MarketAxess Announces Trading Volume Statistics for November 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 November 2025. 1
Select November 2025 Highlights* (See tables 1-1C and table 2)
Our new initiatives continued to show solid year-over-year progress across the client-initiated, portfolio trading and dealer-initiated channels. We also unveiled our new Closing Auctions protocol during the month, the first standardized market-wide auction protocol in fixed-income.
Client-Initiated Channel
Portfolio Trading Channel
Dealer-Initiated Channel
November 2025 Variable Transaction Fees Per Million 1 (See table 1D)
*All comparisons versus November 2024 unless noted.
Table 1: MarketAxess ADV
Month
% Change
Nov-25
Oct-25
Nov-24
MoM
YoY
MKTX ADV ($ millions)
Credit
U.S. High-Grade
$
7,594
$
7,042
$
6,533
8
%
16
%
U.S. High-Grade (incl. SD PT) 2
7,763
7,200
6,578
8
18
U.S. High-Yield
1,622
1,629
1,312
(0
)
24
U.S. High-Yield (incl. SD PT) 2
1,791
1,873
1,346
(4
)
33
Emerging Markets
4,265
4,230
3,811
1
12
Eurobonds
2,741
2,486
2,001
10
37
Other Credit Products 3
586
612
634
(4
)
(8
)
Municipal Bonds
585
612
631
(4
)
(7
)
Total MKTX Credit ADV (excl. SD PT) 2
$
16,808
$
15,999
$
14,291
5
18
Rates
U.S. Government Bonds
$
22,966
$
23,295
$
29,325
(1
)
%
(22
)
%
Agencies and Other Government Bonds
715
724
1,329
(1
)
(46
)
Total MKTX Rates ADV
$
23,681
$
24,019
$
30,654
(1
)
(23
)
Total MKTX Trading ADV
$
40,489
$
40,018
$
44,945
1
(10
)
U.S. Trading Days 4
18
22
19
U.K. Trading Days 4
20
23
21
Table 1A: Market ADV
Month
% Change
Nov-25
Oct-25
Nov-24
MoM
YoY
MARKET ADV ($ millions)
Credit
U.S. High-Grade TRACE
$
41,114
$
38,818
$
36,296
6
%
13
%
U.S. High-Yield TRACE
12,279
12,428
10,692
(1
)
15
Total U.S. Credit TRACE
53,393
51,246
46,988
4
14
Municipal Bonds MSRB
9,457
10,003
9,456
(5
)
0
Rates
U.S. Government Bonds TRACE
$
1,091,150
$
998,318
$
1,010,226
9
%
8
%
Agency TRACE
3,449
3,724
4,172
(7
)
(17
)
U.S. Trading Days 4
18
22
19
U.K. Trading Days 4
20
23
21
Table 1B: Estimated Market Share
Month
Bps Change
Nov-25
Oct-25
Nov-24
MoM
YoY
MKTX ESTIMATED MARKET SHARE (%)
U.S. High-Grade
% of U.S. High-Grade TRACE (incl. SD PT) 2
18.9
%
18.5
%
18.1
%
+40
bps
+80
bps
% of U.S. High-Grade TRACE (excl. SD PT) 2
18.5
%
18.1
%
18.0
%
+40
+50
U.S. High-Yield
% of U.S. High-Yield TRACE (incl. SD PT) 2
14.6
%
15.1
%
12.6
%
(50)
bps
+200
bps
% of U.S. High-Yield TRACE (excl. SD PT) 2
13.2
%
13.1
%
12.3
%
+10
+90
Other Credit Products
% of Municipal Bonds MSRB
6.2
%
6.1
%
6.7
%
+10
bps
(50)
bps
Rates
% of U.S. Government Bonds TRACE
2.1
%
2.3
%
2.9
%
(20)
bps
(80)
bps
Table 1C: Strategic Priorities ADV 2
Month
% Change
Nov-25
Oct-25
Nov-24
MoM
YoY
STRATEGIC PRIORITIES ADV ($ millions)
Client-Initiated Channel
U.S. Credit Block Trading
$
3,245
$
2,968
$
2,419
9
%
34
%
Emerging Markets Block Trading
1,954
1,661
1,211
18
61
Eurobonds Block Trading
532
453
291
17
83
Portfolio Trading Channel
Total MKTX Portfolio Trading
$
1,364
$
1,536
$
928
(11
)
%
47
%
Total MKTX U.S. Credit Portfolio Trading
1,003
1,209
648
(17
)
55
Total U.S. Credit TRACE Portfolio Trading
5,685
5,798
4,813
(2
)
18
Dealer-Initiated Channel
Total Dealer Initiated (DRFQ & Mid-X)
$
1,916
$
1,773
$
1,455
8
%
32
%
Other
Open Trading
$
5,370
$
5,134
$
4,274
5
%
26
%
AxessIQ
170
162
147
5
16
U.S. Trading Days 4
18
22
19
U.K. Trading Days 4
20
23
21
Table 1D: Variable Transaction Fees Per Million (FPM) 1
Month
% Change
Nov-25
Oct-25
Nov-24
MoM
YoY
AVG. VARIABLE TRANS. FEE PER MILLION (FPM)
Total Credit
$
139
$
140
$
146
(1
)
%
(5
)
%
Total Rates
4.52
4.28
4.07
6
11
1
The FPM for total credit and total rates for November 2025 is 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 November 30,
In millions (unaudited)
2025
2024
% Change
Volume
ADV
Volume
ADV
Volume
ADV
Credit
High-grade
$
136,689
$
7,594
$
124,135
$
6,533
10
%
16
%
High-yield
29,192
1,622
24,927
1,312
17
24
Emerging markets
76,765
4,265
72,402
3,811
6
12
Eurobonds
54,818
2,741
42,017
2,001
30
37
Other credit
10,552
586
12,051
634
(12
)
(8
)
Total credit trading 1
308,016
16,808
275,532
14,291
12
18
Rates
U.S. government bonds 2
413,380
22,966
557,175
29,325
(26
)
(22
)
Agency and other government bonds 1
14,145
715
27,710
1,329
(49
)
(46
)
Total rates trading
427,525
23,681
584,885
30,654
(27
)
(23
)
Total trading
$
735,541
$
40,489
$
860,417
$
44,945
(15
)
(10
)
Number of U.S. Trading Days 3
18
19
Number of U.K. Trading Days 4
20
21
Year-to-Date Ended November 30,
In millions (unaudited)
2025
2024
% Change
Volume
ADV
Volume
ADV
Volume
ADV
Credit
High-grade
$
1,653,714
$
7,285
$
1,586,941
$
6,930
4
%
5
%
High-yield
346,162
1,525
309,163
1,350
12
13
Emerging markets
902,568
3,976
799,172
3,490
13
14
Eurobonds
563,561
2,440
475,713
2,042
18
19
Other credit
140,802
620
122,175
533
15
16
Total credit trading 1
3,606,807
15,846
3,293,164
14,345
10
10
Rates
U.S. government bonds 2
5,895,166
25,970
5,117,615
22,348
15
16
Agency and other government bonds 1
259,864
1,127
207,200
891
25
26
Total rates trading
6,155,030
27,097
5,324,815
23,239
16
17
Total trading
$
9,761,837
$
42,943
$
8,617,979
$
37,584
13
14
Number of U.S. Trading Days 3
227
229
Number of U.K. Trading Days 4
231
233
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.