US Market News
1日前
MarketAxess Announces Trading Volume Statistics for May 2026June 4, 2026 6:30 AM
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 May 2026.1 Select May 2026 Highlights* (See tables 1-1C and table 2) Trading volumes across most products, as well as U.S. high-grade estimated market share, rebounded in May from April levels. U.S. high-grade estimated market share increased approximately 100 basis points to 17.8%, driven by improved estimated market share in the client-initiated channel on our platform. The Company estimates that duplicate trade reports inflated U.S. high-grade TRACE volumes by up to 8% in May 2026. Adjusting for these duplicates, consistent with FINRA’s recent proposal to suppress duplicate reporting, we believe our estimated U.S. high-grade market share would have been approximately 160 basis points higher, or approximately 19.5%, in May 2026. With the improvement in estimated market share in the client-initiated channel in U.S. high-grade compared to April, we also continued to make progress with block trading, portfolio trading and dealer-initiated protocols across the platform. Growth in these protocols was a key driver of the month-over-month decline in total credit FPM. Client-Initiated Channel 17% increase in block trading ADV to $6.0 billion, with U.S. credit block ADV of $3.5 billion, up 14%, compared to a 16% increase in TRACE U.S. credit block ADV. Emerging markets block ADV of $2.0 billion increased 35% and eurobonds block ADV of $549 million decreased 14%. Portfolio Trading Channel 47% increase in total portfolio trading ADV to $2.1 billion, including record U.S. high-grade ADV of $1.4 billion up 68%, U.S. high-yield ADV of $412 million, up 172% and emerging markets ADV of $160 million, up 105%. 22.0% estimated market share of U.S. credit portfolio trading, compared to 16.8% in the prior year. Dealer-Initiated Channel Dealer-initiated ADV of $1.8 billion was down slightly from the prior year. Record levels of emerging markets ADV (+35%) and eurobonds ADV (+35%) were offset by declines in U.S. high-grade ADV. Total Mid-X trading volume was a record $7.0 billion, representing an increase of 119%. May 2026 Variable Transaction Fees Per Million1 (See table 1D) The year-over-year and month-over-month declines in total credit FPM were driven by product and protocol mix. The year-over-year and month-over-month increases in total rates FPM were driven by the impact of protocol mix. *All comparisons versus May 2025 unless noted. Client-initiated block trading ADV may include some portfolio trading activity. Table 1: MarketAxess ADV Month % Change May-26 Apr-26 May-25 MoM YoY MKTX ADV ($ millions) Credit U.S. High-Grade (incl. SD PT)2 $ 8,405 $ 7,202 $ 7,899 17 % 6 % U.S. High-Grade (excl. SD PT)2 7,728 6,802 7,649 14 1 U.S. High-Yield (incl. SD PT)2 1,755 1,852 1,628 (5 ) 8 U.S. High-Yield (excl. SD PT)2 1,547 1,541 1,602 0 (3 ) Emerging Markets 4,284 4,374 3,615 (2 ) 19 Eurobonds 2,758 2,549 2,870 8 (4 ) Other Credit Products3 680 621 612 10 11 Municipal Bonds 680 621 611 10 11 Total MKTX Credit ADV (excl. SD PT)2 $ 16,997 $ 15,887 $ 16,348 7 4 Rates U.S. Government Bonds $ 26,045 $ 23,338 $ 28,293 12 % (8 ) % Agencies and Other Government Bonds 2,194 2,394 1,589 (8 ) 38 Total MKTX Rates ADV $ 28,239 $ 25,732 $ 29,882 10 (5 ) Total MKTX Trading ADV $ 45,236 $ 41,619 $ 46,230 9 (2 ) U.S. Trading Days4 20 21 21 U.K. Trading Days4 19 20 19 Table 1A: Market ADV Month % Change May-26 Apr-26 May-25 MoM YoY MARKET ADV ($ millions) Credit U.S. High-Grade TRACE $ 47,102 $ 42,891 $ 39,652 10 % 19 % U.S. High-Yield TRACE 12,593 13,603 13,171 (7 ) (4 ) Total U.S. Credit TRACE 59,695 56,494 52,823 6 13 Municipal Bonds MSRB 9,783 10,090 10,306 (3 ) (5 ) Rates U.S. Government Bonds TRACE $ 1,265,590 $ 1,078,186 $ 1,106,252 17 % 14 % Agency TRACE 2,695 2,785 4,032 (3 ) (33 ) U.S. Trading Days4 20 21 21 U.K. Trading Days4 19 20 19 Table 1B: Estimated Market Share Month Bps Change May-26 Apr-26 May-25 MoM YoY MKTX ESTIMATED MARKET SHARE (%) U.S. High-Grade % of U.S. High-Grade TRACE2,5 17.8 % 2,5 16.8 % 19.9 % +100 bps (210) bps U.S. High-Yield % of U.S. High-Yield TRACE2 13.9 % 2 13.6 % 12.4 % +30 bps +150 bps Other Credit Products % of Municipal Bonds MSRB 6.9 % 6.2 % 5.9 % +70 bps +100 bps Rates % of U.S. Government Bonds TRACE 2.1 % 2.2 % 2.6 % (10) bps (50) bps Table 1C: Strategic Priorities ADV Month % Change May-26 Apr-26 May-25 MoM YoY STRATEGIC PRIORITIES ADV ($ millions) Client-Initiated Channel U.S. Credit Block Trading $ 3,509 $ 2,981 $ 3,070 18 % 14 % Emerging Markets Block Trading 1,952 1,784 1,451 9 35 Eurobonds Block Trading 549 376 637 46 (14 ) Portfolio Trading Channel Total MKTX Portfolio Trading $ 2,140 $ 1,739 $ 1,455 23 % 47 % Total MKTX U.S. Credit Portfolio Trading 1,858 1,453 1,013 28 83 Total U.S. Credit TRACE Portfolio Trading 8,458 7,207 6,041 17 40 Dealer-Initiated Channel Total Dealer Initiated (DRFQ & Mid-X) $ 1,765 $ 1,706 $ 1,781 3 % (1 ) % Other Open Trading $ 5,208 $ 4,944 $ 4,777 5 % 9 % AxessIQ 190 173 189 10 1 U.S. Trading Days4 20 21 21 U.K. Trading Days4 19 20 19 *Client-initiated channel activity may include some portfolio trading channel activity. Table 1D: Variable Transaction Fees Per Million (FPM)1 Month % Change May-26 Apr-26 May-25 MoM YoY AVG. VARIABLE TRANS. FEE PER MILLION (FPM) Total Credit $ 128 $ 134 $ 138 (4 ) % (7 ) % Total Rates 4.35 4.31 4.06 1 7 1 The FPM for total credit and total rates for May 2026 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 Effective with the release of our January 2026 trading volume statistics, the Company revised certain aspects of its reporting methodology for estimated market share to provide a more comprehensive view of platform activity and enhance comparability with industry peers. The Company now highlights estimated market share for U.S. high-grade and U.S. high-yield on an all-in basis, which includes single-dealer portfolio trading activity, and the Company will no longer report estimated market share on an "excluding single-dealer portfolio trading" basis. Single-dealer portfolio trading activity continues to be excluded from the “Total MKTX Credit ADV (excl. SD PT)” line in Table 1, the “Total Credit” FPM calculation in Table 1D and the “Total Credit Trading” line in Table 2. “SD PT” is defined as single-dealer portfolio trades. As used in Table 1 to highlight the effect of single dealer portfolio trading on U.S. high-grade and U.S. high yield ADVs, “SD PT” means single-dealer portfolio trades. 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. 5 The Company estimates that duplicate reports increased reported monthly TRACE volumes by up to 8% of U.S. high-grade TRACE in May 2026. Adjusting for these duplicates, consistent with FINRA’s recent proposal to suppress duplicate reporting, the Company believes its estimated U.S. high-grade market share would have been approximately 160 basis points higher in May 2026. 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 MarketAxess Holdings Inc. (the “Company” or “MarketAxess”), 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; our dependence on third-party suppliers for key products and services; 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; risks related to sanctions levied against states or individuals that could expose us to operational or regulatory risks; the effects of climate change or other sustainability risks that could affect our operations or reputation; 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 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; limitations on our flexibility because we operate in a highly regulated industry; the increasing government regulation of us and our clients; our exposure to costs and penalties related to our extensive regulation; our risks of litigation and securities laws liability; our tax filing positions; 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 and other 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 Volumne Detail Month Ended May 31, In millions (unaudited) 2026 2025 % Change Volume ADV Volume ADV Volume ADV Credit High-grade $ 154,558 $ 7,728 $ 160,636 $ 7,649 (4 ) % 1 % High-yield 30,944 1,547 33,636 1,602 (8 ) (3 ) Emerging markets 85,672 4,284 75,925 3,615 13 19 Eurobonds 52,403 2,758 54,538 2,870 (4 ) (4 ) Other credit 13,597 680 12,850 612 6 11 Total credit trading1 337,174 16,997 337,585 16,348 - 4 Rates U.S. government bonds2 520,902 26,045 594,163 28,293 (12 ) (8 ) Agency and other government bonds1 41,755 2,194 30,329 1,589 38 38 Total rates trading 562,657 28,239 624,492 29,882 (10 ) (5 ) Total trading $ 899,831 $ 45,236 $ 962,077 $ 46,230 (6 ) (2 ) Number of U.S. Trading Days3 20 21 Number of U.K. Trading Days4 19 19 Year-to-Date Ended May 31, In millions (unaudited) 2026 2025 % Change Volume ADV Volume ADV Volume ADV Credit High-grade $ 808,893 $ 7,930 $ 802,448 $ 7,791 1 % 2 % High-yield 163,705 1,605 164,952 1,601 (1 ) - Emerging markets 489,455 4,799 405,938 3,941 21 22 Eurobonds 281,546 2,760 258,158 2,531 9 9 Other credit 66,836 655 64,848 630 3 4 Total credit trading1 1,810,435 17,749 1,696,344 16,494 7 8 Rates U.S. government bonds2 2,811,146 27,560 2,972,889 28,863 (5 ) (5 ) Agency and other government bonds1 196,315 1,925 119,090 1,167 65 65 Total rates trading 3,007,461 29,485 3,091,979 30,030 (3 ) (2 ) Total trading $ 4,817,896 $ 47,234 $ 4,788,323 $ 46,524 1 2 Number of U.S. Trading Days3 102 103 Number of U.K. Trading Days4 102 102 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/20260603335488/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 Original: MarketAxess Announces Trading Volume Statistics for May 2026
US Market News
4週前
MarketAxess Reports First Quarter 2026 Financial ResultsMay 7, 2026 6:30 AM
Business Wire 12% Increase in Total Revenue to Record $233 Million Driven by 20% Growth in Revenue Outside U.S. Credit Products
Strong Results Reflect Heightened Demand for Our Differentiated Liquidity by Our Global Client Network
35% Increase in Block Trading ADV With Record U.S. High-Grade, U.S. High-Yield, EM and Eurobonds Block ADV
51% Increase in Portfolio Trading ADV to Record $1.9 Billion with Record U.S. Credit and EM ADV
EPS of $2.20; $2.25 Excluding Notable Items1 MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced financial results for the first quarter ended March 31, 2026. 1Q26 select financial and operational highlights* Record total revenues of $233.4 million increased 12%, and included an increase of approximately $3.4 million from the impact of foreign currency fluctuations.
— 12% growth in total commission revenue to record $203 million driven by record total credit (+9%) and record total rates (+29%) commission revenue.
— 10% growth in services revenue2 to record $30 million.
— 20% growth in revenue outside U.S. credit, including 21% growth in combined emerging markets (record) and eurobonds (record) variable transaction revenue, reflecting the strong contribution from our international products.
Strong progress with our new initiatives across our three strategic channels:
— Client-Initiated Channel - 35% increase in block trading average daily volume (“ADV”) to a record $6.6 billion, including record U.S. credit (+27%), record emerging markets (+47%) and record eurobonds (+45%).
— Portfolio Trading Channel - 51% increase in total portfolio trading ADV to a record $1.9 billion with record U.S. high-grade (+36%), record U.S. high-yield (+78%) and record emerging markets (+69%) portfolio trading ADV.
— Dealer-Initiated Channel - 3% increase in dealer-initiated ADV to a record $1.9 billion, including 168% increase in Mid-X ADV to record levels.
