{"id":692232,"date":"2022-10-05T06:40:08","date_gmt":"2022-10-05T10:40:08","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/marketaxess-announces-monthly-volume-statistics-for-september-2022\/"},"modified":"2022-10-05T06:40:08","modified_gmt":"2022-10-05T10:40:08","slug":"marketaxess-announces-monthly-volume-statistics-for-september-2022","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/marketaxess-announces-monthly-volume-statistics-for-september-2022\/","title":{"rendered":"MarketAxess Announces Monthly Volume Statistics for September 2022"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwalignl { text-align: left }\n.bwalignr { text-align: right; list-style-position: inside }\n.bwblockalignl { margin-left: 0px; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwleftsingle { border-left: solid black 1pt }\n.bwlistcircle { list-style-type: circle }\n.bwlistdisc { list-style-type: disc }\n.bwnowrap { white-space: nowrap }\n.bwpadl0 { padding-left: 0px }\n.bwpadl2 { padding-left: 10px }\n.bwpadl4 { padding-left: 20px }\n.bwpadr0 { padding-right: 0px }\n.bwrowaltcolor0 { background-color: #cceeff }\n.bwrowaltcolor1 { background-color: #d3d3d3 }\n.bwsinglebottom { border-bottom: solid black 1pt }\n.bwtablemarginb { margin-bottom: 10px }\n.bwvertalignb { vertical-align: bottom }\n.bwvertalignm { vertical-align: middle }\n.bwvertalignt { vertical-align: top }\n.bwwidth1 { width: 1% }\n.bwwidth10 { width: 10% }\n.bwwidth100 { width: 100% }\n.bwwidth12 { width: 12% }\n.bwwidth19 { width: 19% }\n.bwwidth20 { width: 20% }\n.bwwidth46 { width: 46% }\n.bwwidth6 { width: 6% }\n.bwwidth7 { width: 7% }\n.bwwidth8 { width: 8% }\n.bwwidth9 { width: 9% }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p>\nMarketAxess Announces Monthly Volume Statistics for September 2022\n<\/p>\n<p>NEW YORK&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nMarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, and the provider of market data and post-trade services for the global fixed-income markets, today announced monthly trading volume for September 2022 and preliminary variable transaction fees per million (\u201cFPM\u201d) for the quarter ended September 30, 2022.<sup>1<\/sup><\/p>\n<p><b>Chris Concannon, President and COO of MarketAxess commented<\/b>:\n<\/p>\n<p><b>\u201cIncreasing momentum through the quarter, culminated in a record week of trading at the end of September, driving 20% growth in total credit, and estimated market share above 20% across three major product areas for the month and for the first time in our history. These results reflect the benefit of the investments that we have made to diversify our franchise and grow our international business.<\/b><\/p>\n<p><b>Open Trading estimated transaction cost savings<sup>3<\/sup> were a total of $260 million in 3Q22, which equates to approximately $1,141 per million saved for our clients. Year-to-date estimated transaction cost savings are now approximately $699 million, 57% above the prior year, reflecting the powerful benefits of our unique, all-to-all liquidity pool.<\/b><\/p>\n<p><b>The strong September helped drive record estimated market share in high-yield, Eurobonds and municipals in 3Q22, reflecting the increasing strength of our franchise.\u201d<\/b><\/p>\n<p><b>Select September 2022 highlights*<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li><b>Estimated market share exceeded 20% across three major product areas for the first time in our history, with U.S. high-yield achieving record estimated market share of 21.3%<\/b>, an increase of <b>730<\/b> basis points, joining U.S high-grade and emerging markets with estimated market share in excess of <b>20%<\/b>.\n<\/li>\n<li><b>$32.6<\/b> billion in total trading average daily volume (\u201cADV\u201d), up <b>23%<\/b>,<b \/>driven by a <b>20% <\/b>increase in total credit ADV to <b>$12.2<\/b> billion<b \/>and a<b> 24%<\/b> increase in U.S. Treasury ADV to <b>$19.9<\/b> billion.\n<\/li>\n<li><b>21.4%<\/b> composite corporate bond estimated market share,<sup>2<\/sup> up from <b>17.9%<\/b>.\n<\/li>\n<li><b>21.7%<\/b> estimated U.S. high-grade estimated market share, up from <b>20.1%<\/b>, on ADV of<b> $5.7 <\/b>billion, representing an increase of <b>24%<\/b>.\n<\/li>\n<li><b>Record<\/b><b>21.3% <\/b>estimated U.S. high-yield market share, up from<b> 14.0%<\/b>,<b \/>on<b \/>ADV of<b \/><b>$1.8<\/b> billion, representing an increase of <b>38%<\/b>.\n<\/li>\n<li>\nEmerging markets ADV of<b> $2.8<\/b> billion, up <b>6%<\/b>; up approximately <b>11%<\/b> excluding the impact of foreign currency fluctuations.\n<\/li>\n<li><b>Record 18.3%<\/b> Eurobonds estimated market share, up from <b>13.8%<\/b>, on ADV of <b>$1.5 <\/b>billion, representing an increase of <b>2%<\/b>; up<b \/>approximately<b> 20% <\/b>excluding the impact of foreign currency fluctuations.\n<\/li>\n<li><b>4.2%<\/b> municipal bond estimated market share, up from <b>2.5%<\/b>, on ADV of<b> $360<\/b> million.\n<\/li>\n<li><b>Record $10.1 <\/b>billion in portfolio trading.\n<\/li>\n<li><b>36%<\/b> of total credit trading volume was executed via Open Trading\u00ae, up from <b>34%<\/b>.\n<ul class=\"bwlistcircle\">\n<li>\nEstimated <b>total transaction cost savings<\/b> via Open Trading<sup>3<\/sup> were approximately <b>$95<\/b> million, and <b>$699<\/b> million year-to-date. Average <b>transaction<\/b><b>cost savings per million<\/b> via Open Trading was <b>$1,142<\/b>.\n<\/li>\n<\/ul>\n<\/li>\n<li><b>3.8% <\/b>U.S. Treasury estimated market share, up from <b>3.0%<\/b>, on a <b>24%<\/b> increase in ADV.\n<\/li>\n<\/ul>\n<p><i>*All comparisons versus September 2021 unless otherwise noted.<\/i><\/p>\n<p><b>Table 1: September 2022 trading ADV<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth9 bwsinglebottom\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwalignc bwwidth12 bwleftsingle bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwalignc bwwidth6 bwleftsingle bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"6\" class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwleftsingle bwsinglebottom\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>CREDIT<\/b><\/p>\n<\/td>\n<td colspan=\"3\" class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwleftsingle bwsinglebottom\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>RATES<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth9 bwnowrap\" rowspan=\"1\" colspan=\"1\">$ in millions<br \/>(unaudited)<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth12 bwleftsingle bwnowrap\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>US\/UK<br \/>\n<br \/>Trading Days<sup>4<\/sup><\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth6 bwleftsingle bwnowrap\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Total<br \/>\n<br \/>ADV<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth6 bwleftsingle bwnowrap\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>High-Grade<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth6 bwleftsingle bwnowrap\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>High-Yield<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth7 bwleftsingle bwnowrap\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Emerging<br \/>\n<br \/>Markets<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth7 bwleftsingle bwnowrap\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Eurobonds<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth6 bwleftsingle bwnowrap\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Other<br \/>\n<br \/>Credit<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth6 bwleftsingle bwnowrap\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Total<br \/>\n<br \/>Credit<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth8 bwleftsingle bwnowrap\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>US Govt.