MarketAxess Announces Trading Volume Statistics for November 2025

MarketAxess Announces Trading Volume Statistics for November 2025

NEW YORK–(BUSINESS WIRE)–
MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced trading volume and preliminary variable transaction fees per million (“FPM”) for November 2025.¹

Select November 2025 Highlights* (See tables 1-1C and table 2)

Our new initiatives continued to show solid year-over-year progress across the client-initiated, portfolio trading and dealer-initiated channels. We also unveiled our new Closing Auctions protocol during the month, the first standardized market-wide auction protocol in fixed-income.

Client-Initiated Channel

46% growth in block trading average daily volume (“ADV”), with strong growth across U.S. credit (+34%), emerging markets (+61%) and eurobonds (+83%).

— Cumulative trading volume from our targeted block trading solution is now approximately $12 billion.

Portfolio Trading Channel

47% increase in total portfolio trading ADV to $1.4 billion,including a 55% increase in U.S. credit portfolio trading ADV.

Our estimated market share of U.S. credit portfolio trading was 17.6%, compared to 13.5% in the prior year.

Dealer-Initiated Channel

32% increase in dealer-initiated ADV to $1.9 billion, consisting of a 21% increase in DRFQ ADV and a 153% increase in Mid-X ADV.

November 2025 Variable Transaction Fees Per Million¹(See table 1D)

The decline in total credit FPM compared to the prior year was driven principally by protocol mix, partially offset by the higher duration of bonds traded in U.S. high-grade. The slight decline in total credit FPM compared to October 2025 was driven principally by protocol mix, partially offset by the higher duration of bonds traded in U.S. high-grade.

The increase in total rates FPM year-over-year and month-over-month was driven by the impact of product mix.

*All comparisons versus November 2024 unless noted.

Table 1: MarketAxess ADV

Month

% Change

Nov-25

Oct-25

Nov-24

MoM

YoY

MKTX ADV ($ millions)

Credit

U.S. High-Grade

$

7,594

$

7,042

$

6,533

8

%

16

%

U.S. High-Grade (incl. SD PT)²

7,763

7,200

6,578

8

18

U.S. High-Yield

1,622

1,629

1,312

(0

)

24

U.S. High-Yield (incl. SD PT)²

1,791

1,873

1,346

(4

)

33

Emerging Markets

4,265

4,230

3,811

1

12

Eurobonds

2,741

2,486

2,001

10

37

Other Credit Products³

586

612

634

(4

)

(8

)

Municipal Bonds

585

612

631

(4

)

(7

)

Total MKTX Credit ADV (excl. SD PT)²

$

16,808

$

15,999

$

14,291

5

18

Rates

U.S. Government Bonds

$

22,966

$

23,295

$

29,325

(1

)

%

(22

)

%

Agencies and Other Government Bonds

715

724

1,329

(1

)

(46

)

Total MKTX Rates ADV

$

23,681

$

24,019

$

30,654

(1

)

(23

)

Total MKTX Trading ADV

$

40,489

$

40,018

$

44,945

1

(10

)

U.S. Trading Days⁴

18

22

19

U.K. Trading Days⁴

20

23

21

Table 1A: Market ADV

Month

% Change

Nov-25

Oct-25

Nov-24

MoM

YoY

MARKET ADV ($ millions)

Credit

U.S. High-Grade TRACE

$

41,114

$

38,818

$

36,296

6

%

13

%

U.S. High-Yield TRACE

12,279

12,428

10,692

(1

)

15

Total U.S. Credit TRACE

53,393

51,246

46,988

4

14

Municipal Bonds MSRB

9,457

10,003

9,456

(5

)

0

Rates

U.S. Government Bonds TRACE

$

1,091,150

$

998,318

$

1,010,226

9

%

8

%

Agency TRACE

3,449

3,724

4,172

(7

)

(17

)

U.S. Trading Days⁴

18

22

19

U.K. Trading Days⁴

20

23

21

Table 1B: Estimated Market Share

Month

Bps Change

Nov-25

Oct-25

Nov-24

MoM

YoY

MKTX ESTIMATED MARKET SHARE (%)