Total expenses of $132.5 million increased 10%, and included an increase of approximately $2.2 million from the impact of foreign currency fluctuations. Total expenses, excluding notable items,1 of $130.3 million increased 8%. Operating margin of 43.2%, representing an increase of approximately 80 basis points; Operating margin, excluding notable items,1 of 44.2%, representing an increase of approximately 180 basis points. Diluted earnings-per-share (“EPS”) of $2.20 on net income of $78.1 million, compared to $0.40 and $15.1 million in the prior year, respectively; EPS of $2.25 on net income of $79.7 million, each excluding notable items,1 increased 20% and 14%, respectively. Completed $300 million accelerated stock repurchase ("ASR") agreement, which was the main driver of an approximately 6% reduction in share count compared to the prior year, enhancing EPS growth. *All comparisons versus 1Q25 Chris Concannon, CEO of MarketAxess, commented: “We delivered record levels of trading volume, commission revenue and services revenue, driven by increased volatility and heightened demand for our differentiated liquidity from our global client network. Our strong results were broad-based and included 20% growth in revenue outside of U.S. credit, including record levels of commission revenue in emerging markets and eurobonds. Our new initiatives are also continuing to gain traction across our three strategic channels with record levels of ADV across block trading, portfolio trading and dealer-initiated activity. Our MarketAxess advantage continued to strengthen in the first quarter by expanding our global network, deepening our differentiated liquidity and widening the competitive moat of our proprietary data and analytics. Our accelerating use of AI will help us deliver new trading and unique data solutions to our clients." Table 1: 1Q26 select financial results Quarter % Change $ in millions, except per share data (unaudited) 1Q 2026 4Q 2025 1Q 2025 QoQ YoY Selected GAAP-basis financial results Revenues $ 233 $ 209 $ 209 11 % 12 % Expenses 132 133 120 (1 ) 10 Operating margin 43.2 % 36.3 % 42.4 % +690 bps +80 bps Net Income 78 92 15 (15 ) 418 Diluted EPS 2.20 2.51 0.40 (12 ) 450 Net Income Margin 33.5 % 44.1 % 7.2 % NM NM Selected GAAP-basis financial results ex-notable
items (non-GAAP)1 Revenues 233 209 209 11 12 Expenses 130 132 120 (2 ) 8 Operating margin 44.2 % 36.8 % 42.4 % +740 bps +180 bps Net Income 80 62 70 29 14 Diluted EPS 2.25 1.68 1.87 34 20 Other Non-GAAP financial measures EBITDA3 122 95 107 28 13 EBITDA Margin3 52.1 % 45.3 % 51.5 % +680 bps +60 bps NM - not meaningful 1Q26 overview of results Table 1A: Notable items1 Quarter 1Q 2026 4Q 2025 1Q 2025 $ in millions, except per share data (unaudited) Repositioning charges $ 1.5 $ 1.1 $ — Other notable items 0.7 — — Notable items (pre-tax) 2.2 1.1 — Income tax impact from notable items (0.5 ) (0.3 ) — Reserve for uncertain tax positions related to
prior periods — (31.3 ) 54.9 Total notable items $ 1.7 $ (30.5 ) $ 54.9 EPS impact $ 0.05 $ (0.83 ) $ 1.47 Notable items1 Notable items in 1Q26 include repositioning charges of $1.5 million, which consisted of severance costs related to changes in management structure, and $0.7 million of other legal expenses. Revenue Record total revenues of $233.4 million increased 12% compared to the prior year and included RFQ-hub revenues of approximately $4.7 million and a $3.4 million increase from the impact of foreign currency fluctuations. Commission revenue Table 1B: 1Q26 variable transaction fees per million (FPM) Quarter % Change 1Q 2026 4Q 2025 1Q 2025 QoQ YoY AVG. VARIABLE TRANS. FEE PER MILLION (FPM) Total Credit $ 132 $ 138 $ 139 (4 ) % (5 ) % Total Rates 4.68 4.79 4.20 (2 ) 11 Credit Record total credit commission revenue of $183.8 million (including $33.4 million in fixed-distribution fees) increased $14.6 million, or 9%, compared to $169.1 million (including $33.3 million in fixed-distribution fees) in the prior year, and was up 11% from 4Q25 levels. A 17% increase in total credit ADV compared to the prior year, driven by growth in market volumes, was partially offset by a 5% decrease in total credit variable transaction fee per million (“FPM”). The 9% increase in total credit commission revenue was driven by a 21% increase in emerging markets and eurobonds commission revenue, reflecting continued product and geographic diversification. The decline in 1Q26 total credit FPM year-over-year was driven by protocol and product mix, partially offset by the higher duration of bonds traded in U.S. high-grade. The quarter-over-quarter decline was due principally to product mix. Rates Record total rates commission revenue of $9.0 million increased $2.0 million, or 29%, compared to the prior year, and increased 33% from 4Q25 levels. The increase compared to the prior year was driven by a 16% increase in total rates ADV and an 11% increase in FPM. Other Record total other commission revenue of $10.7 million increased $5.5 million, or 104%, compared to the prior year, driven by the inclusion of approximately $4.3 million from RFQ-hub, majority control of which was acquired in 2Q25. Services revenue Record services revenue2 of $29.9 million increased $2.7 million, or 10%, compared to the prior year. Information services — Information services revenue of $14.4 million increased $1.5 million, or 12%, compared to the prior year. The increase was principally driven by net new contract revenue and an increase of $0.5 million from the impact of foreign currency fluctuations. Post-trade services — Post-trade services revenue of $11.6 million increased $0.5 million, or 5%, compared to the prior year principally due to an increase of $1.0 million from the impact of foreign currency fluctuations. Technology services — Total technology services revenue of $3.9 million increased $0.6 million, or 19%, compared to the prior year. The increase was driven by connectivity fees from RFQ-hub, majority control of which was acquired in 2Q25. Expenses Total expenses of $132.5 million increased 10% from the prior year, including approximately $3.4 million of RFQ-hub expenses and an increase of $2.2 million from the impact of foreign currency fluctuations. Total expenses, excluding notable items,1 of $130.3 million increased 8% from the prior year. Non-operating Other income (expense): Other income was $3.0 million, down from $7.8 million in the prior year. The decrease was driven by lower interest income due to a decrease in interest rates and higher interest expense due to borrowings on the Company’s credit facility that were used, along with cash on hand, to fund the ASR, partially offset by receipt of a tax credit. Tax rate: The effective tax rate was 24.8%, compared to 84.3% in the prior year. The effective tax rate excluding notable items1 in the prior year was 27.2%. Capital The Company had $537.4 million in cash, cash equivalents, corporate bond investments and U.S. Treasury investments as of March 31, 2026, down from $678.9 million as of December 31, 2025. The Company had $157.0 million in borrowings outstanding under the Company’s credit facility as of March 31, 2026, as compared to $220.0 million in borrowings outstanding as of December 31, 2025. As of April 30, 2026, the Company had $137.0 million in borrowings outstanding under the Company’s credit facility. Final settlement of the previously disclosed $300.0 million ASR occurred on February 4, 2026, with the delivery of 359,782 additional shares. As of April 30, 2026, $205.0 million remained under the Board of Directors’ share repurchase authorizations. The Board declared a quarterly cash dividend of $0.78 per share, payable on June 3, 2026 to stockholders of record as of the close of business on May 20, 2026. Other Employee headcount was 859 as of March 31, 2026, down from 869 as of December 31, 2025 and 870 as of March 31, 2025. 1 See Table 1A in this release for a listing of notable items. Results excluding notable items are non-GAAP financial measures. Refer to “Non-GAAP financial measures and other items” for a discussion of these non-GAAP financial measures and Table 6 for a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures. 2 Services revenue is defined as combined information, post-trade and technology services revenue. 3 EBITDA and EBITDA margin are non-GAAP financial measures. Refer to “Non-GAAP financial measures and other items” for a discussion of these non-GAAP financial measures and Table 7 for a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures. Non-GAAP financial measures and other items To supplement the Company’s unaudited financial statements presented in accordance with generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures, including earnings before interest, taxes, depreciation and amortization (“EBITDA”), EBITDA margin and free cash flow. From time to time, we present selected GAAP-basis financial results, excluding notable items. Notable items are revenues, expenses, other income (expense) and tax related items that are non-recurring and outside of the Company’s normal course of business or other notables, such as acquisition and restructuring charges or gains/losses on sales (collectively, “notable items”). We define EBITDA margin as EBITDA divided by revenues. We define free cash flow as net cash provided by/(used in) operating activities excluding the net change in trading investments and net change in securities failed-to-deliver and securities failed-to-receive from broker-dealers, clearing organizations and customers, less expenditures for furniture, equipment and leasehold improvements and capitalized software development costs. Non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures determined in conformity with GAAP. The Company believes that these non-GAAP financial measures, when taken into consideration with the corresponding GAAP financial measures, provide additional information regarding the Company’s operating results because they assist both investors and management in analyzing and evaluating the performance of our business. Please refer to Tables 6, 7 & 8 for a reconciliation of: (i) selected GAAP-basis financial results, each excluding notable items, to their most directly comparable GAAP measure; (ii) GAAP net income to EBITDA and GAAP net income margin to EBITDA margin; and (iii) GAAP net cash provided by/(used in) operating activities to free cash flow, in each case, the most directly comparable GAAP measure. Webcast and conference call information Chris Concannon, Chief Executive Officer and Ilene Fiszel Bieler, Chief Financial Officer, will host a conference call to discuss the Company’s financial results and outlook on Thursday, May 7, 2026 at 10:00 a.m. ET. To access the conference call, please dial +1-800-715-9871 (U.S.) or +1-646-307-1963 (International) and use the ID 1832176. The Company will also host a live audio Webcast of the conference call on the Investor Relations section of the Company's website at http://investor.marketaxess.com. The Webcast will be archived on http://investor.marketaxess.com for 90 days following the announcement. 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; our dependence on third-party suppliers for key products and services; 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; risks related to sanctions levied against states or individuals that could expose us to operational or regulatory risks; the effects of climate change or other sustainability risks that could affect our operations or reputation; 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 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; limitations on our flexibility because we operate in a highly regulated industry; the increasing government regulation of us and our clients; our exposure to costs and penalties related to our extensive regulation; our risks of litigation and securities laws liability; our tax filing positions; 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 and other 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: Consolidated Statements of Operations Three Months Ended March 31, In thousands, except per share data (unaudited) 2026 2025 % Change Revenues Commissions $ 203,471 $ 181,343 12 % Information services 14,445 12,904 12 Post-trade services 11,607 11,088 5 Technology services 3,857 3,241 19 Total revenues 233,380 208,576 12 Expenses Employee compensation and benefits 70,195 61,916 13 Depreciation and amortization 19,210 18,236 5 Technology and communications 20,360 18,048 13 Professional and consulting fees 6,376 6,410 (1 ) Occupancy 3,819 3,622 5 Marketing and advertising 2,334 2,061 13 Clearing costs 4,426 4,185 6 General and administrative 5,739 5,716 — Total expenses 132,459 120,194 10 Operating income 100,921 88,382 14 Other income (expense) Interest income 4,308 7,169 (40 ) Interest expense (2,888 ) (213 ) NM Equity in earnings of
