MarketAxess Reports 44% Jump in August Average Daily Volume

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 August 2022.

Select August 2022 highlights

• ​Strongest ever month of August, with $30.6 billion in total trading average daily volume (ADV), up 44%, driven by a 55% increase in U.S. Treasury ADV to $20.2 billion and a 27% increase in total credit ADV to $10.2 billion, reflecting increasing momentum quarter-to-date.

• ​The preliminary average fee per million for total credit was $168 per million in August, up from $166 in July and $166 in the second quarter of 2022.

• ​Composite corporate bond estimated market share of 20.5% on a rolling three-month basis ending August 2022, up from 18.8% in the prior year same period.

• ​U.S. high-grade ADV of $4.9 billion, up 30%. Secondary trading of high-grade new issues within one week of issuance represented an estimated 12% of high-grade TRACE market volume in August, up from 8% in the prior year.

• ​U.S. high-yield ADV of $1.5 billion, up 19%; estimated market share of 18.0%, up from 15.8%.

• ​Emerging markets ADV of $2.4 billion, up 14%; up approximately 17% excluding the impact of foreign currency fluctuations, with estimated market ADV down slightly from the prior year.

• ​Record Eurobonds estimated market share of 17.8% on ADV of $1.0 billion, representing an increase of 25%; up approximately 43% excluding the impact of foreign currency fluctuations with estimated market ADV down 12%.

• ​Municipal bond estimated market share of 5.0%, up from 2.0%, on ADV of $329 million.

• ​Open Trading represented 37% of total credit trading volume, up from 35% in the prior year, and 91% of credit volume on the platform was executed by institutional clients.

• ​$90 million in estimated transaction cost savings3 for clients via Open Trading, up from $40 million in the prior year, and average cost savings per million of $1,155.

• ​$20.2 billion in U.S. Treasury ADV, up 55%, with 211 active participants on the platform, up from 101 in the prior year.