U.S. High-Grade

% of U.S. High-Grade TRACE (incl. SD PT)²

18.9

%

18.5

%

18.1

%

+40

bps

+80

bps

% of U.S. High-Grade TRACE (excl. SD PT)²

18.5

%

18.1

%

18.0

%

+40

+50

U.S. High-Yield

% of U.S. High-Yield TRACE (incl. SD PT)²

14.6

%

15.1

%

12.6

%

(50)

bps

+200

bps

% of U.S. High-Yield TRACE (excl. SD PT)²

13.2

%

13.1

%

12.3

%

+10

+90

Other Credit Products

% of Municipal Bonds MSRB

6.2

%

6.1

%

6.7

%

+10

bps

(50)

bps

Rates

% of U.S. Government Bonds TRACE

2.1

%

2.3

%

2.9

%

(20)

bps

(80)

bps

Table 1C: Strategic Priorities ADV²

Month

% Change

Nov-25

Oct-25

Nov-24

MoM

YoY

STRATEGIC PRIORITIES ADV ($ millions)

Client-Initiated Channel

U.S. Credit Block Trading

$

3,245

$

2,968

$

2,419

9

%

34

%

Emerging Markets Block Trading

1,954

1,661

1,211

18

61

Eurobonds Block Trading

532

453

291

17

83

Portfolio Trading Channel

Total MKTX Portfolio Trading

$

1,364

$

1,536

$

928

(11

)

%

47

%

Total MKTX U.S. Credit Portfolio Trading

1,003

1,209

648

(17

)

55

Total U.S. Credit TRACE Portfolio Trading

5,685

5,798

4,813

(2

)

18

Dealer-Initiated Channel

Total Dealer Initiated (DRFQ & Mid-X)

$

1,916

$

1,773

$

1,455

8

%

32

%

Other

Open Trading

$

5,370

$

5,134

$

4,274

5

%

26

%

AxessIQ

170

162

147

5

16

U.S. Trading Days⁴

18

22

19

U.K. Trading Days⁴

20

23

21

Table 1D: Variable Transaction Fees Per Million (FPM)¹

Month

% Change

Nov-25

Oct-25

Nov-24

MoM

YoY

AVG. VARIABLE TRANS. FEE PER MILLION (FPM)

Total Credit

$

139

$

140

$

146

(1

)

%

(5

)

%

Total Rates

4.52

4.28

4.07

6

11

¹

The FPM for total credit and total rates for November 2025 is preliminary and may be revised in subsequent updates and public filings. The Company undertakes no obligation to update any fee information in future press releases.

²

“SD PT” is defined as single-dealer portfolio trades. The Company is currently highlighting the impact of single-dealer portfolio trading volume on U.S. high-grade and U.S. high-yield trading volume and estimated market share, but will continue to exclude single-dealer portfolio trading activity from each product’s aggregated trading volume and estimated market share and the total credit FPM calculation.

³

“Other Credit Products” includes municipal bonds, leveraged loans, convertible bonds and structured products.

⁴

The number of U.S. trading days is based on the SIFMA holiday recommendation calendar and the number of U.K. trading days is based primarily on the U.K. Bank holiday schedule.

General Notes Regarding the Data Presented

Reported MarketAxess volume in all product categories includes only fully electronic trading volume. MarketAxess trading volumes and the Financial Industry Regulatory Authority (“FINRA”) Trade Reporting and Compliance Engine (“TRACE”) reported volumes are available on the Company’s website at investor.marketaxess.com/volume.

Cautionary Note Regarding Forward-Looking Statements

This press release may contain forward-looking statements, including statements about the outlook and prospects for the Company, market conditions and industry growth, as well as statements about the Company’s future financial and operating performance. These and other statements that relate to future results and events are based on MarketAxess’ current expectations. The Company’s actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties, including: global economic, political and market factors; the level of trading volume transacted on the MarketAxess platform; the rapidly evolving nature of the electronic financial services industry; the level and intensity of competition in the fixed-income electronic trading industry and the pricing pressures that may result; the variability of our growth rate; our ability to introduce new fee plans and our clients’ response; our ability to attract clients or adapt our technology and marketing strategy to new markets; risks related to our growing international operations; our dependence on our broker-dealer clients; the loss of any of our significant institutional investor clients; our exposure to risks resulting from non-performance by counterparties to transactions executed between our clients in which we act as an intermediary in matched principal trades; risks related to self-clearing; risks related to sanctions levied against states or individuals that could expose us to operational or regulatory risks; the effect of rapid market or technological changes on us and the users of our technology; issues related to the development and use of artificial intelligence; our dependence on third-party suppliers for key products and services; our ability to successfully maintain the integrity of our trading platform and our response to system failures, capacity constraints and business interruptions; the occurrence of design defects, errors, failures or delays with our platforms, products or services; our vulnerability to malicious cyber-attacks and attempted cybersecurity breaches; our actual or perceived failure to comply with privacy and data protection laws; our ability to protect our intellectual property rights or technology and defend against intellectual property infringement or other claims; our use of open-source software; our ability to enter into strategic alliances and to acquire other businesses and successfully integrate them with our business; our dependence on our management team and our ability to attract and retain talent; limitations on our flexibility because we operate in a highly regulated industry; the increasing government regulation of us and our clients; risks related to the divergence of U.K. and European Union legal and regulatory requirements following the U.K.’s exit from the European Union; our exposure to costs and penalties related to our extensive regulation; our risks of litigation and securities laws liability; our tax filing positions; the effects of climate change or other sustainability risks that could affect our operations or reputation; our future capital needs and our ability to obtain capital when needed; limitations on our operating flexibility contained in our credit agreement; our exposure to financial institutions by holding cash in excess of federally insured limits; and other factors. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. More information about these and other factors affecting MarketAxess’ business and prospects is contained in MarketAxess’ periodic filings with the Securities and Exchange Commission and can be accessed at www.marketaxess.com.

