MarketAxess Announces Trading Volume Statistics for September and Third Quarter 2025
NEW YORK--( BUSINESS WIRE)--MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced trading volume and preliminary variable transaction fees per million (“FPM”) for September 2025 and the third quarter ended September 30, 2025. 1
Chris Concannon, CEO of MarketAxess, commented:
“Despite historic levels of new issuance in U.S. credit in September, which dampened our estimated market share in the month, we set a new record for U.S. credit portfolio trading ADV and market share. We also generated strong year-over-year growth in ADV in our combined emerging markets and eurobonds product areas of 9% in September, driven in part by record levels of emerging markets hard currency trading ADV, which increased 13%. Additionally, in September, we set a new record for our single highest credit trading volume day ever on the platform on the last trading day of the month. With our new initiatives in the client-initiated channel, block trading ADV in emerging markets and eurobonds increased 35% and 41%, respectively. In the portfolio trading channel, we delivered record U.S. high-yield market share of 25.9%. The growth in these new initiatives is being driven by the technology modernization that we are delivering across U.S. credit, eurobonds and emerging markets.”
Select Third Quarter 2025 Highlights* (See tables 1-1C and table 2)
We continued to show solid progress year-over-year with our new initiatives across the client-initiated, portfolio trading and dealer-initiated channels.
Client-Initiated Channel
Portfolio Trading Channel
Dealer-Initiated Channel
Third Quarter 2025 Variable Transaction Fees Per Million 1 (See table 1D)
*All comparisons versus third quarter 2024 unless noted.
3Q25
2Q25
3Q24
$
7,358
$
5,934
$
8,414
24
%
(13
)
%
$
6,558
$
7,760
$
7,027
(15
)
%
(7
)
%
7,649
6,134
8,602
25
(11
)
6,783
7,922
7,216
(14
)
(6
)
1,461
1,232
1,434
19
2
1,347
1,692
1,278
(20
)
5
1,724
1,473
1,476
17
17
1,557
1,753
1,316
(11
)
18
4,190
3,455
3,689
21
14
3,803
4,018
3,333
(5
)
14
2,411
1,885
2,359
28
2
2,196
2,681
1,891
(18
)
16
737
580
587
27
26
631
644
587
(2
)
7
737
579
577
27
28
630
643
577
(2
)
9
$
16,157
$
13,086
$
16,483
23
(2
)
$
14,535
$
16,795
$
14,116
(13
)
%
3
%
$
25,643
$
22,544
$
27,466
14
%
(7
)
%
$
23,130
$
30,756
$
25,302
(25
)
%
(9
)
%
900
1,243
1,239
(28
)
(27
)
1,166
1,458
1,098
(20
)
6
$
26,543
$
23,787
$
28,705
12
(8
)
$
24,296
$
32,214
$
26,400
(25
)
(8
)
$
42,700
$
36,873
$
45,188
16
(6
)
$
38,831
$
49,009
$
40,516
(21
)
(4
)
21
21
20
64
62
64
22
20
21
65
60
65
Table 1A: Market ADV
3Q25
2Q25
3Q24
$
43,292
$
31,643
$
42,371
37
%
2
%
$
37,028
$
40,010
$
36,077
(7
)
%
3
%
12,662
9,679
11,812
31
7
11,348
13,296
9,849
(15
)
15
55,955
41,322
54,183
35
3
48,375
53,306
45,926
(9
)
5
11,245
10,645
6,517
6
73
10,908
12,017
6,644
(9
)
64
$
1,078,295
$
1,021,133
$
997,205
6
%
8
%
$
1,006,577
$
1,162,485
$
964,105
(13
)
%
4
%
5,498
3,865
4,582
42
20
4,177
3,623
4,040
15
3
21
21
20
64
62
64
22
20
21
65
60
65
Table 1B: Estimated Market Share
3Q25
2Q25
3Q24
17.7
%
19.4
%
20.3
%
(170
)
(260
)
18.3
%
19.8
%
20.0
%
(150
)
(170
)
17.0
%
18.8
%
19.9
%
(180
)
(290
)
17.7
%
19.4
%
19.5
%
(170
)
(180
)
13.6
%
15.2
%
12.5
%
(160
)
13.7
%
13.2
%
13.4
%
11.5
%
12.7
%
12.1
%
(120
)
(60
)
11.9
%
12.7
%
13.0
%
(80
)
(110
)
6.6
%
5.4
%
8.8
%
(220
)
5.8
%
5.4
%
8.7
%
(290
)
2.4
%
2.2
%
2.8
%
(40
)
2.3
%
2.6
%
2.6
%
(30
)
(30
)
Table 1C: Strategic Priorities ADV 2
3Q25
2Q25
3Q24
$
3,078
$
2,261
$
3,117
36
%
(1
)
%
$
2,589
$
3,172
$
2,565
(18
)
%
1
%
1,761
1,471
1,307
20
35
1,553
1,626
1,295
(4
)
20
452
299
321
51
41
364
529
231
(31
)
58
$
1,676
$
1,163
$
1,504
44
%
11
%
$
1,375
$
1,481
$
1,145
(7
)
%
20
%
1,445
992
1,336
46
8
1,140
1,112
985
3
16
6,417
5,103
6,418
26
(0
)
5,962
6,355
4,928
(6
)
21
$
1,705
$
1,335
$
1,614
28
%
6
%
$
1,516
$
1,795
$
1,285
(16
)
%
18
%
$
4,875
$
3,951
$
4,848
23
%
1
%
$
4,349
$
5,030
$
4,147
(14
)
%
5
%
181
150
164
21
10
163
176
129
(7
)
26
21
21
20
64
62
64
22
20
21
65
60
65
Table 1D: Variable Transaction Fees Per Million (FPM) 1
3Q25
2Q25
3Q24
$
140
$
142
$
150
(1
)
%
(7
)
%
$
140
$
138
$
149
1
%
(6
)
%
3.84
4.25
4.15
(10
)
(7
)
4.15
4.03
4.15
3
-
1
The FPM for total credit and total rates for September 2025 and third quarter 2025 are preliminary and may be revised in subsequent updates and public filings. The Company undertakes no obligation to update any fee information in future press releases.
2
