% |
|
+60 |
bps |
+10 |
bps |
% of U.S. High-Grade TRACE (excl. SD PT)2 |
|
18.6 |
% |
|
18.5 |
% |
|
19.5 |
% |
+10 |
|
(90) |
|
|
18.4 |
% |
|
17.7 |
% |
|
18.4 |
% |
|
+70 |
|
- |
|
U.S. High-Yield |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
% of U.S. High-Yield TRACE (incl. SD PT)2 |
|
15.7 |
% |
|
14.6 |
% |
|
14.7 |
% |
+110 |
bps |
+100 |
bps |
|
15.1 |
% |
|
13.7 |
% |
|
13.7 |
% |
|
+140 |
bps |
+140 |
bps |
% of U.S. High-Yield TRACE (excl. SD PT)2 |
|
13.8 |
% |
|
13.2 |
% |
|
14.7 |
% |
+60 |
|
(90) |
|
|
13.3 |
% |
|
11.9 |
% |
|
13.4 |
% |
|
+140 |
|
(10) |
|
Other Credit Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
% of Municipal Bonds MSRB |
|
6.2 |
% |
|
6.2 |
% |
|
6.8 |
% |
- |
bps |
(60) |
bps |
|
6.2 |
% |
|
5.8 |
% |
|
7.1 |
% |
|
+40 |
bps |
(90) |
bps |
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
% of U.S. Government Bonds TRACE |
|
2.1 |
% |
|
2.1 |
% |
|
2.3 |
% |
- |
bps |
(20) |
bps |
|
2.2 |
% |
|
2.3 |
% |
|
2.8 |
% |
|
(10) |
bps |
(60) |
bps |
Table 1C: Strategic Priorities ADV2
|
|
Month |
|
% Change |
|
Quarter |
|
% Change |
||||||||||||||||||||||||||
|
|
Dec-25 |
|
Nov-25 |
|
Dec-24 |
|
MoM |
YoY |
|
4Q25 |
|
3Q25 |
|
4Q24 |
|
QoQ |
YoY |
||||||||||||||||
STRATEGIC PRIORITIES ADV ($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Client-Initiated Channel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Credit Block Trading |
|
$ |
2,298 |
|
$ |
3,245 |
|
$ |
2,108 |
|
|
(29 |
) |
% |
9 |
|
% |
|
$ |
2,811 |
|
$ |
2,589 |
|
$ |
2,330 |
|
|
9 |
|
% |
21 |
|
% |
Emerging Markets Block Trading |
|
|
1,494 |
|
|
1,954 |
|
|
1,004 |
|
|
(24 |
) |
|
49 |
|
|
|
|
1,687 |
|
|
1,553 |
|
|
1,194 |
|
|
9 |
|
|
41 |
|
|
Eurobonds Block Trading |
|
|
291 |
|
|
532 |
|
|
195 |
|
|
(45 |
) |
|
49 |
|
|
|
|
425 |
|
|
364 |
|
|
297 |
|
|
17 |
|
|
43 |
|
|
Portfolio Trading Channel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total MKTX Portfolio Trading |
|
$ |
1,541 |
|
$ |
1,364 |
|
$ |
1,002 |
|
|
13 |
|
% |
54 |
|
% |
|
$ |
1,491 |
|
$ |
1,375 |
|
$ |
1,060 |
|
|
8 |
|
% |
41 |
|
% |
Total MKTX U.S. Credit Portfolio Trading |
|
|
1,200 |
|
|
1,003 |
|
|
825 |
|
|
20 |
|
|
45 |
|
|
|
|
1,146 |
|
|
1,140 |
|
|
796 |
|
|
1 |
|
|
44 |
|
|
Total U.S. Credit TRACE Portfolio Trading |
|
|
5,206 |
|
|
5,685 |
|
|
4,950 |
|
|
(8 |
) |
|
5 |
|
|
|
|
5,555 |
|
|
5,962 |
|
|
4,929 |
|
|
(7 |
) |
|
13 |
|
|
Dealer-Initiated Channel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Dealer Initiated (DRFQ & Mid-X) |
|
$ |
1,602 |
|
$ |
1,916 |
|
$ |
1,088 |
|
|
(16 |
) |
% |
47 |
|
% |
|
$ |
1,755 |
|
$ |
1,516 |
|
$ |
1,334 |
|
|
16 |
|
% |
32 |
|
% |
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Open Trading |
|
$ |
4,382 |
|
$ |
5,370 |
|
$ |
3,642 |
|
|
(18 |
) |
% |
20 |
|
% |
|
$ |
4,939 |
|
$ |
4,349 |
|
$ |
4,130 |
|
|
14 |
|
% |
20 |
|
% |
AxessIQ |
|
|
160 |
|
|
170 |
|
|
135 |
|
|
(6 |
) |
|
19 |
|
|
|
|
164 |
|
|
163 |
|
|
147 |
|
|
1 |
|
|
12 |
|
|
U.S. Trading Days4 |
|
22 |
|
18 |
|
21 |
|
|
|
|
|
|
|
62 |
|