<br \/>\n<br \/>Bonds<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth10 bwleftsingle bwnowrap\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Agcy.\/Other<br \/>\n<br \/>Govt. Bonds<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth6 bwleftsingle bwnowrap\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Total<br \/>\n<br \/>Rates<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\"><b>Sep-22<\/b><\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth12 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n21\/21\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth6 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$32,618\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth6 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$5,721\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth6 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$1,828\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth7 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$2,810\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth7 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$1,513\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth6 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$377\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth6 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$12,249\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth8 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$19,948\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$421\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth6 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$20,369\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwrowaltcolor1 bwsinglebottom bwwidth9\" rowspan=\"1\" colspan=\"1\"><b>Sep-21<\/b><\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwsinglebottom bwwidth12 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n21\/22\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwsinglebottom bwwidth6 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$26,563\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwsinglebottom bwwidth6 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$4,607\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwsinglebottom bwwidth6 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$1,320\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwsinglebottom bwwidth7 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$2,651\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwsinglebottom bwwidth7 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$1,482\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwsinglebottom bwwidth6 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$106\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwsinglebottom bwwidth6 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$10,166\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwsinglebottom bwwidth8 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$16,029\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwsinglebottom bwwidth10 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$368\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwsinglebottom bwwidth6 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$16,397\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\"><b>% Change<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth12 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth6 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n23%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth6 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n24%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth6 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n38%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth7 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n6%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth7 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth6 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n256%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth6 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n20%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth8 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n24%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n14%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth6 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n24%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p><b>Table 2: September 2022 estimated market share<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth9 bwsinglebottom\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"6\" class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwleftsingle bwsinglebottom\" rowspan=\"1\"><b>CREDIT<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth9 bwleftsingle bwsinglebottom\" rowspan=\"1\" colspan=\"1\"><b>RATES<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth9 bwnowrap\" rowspan=\"1\" colspan=\"1\">(unaudited)<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth9 bwleftsingle bwnowrap\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>High-Grade<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth9 bwleftsingle bwnowrap\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>High-Yield<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth20 bwleftsingle bwnowrap\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>High-Grade\/High-<br \/>\n<br \/>Yield Combined<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth9 bwleftsingle bwnowrap\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Eurobonds<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth19 bwleftsingle bwnowrap\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Composite<br \/>\n<br \/>Corporate Bond<sup>2<\/sup><\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth9 bwleftsingle bwnowrap\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Municipals<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth9 bwleftsingle bwnowrap\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>US Govt.