About MarketAxess

MarketAxess (Nasdaq: MKTX) operates a leading electronic trading platform that delivers greater trading efficiency, a diversified pool of liquidity and significant cost savings to institutional investors and broker-dealers across the global fixed-income markets. Approximately 2,100 firms leverage MarketAxess’ patented technology to efficiently trade fixed-income securities. Our automated and algorithmic trading solutions, combined with our integrated and actionable data offerings, help our clients make faster, better-informed decisions on when and how to trade on our platform. MarketAxess’ award-winning Open Trading^® marketplace is widely regarded as the preferred all-to-all trading solution in the global credit markets. Founded in 2000, MarketAxess connects a robust network of market participants through an advanced full trading lifecycle solution that includes automated trading solutions, intelligent data and index products and a range of post-trade services. Learn more at www.marketaxess.com and on X @MarketAxess.

Table 2: Trading Volume Detail

Month Ended November 30,

In millions (unaudited)

2025

2024

% Change

Volume

ADV

Volume

ADV

Volume

ADV

Credit

High-grade

$

136,689

$

7,594

$

124,135

$

6,533

10

%

16

%

High-yield

29,192

1,622

24,927

1,312

17

24

Emerging markets

76,765

4,265

72,402

3,811

6

12

Eurobonds

54,818

2,741

42,017

2,001

30

37

Other credit

10,552

586

12,051

634

(12

)

(8

)

Total credit trading¹

308,016

16,808

275,532

14,291

12

18

Rates

U.S. government bonds²

413,380

22,966

557,175

29,325

(26

)

(22

)

Agency and other government bonds¹

14,145

715

27,710

1,329

(49

)

(46

)

Total rates trading

427,525

23,681

584,885

30,654

(27

)

(23

)

Total trading

$

735,541

$

40,489

$

860,417

$

44,945

(15

)

(10

)

Number of U.S. Trading Days³

18

19

Number of U.K. Trading Days⁴

20

21

Year-to-Date Ended November 30,

In millions (unaudited)

2025

2024

% Change

Volume

ADV

Volume

ADV

Volume

ADV

Credit

High-grade

$

1,653,714

$

7,285

$

1,586,941

$

6,930

4

%

5

%

High-yield

346,162

1,525

309,163

1,350

12

13

Emerging markets

902,568

3,976

799,172

3,490

13

14

Eurobonds

563,561

2,440

475,713

2,042

18

19

Other credit

140,802

620

122,175

533

15

16

Total credit trading¹

3,606,807

15,846

3,293,164

14,345

10

10

Rates

U.S. government bonds²

5,895,166

25,970

5,117,615

22,348

15

16

Agency and other government bonds¹

259,864

1,127

207,200

891

25

26

Total rates trading

6,155,030

27,097

5,324,815

23,239

16

17

Total trading

$

9,761,837

$

42,943

$

8,617,979

$

37,584

13

14

Number of U.S. Trading Days³

227

229

Number of U.K. Trading Days⁴

231

233

¹

Consistent with FINRA TRACE reporting standards, both sides of trades are included in the Company’s reported volumes when the Company executes trades on a matched principal basis between two counterparties.

²

Consistent with industry standards, U.S. government bond trades are single-counted.

³

The number of U.S. trading days is based on the SIFMA holiday recommendation calendar.

⁴

The number of U.K. trading days is based primarily on the U.K. Bank holiday schedule.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251203126910/en/

INVESTOR RELATIONS

Stephen Davidson

MarketAxess Holdings Inc.

+1 212 813 6313

[email protected]

MEDIA RELATIONS

Marisha Mistry

MarketAxess Holdings Inc.

+1 917 267 1232

[email protected]

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