64 |
|
62 |
|
|
|
|
|
|
||||||||||
U.K. Trading Days4 |
|
21 |
|
20 |
|
20 |
|
|
|
|
|
|
|
64 |
|
65 |
|
64 |
|
|
|
|
|
|
||||||||||
Table 1D: Variable Transaction Fees Per Million (FPM)1
|
|
Month |
|
% Change |
|
Quarter |
|
% Change |
||||||||||||||||||||||||||
|
|
Dec-25 |
|
Nov-25 |
|
Dec-24 |
|
MoM |
YoY |
|
4Q25 |
|
3Q25 |
|
4Q24 |
|
QoQ |
YoY |
||||||||||||||||
AVG. VARIABLE TRANS. FEE PER MILLION (FPM) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total Credit |
|
$ |
138 |
|
$ |
138 |
|
$ |
148 |
|
|
0 |
|
% |
(7 |
) |
% |
|
$ |
138 |
|
$ |
140 |
|
$ |
150 |
|
|
(1 |
) |
% |
(8 |
) |
% |
Total Rates |
|
|
4.79 |
|
|
4.52 |
|
|
4.14 |
|
|
6 |
|
|
16 |
|
|
|
|
4.72 |
|
|
4.21 |
|
|
4.31 |
|
|
12 |
|
|
10 |
|
|
1 |
The FPM for total credit and total rates for December 2025 and 4Q25 is 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 |
“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. |
3 |
“Other Credit Products” includes municipal bonds, leveraged loans, convertible bonds and structured products. |
4 |
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. |
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 December 31, |
|
|
|||||||||||||||||||||
In millions (unaudited) |
|
|
2025 |
|
|
2024 |
|
|
% Change |
|
|
|||||||||||||||
|
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
||||||
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
High-grade |
|
|
$ |
132,950 |
|
|
$ |
6,043 |
|
|
$ |
124,334 |
|
|
$ |
5,921 |
|
|
|
7 |
|
% |
|
2 |
|
% |
High-yield |
|
|
|
30,610 |
|
|
|
1,391 |
|
|
|
25,598 |
|
|
|
1,219 |
|
|
|
20 |
|
|
|
14 |
|
|
Emerging markets |
|
|
|
77,319 |
|
|
|
3,515 |
|
|
|
60,240 |
|
|
|
2,869 |
|
|
|
28 |
|
|
|
23 |
|
|
Eurobonds |
|
|
|
42,062 |
|
|
|
2,003 |
|
|
|
32,380 |
|
|
|
1,619 |
|
|
|
30 |
|
|
|
24 |
|
|
Other credit |
|
|
|
13,067 |
|
|
|
594 |
|
|
|
13,800 |
|
|
|
657 |
|
|
|
(5 |
) |
|
|
(10 |
) |
|
Total credit trading1 |
|
|
|
296,008 |
|
|
|
13,546 |
|
|
|
256,352 |
|
|
|
12,285 |
|
|
|
15 |
|
|
|
10 |
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. government bonds2 |
|
|
|
426,932 |
|
|
|
19,406 |
|
|
|
393,430 |
|
|
|
18,735 |
|
|
|
9 |
|
|
|
4 |
|
|
Agency and other government bonds1 |
|
|
|
13,087 |
|
|
|
620 |
|
|
|
20,414 |
|
|
|
1,017 |
|
|
|
(36 |
) |
|
|
(39 |
) |
|
Total rates trading |
|
|
|
440,019 |
|
|
|
20,026 |
|
|
|
413,844 |
|
|
|
19,752 |
|
|
|
6 |
|
|
|
1 |
|
|
Total trading |
|
|
$ |
736,027 |
|
|
$ |
33,572 |
|
|
$ |
670,196 |
|
|
$ |
32,037 |
|
|
|
10 |
|
|
|
5 |
|
|
Number of U.S. Trading Days3 |
|
|
|
|
|
|
22 |
|
|
|
|
|
|
21 |
|
|
|
|
|
|
|
|
||||
Number of U.K. Trading Days4 |
|
|
|
|
|
|
21 |
|
|
|
|
|
|
20 |
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
Quarter Ended December 31, |
|
|
|||||||||||||||||||||
In millions (unaudited) |
|
|
2025 |
|
|
2024 |
|
|
% Change |
|
|
|||||||||||||||
|
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
||||||
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
High-grade |
|
|
$ |
424,563 |
|
|
$ |
6,848 |
|
|
$ |
400,129 |