<br \/>\n<br \/>Bonds<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\"><b>Sep-22<\/b><\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth9 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n21.7%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth9 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n21.3%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth20 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n21.6%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth9 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n18.3%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth19 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n21.4%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth9 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n4.2%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth9 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n3.8%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth9 bwsinglebottom\" rowspan=\"1\" colspan=\"1\"><b>Sep-21<\/b><\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth9 bwsinglebottom bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n20.1%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth9 bwsinglebottom bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n14.0%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth20 bwsinglebottom bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n18.3%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth9 bwsinglebottom bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n13.8%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth19 bwsinglebottom bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n17.9%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth9 bwsinglebottom bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2.5%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth9 bwsinglebottom bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n3.0%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\"><b>BPS Change<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth9 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><i>+160 bps<\/i><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth9 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><i>+730 bps<\/i><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth20 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><i>+330 bps<\/i><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth9 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><i>+450 bps<\/i><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth19 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><i>+350 bps<\/i><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth9 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><i>+170 bps<\/i><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth9 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><i>+80 bps<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p><b>Table 3: 3Q22 trading ADV<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth9 bwsinglebottom\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth12 bwleftsingle bwsinglebottom\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth6 bwleftsingle bwsinglebottom\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"6\" class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwleftsingle bwsinglebottom\" rowspan=\"1\"><b>CREDIT<\/b><\/td>\n<td colspan=\"3\" class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwleftsingle bwsinglebottom\" rowspan=\"1\"><b>RATES<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth9 bwnowrap\" rowspan=\"1\" colspan=\"1\">$ in millions<br \/>(unaudited)<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth12 bwleftsingle bwnowrap\" rowspan=\"1\" colspan=\"1\"><b>US\/UK<br \/>Trading Days<sup>4<\/sup><\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth6 bwleftsingle bwnowrap\" rowspan=\"1\" colspan=\"1\"><b>Total<br \/>ADV<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth6 bwleftsingle bwnowrap\" rowspan=\"1\" colspan=\"1\"><b>High-Grade<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth6 bwleftsingle bwnowrap\" rowspan=\"1\" colspan=\"1\"><b>High-Yield<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth7 bwleftsingle bwnowrap\" rowspan=\"1\" colspan=\"1\"><b>Emerging<br \/>Markets<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth7 bwleftsingle bwnowrap\" rowspan=\"1\" colspan=\"1\"><b>Eurobonds<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth6 bwleftsingle bwnowrap\" rowspan=\"1\" colspan=\"1\"><b>Other<br \/>Credit<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth6 bwleftsingle bwnowrap\" rowspan=\"1\" colspan=\"1\"><b>Total<br \/>Credit<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth8 bwleftsingle bwnowrap\" rowspan=\"1\" colspan=\"1\"><b>US Govt.<br \/>Bonds<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth10 bwleftsingle bwnowrap\" rowspan=\"1\" colspan=\"1\"><b>Agcy.\/Other<br \/>Govt. Bonds<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth6 bwleftsingle bwnowrap\" rowspan=\"1\" colspan=\"1\"><b>Total<br \/>Rates<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>3Q22<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth12 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n64\/64\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth6 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$31,440\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth6 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$5,124\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth6 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$1,626\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth7 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$2,592\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth7 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$1,255\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth6 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$377\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth6 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$10,974\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth8 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$20,133\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$333\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth6 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$20,466\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth9 bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>3Q21<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth12 bwsinglebottom bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n64\/65\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth6 bwsinglebottom bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$23,836\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth6 bwsinglebottom bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$4,341\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth6 bwsinglebottom bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$1,299\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth7 bwsinglebottom bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$2,407\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth7 bwsinglebottom bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$1,173\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth6 bwsinglebottom bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$91\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth6 bwsinglebottom bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$9,311\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth8 bwsinglebottom bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$14,226\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10 bwsinglebottom bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$299\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth6 bwsinglebottom bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$14,525\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>% Change<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth12 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth6 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n32%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth6 