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Share Name | Share Symbol | Market | Type |
---|---|---|---|
MarketAxess Holdings Inc | NASDAQ:MKTX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
2.61 | 1.29% | 204.82 | 204.25 | 205.73 | 205.73 | 201.85 | 202.10 | 306,717 | 00:31:43 |
Record Total Credit Trading ADV of $15.2 Billion; Record U.S. High-Grade ADV of $7.7 Billion
MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced monthly trading volume and preliminary variable transaction fees per million (“FPM”) for February 2024.1
Chris Concannon, CEO of MarketAxess, commented:
“We delivered record total credit ADV of $15.2 billion, driven by a 14.6% increase in U.S. high-grade ADV, a 12.5% increase in emerging markets ADV, a 9.1% increase in Eurobonds ADV, and an 8.0% increase in municipal bonds ADV. Strong credit volumes quarter-to-date across several of our growth cylinders have more than offset significantly lower levels of U.S. high-yield trading activity on our platform impacted by continued low levels of credit spread volatility. The roll-out of MarketAxess X-Pro is continuing and client engagement is increasing with approximately 14% of our largest client firms active on the platform, up from 12% in January 2024.”
Select February 2024 highlights*
*All comparisons versus February 2023 unless otherwise noted.
Table 1: February 2024 trading ADV
CREDIT RATES $ in millions(unaudited)US/UK Trading Days5
Total ADV
Total Credit
High-Grade
High-Yield
Emerging Markets
Eurobonds
Municipal Bonds
Total Rates
US Govt. Bonds
Agcy./Other Govt. Bonds
Feb-2420/21
$34,261
$15,176
$7,712
$1,441
$3,626
$1,952
$434
$19,085
$18,613
$472
Feb-2319/20
$37,896
$14,446
$6,729
$2,290
$3,222
$1,790
$402
$23,450
$23,019
$431
% Change
(10%)
5%
15%
(37%)
13%
9%
8%
(19%)
(19%)
10%
Table 1A: February 2024 estimated market share
CREDIT RATES (unaudited) High-Grade High-Yield High-Grade/High-YieldCombined Municipals3 US Govt.Bonds3 Feb-2419.5%
12.9%
18.1%
6.8%
2.0%
Feb-2320.1%
19.2%
19.9%
5.4%
2.8%
Bps Change(60) bps
(630) bps
(180) bps
+140 bps
(80) bps
1 The FPM for total credit and total rates for February 2024 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 See “General Notes Regarding the Data Presented” below. 3 Open Trading share of total credit trading volume is derived by taking total Open Trading volume across all credit products where Open Trading is offered and dividing by total credit trading volume across all credit products where Open Trading is offered. 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 TRACE reported volumes are available on the Company’s website at investor.marketaxess.com/volume.
Beginning with January 2024, the Company is no longer providing Emerging Markets or Eurobonds market ADV or estimated market share. The Company is currently reviewing its methodology for calculating such statistics, which historically have been derived from MarketAxess TraX data, to ensure that the statistics presented provide a complete and accurate view of the market.
In addition, for periods beginning with January 2024, the Company has made changes to the market volume data used to calculate estimated market share for Municipal and U.S. Government Bonds. For Municipal Bonds, the Company previously used estimates, derived from data issued by the Municipal Securities Rule Making Board (“MSRB”), including estimates for new issuance, commercial paper and variable-rate trading activity, and excluded these volumes from the estimated market volume data. While the Company still uses estimates, the new methodology for identifying and excluding these volumes from the market volume data is now based on MSRB “flags” to identify new issuance, commercial paper, and variable-rate volumes. For U.S. Government Bonds, the previous data source for estimated market volumes was the Federal Reserve Bank’s Reported Primary Dealer U.S. Treasury Bond Trading Volumes, which was reported on a one-week lag. The new source for U.S. Government Bond trading volumes is FINRA’s U.S. Treasury TRACE data. The Company believes that the refined methodology used for Municipal Bonds, and the new data source for U.S. Government Bonds, provides more accurate measures of estimated market volumes and estimated market share. Prior comparable periods have been recast retrospectively for both Municipal and U.S. Government Bonds to conform to the updated presentation of the data. The new estimated market volume data is also 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 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; 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 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; adverse effects as a result of climate change or other ESG risks that could affect our 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. Over 2,000 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 February 29 / 28,
In millions (unaudited)
2024
2023
% Change
Volume
ADV
Volume
ADV
Volume
ADV
Credit
High-grade
$
154,246
$
7,712
$
127,843
$
6,729
20.7
%
14.6
%
High-yield
28,821
1,441
43,502
2,290
(33.7
)
(37.1
)
Emerging markets
72,517
3,626
61,217
3,222
18.5
12.5
Eurobonds
40,986
1,952
35,808
1,790
14.5
9.1
Other credit
8,912
445
7,881
415
13.1
7.2
Total credit trading1
305,482
15,176
276,251
14,446
10.6
5.1
Rates
U.S. government bonds2
372,261
18,613
437,356
23,019
(14.9
)
(19.1
)
Agency and other government bonds1
9,750
472
8,467
431
15.2
9.5
Total rates trading
382,011
19,085
445,823
23,450
(14.3
)
(18.6
)
Total trading
$
687,493
$
34,261
$
722,074
$
37,896
(4.8
)
(9.6
)
Number of U.S. Trading Days3
20
19
Number of U.K. Trading Days4
21
20
Year-to-Date Ended February 29 / 28,
In millions (unaudited)
2024
2023
% Change
Volume
ADV
Volume
ADV
Volume
ADV
Credit
High-grade
$
311,339
$
7,594
$
252,301
$
6,469
23.4
%
17.4
%
High-yield
58,151
1,418
80,962
2,076
(28.2
)
(31.7
)
Emerging markets
150,766
3,677
130,095
3,336
15.9
10.2
Eurobonds
83,741
1,947
76,406
1,864
9.6
4.5
Other credit
17,685
431
18,417
472
(4.0
)
(8.7
)
Total credit trading1
621,682
15,067
558,181
14,217
11.4
6.0
Rates
U.S. government bonds2
716,788
17,483
879,442
22,550
(18.5
)
(22.5
)
Agency and other government bonds1
20,266
478
17,914
445
13.1
7.4
Total rates trading
737,054
17,961
897,356
22,995
(17.9
)
(21.9
)
Total trading
$
1,358,736
$
33,028
$
1,455,537
$
37,212
(6.7
)
(11.2
)
Number of U.S. Trading Days3
41
39
Number of U.K. Trading Days4
43
41
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240304988693/en/
INVESTOR RELATIONS Stephen Davidson MarketAxess Holdings Inc. +1 212 813 6313 sdavidson2@marketaxess.com
MEDIA RELATIONS Marisha Mistry MarketAxess Holdings Inc. +1 917 267 1232 mmistry@marketaxess.com
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