MarketAxess Posts Total Trading ADV for July 2022 of $31.1 Bn, up 31% YoY

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 monthly trading volume for July 2022.

Select July 2022 highlights

• $31.1 billion in total trading average daily volume ("ADV"), up 31% YoY, driven by a 49% increase in U.S. Treasury ADV to $20.3 billion and an 8% increase in total credit ADV to $10.6 billion.

• U.S. high-grade ADV of $4.7 billion, up 1%; secondary trading of high-grade new issues within one week of issuance represented an estimated 10% of the high-grade TRACE market in July, up from 6% in the prior year.

• U.S. high-yield ADV of $1.6 billion, up 19%; estimated market share of 18.6%, up from 16.4%.

• Emerging markets ADV of $2.6 billion, up 4%; up 9% excluding the impact of foreign currency fluctuations with estimated market ADV down 10%.

• Eurobond ADV of $1.2 billion, up 3%; up 20% excluding the impact of foreign currency fluctuations with estimated market ADV down 23%.

• Record municipal bond estimated market share of 5.5% on record ADV of $399 million.

• Open Trading® represented 36% of total credit trading volume; 92% of credit volume on the platform was executed by institutional clients.

• Record $10 billion in Portfolio Trading volume, surpassing the previous monthly record of $8 billion in May of 2022.

• $20.3 billion in U.S. Treasury ADV, up 49% with 209 active participants on the platform, up from 106 in the prior year.

Chris Concannon, President and COO of MarketAxess commented: "We registered strong, broad-based estimated market share gains versus the prior year in most product categories, including record estimated share in municipals, reflecting our strong product and geographic diversification, and we delivered another monthly volume record for Portfolio Trading."