MarketAxess Reports $895 Billion Trading Volume for March 2022

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, has announced monthly trading volume for March 2022 of $894.6 billion, consisting of $285.1 billion in credit volume and $609.5 billion in rates volume.

Fazzaco Live Webinar on 7th April: Nahum Greenberg Talks About MarksMan Liquidity Hub

"We achieved the second highest level of monthly total trading volume in March, and record quarterly total trading volume, surpassing the high-water mark set in the first quarter of 2020 at the height of the pandemic. These strong results include record quarterly emerging markets, municipal bond and U.S. Treasury volume, reflecting the powerful diversification of our global marketplace,"commented Rick McVey, Chairman and CEO of MarketAxess.

The Company also reported preliminary variable transaction fees per million (FPM) for the quarter ended March 31, 2022 of $154 for U.S. high-grade, $188 for other credit, $172 for total credit and $3.80 for rates.

Select March 2022 highlights Include:

• ​Total monthly trading volume of $895 billion, second best month on record.

• ​Total credit monthly average daily volume (ADV) of $12.4 billion, down 3% from record March 2021 levels, with combined estimated U.S. high-grade and U.S. high-yield TRACE ADV down 6%.

• ​High-grade ADV of $5.8 billion, with high-grade new issuance of over $200 billion during the month.

• ​Record monthly emerging markets ADV of $3.2 billion, up 14%, driven by strong market share gains.

• ​Strong U.S. Treasury monthly ADV of $26.1 billion, up 53%, with market volumes flat year-over-year.

• Record monthly municipal bond ADV of $294 million.

Select 1Q22 highlights Include:

• ​Record quarterly total trading ADV of $37.5 billion.

• ​Total quarterly credit ADV of $12.0 billion, down 3%, with combined estimated U.S. high-grade and U.S. high-yield TRACE ADV down 9%. Second best quarterly total credit volume on record.

• ​Approximately 92% of credit volume on the platform during the quarter was executed by institutional clients.

• ​High-grade quarterly ADV of $5.5 billion, down 7%, with estimated high-grade TRACE ADV down 8%.

• ​Record quarterly emerging markets ADV of $3.1 billion, up 5%, with estimated market ADV down 7%.

• ​Record quarterly U.S. Treasury ADV of $25.1 billion, up 38%, with market volumes up 2%.

• ​Record quarterly municipal bond ADV of $288 million driven by market share gains.

• ​Record quarterly portfolio trading volume of $14 billion.