unconsolidated affiliate — 289 (100 ) Other, net 1,544 527 193 Total other income (expense) 2,964 7,772 (62 ) Income before income taxes 103,885 96,154 8 Provision for income taxes 25,778 81,089 (68 ) Net income $ 78,107 $ 15,065 418 Less: income attributable to
noncontrolling interest (225 ) — NM Net income available for common
stockholders $ 77,882 $ 15,065 417 Per Share Data: Net income per common share Basic $ 2.21 $ 0.40 Diluted $ 2.20 $ 0.40 Cash dividends declared per
common share $ 0.78 $ 0.76 Weighted-average common shares: Basic 35,301 37,388 Diluted 35,386 37,456 NM - not meaningful Table 3: Commission Revenue Detail Table 3: Commission Revenue Detail In thousands, except fee per million data Three Months Ended March 31, (unaudited) 2026 2025 % Change Variable transaction fees Credit $ 150,347 $ 135,840 11 % Rates 8,922 6,919 29 Other 10,697 5,232 104 Total variable transaction fees 169,966 147,991 15 Fixed distribution fees Credit 33,403 33,265 — Rates 102 87 17 Total fixed distribution fees 33,505 33,352 — Total commission revenue $ 203,471 $ 181,343 12 Average variable transaction fee
per million Credit $ 132 $ 139 (5 ) % Rates 4.68 4.20 11 Table 4: Trading Volume Detail* Three Months Ended March 31, In millions (unaudited) 2026 2025 % Change Volume ADV Volume ADV Volume ADV Credit High-grade $ 511,492 $ 8,385 $ 461,308 $ 7,562 11 % 11 % High-yield 100,409 1,646 89,997 1,475 12 12 Emerging markets 311,925 5,114 240,285 3,939 30 30 Eurobonds 178,162 2,828 147,917 2,348 20 20 Other credit 40,186 659 36,482 598 10 10 Total credit trading 1,142,174 18,632 975,989 15,922 17 17 Rates U.S. government bonds 1,800,150 29,511 1,582,081 25,936 14 14 Agency and other government bonds 104,376 1,659 65,825 1,047 59 58 Total rates trading 1,904,526 31,170 1,647,906 26,983 16 16 Total trading $ 3,046,700 $ 49,802 $ 2,623,895 $ 42,905 16 16 Number of U.S. Trading Days1 61 61 Number of U.K. Trading Days2 63 63 1 The number of U.S. trading days is based on the SIFMA holiday recommendation calendar. 2 The number of U.K. trading days is based on the U.K. Bank holiday schedule. * 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. Consistent with industry standards, U.S. government bond trades are single-counted. Table 5: Consolidated Condensed Balance Sheet Data As of In thousands (unaudited) March 31, 2026 December 31, 2025 Assets Cash and cash equivalents $ 377,302 $ 519,734 Cash segregated under federal regulations 49,053 48,722 Investments, at fair value 170,808 170,677 Accounts receivable, net 128,171 100,989 Receivables from broker-dealers, clearing organizations and customers, including
$75,072 pledged as collateral as of March 31, 2026 977,049 489,211 Goodwill 283,667 283,667 Intangible assets, net of accumulated amortization 105,281 110,629 Furniture, equipment, leasehold improvements and
capitalized software, net 111,642 112,431 Operating lease right-of-use assets 50,986 51,854 Prepaid expenses and other assets 47,577 46,972 Total assets $ 2,301,536 $ 1,934,886 Liabilities and stockholders' equity Liabilities Accrued employee compensation $ 34,738 $ 73,879 Payables to broker-dealers, clearing organizations and customers 696,302 325,959 Borrowings 228,250 220,000 Income and other tax liabilities 35,503 49,267 Accounts payable, accrued expenses and other liabilities 39,115 42,584 Operating lease liabilities 63,711 64,938 Total liabilities 1,097,619 776,627 Redeemable noncontrolling interest 13,520 12,592 Stockholders' equity Common stock 124 123 Additional paid-in capital 365,428 305,923 Treasury stock (752,333 ) (694,764 ) Retained earnings 1,588,852 1,538,746 Accumulated other comprehensive income/(loss) (11,674 ) (4,361 ) Total stockholders' equity 1,190,397 1,145,667 Total liabilities, redeemable noncontrolling interest
and stockholders' equity $ 2,301,536 $ 1,934,886 Table 6: Reconciliation of Notable Items Quarter $ in thousands, except per share data (unaudited) 1Q 2026 4Q 2025 1Q 2025 Total Expenses, GAAP-basis $ 132,459 $ 133,396 $ 120,194 Exclude: Notable items Repositioning charges1 (1,484 ) (1,084 ) — Other notable items2 (656 ) — — Total Expenses, excluding notable items $ 130,319 $ 132,312 $ 120,194 Net income, GAAP-basis $ 78,107 $ 92,394 $ 15,065 Exclude: Notable items Repositioning charges1 1,484 1,084 — Other notable items2 656 — — Income tax impact from notable items (531 ) (254 ) — Reserve for uncertain tax positions
related to prior periods — (31,308 ) 54,939 Net income, excluding notable items $ 79,716 $ 61,916 $ 70,004 Operating margin, GAAP-basis 43.2 % 36.3 % 42.4 % Notable items as reconciled above 1.0 0.5 — Operating margin, excluding notable items 44.2 % 36.8 % 42.4 % Diluted EPS, GAAP-basis $ 2.20 $ 2.51 $ 0.40 Notable items as reconciled above 0.05 (0.83 ) 1.47 Diluted EPS, excluding notable items $ 2.25 $ 1.68 $ 1.87 Effective tax rate, GAAP-basis 24.8 % -15.8 % 84.3 % Notable items as reconciled above — 39.2 (57.1 ) Effective tax rate, excluding notable
items 24.8 % 23.4 % 27.2 % 1 Repositioning charges consist of severance included in employee compensation and benefits 2 Consists of legal expenses included in professional and consulting Table 7: Reconciliation of Net Income to EBITDA and Net Income Margin to EBITDA Margin Quarter In thousands (unaudited) 1Q 2026 4Q 2025 1Q 2025 Net income $ 78,107 $ 92,394 $ 15,065 Add back: Interest income (4,308 ) (5,448 ) (7,169 ) Interest expense 2,888 964 213 Provision for income taxes 25,778 (12,608 ) 81,089 Depreciation and amortization 19,210 19,606 18,236 EBITDA $ 121,675 $ 94,908 $ 107,434 Net income margin1 33.5 % 44.1 % 7.2 % Add back: Interest income (1.8 ) (2.6 ) (3.4 ) Interest expense 1.2 0.5 0.1 Provision for income taxes 11.0 (6.1 ) 38.9 Depreciation and amortization 8.2 9.4 8.7 EBITDA margin2 52.1 % 45.3 % 51.5 % 1 Net income margin is derived by dividing net income by total revenues for the applicable period. 2 EBITDA margin is derived by dividing EBITDA by total revenues for the applicable period. Table 8: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow Quarter In thousands (unaudited) 1Q 2026 4Q 2025 1Q 2025 Net cash (used in)/provided by operating activities $ (75,329 ) $ 158,632 $ 29,629 Exclude: Net change in trading
investments — (404 ) — Exclude: Net change in fail-to-deliver/receive
from broker-dealers, clearing organizations
and customers 108,529 (67,825 ) 34,399 Less: Purchases of furniture, equipment
and leasehold improvements (259 ) (3,572 ) (1,930 ) Less: Capitalization of software
development costs (17,089 ) (11,775 ) (15,031 ) Free cash flow $ 15,852 $ 75,056 $ 47,067 View source version on businesswire.com: https://www.businesswire.com/news/home/20260506184165/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 Original: MarketAxess Reports First Quarter 2026 Financial Results
US Market News
1月前
MarketAxess Announces Trading Volume Statistics for April 2026May 6, 2026 6:30 AM
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 April 2026.1 Select April 2026 Highlights* (See tables 1-1C and table 2) Elevated market volatility in April of last year, combined with a return to low volatility and tighter credit spreads in April 2026, were key drivers of the year-over-year declines in trading volumes. The Company estimates that duplicate trade reports inflated U.S. high-grade TRACE volumes by up to 8% in April 2026. Adjusting for these duplicates, consistent with FINRA’s recent proposal to suppress duplicate reporting, we believe our estimated U.S. high-grade market share would have been approximately 160 basis points higher in April 2026. April’s strong new issuance calendar further reduced our estimated U.S. high-grade market share. Despite the challenging April, we continued to make progress with our new initiatives across the client-initiated, portfolio trading and dealer-initiated channels. Client-Initiated Channel 12% decline in block trading ADV to $5.1 billion, with U.S. credit block ADV of $3.0 billion down 21%, emerging markets block ADV of $1.8 billion up 13% and eurobonds block ADV of $376 million down 24%. Portfolio Trading Channel 3% decline in total portfolio trading ADV to $1.7 billion, including U.S. high-grade ADV of $1.0 billion down 14%, U.S. high-yield ADV of $501 million up 52%, emerging markets ADV of $110 million up 33%, and eurobonds ADV of $174 million down 34%. Our estimated market share of U.S. credit portfolio trading was 20.2%, compared to 19.6% in the prior year. Dealer-Initiated Channel Dealer-initiated ADV of $1.7 billion declined 11% compared to the prior year. Total Mid-X trading volume was $6.7 billion, the second highest month since the launch in U.S. credit, representing an increase of 156%. April 2026 Variable Transaction Fees Per Million1 (See table 1D) The year-over-year decline in total credit FPM was driven by product and protocol mix, partially offset by the higher duration of bonds traded in U.S. high-grade. The month-over-month increase was driven by product mix. The year-over-year increase in total rates FPM was driven by the impact of protocol mix. The month-over-month decrease in total rates FPM was driven by client mix. *All comparisons versus April 2025 unless noted. Table 1: MarketAxess ADV Month % Change Apr-26 Mar-26 Apr-25 MoM YoY MKTX ADV ($ millions) Credit U.S. High-Grade (incl. SD PT)2 $ 7,202 $ 9,627 $ 8,663 (25 ) % (17 ) % U.S. High-Grade (excl. SD PT)2 6,802 9,159 8,595 (26 ) (21 ) U.S. High-Yield (incl. SD PT)2 1,852 2,110 2,051 (12 ) (10 ) U.S. High-Yield (excl. SD PT)2 1,541 1,839 1,968 (16 ) (22 ) Emerging Markets 4,374 5,194 4,273 (16 ) 2 Eurobonds 2,549 2,992 2,785 (15 ) (8 ) Other Credit Products3 621 675 739 (8 ) (16 ) Municipal Bonds 621 675 737 (8 ) (16 ) Total MKTX Credit ADV (excl. SD PT)2 $ 15,887 $ 19,859 $ 18,360 (20 ) (13 ) Rates U.S. Government Bonds $ 23,338 $ 32,879 $ 37,935 (29 ) % (38 ) % Agencies and Other Government Bonds 2,394 2,582 1,141 (7 ) 110 Total MKTX Rates ADV $ 25,732 $ 35,461 $ 39,076 (27 ) (34 ) Total MKTX Trading ADV $ 41,619 $ 55,320 $ 57,436 (25 ) (28 ) U.S. Trading Days4 21 22 21 U.K. Trading Days4 20 22 20 Table 1A: Market ADV Month % Change Apr-26 Mar-26 Apr-25 MoM YoY MARKET ADV ($ millions) Credit U.S. High-Grade TRACE $ 42,891 $ 51,422 $ 44,647 (17 ) % (4 ) % U.S. High-Yield TRACE 13,603 13,742 14,565 (1 ) (7 ) Total U.S. Credit TRACE 56,494 65,164 59,212 (13 ) (5 ) Municipal Bonds MSRB 10,090 9,527 15,427 6 (35 ) Rates U.S. Government Bonds TRACE $ 1,078,186 $ 1,448,791 $ 1,354,981 (26 ) % (20 ) % Agency TRACE 2,785 3,681 4,064 (24 ) (31 ) U.S. Trading Days4 21 22 21 U.K. Trading Days4 20 22 20 Table 1B: Estimated Market Share Month Bps Change Apr-26 Mar-26 Apr-25 MoM YoY MKTX ESTIMATED MARKET SHARE (%) U.S. High-Grade % of U.S. High-Grade TRACE2,5 16.8 % 2,5 18.7% 19.4 % (190) bps (260) bps U.S. High-Yield % of U.S. High-Yield TRACE2 13.6 % 2 15.4% 14.1 % (180) bps (50) bps Other Credit Products % of Municipal Bonds MSRB 6.2 % 7.1% 4.8 % (90) bps +140 bps Rates % of U.S. Government Bonds TRACE 2.2 % 2.3% 2.8 % (10) bps (60) bps Table 1C: Strategic Priorities ADV Month % Change Apr-26 Mar-26 Apr-25 MoM YoY STRATEGIC PRIORITIES ADV ($ millions) Client-Initiated Channel U.S. Credit Block Trading $ 2,981 $ 4,112 $ 3,751 (28 ) % (21 ) % Emerging Markets Block Trading 1,784 2,300 1,579 (22 ) 13 Eurobonds Block Trading 376 546 497 (31 ) (24 ) Portfolio Trading Channel Total MKTX Portfolio Trading $ 1,739 $ 2,254 $ 1,790 (23 ) % (3 ) % Total MKTX U.S. Credit Portfolio Trading 1,453 1,859 1,441 (22 ) 1 Total U.S. Credit TRACE Portfolio Trading 7,207 8,478 7,349 (15 ) (2 ) Dealer-Initiated Channel Total Dealer Initiated (DRFQ & Mid-X) $ 1,706 $ 2,081 $ 1,916 (18 ) % (11 ) % Other Open Trading $ 4,944 $ 6,222 $ 5,739 (21 ) % (14 ) % AxessIQ 173 212 181 (18 ) (4 ) U.S. Trading Days4 21 22 21 U.K. Trading Days4 20 22 20 Table 1D: Variable Transaction Fees Per Million (FPM)1 Month % Change Apr-26 Mar-26 Apr-25 MoM YoY AVG. VARIABLE TRANS. FEE PER MILLION (FPM) Total Credit $ 134 $ 131 $ 138 2 % (3 ) % Total Rates 4.31 4.05 3.76 6 15 1 The FPM for total credit and total rates for April 2026 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 Effective with the release of our January 2026 trading volume statistics, the Company revised certain aspects of its reporting methodology for estimated market share to provide a more comprehensive view of platform activity and enhance comparability with industry peers. The Company now highlights estimated market share for U.S. high-grade and U.S. high-yield on an all-in basis, which includes single-dealer portfolio trading activity, and the Company will no longer report estimated market share on an "excluding single-dealer portfolio trading" basis. Single-dealer portfolio trading activity continues to be excluded from the “Total MKTX Credit ADV (excl. SD PT)” line in Table 1, the “Total Credit” FPM calculation in Table 1D and the “Total Credit Trading” line in Table 2. “SD PT” is defined as single-dealer portfolio trades. As used in Table 1 to highlight the effect of single dealer portfolio trading on U.S. high-grade and U.S. high yield ADVs, “SD PT” means single-dealer portfolio trades. 