“SD PT” is defined as single-dealer portfolio trades. The Company is currently highlighting the impact of single-dealer portfolio trading volume on U.S. high-grade and U.S. high-yield trading volume and estimated market share, but will continue to exclude single-dealer portfolio trading activity from each product’s aggregated trading volume and estimated market share and the total credit FPM calculation.
3
“Other Credit Products” includes municipal bonds, leveraged loans, convertible bonds and structured products.
4
The number of U.S. trading days is based on the SIFMA holiday recommendation calendar and the number of U.K. trading days is based primarily on the U.K. Bank holiday schedule.
General Notes Regarding the Data Presented
Reported MarketAxess volume in all product categories includes only fully electronic trading volume. MarketAxess trading volumes and the Financial Industry Regulatory Authority (“FINRA”) Trade Reporting and Compliance Engine (“TRACE”) reported volumes are available on the Company’s website at investor.marketaxess.com/volume.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements, including statements about the outlook and prospects for the Company, market conditions and industry growth, as well as statements about the Company’s future financial and operating performance. These and other statements that relate to future results and events are based on MarketAxess’ current expectations. The Company’s actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties, including: global economic, political and market factors; the level of trading volume transacted on the MarketAxess platform; the rapidly evolving nature of the electronic financial services industry; the level and intensity of competition in the fixed-income electronic trading industry and the pricing pressures that may result; the variability of our growth rate; our ability to introduce new fee plans and our clients’ response; our ability to attract clients or adapt our technology and marketing strategy to new markets; risks related to our growing international operations; our dependence on our broker-dealer clients; the loss of any of our significant institutional investor clients; our exposure to risks resulting from non-performance by counterparties to transactions executed between our clients in which we act as an intermediary in matched principal trades; risks related to self-clearing; risks related to sanctions levied against states or individuals that could expose us to operational or regulatory risks; the effect of rapid market or technological changes on us and the users of our technology; issues related to the development and use of artificial intelligence; our dependence on third-party suppliers for key products and services; our ability to successfully maintain the integrity of our trading platform and our response to system failures, capacity constraints and business interruptions; the occurrence of design defects, errors, failures or delays with our platforms, products or services; our vulnerability to malicious cyber-attacks and attempted cybersecurity breaches; our actual or perceived failure to comply with privacy and data protection laws; our ability to protect our intellectual property rights or technology and defend against intellectual property infringement or other claims; our use of open-source software; our ability to enter into strategic alliances and to acquire other businesses and successfully integrate them with our business; our dependence on our management team and our ability to attract and retain talent; limitations on our flexibility because we operate in a highly regulated industry; the increasing government regulation of us and our clients; risks related to the divergence of U.K. and European Union legal and regulatory requirements following the U.K.’s exit from the European Union; our exposure to costs and penalties related to our extensive regulation; our risks of litigation and securities laws liability; our tax filing positions; the effects of climate change or other sustainability risks that could affect our operations or reputation; our future capital needs and our ability to obtain capital when needed; limitations on our operating flexibility contained in our credit agreement; our exposure to financial institutions by holding cash in excess of federally insured limits; and other factors. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. More information about these and other factors affecting MarketAxess’ business and prospects is contained in MarketAxess’ periodic filings with the Securities and Exchange Commission and can be accessed at www.marketaxess.com.
