MarketAxess Announces Record Total Credit ADV for February 2023

MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, and the provider of market data and post-trade services for the global fixed-income markets, today announced monthly trading volume for the month of February 2023.

Select February 2023 highlights

• Record $14.4 billion in total credit average daily volume (“ADV”), up 25% from $11.6 billion in the prior year.

• 30% increase in U.S. high-grade ADV to a record $6.7billion with estimated market share of 20.1%. Estimated U.S. high-grade TRACE market ADV increased 28% due to an increase in trading velocity. The February new issue calendar was robust with high-grade new issuance up approximately 78% year-over-year and up approximately 5% from January 2023 levels.

• 43% increase in U.S. high-yield ADV to a record$2.3 billion with estimated market share of 19.2% (+400 bps), up from 15.2%.

• 11% increase in emerging markets ADV to $3.2billion.

• 14% increase in Eurobonds ADV to $1.8 billion with 15.1% (+260 bps) estimated market share, up from 12.5%.

• 43% increase in municipal bond ADV to $402 million, with estimated market share of 5.7% (+150 bps).

• ​90% of credit volume on the platform was executed by institutional clients.