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. 5 The Company estimates that duplicate reports increased reported monthly TRACE volumes by up to 8% of U.S. high-grade TRACE in April 2026. Adjusting for these duplicates, consistent with FINRA’s recent proposal to suppress duplicate reporting, the Company believes its estimated U.S. high-grade market share would have been approximately 160 basis points higher in April 2026. 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 MarketAxess Holdings Inc. (the “Company” or “MarketAxess”), 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; our dependence on third-party suppliers for key products and services; 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; risks related to sanctions levied against states or individuals that could expose us to operational or regulatory risks; the effects of climate change or other sustainability risks that could affect our operations or reputation; 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 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; limitations on our flexibility because we operate in a highly regulated industry; the increasing government regulation of us and our clients; our exposure to costs and penalties related to our extensive regulation; our risks of litigation and securities laws liability; our tax filing positions; 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 and other 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 April 30, In millions (unaudited) 2026 2025 % Change Volume ADV Volume ADV Volume ADV Credit High-grade $ 142,843 $ 6,802 $ 180,504 $ 8,595 (21 ) % (21 ) % High-yield 32,352 1,541 41,319 1,968 (22 ) (22 ) Emerging markets 91,858 4,374 89,728 4,273 2 2 Eurobonds 50,981 2,549 55,703 2,785 (8 ) (8 ) Other credit 13,053 621 15,516 739 (16 ) (16 ) Total credit trading1 331,087 15,887 382,770 18,360 (14 ) (13 ) Rates U.S. government bonds2 490,094 23,338 796,645 37,935 (38 ) (38 ) Agency and other government bonds1 47,949 2,394 22,936 1,141 109 110 Total rates trading 538,043 25,732 819,581 39,076 (34 ) (34 ) Total trading $ 869,130 $ 41,619 $ 1,202,351 $ 57,436 (28 ) (28 ) Number of U.S. Trading Days3 21 21 Number of U.K. Trading Days4 20 20 Year-to-Date Ended April 30, In millions (unaudited) 2026 2025 % Change Volume ADV Volume ADV Volume ADV Credit High-grade $ 654,335 $ 7,980 $ 641,812 $ 7,827 2 % 2 % High-yield 132,761 1,619 131,316 1,601 1 1 Emerging markets 403,783 4,924 330,013 4,025 22 22 Eurobonds 229,143 2,761 203,620 2,453 13 13 Other credit 53,239 649 51,998 634 2 2 Total credit trading1 1,473,261 17,933 1,358,759 16,540 8 8 Rates U.S. government bonds2 2,290,244 27,930 2,378,726 29,009 (4 ) (4 ) Agency and other government bonds1 152,325 1,836 88,761 1,070 72 72 Total rates trading 2,442,569 29,766 2,467,487 30,079 (1 ) (1 ) Total trading $ 3,915,830 $ 47,699 $ 3,826,246 $ 46,619 2 2 Number of U.S. Trading Days3 82 82 Number of U.K. Trading Days4 83 83 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/20260505969055/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 Original: MarketAxess Announces Trading Volume Statistics for April 2026
US Market News
2月前
MarketAxess Announces Trading Volume Statistics for March and First Quarter 2026April 7, 2026 6:30 AM
Business Wire
Record Total Credit ADV and Strong Growth in Total Rates ADV in Both Periods
Record Total Portfolio Trading ADV of $2.3 Billion in March, Up 48%
Record U.S. High-Grade, Emerging Markets, Eurobonds and Municipal Bonds ADV in 1Q26
Record Block Trading ADV Across U.S. High-Grade, Emerging Markets and Eurobonds in 1Q26
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 March 2026 and the first quarter ended March 31, 2026.1
Trading Records for March 2026
Total credit average daily volume ("ADV")
Open Trading® ADV
Total portfolio trading ADV
U.S. high-grade ADV
U.S. high-grade block trading ADV
U.S. high-grade portfolio trading ADV
U.S. high-yield portfolio trading ADV
Eurobonds ADV
Axess IQ ADV
Trading Records for First Quarter 2026
Total trading ADV
Total credit ADV
Open Trading® ADV
Total portfolio trading ADV
Mid-X ADV
U.S. high-grade ADV
U.S. high-grade block trading ADV
U.S. high-grade portfolio trading ADV
U.S. high-yield portfolio trading ADV
Emerging markets ADV
Emerging markets block trading ADV
Emerging markets portfolio trading ADV
Eurobonds ADV
Eurobonds block trading ADV
Municipal bonds ADV
Municipal bonds portfolio trading ADV
Axess IQ ADV
Select March 2026 Highlights* (See tables 1-1C and table 2)
Our new initiatives continued to show progress year-over-year, with strong growth in the client-initiated and portfolio trading channels.
Client-Initiated Channel
23% growth in block trading ADV to $7.0 billion, with record U.S. credit block ADV of $4.1 billion (+19%), including record U.S. high-grade block ADV of $3.1 billion (+23%), as well as emerging markets block ADV of $2.3 billion (+34%) and eurobonds block ADV of $546 million (+7%).
Portfolio Trading Channel
48% increase in total portfolio trading ADV to a record $2.3 billion, including record U.S. high-grade ADV of $1.4 billion (+24%), record U.S. high-yield ADV of $487 million (+119%), emerging markets ADV of $114 million (+45%), and eurobonds ADV of $279 million (+135%).
Our estimated market share of U.S. credit portfolio trading was 21.9%, compared to 20.1% in the prior year.
Dealer-Initiated Channel
Dealer-initiated ADV of $2.1 billion declined 3% compared to the prior year. Total Mid-X trading volume was $5.4 billion, representing an increase of 112%.
March 2026 Variable Transaction Fees Per Million1 (See table 1D)
The year-over-year decline in total credit FPM was driven by product and protocol mix, partially offset by the higher duration of bonds traded in U.S. high-grade. The month-over-month decline was driven by product mix.
The year-over-year decrease in total rates FPM was driven by the impact of protocol mix. The month-over-month decrease in total rates FPM was driven by client mix.
*All comparisons versus March 2025 unless noted.
Select First Quarter 2026 Highlights* (See tables 1-1C and table 2)
Client-Initiated Channel
35% growth in block trading ADV to $6.6 billion, with record U.S. credit block ADV of $3.8 billion (+27%), including record U.S. high-grade ADV of $2.8 billion (+31%), as well as record emerging markets ADV of $2.3 billion (+47%) and record eurobonds ADV of $591 million (+45%).
Portfolio Trading Channel
51% increase in total portfolio trading ADV to a record $1.9 billion including record U.S. high-grade ADV of $1.2 billion (+36%), record U.S. high-yield ADV of $390 million (+78%), record emerging markets ADV of $131 million (+69%), and eurobonds ADV of $258 million (+90%).
Our estimated market share of U.S. credit portfolio trading was 19.8%, compared to 18.8% in the prior year.
Dealer-Initiated Channel
Record dealer-initiated ADV of $1.9 billion increased 3% compared to the prior year. Total Mid-X trading volume was a record $17.5 billion, representing an increase of 163%.
First Quarter 2026 Variable Transaction Fees Per Million1 (See table 1D)
The year-over-year decline in total credit FPM was driven by protocol and product mix, partially offset by the higher duration of bonds traded in U.S. high-grade. The quarter-over-quarter decline was driven by product mix.
The year-over-year increase in total rates FPM was driven principally by the impact of client mix. The quarter-over-quarter decrease in total rates FPM was driven by client and protocol mix.
*All comparisons versus first quarter 2025 unless noted.
Table 1: MarketAxess ADV
Month
% Change
Quarter
% Change
Mar-26
Feb-26
Mar-25
MoM
YoY
1Q26
4Q25
1Q25
QoQ
YoY
MKTX ADV ($ millions)
Credit
U.S. High-Grade (incl. SD PT)2
$
9,627
$
8,026
$
8,998
20
%
7
%
$
8,722
$
7,035
$
7,813
24
%
12
%
U.S. High-Grade (excl. SD PT)2
9,159
7,779
8,666
18
6
8,385
6,848
7,562
22
11
U.S. High-Yield (incl. SD PT)2
2,110
1,701
1,740
24
21
1,864
1,749
1,544
7
21
U.S. High-Yield (excl. SD PT)2
1,839
1,480
1,701
24
8
1,646
1,543
1,475
7
12
Emerging Markets
5,194
4,647
4,090
12
27
5,114
3,986
3,939
28
30
Eurobonds
2,992
2,674
2,680
12
12
2,828
2,407
2,348
17
20
Other Credit Products3
675
681
639
(1
)
6
659
597
598
10
10
Municipal Bonds
675
681
635
(1
)
6
659
597
594
10
11
Total MKTX Credit ADV (excl. SD PT)2
$
19,859
$
17,261
$
17,776
15
12
$
18,632
$
15,381
$
15,922
21
17
Rates
U.S. Government Bonds
$
32,879
$
27,509
$
27,624
20
%
19
%
$
29,511
$
21,819
$
25,936
35
%
14
%
Agencies and Other Government Bonds
2,582
923
1,090
180
137
1,659
686
1,047
142
58
Total MKTX Rates ADV
$
35,461
$
28,432
$
28,714
25
23
$
31,170
$
22,505
$
26,983
39
16
Total MKTX Trading ADV
$
55,320
$
45,693
$
46,490
21
19
$
49,802
$
37,886
$
42,905
31
16
U.S. Trading Days4
22
19
21
61
62
61
U.K. Trading Days4
22
20
21
63
64
63
Table 1A: Market ADV
Month
% Change
Quarter
% Change
Mar-26
Feb-26
Mar-25
MoM
YoY
1Q26
4Q25
1Q25
QoQ
YoY
MARKET ADV ($ millions)
Credit
U.S. High-Grade TRACE
$
51,422
$
47,928
$
45,024
7
%
14
%
$
49,074
$
37,240
$
41,910
32
%
17
%
U.S. High-Yield TRACE
13,742
13,602
13,605
1
1
13,542
11,563
12,419
17
9
Total U.S. Credit TRACE
65,164
61,530
58,629
6
11
62,616
48,803
54,329
28
15
Municipal Bonds MSRB
9,527
9,724
9,895
(2
)
(4
)
9,543
9,686
9,347
(1
)
2
Rates
U.S. Government Bonds TRACE
$
1,448,791
$
1,205,789
$
1,097,090
20
%
32
%
$
1,289,038
$
1,006,294
$
1,002,379
28
%
29
%
Agency TRACE
3,681
2,980
3,957
24
(7
)
3,676
3,548
4,290
4
(14
)
U.S. Trading Days4
22
19
21
61
62
61
U.K. Trading Days4
22
20
21
63
64
63
Table 1B: Estimated Market Share
Month
Bps Change
Quarter
Bps Change
Mar-26
Feb-26
Mar-25
MoM
YoY
1Q26
4Q25
1Q25
QoQ
YoY
MKTX ESTIMATED MARKET SHARE (%)
U.S. High-Grade
% of U.S. High-Grade TRACE2,5
18.7%
2,5
16.7
%
20.0
%
+200
bps
(130)
bps
17.8%
2,5
18.9
%
18.6
%
(110)
bps
(80)
bps
U.S. High-Yield
% of U.S. High-Yield TRACE2,5
15.4%
2,5
12.5
%
12.8
%
+290
bps
+260
bps
13.8%
2,5
15.1
%
12.4
%
(130)
bps
+140
bps
Other Credit Products
% of Municipal Bonds MSRB
7.1%
7.0
%
6.4
%
+10
bps
+70
bps
6.9%
6.2
%
6.4
%
+70
bps
+50
bps
Rates
% of U.S. Government Bonds TRACE
2.3%
2.3
%
2.5
%
-
bps
(20)
bps
2.3%
2.2
%
2.6
%
+10
bps
(30)
bps
Table 1C: Strategic Priorities ADV
Month
% Change
Quarter
% Change
Mar-26
Feb-26
Mar-25
MoM
YoY
1Q26
4Q25
1Q25
QoQ
YoY
STRATEGIC PRIORITIES ADV ($ millions)
Client-Initiated Channel
U.S. Credit Block Trading
$
4,112
$
3,422
$
3,450
20
%
19
%
$
3,751
$
2,811
$
2,942
33
%
27
%
Emerging Markets Block Trading
2,300
2,027
1,717
13
34
2,292
1,687
1,562
36
47
Eurobonds Block Trading
546
596
510
(8
)
7
591
425
407
39
45
Portfolio Trading Channel
Total MKTX Portfolio Trading
$
2,254
$
1,539
$
1,525
46
%
48
%
$
1,944
$
1,491
$
1,284
30
%
51
%
Total MKTX U.S. Credit Portfolio Trading
1,859
1,148
1,325
62
40
1,547
1,146
1,070
35
45
Total U.S. Credit TRACE Portfolio Trading
8,478
7,352
6,608
15
28
7,834
5,555
5,697
41
38
Dealer-Initiated Channel
Total Dealer Initiated (DRFQ & Mid-X)
$
2,081
$
1,833
$
2,140
14
%
(3
)
%
$
1,905
$
1,755
$
1,856
9
%
3
%
Other
Open Trading
$
6,222
$
5,404
$
5,485
15
%
13
%
$
5,669
$
4,939
$
4,769
15
%
19
%
AxessIQ
212
206
175
3
21
209
164
159
27
31
U.S. Trading Days4
22
19
21
61
62
61
U.K. Trading Days4
22
20
21
63
64
63
Table 1D: Variable Transaction Fees Per Million (FPM)1
Month
% Change
Quarter
% Change
Mar-26
Feb-26
Mar-25
MoM
YoY
1Q26
4Q25
1Q25
QoQ
YoY
AVG. VARIABLE TRANS. FEE PER MILLION (FPM)
Total Credit
$
131
$
135
$
135
(3
)
%
(3
)
%
$
132
$
138
$
139
(4
)
%
(5
)
%
Total Rates
4.05
4.76
4.24
(15
)
(4
)
4.56
4.79
4.20
(5
)
9
1
The FPM for total credit and total rates for March 2026 and first quarter 2026 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
Effective with the release of our January 2026 trading volume statistics, the Company revised certain aspects of its reporting methodology for estimated market share to provide a more comprehensive view of platform activity and enhance comparability with industry peers. The Company now highlights estimated market share for U.S. high-grade and U.S. high-yield on an all-in basis, which includes single-dealer portfolio trading activity, and the Company will no longer report estimated market share on an "excluding single-dealer portfolio trading" basis. Single-dealer portfolio trading activity continues to be excluded from the “Total MKTX Credit ADV (excl. SD PT)” line in Table 1, the “Total Credit” FPM calculation in Table 1D and the “Total Credit Trading” line in Table 2. “SD PT” is defined as single-dealer portfolio trades. As used in Table 1 to highlight the effect of single dealer portfolio trading on U.S. high-grade and U.S. high yield ADVs, “SD PT” means single-dealer portfolio trades.