About MarketAxess
MarketAxess (Nasdaq: MKTX) operates a leading electronic trading platform that delivers greater trading efficiency, a diversified pool of liquidity and significant cost savings to institutional investors and broker-dealers across the global fixed-income markets. Approximately 2,100 firms leverage MarketAxess’ patented technology to efficiently trade fixed-income securities. Our automated and algorithmic trading solutions, combined with our integrated and actionable data offerings, help our clients make faster, better-informed decisions on when and how to trade on our platform. MarketAxess’ award-winning Open Trading® marketplace is widely regarded as the preferred all-to-all trading solution in the global credit markets. Founded in 2000, MarketAxess connects a robust network of market participants through an advanced full trading lifecycle solution that includes automated trading solutions, intelligent data and index products and a range of post-trade services. Learn more at www.marketaxess.com and on X @MarketAxess.
Table 2: Trading Volume Detail
Month Ended September 30,
In millions (unaudited)
2025
2024
% Change
Volume
ADV
Volume
ADV
Volume
ADV
Credit
High-grade
$
154,527
$
7,358
$
168,278
$
8,414
(8
)
%
(13
)
%
High-yield
30,691
1,461
28,671
1,434
7
2
Emerging markets
87,980
4,190
73,774
3,689
19
14
Eurobonds
53,031
2,411
49,537
2,359
7
2
Other credit
15,485
737
11,749
587
32
26
Total credit trading 1
341,714
16,157
332,009
16,483
3
(2
)
Rates
U.S. government bonds 2
538,505
25,643
549,317
27,466
(2
)
(7
)
Agency and other government bonds 1
19,680
900
25,875
1,239
(24
)
(27
)
Total rates trading
558,185
26,543
575,192
28,705
(3
)
(8
)
Total trading
$
899,899
$
42,700
$
907,201
$
45,188
(1
)
(6
)
Number of U.S. Trading Days 3
21
20
Number of U.K. Trading Days 4
22
21
Quarter Ended September 30,
In millions (unaudited)
2025
2024
% Change
Volume
ADV
Volume
ADV
Volume
ADV
Credit
High-grade
$
419,703
$
6,558
$
449,708
$
7,027
(7
)
%
(7
)
%
High-yield
86,228
1,347
81,761
1,278
5
5
Emerging markets
243,387
3,803
213,341
3,333
14
14
Eurobonds
142,772
2,196
122,914
1,891
16
16
Other credit
40,336
631
37,566
587
7
7
Total credit trading 1
932,426
14,535
905,290
14,116
3
3
Rates
U.S. government bonds 2
1,480,317
23,130
1,619,337
25,302
(9
)
(9
)
Agency and other government bonds 1
75,714
1,166
71,261
1,098
6
6
Total rates trading
1,556,031
24,296
1,690,598
26,400
(8
)
(8
)
Total trading
$
2,488,457
$
38,831
$
2,595,888
$
40,516
(4
)
(4
)
Number of U.S. Trading Days 3
64
64
Number of U.K. Trading Days 4
65
65
Table 2: Trading Volume Detail (continued)
Year-to-Date Ended September 30,
In millions (unaudited)
2025
2024
% Change
Volume
ADV
Volume
ADV
Volume
ADV
Credit
High-grade
$
1,362,101
$
7,284
$
1,311,146
$
6,974
4
%
4
%
High-yield
281,122
1,503
251,388
1,337
12
12
Emerging markets
732,763
3,919
644,973
3,431
14
14
Eurobonds
451,562
2,402
380,029
2,011
19
19
Other credit
116,783
625
97,271
517
20
21
Total credit trading 1
2,944,331
15,733
2,684,807
14,270
10
10
Rates
U.S. government bonds 2
4,969,290
26,574
3,902,050
20,756
27
28
Agency and other government bonds 1
229,164
1,218
151,393
801
51
52
Total rates trading
5,198,454
27,792
4,053,443
21,557
28
29
Total trading
$
8,142,785
$
43,525
$
6,738,250
$
35,827
21
21
Number of U.S. Trading Days 3
187
188
Number of U.K. Trading Days 4
188
189
1 Consistent with FINRA TRACE reporting standards, both sides of trades are included in the Company's reported volumes when the Company executes trades on a matched principal basis between two counterparties.
2 Consistent with industry standards, U.S. government bond trades are single-counted.
3 The number of U.S. trading days is based on the SIFMA holiday recommendation calendar.
4 The number of U.K. trading days is based primarily on the U.K. Bank holiday schedule.