MarketAxess Sees Record Total Credit ADV in November 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, has announced monthly trading volume and preliminary variable transaction fees per million (FPM) for November 2022.1

Select November 2022 highlights

• ​Record $13.1 billion in total credit average daily volume (ADV), representing a 25% increase compared to the prior year and surpassing the previous record set in March 2021.

• ​20.3% (+200 bps) composite corporate bond estimated market share, up from 18.3%.

• 23% increase in U.S. high-grade ADV to $5.9 billion with estimated market share of 20.5%. Estimated U.S. high-grade TRACE market ADV increased 26%.

• 31% increase in U.S. high-yield ADV to $1.9 billion with estimated market share of 19.3% (+470 bps), up from 14.6%.

• Record 22.1% (+580 bps) estimated emerging markets market share, up from 16.3%, on ADV of $3.1 billion, up 9%; up approximately 11% excluding the impact of foreign currency fluctuations.

• ​Record $1.7 billion in Eurobonds ADV, representing an increase of 29%; up approximately 42% excluding the impact of foreign currency fluctuations. 17.7% (+440 bps) estimated Eurobonds market share, up from 13.3%.

• ​Record $547 million in municipal bond ADV with estimated market share of 5.3% (+300 bps), up from 2.3%.

• ​Record 38% of total credit trading volume was executed via Open Trading®, up from 36%. Estimated price improvement4 via Open Trading was approximately $83 million, and $866 million year-to-date. Average estimated price improvent4 per million via Open Trading in November was $923.

• ​2.9% estimated U.S. Treasury market share. A total of 45 institutional investor client firms traded on the platform in November.

• ​The preliminary FPM for total credit for November was $163, compared to $164 in October 2022. The increase in U.S high-grade average fees per million in November, driven by an increase in duration during the month, was offset by lower average fees per million in other credit products due to product mix. The preliminary FPM for total rates for November was $4.10.