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.
5
In February 2026, FINRA’s regulatory policy agenda indicated plans for a rule filing that would suppress certain affiliate back-to-back trade reports to TRACE. The Company estimates that duplicate reports increased reported monthly TRACE volumes by up to 9% of U.S. high-grade TRACE and by up to 3% of U.S. high-yield TRACE in March 2026. The Company also estimates that the Company’s market share in March 2026 for U.S. high-grade would have been up to 190 basis points higher and U.S. high-yield would have been up to 50 basis points higher than reported all-in market share for each product. FINRA’s agenda indicates that the rule filing is expected to be filed with the SEC in Q2 2026.
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 and other 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 March 31,
In millions (unaudited)
2026
2025
% Change
Volume
ADV
Volume
ADV
Volume
ADV
Credit
High-grade
$
201,487
$
9,159
$
181,995
$
8,666
11
%
6
%
High-yield
40,455
1,839
35,719
1,701
13
8
Emerging markets
114,268
5,194
85,883
4,090
33
27
Eurobonds
65,815
2,992
56,270
2,680
17
12
Other credit
14,843
675
13,431
639
11
6
Total credit trading1
436,868
19,859
373,298
17,776
17
12
Rates
U.S. government bonds2
723,337
32,879
580,113
27,624
25
19
Agency and other government bonds1
56,805
2,582
22,901
1,090
148
137
Total rates trading
780,142
35,461
603,014
28,714
29
23
Total trading
$
1,217,010
$
55,320
$
976,312
$
46,490
25
19
Number of U.S. Trading Days3
22
21
Number of U.K. Trading Days4
22
21
Quarter and Year-to-Date Ended March 31,
In millions (unaudited)
2026
2025
% Change
Volume
ADV
Volume
ADV
Volume
ADV
Credit
High-grade
$
511,492
$
8,385
$
461,308
$
7,562
11
%
11
%
High-yield
100,409
1,646
89,997
1,475
12
12
Emerging markets
311,925
5,114
240,285
3,939
30
30
Eurobonds
178,162
2,828
147,917
2,348
20
20
Other credit
40,186
659
36,482
598
10
10
Total credit trading1
1,142,174
18,632
975,989
15,922
17
17
Rates
U.S. government bonds2
1,800,150
29,511
1,582,081
25,936
14
14
Agency and other government bonds1
104,376
1,659
65,825
1,047
59
58
Total rates trading
1,904,526
31,170
1,647,906
26,983
16
16
Total trading
$
3,046,700
$
49,802
$
2,623,895
$
42,905
16
16
Number of U.S. Trading Days3
61
61
Number of U.K. Trading Days4
63
63
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/20260406447657/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
Original: MarketAxess Announces Trading Volume Statistics for March and First Quarter 2026
US Market News
3月前
MarketAxess Announces Trading Volume Statistics for February 2026March 5, 2026 6:30 AM
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 February 2026.1
Chris Concannon, CEO of MarketAxess, commented:
“We generated strong variable commission revenue growth to start 2026, driven by 20% growth in total credit ADV year-to-date, and benefiting from a 3% increase in total credit FPM month-over-month in February. Our estimated U.S. high-grade market share in February was negatively impacted by strong new issuance and a decrease in portfolio trading activity by our core clients. As we have noted previously, portfolio trading activity can fluctuate significantly month-to-month as clients modulate activity. We believe that the recent geopolitical events, as well as the very strong new issuance calendar year-to-date are supportive of a return to higher levels of volatility, as well as an increase in the velocity of trading in the global credit markets."
Select February 2026 Highlights* (See tables 1-1C and table 2)
Our new initiatives continued to show progress year-over-year across the client-initiated, portfolio trading and dealer-initiated channels.
Client-Initiated Channel
30% growth in block trading average daily volume (“ADV”), with strong growth across U.S. credit (+30%), including U.S. high-grade ADV of $2.6 billion (+38%), as well as emerging markets ADV of $2.0 billion (+22%) and eurobonds ADV of $596 million (+57%).
Portfolio Trading Channel
5% increase in total portfolio trading ADV to $1.5 billion.
Our estimated market share of U.S. credit portfolio trading was 15.6%, compared to 20.7% in the prior year.
Dealer-Initiated Channel
Dealer-initiated ADV of $1.8 billion was down slightly compared to the prior year. Total Mid-X trading volume was $5.2 billion, representing an increase of 93%.
February 2026 Variable Transaction Fees Per Million1 (See table 1D)
The decline in total credit FPM year-over-year was driven principally by product and protocol mix, partially offset by the higher duration of bonds traded in U.S. high-grade. The increase month-over-month was driven by product and protocol mix, slightly offset by the lower duration of bonds traded in U.S. high-grade.
The increase in total rates FPM year-over-year was driven by the impact of client and protocol mix. The decrease in total rates FPM month-over-month was driven by the impact of client and protocol mix.
*All comparisons versus February 2025 unless noted.
Table 1: MarketAxess ADV
Month
% Change
Feb-26
Jan-26
Feb-25
MoM
YoY
MKTX ADV ($ millions)
Credit
U.S. High-Grade (incl. SD PT)2
$
8,026
$
8,387
$
7,409
(4
)
%
8
%
U.S. High-Grade (excl. SD PT)2
7,779
8,110
7,061
(4
)
10
U.S. High-Yield (incl. SD PT)2
1,701
1,748
1,575
(3
)
8
U.S. High-Yield (excl. SD PT)2
1,480
1,592
1,438
(7
)
3
Emerging Markets
4,647
5,468
4,105
(15
)
13
Eurobonds
2,674
2,803
2,272
(5
)
18
Other Credit Products3
681
620
617
10
10
Municipal Bonds
681
620
614
10
11
Total MKTX Credit ADV (excl. SD PT)2
$
17,261
$
18,593
$
15,493
(7
)
11
Rates
U.S. Government Bonds
$
27,509
$
27,707
$
26,901
(1
)
%
2
%
Agencies and Other Government Bonds
923
1,392
969
(34
)
(5
)
Total MKTX Rates ADV
$
28,432
$
29,099
$
27,870
(2
)
2
Total MKTX Trading ADV
$
45,693
$
47,692
$
43,363
(4
)
5
U.S. Trading Days4
19
20
19
U.K. Trading Days4
20
21
20
Table 1A: Market ADV
Month
% Change
Feb-26
Jan-26
Feb-25
MoM
YoY
MARKET ADV ($ millions)
Credit
U.S. High-Grade TRACE
$
47,928
$
47,579
$
41,522
1
%
15
%
U.S. High-Yield TRACE
13,602
13,265
12,999
3
5
Total U.S. Credit TRACE
61,530
60,844
54,521
1
13
Municipal Bonds MSRB
9,724
9,389
8,943
4
9
Rates
U.S. Government Bonds TRACE
$
1,205,789
$
1,192,395
$
999,242
1
%
21
%
Agency TRACE
2,980
4,332
5,144
(31
)
(42
)
U.S. Trading Days4
19
20
19
U.K. Trading Days4
20
21
20
Table 1B: Estimated Market Share
Month
Bps Change
Feb-26
Jan-26
Feb-25
MoM
YoY
MKTX ESTIMATED MARKET SHARE (%)
U.S. High-Grade
% of U.S. High-Grade TRACE2
16.7
%
17.6
%
17.8
%
(90)
bps
(110)
bps
U.S. High-Yield
% of U.S. High-Yield TRACE2
12.5
%
13.2
%
12.1
%
(70)
bps
+40
bps
Other Credit Products
% of Municipal Bonds MSRB
7.0
%
6.6
%
6.9
%
+40
bps
+10
bps
Rates
% of U.S. Government Bonds TRACE
2.3
%
2.3
%
2.7
%
-
bps
(40)
bps
Table 1C: Strategic Priorities ADV2
Month
% Change
Feb-26
Jan-26
Feb-25
MoM
YoY
STRATEGIC PRIORITIES ADV ($ millions)
Client-Initiated Channel
U.S. Credit Block Trading
$
3,422
$
3,667
$
2,625
(7
)
%
30
%
Emerging Markets Block Trading
2,027
2,536
1,657
(20
)
22
Eurobonds Block Trading
596
633
379
(6
)
57
Portfolio Trading Channel
Total MKTX Portfolio Trading
$
1,539
$
1,989
$
1,463
(23
)
%
5
%
Total MKTX U.S. Credit Portfolio Trading
1,148
1,583
1,217
(27
)
(6
)
Total U.S. Credit TRACE Portfolio Trading
7,352
7,582
5,877
(3
)
25
Dealer-Initiated Channel
Total Dealer Initiated (DRFQ & Mid-X)
$
1,833
$
1,777
$
1,861
3
%
(2
)
%
Other
Open Trading
$
5,404
$
5,317
$
4,600
2
%
17
%
AxessIQ
206
208
158
(1
)
30
U.S. Trading Days4
19
20
19
U.K. Trading Days4
20
21
20
Table 1D: Variable Transaction Fees Per Million (FPM)1
Month
% Change
Feb-26
Jan-26
Feb-25
MoM
YoY
AVG. VARIABLE TRANS. FEE PER MILLION (FPM)
Total Credit
$
136
$
132
$
143
3
%
(5
)
%
Total Rates
4.56
5.18
4.29
(12
)
6
1
The FPM for total credit and total rates for February 2026 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
Effective with the release of our January 2026 trading volume statistics, the Company revised certain aspects of its reporting methodology for estimated market share to provide a more comprehensive view of platform activity and enhance comparability with industry peers. The Company now highlights estimated market share for U.S. high-grade and U.S. high-yield on an all-in basis, which includes single-dealer portfolio trading activity, and the Company will no longer report estimated market share on an "excluding single-dealer portfolio trading" basis. Single-dealer portfolio trading activity continues to be excluded from the “Total MKTX Credit ADV (excl. SD PT)” line in Table 1, the “Total Credit” FPM calculation in Table 1D and the “Total Credit Trading” line in Table 2. “SD PT” is defined as single-dealer portfolio trades. As used in Table 1 to highlight the effect of single dealer portfolio trading on U.S. high-grade and U.S. high yield ADVs, “SD PT” means single-dealer portfolio trades.
