MarketAxess Posts 17% Y/Y Rise in Monthly Trading Volume for February 2022

​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, yesterday announced monthly trading volume for February 2022 of $716.8 billion, consisting of $221.4 billion in credit volume and $495.4 billion in rates volume.

"Our total trading volumes in February increased 17%, driven principally by a 29% increase in U.S. Treasury volume on the expansion of our active clients, and we also registered strong international growth in Eurobonds, with a 9% increase in trading volumes, compared to a 10% decrease in estimated market volumes," commented Rick McVey, Chairman and CEO of MarketAxess. "In U.S. credit, our trading volumes are approaching levels last seen during the pandemic, and credit spreads and credit spread volatility have continued to increase, which, we believe, are creating a more favorable environment for Open Trading, our differentiated liquidity pool."

February Highlights

Overall

• Total monthly trading volume increased 17% to $716.8 billion, compared to February 2021, driven by a $110.3 billion, or 29%, increase in rates trading volume to $495.4 billion.

• Total monthly credit trading volume of $221.4 billion, decreased 2%, compared to February 2021; combined estimated U.S. high-grade and U.S. high-yield TRACE volume down 8%.

• 92% of the credit trading volume on the platform during the month involved institutional investor clients.

U.S. High-Grade

• Estimated U.S. high-grade market share in February 2022 was 19.9%, up from 19.7% in the prior year. The February 2022 three-month rolling estimated U.S. high-grade market share was 21.6%, compared to 21.4% in the prior year same period. Estimated market volume in February down 6% year-over-year.

Other Credit

• Estimated U.S. high-yield market share of 15.2%, up from 14.5% in the prior year. The February 2022 three-month rolling estimated U.S. high-yield market share was 16.1% compared to 15.6% in the prior year same period. Estimated market volume in February down 12% year-over-year.

• Monthly emerging markets volume of $55.1 billion, down 4% year-over-year; estimated market volume down 15% year-over-year. Year-to-date average daily volume of $3.0 billion, is at near record levels and estimated market volumes are down 11% year-to-date.

• Monthly Eurobond volume of $31.4 billion increased 9% year-over-year; estimated market volume down 10% year-over-year. Estimated Eurobond market share in February of 2022 of 12.5%, up from 10.3% in the prior year.

• Municipal bond volume of $5.4 billion, increased 210% year-over-year (up 24% excluding MuniBrokers variable commission related volume1); estimated market volume up 19% year-over-year.

Rates

• Second highest monthly U.S. Treasury bond volume of $487.9 billion, up 28% year-over-year.

Beginning January 2022, following the integration of the MuniBrokers platform, MarketAxess are now including MuniBrokers variable commission related trading volume in Other Credit Products.