|
|
$ |
6,454 |
|
|
|
6 |
|
% |
|
6 |
|
% |
High-yield |
|
|
|
95,650 |
|
|
|
1,543 |
|
|
|
83,373 |
|
|
|
1,345 |
|
|
|
15 |
|
|
|
15 |
|
|
Emerging markets |
|
|
|
247,140 |
|
|
|
3,986 |
|
|
|
214,439 |
|
|
|
3,459 |
|
|
|
15 |
|
|
|
15 |
|
|
Eurobonds |
|
|
|
154,061 |
|
|
|
2,407 |
|
|
|
128,064 |
|
|
|
2,001 |
|
|
|
20 |
|
|
|
20 |
|
|
Other credit |
|
|
|
37,086 |
|
|
|
597 |
|
|
|
38,698 |
|
|
|
624 |
|
|
|
(4 |
) |
|
|
(4 |
) |
|
Total credit trading1 |
|
|
|
958,500 |
|
|
|
15,381 |
|
|
|
864,703 |
|
|
|
13,883 |
|
|
|
11 |
|
|
|
11 |
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. government bonds2 |
|
|
|
1,352,808 |
|
|
|
21,819 |
|
|
|
1,608,995 |
|
|
|
25,952 |
|
|
|
(16 |
) |
|
|
(16 |
) |
|
Agency and other government bonds1 |
|
|
|
43,787 |
|
|
|
686 |
|
|
|
76,221 |
|
|
|
1,195 |
|
|
|
(43 |
) |
|
|
(43 |
) |
|
Total rates trading |
|
|
|
1,396,595 |
|
|
|
22,505 |
|
|
|
1,685,216 |
|
|
|
27,147 |
|
|
|
(17 |
) |
|
|
(17 |
) |
|
Total trading |
|
|
$ |
2,355,095 |
|
|
$ |
37,886 |
|
|
$ |
2,549,919 |
|
|
$ |
41,030 |
|
|
|
(8 |
) |
|
|
(8 |
) |
|
Number of U.S. Trading Days3 |
|
|
|
|
|
|
62 |
|
|
|
|
|
|
62 |
|
|
|
|
|
|
|
|
||||
Number of U.K. Trading Days4 |
|
|
|
|
|
|
64 |
|
|
|
|
|
|
64 |
|
|
|
|
|
|
|
|
||||
|
|
|
Year-to-Date Ended December 31, |
|
|
|||||||||||||||||||||
In millions (unaudited) |
|
|
2025 |
|
|
2024 |
|
|
% Change |
|
|
|||||||||||||||
|
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
||||||
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
High-grade |
|
|
$ |
1,786,664 |
|
|
$ |
7,175 |
|
|
$ |
1,711,275 |
|
|
$ |
6,845 |
|
|
|
4 |
|
% |
|
5 |
|
% |
High-yield |
|
|
|
376,772 |
|
|
|
1,513 |
|
|
|
334,761 |
|
|
|
1,339 |
|
|
|
13 |
|
|
|
13 |
|
|
Emerging markets |
|
|
|
979,903 |
|
|
|
3,935 |
|
|
|
859,412 |
|
|
|
3,438 |
|
|
|
14 |
|
|
|
14 |
|
|
Eurobonds |
|
|
|
605,623 |
|
|
|
2,403 |
|
|
|
508,093 |
|
|
|
2,008 |
|
|
|
19 |
|
|
|
20 |
|
|
Other credit |
|
|
|
153,869 |
|
|
|
617 |
|
|
|
135,975 |
|
|
|
543 |
|
|
|
13 |
|
|
|
14 |
|
|
Total credit trading1 |
|
|
|
3,902,831 |
|
|
|
15,643 |
|
|
|
3,549,516 |
|
|
|
14,173 |
|
|
|
10 |
|
|
|
10 |
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. government bonds2 |
|
|
|
6,322,098 |
|
|
|
25,390 |
|
|
|
5,511,045 |
|
|
|
22,044 |
|
|
|
15 |
|
|
|
15 |
|
|
Agency and other government bonds1 |
|
|
|
272,951 |
|
|
|
1,084 |
|
|
|
227,614 |
|
|
|
902 |
|
|
|
20 |
|
|
|
20 |
|
|
Total rates trading |
|
|
|
6,595,049 |
|
|
|
26,474 |
|
|
|
5,738,659 |
|
|
|
22,946 |
|
|
|
15 |
|
|
|
15 |
|
|
Total trading |
|
|
$ |
10,497,880 |
|
|
$ |
42,117 |
|
|
$ |
9,288,175 |
|
|
$ |
37,119 |
|
|
|
13 |
|
|
|
13 |
|
|
Number of U.S. Trading Days3 |
|
|
|
|
|
|
249 |
|
|
|
|
|
|
250 |
|
|
|
|
|
|
|
|
||||
Number of U.K. Trading Days4 |
|
|
|
|
|
|
252 |
|
|
|
|
|
|
253 |
|
|
|
|
|
|
|
|
||||
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. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20260106828184/en/
Contacts
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