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 and other 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 February 28,
In millions (unaudited)
2026
2025
% Change
Volume
ADV
Volume
ADV
Volume
ADV
Credit
High-grade
$
147,796
$
7,779
$
134,161
$
7,061
10
%
10
%
High-yield
28,114
1,480
27,320
1,438
3
3
Emerging markets
88,288
4,647
78,000
4,105
13
13
Eurobonds
53,480
2,674
45,440
2,272
18
18
Other credit
12,939
681
11,718
617
10
10
Total credit trading1
330,617
17,261
296,639
15,493
11
11
Rates
U.S. government bonds2
522,677
27,509
511,116
26,901
2
2
Agency and other government bonds1
18,393
923
19,243
969
(4
)
(5
)
Total rates trading
541,070
28,432
530,359
27,870
2
2
Total trading
$
871,687
$
45,693
$
826,998
$
43,363
5
5
Number of U.S. Trading Days3
19
19
Number of U.K. Trading Days4
20
20
Year-to-Date Ended February 28,
In millions (unaudited)
2026
2025
% Change
Volume
ADV
Volume
ADV
Volume
ADV
Credit
High-grade
$
310,005
$
7,949
$
279,313
$
6,983
11
%
14
%
High-yield
59,954
1,537
54,278
1,357
10
13
Emerging markets
197,657
5,068
154,402
3,860
28
31
Eurobonds
112,347
2,740
91,647
2,182
23
26
Other credit
25,343
650
23,051
576
10
13
Total credit trading1
705,306
17,944
602,691
14,958
17
20
Rates
U.S. government bonds2
1,076,813
27,611
1,001,968
25,049
7
10
Agency and other government bonds1
47,571
1,163
42,924
1,027
11
13
Total rates trading
1,124,384
28,774
1,044,892
26,076
8
10
Total trading
$
1,829,690
$
46,718
$
1,647,583
$
41,034
11
14
Number of U.S. Trading Days3
39
40
Number of U.K. Trading Days4
41
42
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/20260304935030/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
Original: MarketAxess Announces Trading Volume Statistics for February 2026
US Market News
4月前
MarketAxess Reports Fourth Quarter and Full Year 2025 Financial ResultsFebruary 6, 2026 6:30 AM
Business Wire
Record Revenue of $846 Million in 2025 Driven by 10% Growth in Revenue Outside U.S. Credit Products
24% Increase in Block Trading ADV to Record $5 Billion in 2025
48% Increase in Portfolio Trading ADV to Record $1.4 Billion in 2025 with Record U.S. Credit ADV & Market Share
33% Increase in Dealer-Initiated ADV in 2025
MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced financial results for the fourth quarter and full year ended December 31, 2025.
4Q25 select financial and operational highlights*
Total revenues of $209.4 million increased 3.5%, and included an increase of approximately $1.6 million from the impact of foreign currency fluctuations.
Strong progress with our new initiatives across our three strategic channels:
Client-Initiated Channel - 29% increase in block trading average daily volume (“ADV”), including 21% growth in U.S. credit, 41% growth in emerging markets (record) and 43% growth in eurobonds.
Portfolio Trading Channel - 41% increase in total portfolio trading ADV to record $1.5 billion with record U.S. high-yield and record emerging markets portfolio trading ADV of $368 million and $118 million, respectively. Record U.S. credit portfolio trading market share of 21%, an increase of 440 basis points.
Dealer-Initiated Channel - 32% increase in dealer-initiated ADV to $1.8 billion, including 20% increase in dealer request for quote ("RFQ") ADV and a 185% increase in Mid-X ADV. Our Mid-X protocol in U.S. credit surpassed $3.0 billion in trading volume in December 2025.
Total expenses of $133.4 million increased 9%, and included an increase of approximately $1.3 million from the impact of foreign currency fluctuations. Total expenses, excluding notable items,1 of $132.3 million increased 8%.
Effective tax rate of (15.8%); effective tax rate excluding notable items1 of 23.4%.
Diluted earnings-per-share (“EPS”) of $2.51 on net income of $92.4 million; Diluted EPS of $1.68 on net income of $61.9 million, each excluding notable items.1
Announced 3-year financial targets and increased stock repurchase authorizations to $505.0 million, including a $300.0 million accelerated stock repurchase ("ASR") agreement that commenced in December 2025.
Full Year 2025 select financial and operational highlights**
Record total revenues of $846.3 million increased 4% (10% outside U.S. credit), and included an increase of approximately $4.6 million from the impact of foreign currency fluctuations.
Record commission revenue, including record emerging markets (+10%), record eurobonds (+10%) and record U.S. Government bonds (+13%).
Record services revenue3 of $111.6 million, up 6%.
Strong progress with our new initiatives across our three strategic channels:
Client-Initiated Channel - 24% increase in block trading ADV to a record $5 billion, including 18% growth in U.S. credit (record), 27% growth in emerging markets (record) and 66% growth in eurobonds (record).
Portfolio Trading Channel - 48% increase in total portfolio trading ADV to record $1.4 billion with record U.S. credit portfolio trading ADV of $1.1 billion, an increase of 43%. Record U.S. credit portfolio trading market share of 19%, an increase of 270 basis points.
Dealer-Initiated Channel - 33% increase in dealer-initiated ADV to $1.7 billion, including a 29% increase in dealer RFQ ADV and a 102% increase in Mid-X ADV with the launch of the Mid-X protocol in September 2025.
Total expenses of $504.4 million increased 6%, and included an increase of approximately $4.5 million from the impact of foreign currency fluctuations. Total expenses, excluding notable items,1 of $499.4 million increased 5%.
Diluted EPS of $6.64 on net income of $246.9 million; Diluted EPS of $7.39 on net income of $274.7 million, each excluding notable items.1
*All comparisons versus 4Q24
**All comparisons versus full year 2024
Chris Concannon, CEO of MarketAxess, commented:
“In 2025, we made significant strides in enhancing the MarketAxess advantage by expanding our global network, deepening our differentiated liquidity. We also accelerated our use of AI in enhancing the proprietary data and analytics that underpin our protocols and workflow tools for clients, helping them to be more efficient and gain deeper insights into their trading activity.
We delivered record volumes in U.S. credit and record revenue outside of U.S. credit of $406 million, a 10% increase, reflecting the strong returns generated from our investments in these areas. We also made strong progress across our three U.S. credit strategic channels: block trading ADV increased 24%, total portfolio trading ADV increased 48%, and dealer-initiated ADV increased 33%. Additionally, the Mid-X solution launched in the second half of 2025 continues to gain momentum, delivering over $3 billion in trading volume in December 2025.
The client initiatives that we expect to deliver in 2026 and beyond include enhancements to our X-Pro platform and our automation suite, as well as the launch of new solutions that allow dealers to send axes directly to investor clients. These enhancements are progressing well and we expect them to drive market share and revenue growth consistent with our medium-term financial targets."
Table 1: 4Q25 and full year 2025 select financial results
Quarter
% Change
Full Year
% Change
$ in millions, except per share data (unaudited)
4Q 2025
3Q 2025
4Q 2024
QoQ
YoY
FY 2025
FY 2024
YoY
Selected GAAP-basis financial results
Revenues
$
209
$
209
$
202
—
%
3
%
$
846
$
817
4
%
Expenses
133
123
122
8
9
504
476
6
Net Income
92
68
65
35
42
247
274
(10
)
Diluted EPS
2.51
1.84
1.73
36
45
6.64
7.28
(9
)
Net Income Margin
44.1
%
32.7
%
32.2
%
NM
NM
29.2
%
33.6
%
NM
Selected GAAP-basis financial results ex-notable items (non-GAAP)1
Revenues
209
209
202
—
3
846
817
4
Expenses
132
123
122
7
8
499
476
5
Net Income
62
68
65
(9
)
(5
)
275
274
—
Diluted EPS
1.68
1.84
1.73
(9
)
(3
)
7.39
7.28
2
Other Non-GAAP financial measures
EBITDA2
95
108
97
(12
)
(2
)
421
410
3
EBITDA Margin2
45.3
%
51.5
%
47.8
%
(620
)
bps
(250
)
bps
49.7
%
50.2
%
(50)
bps
NM - not meaningful
4Q25 overview of results
Table 1A: Notable items1
Quarter
Full Year
4Q 2025
3Q 2025
4Q 2024
FY 2025
FY 2024
$ in millions, except per share data (unaudited)
Repositioning charges
$
1.1
$
—
$
—
$
5.1
$
—
Acquisition-related charge/(credit)
—
—
—
0.6
—
Notable items (pre-tax)
1.1
—
—
5.7
—
Income tax impact from notable items
(0.3
)
—
—
(1.5
)
—
Reserve for uncertain tax positions related to prior periods
(31.3
)
—
—
23.6
—
Total notable items
$
(30.5
)
$
—
$
—
$
27.8
$
—
EPS impact
$
(0.83
)
$
—
$
—
$
0.75
$
—
Notable items1
Notable items in 4Q25 include repositioning charges of $1.1 million, which consisted of severance costs related to changes in management structure, and a benefit to the reserve for uncertain tax positions of approximately $31.3 million related to prior periods.
Revenue
Total revenues of $209.4 million increased 3.5% compared to the prior year and included RFQ-hub revenues of approximately $3.7 million and a $1.6 million increase from the impact of foreign currency fluctuations.
Commission revenue
Table 1B: 4Q25 variable transaction fees per million (FPM)
Quarter
% Change
Full Year
% Change
4Q 2025
3Q 2025
4Q 2024
QoQ
YoY
FY 2025
FY 2024
YoY
AVG. VARIABLE TRANS. FEE PER MILLION (FPM)
Total Credit
$
138
$
140
$
150
(1
)
%
(8
)
%
$
139
$
150
(7
)
%
Total Rates
4.79
4.21
4.31
14
11
4.28
4.39
(3
)
Credit
Total credit commission revenue of $165.2 million (including $32.8 million in fixed-distribution fees) increased $3.0 million, or 2%, compared to $162.2 million (including $32.8 million in fixed-distribution fees) in the prior year, and was consistent with 3Q25 levels. An 11% increase in total credit ADV compared to the prior year, driven by growth in market volumes, was partially offset by an 8% decrease in total credit variable transaction fee per million (“FPM”). The 2% increase in total credit commission revenue was driven by a 7% increase in emerging markets and eurobonds commission revenue, reflecting continued product and geographic diversification. The decline in 4Q25 total credit FPM both year-over-year and quarter-over-quarter was due principally to protocol mix.
Rates
Total rates commission revenue of $6.8 million decreased $0.5 million, or 7%, compared to the prior year, and increased 2% from 3Q25 levels. A 17% decrease in total rates ADV compared to the prior year was partially offset by an 11% increase in FPM.
Other
Record total other commission revenue of $9.4 million increased $4.1 million, or 79%, compared to the prior year, driven by the inclusion of approximately $3.4 million from RFQ-Hub, majority control of which was acquired in 2Q25.
Services revenue
Services revenue3 of $28.1 million increased $0.4 million, or 2%, compared to the prior year.
Information services
Information services revenue of $13.5 million increased $0.3 million, or 2%, compared to the prior year. The increase was principally driven by an increase of $0.3 million from the impact of foreign currency fluctuations.
Post-trade services
Post-trade services revenue of $11.0 million increased $0.1 million, or 1%, compared to the prior year principally due to an increase of $0.6 million from the impact of foreign currency fluctuations, partially offset by lower net contract revenue.
Technology services
Total technology services revenue of $3.6 million increased $0.1 million, or 2%, compared to the prior year. The increase was driven by connectivity fees from RFQ-hub, majority control of which was acquired in 2Q25.
Expenses
Total expenses of $133.4 million increased 9% from the prior year, including approximately $3.5 million of RFQ-hub expenses and an increase of $1.3 million from the impact of foreign currency fluctuations.
Non-operating
Other income (expense): Other income was $3.8 million, down from $4.6 million in the prior year. The decrease was driven by lower interest income due to a decrease in interest rates and higher interest expense due to borrowings on the Company's credit facility that were used, along with cash on hand, to fund the ASR, partially offset by unrealized gains on investments compared to unrealized losses in the prior year.
Tax rate: The effective tax rate was (15.8%), compared to 23.0% in the prior year. The effective tax rate excluding notable items1 was 23.4%.
