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 November 2024.1
Chris Concannon, CEO of MarketAxess, commented:
“We delivered total ADV of $45 billion in November, an increase
of 56% from the prior year, driven by a rebound in U.S. Treasury
ADV. In credit, record emerging markets ADV, which increased 15%,
and record municipal bond ADV helped offset lower U.S. high-yield
activity driven by lower credit spread volatility. We recently
launched our block trading solution, and we are experiencing
positive client engagement in the emerging markets hard currency
market. 21 dealers and 26 long-only clients were active with the
average trade size executed over $4 million notional. We have also
enhanced our portfolio trading functionality to include benchmark
trading and a record 76% of portfolio trading volume was executed
on X-Pro. We believe both of these initiatives are critical to
growing our market share in U.S. credit in the coming
quarters.”
Select November 2024 Highlights
- Total average daily volume (“ADV”) of $44.9 billion
increased 56% compared to the prior year, but decreased
3% compared to record October 2024 levels. These
results were driven by total rates ADV of $30.7 billion,
which increased 112% compared to the prior year, but
decreased 2% 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 for U.S. Treasury settlement services. Total credit ADV of
$14.3 billion was in line with the prior year, but decreased
5% compared to October 2024.
U.S. Credit2
- U.S. high-grade ADV of $6.5 billion was in line
with the prior year, but decreased 5% compared to October
2024. Estimated market ADV increased 14% compared to the
prior year, but decreased 5% compared to October 2024.
Estimated market share was 18.0%, down from 20.6% in
the prior year, and in line with October 2024. Including the
impact of single-dealer portfolio trades, estimated market
share was 18.1%, down from 20.6% in the prior year,
and down from 18.7% in October 2024.
- U.S. high-yield ADV of $1.3 billion decreased 31%
compared to the prior year, and decreased 12% compared to
October 2024. Estimated market ADV decreased 5% compared to
the prior year, and decreased 5% compared to October 2024.
Estimated market share was 12.3%, down from 17.0% in
the prior year, and down from 13.3% in October 2024.
Including the impact of single-dealer portfolio trades,
estimated market share was 12.6%, down from 17.1% in
the prior year, and down from 13.9% in October 2024.
Other Credit
- Record emerging markets ADV of $3.8 billion
increased 15% compared to the prior year, and increased
3% compared to October 2024. The year-over-year increase was
driven by a 24% increase in hard currency ADV, partially
offset by a 2% decrease in local currency ADV.
- Eurobonds ADV of $2.0 billion increased 1%
compared to the prior year, but decreased 14% compared to
October 2024.
- Record municipal bond ADV of $631 million
increased 5% compared to the prior year, and increased
9% compared to October 2024. Estimated market ADV decreased
9% compared to the prior year, but increased 29%
compared to October 2024. Estimated market share of 6.7%, up
from 5.8% in the prior year, but down from 7.9% in
October 2024.3
Strategic Priority Related Protocols & Workflow
Tools
- $0.9 billion in total portfolio trading ADV increased
49% compared to the prior year, but decreased 24%
compared to October 2024. A record 76% of portfolio trading
volume was executed over X-Pro. — Estimated U.S. high-grade and
U.S. high-yield TRACE portfolio trading market ADV decreased
4% compared to October 2024.
- Our estimated market share of U.S. high-grade and U.S.
high-yield TRACE portfolio trading was 13.6% in November
2024, down from 17.9% in October 2024. — Portfolio trading
represented approximately 10% of U.S. high-grade and U.S.
high-yield TRACE in November 2024, in line with October 2024.
- Open Trading ADV of $4.3 billion decreased 3%
compared to the prior year, and decreased 4% compared to
October 2024. Open Trading share4 of total credit trading volume
was 35%, down from 36% in the prior year, but in line
with October 2024 levels.
- Dealer RFQ ADV of $1.3 billion across all credit
products increased 4% compared to the prior year, but
decreased 1% compared to October 2024.
- AxessIQ, the order and execution workflow solution
designed for wealth management and private banking clients,
achieved ADV of $149 million, down 6% compared to the
prior year, and down 8% compared to October 2024.
Rates
- Total rates ADV of $30.7 billion increased 112%
compared to the prior year, but decreased 2% 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 for U.S. Treasury settlement services.
Variable Transaction Fees Per Million (FPM)1
- The preliminary FPM for total credit for November 2024 was
approximately $146, down from $157 in the prior year,
and down from $154 in October 2024. The decline in total
credit FPM year-over-year was due to product mix, principally lower
levels of 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 compared to $149 in third quarter 2024. The
preliminary FPM for total rates for November 2024 was approximately
$4.07, down from $5.07 in the prior year, and down
from $4.40 in October 2024.
Table 1: November 2024 ADV
CREDIT
RATES
$ in millions(unaudited)
US/UKTrading Days5 TotalADV
TotalCredit High-Grade High-Yield
EmergingMarkets Eurobonds MunicipalBonds
TotalRates US Govt.Bonds Agcy./OtherGovt.
Bonds Nov-24
19/21
$44,945
$14,291
$6,533
$1,312
$3,811
$2,001
$631
$30,654
$29,325
$1,329
Oct-24
22/23
$46,177
$15,022
$6,894
$1,493
$3,718
$2,333
$578
$31,155
$29,927
$1,228
Nov-23
21/22
$28,839
$14,347
$6,523
$1,913
$3,317
$1,988
$601
$14,492
$13,992
$500
YoY % Change
56%
–
–
(31%)
15%
1%
5%
112%
110%
166%
MoM % Change
(3%)
(5%)
(5%)
(12%)
3%
(14%)
9%
(2%)
(2%)
8%
Table 1A: November 2024 estimated market share
CREDIT RATES (unaudited)
High-Grade
High-Yield High-Grade/High-YieldCombined
Municipals3 US Govt.Bonds3 Nov-24
18.0%
12.3%
16.7%
6.7%
2.9%
Oct-24
18.0%
13.3%
16.9%
7.9%
3.2%
Nov-23
20.6%
17.0%
19.6%
5.8%
1.8%
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 U.S. high-grade and U.S.
high-yield trading volume and estimated market share, where
material, 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
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 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.
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 U.S. Government Bonds. For Municipal
Bonds, the Company previously used estimates, derived from data
issued by the Municipal Securities Rule Making Board (“MSRB”),
including estimates for new issuance, commercial paper and
variable-rate trading activity, and excluded these volumes from the
estimated market volume data. While the Company still uses
estimates, the new methodology for identifying and excluding these
volumes from the market volume data is now based on MSRB “flags” to
identify new issuance, commercial paper, and variable-rate volumes.
For U.S. Government Bonds, the previous data source for estimated
market volumes was the Federal Reserve Bank’s Reported Primary
Dealer U.S. Treasury Bond Trading Volumes, which was reported on a
one-week lag. The new source for U.S. Government Bond trading
volumes is FINRA’s U.S. Treasury TRACE data. The Company believes
that the refined methodology used for Municipal Bonds, and the new
data source for U.S. Government Bonds, provides more accurate
measures of estimated market volumes and estimated market share.
Prior comparable periods have been recast retrospectively for both
Municipal and U.S. Government Bonds to conform to the updated
presentation of the data. The new estimated market volume data is
also 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; 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 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; adverse effects as a
result of climate change or other ESG risks that could affect our
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. 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
U.S. government bonds2
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 U.S. Trading Days3
19
21
Number of U.K. Trading Days4
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
U.S. government bonds2
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 U.S. Trading Days3
229
229
Number of U.K. Trading Days4
233
232
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/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
MarketAxess (NASDAQ:MKTX)
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