MarketAxess Posts 29% YoY Jump in June 2022 Trading ADV

MarketAxess Holdings Inc., 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 trading volume for June 2022 and trading volume and preliminary variable transaction fees per million (FPM) for the quarter ended June 30, 2022.

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Chris Concannon, President and COO of MarketAxess commented:"We delivered another strong month of double-digit growth in credit and rates, with estimated market share gains across all products and record ADV and share in U.S. high-yield and Eurobonds. The strong finish in June drove record quarterly estimated market share across credit and rates products."

"We believe strong growth in trading volume, broad-based share gains, increasing momentum in new product areas and higher cost savings for investor clients are setting the foundation for a return to stronger growth in the months and quarters ahead."

​June 2022 highlights

• ​U.S. high-grade average daily volume (ADV) of $5.8 billion, up 9%; estimated market share of 22.7%, up from 21.9%.

• ​Record U.S. high-yield ADV of $2.0 billion, up 44%; record estimated market share of 19.0%, up from 13.7%.

• ​Emerging markets ADV of $2.9 billion, up 6%; estimated market ADV down 6%. Excluding the impact of currency fluctuations, emerging markets ADV in June 2022 was up approximately 9%.

• ​Record Eurobond ADV of $1.6 billion, up 17%; record estimated market share of 17.2%, up from 11.1%. Excluding the impact of currency fluctuations, Eurobonds ADV in June 2022 was up approximately 33%.

• Record composite corporate bond estimated market share of 21.2%, up from 17.9%.

• ​Municipal bond ADV of $379 million with strong market share gains.

• ​Total credit ADV of $12.7 billion up 16%; 92% of credit volume on the platform was executed by institutional clients.

• ​36% of total credit trading volume was executed via Open Trading®.

• Estimated total cost savings from Open Trading were approximately $94 million in June and average cost savings per million from Open Trading in June was $1,121.

• ​ $20.2 billion in U.S. Treasury ADV, up 39% with market volumes down 9%.