Capital
The Company had $678.9 million in cash, cash equivalents, corporate bond investments and U.S. Treasury investments as of December 31, 2025, down from $698.6 million as of December 31, 2024. The Company had $220.0 million in borrowings outstanding under the Company’s credit facility as of December 31, 2025, as compared to no borrowings outstanding as of December 31, 2024.
In December 2025, the Board of Directors authorized the repurchase of up to $400.0 million of additional shares of MarketAxess common stock. Following the new authorization, the Company entered into an ASR agreement to repurchase, in aggregate, $300.0 million of MarketAxess common stock. Upon execution of the ASR, a total of 1,386,001 shares were delivered, representing 80% of the total shares that the Company expected to receive under the ASR based on the market price of the Company's common stock on the date of execution. Final settlement of the ASR occurred on February 4, 2026 with the delivery of 359,782 additional shares. For the full year 2025, a total of 1,980,715 shares were repurchased at a cost of $360.0 million. As of January 31, 2026, $205.0 million remained under the Board of Directors’ share repurchase authorizations.
The Board declared a quarterly cash dividend of $0.78 per share, payable on March 4, 2026 to stockholders of record as of the close of business on February 18, 2026.
Other
Employee headcount was 869 as of December 31, 2025, down from 891 as of December 31, 2024 and 896 as of September 30, 2025.
Full Year 2026 Guidance4
For the full year 2026, the Company is providing the following guidance:
Services revenue3 is expected to grow in the mid-single digits (percent).
Expenses, excluding notable items, are expected to be in the range of $530.0 million to $545.0 million. Based on the midpoint of the stated guidance range, total expenses are expected to increase by 8%.
The effective tax rate is expected to be between 24.0% and 26.0%.
Capital expenditures to support new protocols, products and trading platform enhancements are expected to be in the range of $65.0 million to $75.0 million.
1
See Table 1A in this release for a listing of notable items. Results excluding notable items are non-GAAP financial measures. Refer to “Non-GAAP financial measures and other items” for a discussion of these non-GAAP financial measures and Table 6 for a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures.
2
EBITDA and EBITDA margin are non-GAAP financial measures. Refer to “Non-GAAP financial measures and other items” for a discussion of these non-GAAP financial measures and Table 7 for a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures.
3
Services revenue is defined as combined information, post-trade and technology services revenue.
4
The Company's guidance for full year 2026 is based on foreign exchange rates as of December 31, 2025, and assumes a constant business portfolio.
Non-GAAP financial measures and other items
To supplement the Company’s unaudited financial statements presented in accordance with generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures, including earnings before interest, taxes, depreciation and amortization (“EBITDA”), EBITDA margin and free cash flow. From time to time, we present selected GAAP-basis financial results, excluding notable items. Notable items are revenues, expenses, other income (expense) and tax related items that are non-recurring and outside of the Company’s normal course of business or other notables, such as acquisition and restructuring charges or gains/losses on sales (collectively, “notable items”). We define EBITDA margin as EBITDA divided by revenues. We define free cash flow as net cash provided by/(used in) operating activities excluding the net change in trading investments and net change in securities failed-to-deliver and securities failed-to-receive from broker-dealers, clearing organizations and customers, less expenditures for furniture, equipment and leasehold improvements and capitalized software development costs. Non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures determined in conformity with GAAP. The Company believes that these non-GAAP financial measures, when taken into consideration with the corresponding GAAP financial measures, provide additional information regarding the Company’s operating results because they assist both investors and management in analyzing and evaluating the performance of our business. Please refer to Tables 6, 7 & 8 for a reconciliation of: (i) selected GAAP-basis financial results, each excluding notable items, to their most directly comparable GAAP measure; (ii) GAAP net income to EBITDA and GAAP net income margin to EBITDA margin; and (iii) GAAP net cash provided by/(used in) operating activities to free cash flow, in each case, the most directly comparable GAAP measure. The Company does not reconcile its forward-looking non-GAAP financial measures, including the 2026 expense guidance, to the corresponding U.S. GAAP measures, due to variability and difficulty in making accurate forecasts and projections and/or certain information not being ascertainable or accessible; and because not all of the information, such as foreign currency impacts necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure, is available to the Company without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The Company provides forward-looking non-GAAP financial measures that it believes will be achieved, however, it cannot accurately predict all of the components of the adjusted calculations and the U.S. GAAP measures may be materially different than the non-GAAP measures.
Webcast and conference call information
Chris Concannon, Chief Executive Officer and Ilene Fiszel Bieler, Chief Financial Officer, will host a conference call to discuss the Company’s financial results and outlook on Friday, February 6, 2026 at 10:00 a.m. ET. To access the conference call, please dial +1-800-715-9871 (U.S.) or +1-646-307-1963 (International) and use the ID 1832176. The Company will also host a live audio Webcast of the conference call on the Investor Relations section of the Company's website at http://investor.marketaxess.com. The Webcast will be archived on http://investor.marketaxess.com for 90 days following the announcement.
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, including the full year 2026 guidance included in this press release. 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: Consolidated Statements of Operations
Three Months Ended
Year Ended
December 31,
December 31,
In thousands, except per share data (unaudited)
2025
2024
% Change
2025
2024
% Change
Revenues
Commissions
$
181,339
$
174,766
4
%
$
734,623
$
711,710
3
%
Information services
13,454
13,155
2
53,230
50,540
5
Post-trade services
11,034
10,975
1
44,491
42,487
5
Technology services
3,582
3,508
2
13,924
12,360
13
Total revenues
209,409
202,404
3
846,268
817,097
4
Expenses
Employee compensation and benefits
61,402
59,395
3
248,537
235,880
5
Depreciation and amortization
19,606
18,540
6
76,699
73,824
4
Technology and communications
20,864
18,791
11
78,294
72,166
8
Professional and consulting fees
10,505
6,329
66
31,487
27,382
15
Occupancy
3,804
3,716
2
15,038
14,690
2
Marketing and advertising
3,842
3,972
(3
)
11,204
11,713
(4
)
Clearing costs
4,003
4,443
(10
)
16,583
17,863
(7
)
General and administrative
9,370
7,242
29
26,588
22,709
17
Total expenses
133,396
122,428
9
504,430
476,227
6
Operating income
76,013
79,976
(5
)
341,838
340,870
—
Other income (expense)
Interest income
5,448
6,719
(19
)
24,397
26,046
(6
)
Interest expense
(964
)
(318
)
203
(1,487
)
(1,601
)
(7
)
Equity in earnings of unconsolidated affiliate
—
331
(100
)
457
1,395
(67
)
Other, net
(711
)
(2,113
)
(66
)
1,790
(6,164
)
NM
Total other income (expense)
3,773
4,619
(18
)
25,157
19,676
28
Income before income taxes
79,786
84,595
(6
)
366,995
360,546
2
Provision for income taxes
(12,608
)
19,456
(165
)
120,083
86,365
39
Net income
$
92,394
$
65,139
42
$
246,912
$
274,181
(10
)
Less: income attributable to noncontrolling interest
(157
)
—
NM
(285
)
—
NM
Net income available for common stockholders
$
92,237
$
65,139
42
$
246,627
$
274,181
(10
)
Per Share Data:
Net income per common share
Basic
$
2.52
$
1.74
$
6.66
$
7.29
Diluted
$
2.51
$
1.73
$
6.64
$
7.28
Cash dividends declared per common share
$
0.76
$
0.74
$
3.04
$
2.96
Weighted-average common shares:
Basic
36,601
37,479
37,056
37,600
Diluted
36,683
37,601
37,137
37,672
NM - not meaningful
Table 3: Commission Revenue Detail
In thousands, except fee per million data (unaudited)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
% Change
2025
2024
% Change
Variable transaction fees
Credit
$
132,358
$
129,351
2
%
$
541,986
$
533,363
2
%
Rates
6,695
7,262
(8
)
28,198
25,165
12
Other
9,382
5,235
79
30,264
20,016
51
Total variable transaction fees
148,435
141,848
5
600,448
578,544
4
Fixed distribution fees
Credit
32,802
32,849
—
133,820
132,898
1
Rates
102
69
48
355
268
32
Total fixed distribution fees
32,904
32,918
—
134,175
133,166
1
Total commission revenue
$
181,339
$
174,766
4
$
734,623
$
711,710
3
Average variable transaction fee per million
Credit
$
138
$
150
(8
)
%
$
139
$
150
(7
)
%
Rates
4.79
4.31
11
4.28
4.39
(3
)
Table 4: Trading Volume Detail*
Three Months Ended December 31,
In millions (unaudited)
2025
2024
% Change
Volume
ADV
Volume
ADV
Volume
ADV
Credit
High-grade
$
424,563
$
6,848
$
400,129
$
6,454
6
%
6
%
High-yield
95,650
1,543
83,373
1,345
15
15
Emerging markets
247,140
3,986
214,439
3,459
15
15
Eurobonds
154,061
2,407
128,064
2,001
20
20
Other credit
37,086
597
38,698
624
(4
)
(4
)
Total credit trading
958,500
15,381
864,703
13,883
11
11
Rates
U.S. government bonds
1,352,808
21,819
1,608,995
25,952
(16
)
(16
)
Agency and other government bonds
43,787
686
76,221
1,195
(43
)
(43
)
Total rates trading
1,396,595
22,505
1,685,216
27,147
(17
)
(17
)
Total trading
$
2,355,095
$
37,886
$
2,549,919
$
41,030
(8
)
(8
)
Number of U.S. Trading Days1
62
62
Number of U.K. Trading Days2
64
64
Year Ended December 31,
In millions (unaudited)
2025
2024
% Change
Volume
ADV
Volume
ADV
Volume
ADV
Credit
High-grade
$
1,786,664
$
7,175
$
1,711,275
$
6,845
4
%
5
%
High-yield
376,772
1,513
334,761
1,339
13
13
Emerging markets
979,903
3,935
859,412
3,438
14
14
Eurobonds
605,623
2,403
508,093
2,008
19
20
Other credit
153,869
617
135,975
543
13
14
Total credit trading
3,902,831
15,643
3,549,516
14,173
10
10
Rates
U.S. government bonds
6,322,098
25,390
5,511,045
22,044
15
15
Agency and other government bonds
272,951
1,084
227,614
902
20
20
Total rates trading
6,595,049
26,474
5,738,659
22,946
15
15
Total trading
$
10,497,880
$
42,117
$
9,288,175
$
37,119
13
13
Number of U.S. Trading Days1
249
250
Number of U.K. Trading Days2
252
253
1
The number of U.S. trading days is based on the SIFMA holiday recommendation calendar.
2
The number of U.K. trading days is based on the U.K. Bank holiday schedule.
*
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. Consistent with industry standards, U.S. government bond trades are single-counted.
