MarketAxess Unveils Total Credit ADV for Q423 Rises 17.5% MoM to $13.1 Bn

MarketAxess Holdings Inc., the operator of a leading electronic trading platform for fixed-income securities, has reported on Thursday its trading update for December and the fourth quarter of 2023, showing a modest decline on a yearly basis in total trading volume to $1.8 trillion for the quarter, with average daily trading volume (ADV) down slightly to $26.9 billion.

Specifically, total credit trading for the fourth quarter came in at $814.4 billion, an increase of 10.4% from Q422. Total credit average daily trading volume (ADV) was up 8.9% to 13.1 billion. Compared to the Q323​, the figure registered a surge of 17.5%.

The growth in credit trading was contributed by record portfolio trading and record municipal bond trading volume, which reached $41.8 billion and $539 million, respectively.

The quarterly rates trading totaled $1.0 trillion, dipping 8.6% year-over-year. Total rates ADV was $16.5 billion, down 10.1% versus the prior year and 8.8% over Q323.

For the last month of 2023, both total trading volume and ADV on MarketAxess platform experienced a slight decease, to $538.1 billion and $27.0 billion, respectively.

Total credit trading for the month went up 10.0% from the last same period to $243.7 billion, with ADV up 15.5% to $12.3 billion. However, total rates trading dropped 15.4% to $294.4 billion, with ADV down 11.1% to $14.7 billion.