Table 5: Consolidated Condensed Balance Sheet Data
As of
In thousands (unaudited)
December 31, 2025
December 31, 2024
Assets
Cash and cash equivalents
$
519,734
$
544,478
Cash segregated under federal regulations
48,722
47,107
Investments, at fair value
170,677
165,260
Accounts receivable, net
100,989
91,845
Receivables from broker-dealers, clearing organizations and customers
362,931
357,728
Goodwill
283,667
236,706
Intangible assets, net of accumulated amortization
110,629
98,078
Furniture, equipment, leasehold improvements and capitalized software, net
112,431
107,298
Operating lease right-of-use assets
51,854
58,132
Prepaid expenses and other assets
46,972
82,584
Total assets
$
1,808,606
$
1,789,216
Liabilities and stockholders' equity
Liabilities
Accrued employee compensation
$
73,879
$
68,054
Payables to broker-dealers, clearing organizations and customers
199,679
218,845
Borrowings
220,000
—
Income and other tax liabilities
49,267
3,683
Accounts payable, accrued expenses and other liabilities
42,584
37,320
Operating lease liabilities
64,938
72,654
Total liabilities
650,347
400,556
Redeemable noncontrolling interest
12,592
—
Stockholders' equity
Common stock
123
123
Additional paid-in capital
305,923
350,701
Treasury stock
(694,764
)
(333,369
)
Retained earnings
1,538,746
1,405,904
Accumulated other comprehensive income/(loss)
(4,361
)
(34,699
)
Total stockholders' equity
1,145,667
1,388,660
Total liabilities, redeemable noncontrolling interest and stockholders' equity
$
1,808,606
$
1,789,216
Table 6: Reconciliation of Notable Items
Quarter
Full Year
$ in thousands, except per share data (unaudited)
4Q 2025
3Q 2025
4Q 2024
FY 2025
FY 2024
Total Expenses, GAAP-basis
$
133,396
$
123,242
$
122,428
$
504,430
$
476,227
Exclude: Notable items
Repositioning charges1
(1,084
)
—
—
(5,054
)
—
Total Expenses, excluding notable items
$
132,312
$
123,242
$
122,428
$
499,376
$
476,227
Other income (expense), GAAP-basis
$
3,773
$
8,060
$
4,619
$
25,157
$
19,676
Exclude: Notable items
Acquisition-related charge/(credit)2
—
—
—
557
—
Other income (expense), excluding notable items
$
3,773
$
8,060
$
4,619
$
25,714
$
19,676
Net income, GAAP-basis
$
92,394
$
68,273
$
65,139
$
246,912
$
274,181
Exclude: Notable items
Repositioning charges1
1,084
—
—
5,054
—
Acquisition-related charge/(credit)2
—
—
—
557
—
Income tax impact from notable items
(254
)
—
—
(1,471
)
—
Reserve for uncertain tax positions related to prior periods
(31,308
)
—
—
23,631
—
Net income, excluding notable items
$
61,916
$
68,273
$
65,139
$
274,683
$
274,181
Diluted EPS, GAAP-basis
$
2.51
$
1.84
$
1.73
$
6.64
$
7.28
Notable items as reconciled above
(0.83
)
—
—
0.75
—
Diluted EPS, excluding notable items
$
1.68
$
1.84
$
1.73
$
7.39
$
7.28
Effective tax rate, GAAP-basis
-15.8
%
27.1
%
23.0
%
32.7
%
24.0
%
Notable items as reconciled above
39.2
—
—
(6.4
)
—
Effective tax rate, excluding notable items
23.4
%
27.1
%
23.0
%
26.3
%
24.0
%
1
Repositioning charges consist of severance included in employee compensation and benefits
2
Consists of loss on remeasurement of previous equity interest in RFQ-hub to fair value
Table 7: Reconciliation of Net Income to EBITDA and Net Income Margin to EBITDA Margin
Quarter
Full Year
In thousands (unaudited)
4Q 2025
3Q 2025
4Q 2024
FY 2025
FY 2024
Net income
$
92,394
$
68,273
$
65,139
$
246,912
$
274,181
Add back:
Interest income
(5,448
)
(5,850
)
(6,719
)
(24,397
)
(26,046
)
Interest expense
964
171
318
1,487
1,601
Provision for income taxes
(12,608
)
25,366
19,456
120,083
86,365
Depreciation and amortization
19,606
19,662
18,540
76,699
73,824
EBITDA
$
94,908
$
107,622
$
96,734
$
420,784
$
409,925
Net income margin1
44.1
%
32.7
%
32.2
%
29.2
%
33.6
%
Add back:
Interest income
(2.6
)
(2.8
)
(3.3
)
(2.9
)
(3.2
)
Interest expense
0.5
0.1
0.2
0.2
0.2
Provision for income taxes
(6.1
)
12.1
9.5
14.1
10.6
Depreciation and amortization
9.4
9.4
9.2
9.1
9.0
EBITDA margin2
45.3
%
51.5
%
47.8
%
49.7
%
50.2
%
1
Net income margin is derived by dividing net income by total revenues for the applicable period.
2
EBITDA margin is derived by dividing EBITDA by total revenues for the applicable period.
Table 8: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
Quarter
Full Year
In thousands (unaudited)
4Q 2025
3Q 2025
4Q 2024
FY 2025
FY 2024
Net cash (used in)/provided by operating activities
$
158,632
$
90,164
$
176,248
$
382,139
$
385,237
Exclude: Net change in trading investments
(404
)
264
—
(206
)
629
Exclude: Net change in fail-to-deliver/receive from broker-dealers, clearing organizations and customers
(67,825
)
34,338
(51,833
)
22,965
(1,118
)
Less: Purchases of furniture, equipment and leasehold improvements
(3,572
)
(1,496
)
(215
)
(8,204
)
(9,942
)
Less: Capitalization of software development costs
(11,775
)
(11,494
)
(10,833
)
(49,810
)
(46,623
)
Free cash flow
$
75,056
$
111,776
$
113,367
$
346,884
$
328,183
View source version on businesswire.com: https://www.businesswire.com/news/home/20260205968040/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
Original: MarketAxess Reports Fourth Quarter and Full Year 2025 Financial Results
US Market News
4月前
MarketAxess Announces Trading Volume Statistics for January 2026February 5, 2026 6:30 AM
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 January 2026.1
Chris Concannon, CEO of MarketAxess, commented:
“In January, we delivered 28% growth year-over-year in total credit on record ADV of $18.6 billion, and 19% growth in total rates. In credit, our emerging markets ADV increased 50% to a record $5.5 billion, almost 30% above the previous monthly record set last year, driven by record hard currency ADV (+28%) and record local markets ADV (+94%). These results were driven by strong market volumes, as well as continued momentum in our new initiatives, with 56% growth in block trading ADV, 126% growth in portfolio trading ADV and 13% growth in dealer-initiated ADV. While our estimated market share in U.S. high-grade was dampened by a 92% increase in new issue block trading activity, annualized market turnover jumped to 95% in January and we generated strong preliminary total credit variable commission revenue growth, reflecting solid underlying revenue generation.”
Select January 2026 Highlights* (See tables 1-1C and table 2)
Our new initiatives continued to show strong year-over-year progress across the client-initiated, portfolio trading and dealer-initiated channels.
Client-Initiated Channel
56% growth in block trading average daily volume (“ADV”), with strong growth across U.S. credit (+35%), including record U.S. high-grade ADV of $2.8 billion (+33%), as well as record emerging markets ADV of $2.5 billion (+92%) and eurobonds ADV of $633 million (+89%).
Portfolio Trading Channel
126% increase in total portfolio trading ADV to a record $2.0 billion, with record U.S. high-grade portfolio trading ADV of $1.2 billion.
Our estimated market share of U.S. credit portfolio trading was a 20.9%, compared to 14.7% in the prior year.
Dealer-Initiated Channel
13% increase in dealer-initiated ADV to $1.8 billion. Total Mid-X trading volume was a record $6.9 billion, representing an increase of 383%. Our Mid-X protocol for U.S. credit surpassed $3.0 billion in trading volume in January 2026 for the second consecutive month.
January 2026 Variable Transaction Fees Per Million1 (See table 1D)
The decline in total credit FPM year-over-year was driven principally by protocol mix, partially offset by the higher duration of bonds traded in U.S. high-grade. The decline month-over-month was driven by protocol and product mix. Both periods reflect the impact of an increase in block trading, which is generally a lower FPM activity.
The increase in total rates FPM both year-over-year and month-over-month was driven by the impact of client and protocol mix.
*All comparisons versus January 2025 unless noted.
Table 1: MarketAxess ADV
Month
% Change
Jan-26
Dec-25
Jan-25
MoM
YoY
MKTX ADV ($ millions)
Credit
U.S. High-Grade (incl. SD PT)2
$
8,387
$
6,275
$
6,993
34
%
20
%
U.S. High-Grade (excl. SD PT)2
8,110
6,043
6,912
34
17
U.S. High-Yield (incl. SD PT)2
1,748
1,591
1,319
10
33
U.S. High-Yield (excl. SD PT)2
1,592
1,391
1,284
14
24
Emerging Markets
5,468
3,515
3,638
56
50
Eurobonds
2,803
2,003
2,100
40
33
Other Credit Products3
620
594
539
4
15
Municipal Bonds
620
593
535
5
16
Total MKTX Credit ADV (excl. SD PT)2
$
18,593
$
13,546
$
14,473
37
28
Rates
U.S. Government Bonds
$
27,707
$
19,406
$
23,374
43
%
19
%
Agencies and Other Government Bonds
1,392
620
1,079
125
29
Total MKTX Rates ADV
$
29,099
$
20,026
$
24,453
45
19
Total MKTX Trading ADV
$
47,692
$
33,572
$
38,926
42
23
U.S. Trading Days4
20
22
21
U.K. Trading Days4
21
21
22
Table 1A: Market ADV
Month
% Change
Jan-26
Dec-25
Jan-25
MoM
YoY
MARKET ADV ($ millions)
Credit
U.S. High-Grade TRACE
$
47,579
$
32,493
$
39,147
46
%
22
%
U.S. High-Yield TRACE
13,265
10,112
10,707
31
24
Total U.S. Credit TRACE
60,844
42,605
49,854
43
22
Municipal Bonds MSRB
9,389
9,555
9,165
(2
)
2
Rates
U.S. Government Bonds TRACE
$
1,192,395
$
944,841
$
910,505
26
%
31
%
Agency TRACE
4,332
3,454
3,851
25
12
U.S. Trading Days4
20
22
21
U.K. Trading Days4
21
21
22
Table 1B: Estimated Market Share
Month
Bps Change
Jan-26
Dec-25
Jan-25
MoM
YoY
MKTX ESTIMATED MARKET SHARE (%)
U.S. High-Grade
% of U.S. High-Grade TRACE2
17.6
%
19.3
%
17.9
%
(170)
bps
(30)
bps
U.S. High-Yield
% of U.S. High-Yield TRACE2
13.2
%
15.7
%
12.3
%
(250)
bps
+90
bps
Other Credit Products
% of Municipal Bonds MSRB
6.6
%
6.2
%
5.8
%
+40
bps
+80
bps
Rates
% of U.S. Government Bonds TRACE
2.3
%
2.1
%
2.6
%
+20
bps
(30)
bps
Table 1C: Strategic Priorities ADV2
Month
% Change
Jan-26
Dec-25
Jan-25
MoM
YoY
STRATEGIC PRIORITIES ADV ($ millions)
Client-Initiated Channel
U.S. Credit Block Trading
$
3,667
$
2,298
$
2,720
60
%
35
%
Emerging Markets Block Trading
2,536
1,494
1,322
70
92
Eurobonds Block Trading
633
291
335
118
89
Portfolio Trading Channel
Total MKTX Portfolio Trading
$
1,989
$
1,541
$
881
29
%
126
%
Total MKTX U.S. Credit Portfolio Trading
1,583
1,200
681
32
132
Total U.S. Credit TRACE Portfolio Trading
7,582
5,206
4,623
46
64
Dealer-Initiated Channel
Total Dealer Initiated (DRFQ & Mid-X)
$
1,777
$
1,602
$
1,569
11
%
13
%
Other
Open Trading
$
5,317
$
4,382
$
4,211
21
%
26
%
AxessIQ
208
160
145
30
43
U.S. Trading Days4
20
22
21
U.K. Trading Days4
21
21
22
Table 1D: Variable Transaction Fees Per Million (FPM)1
Month
% Change
Jan-26
Dec-25
Jan-25
MoM
YoY
AVG. VARIABLE TRANS. FEE PER MILLION (FPM)
Total Credit
$
132
$
138
$
141
(4
)
%
(6
)
%
Total Rates
5.18
4.79
4.25
8
22
1 The FPM for total credit and total rates for January 2026 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 Effective with the release of our January 2026 trading volume statistics, the Company revised certain aspects of its reporting methodology for estimated market share to provide a more comprehensive view of platform activity and enhance comparability with industry peers. The Company now highlights estimated market share for U.S. high-grade and U.S. high-yield on an all-in basis, which includes single-dealer portfolio trading activity, and the Company will no longer report estimated market share on an "excluding single-dealer portfolio trading" basis. Single-dealer portfolio trading activity continues to be excluded from the “Total MKTX Credit ADV (excl. SD PT)” line in Table 1, the “Total Credit” FPM calculation in Table 1D and the “Total Credit Trading” line in Table 2. “SD PT” is defined as single-dealer portfolio trades. As used in Table 1 to highlight the effect of single dealer portfolio trading on U.S. high-grade and U.S. high yield ADVs, “SD PT” means single-dealer portfolio trades.
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 January 31,
In millions (unaudited)
2026
2025
% Change
Volume
ADV
Volume
ADV
Volume
ADV
Credit
High-grade
$
162,209
$
8,110
$
145,152
$
6,912
12
%
17
%
High-yield
31,840
1,592
26,958
1,284
18
24
Emerging markets
109,369
5,468
76,402
3,638
43
50
Eurobonds
58,867
2,803
46,207
2,100
27
33
Other credit
12,404
620
11,333
539
9
15
Total credit trading1
374,689
18,593
306,052
14,473
22
28
Rates
U.S. government bonds2
554,136
27,707
490,852
23,374
13
19
Agency and other government bonds1
29,178
1,392
23,681
1,079
23
29
Total rates trading
583,314
29,099
514,533
24,453
13
19
Total trading
$
958,003
$
47,692
$
820,585
$
38,926
17
23
Number of U.S. Trading Days3
20
21
Number of U.K. Trading Days4
21
22
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/20260204246437/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
Original: MarketAxess Announces Trading Volume Statistics for January 2026
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