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n18%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth6 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n25%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth7 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n8%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth7 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n7%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth6 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n314%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth6 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n18%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth8 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n42%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n11%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth6 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n41%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p><b>Table 4: 3Q22 estimated market share<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth9 bwsinglebottom\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"6\" class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwleftsingle bwsinglebottom\" rowspan=\"1\"><b>CREDIT<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth9 bwleftsingle bwsinglebottom\" rowspan=\"1\" colspan=\"1\"><b>RATES<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth9 bwnowrap\" rowspan=\"1\" colspan=\"1\">(unaudited)<\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth9 bwleftsingle bwnowrap\" rowspan=\"1\" colspan=\"1\"><b>High-Grade<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth9 bwleftsingle bwnowrap\" rowspan=\"1\" colspan=\"1\"><b>High-Yield<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth20 bwleftsingle bwnowrap\" rowspan=\"1\" colspan=\"1\"><b>High-Grade\/High-<br \/>Yield Combined<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth9 bwleftsingle bwnowrap\" rowspan=\"1\" colspan=\"1\"><b>Eurobonds<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth19 bwleftsingle bwnowrap\" rowspan=\"1\" colspan=\"1\"><b>Composite<br \/>Corporate Bond<sup>2<\/sup><\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth9 bwleftsingle bwnowrap\" rowspan=\"1\" colspan=\"1\"><b>Municipals<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrowaltcolor0 bwpadl0 bwwidth9 bwleftsingle bwnowrap\" rowspan=\"1\" colspan=\"1\"><b>US Govt.<br \/>Bonds<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>3Q22<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth9 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n21.1%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth9 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n19.3%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth20 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n20.6%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth9 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n17.6%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth19 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n20.6%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth9 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n4.9%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth9 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n3.6%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth9 bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>3Q21<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth9 bwsinglebottom bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n21.4%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth9 bwsinglebottom bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n15.3%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth20 bwsinglebottom bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n19.6%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth9 bwsinglebottom bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n13.1%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth19 bwsinglebottom bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n18.9%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth9 bwsinglebottom bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2.2%\n<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth9 bwsinglebottom bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2.6%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>BPS Change<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth9 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><i>(30) bps<\/i><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth9 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><i>+400 bps<\/i><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth20 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><i>+100 bps<\/i><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth9 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><i>+450 bps<\/i><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth19 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><i>+170 bps<\/i><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth9 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><i>+270 bps<\/i><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth9 bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><i>+100 bps<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p><b>Select 3Q22 highlights**<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li><b>Record<\/b><b>active total<\/b> client firms of <b>1,972<\/b> and <b>record<\/b><b>active international<\/b> client firms of <b>993<\/b> reflecting the expanding global liquidity network on our marketplace.\n<\/li>\n<li>\nThe preliminary FPM for the quarter for total credit was <b>$165.6<\/b>, down approximately <b>9%<\/b> from the prior year, but in line with 2Q22 levels. The decrease year-over-year was principally due to the increase in corporate bond yields, negatively impacting our U.S. high-grade FPM. The preliminary FPM for the quarter for total rates was <b>$4.10<\/b>.\n<\/li>\n<li><b>18% <\/b>increase in total credit ADV.\n<\/li>\n<li><b>92% <\/b>of credit volume on the platform executed by institutional clients.\n<\/li>\n<li><b>Record 20.6%<\/b> composite corporate bond estimated market share,<sup>2<\/sup> up from <b>18.9%<\/b>.\n<\/li>\n<li><b>21.1%<\/b> U.S. high-grade estimated market share on an <b>18%<\/b> increase in ADV.\n<\/li>\n<li><b>Record <\/b>U.S. high-yield estimated market share of<b> 19.3%<\/b>, up from <b>15.3%, <\/b>on ADV of<b> $1.6 billion<\/b>, representing an increase of <b>25%<\/b>.\n<\/li>\n<li>\nEmerging markets ADV of<b> $2.6<\/b> billion, up <b>8%<\/b>; up approximately <b>12%<\/b> excluding the impact of foreign currency fluctuations.\n<\/li>\n<li><b>Record 17.6%<\/b> Eurobonds estimated market share, up from <b>13.1%<\/b> on ADV of <b>$1.3 <\/b>billion, representing an increase of <b>7%<\/b>; up<b \/>approximately<b> 25% <\/b>excluding the impact of foreign currency fluctuations.\n<\/li>\n<li><b>Record<\/b><b>4.9% <\/b>municipal bond estimated market share, up from <b>2.2%<\/b> on trading ADV of <b>$361 <\/b>million.\n<\/li>\n<li><b>37%<\/b> of total credit trading volume was executed via Open Trading, up from <b>34% <\/b>in the prior year.\n<ul class=\"bwlistcircle\">\n<li>\nEstimated <b>total transaction cost savings<\/b> via Open Trading<sup>3<\/sup> were approximately <b>$260<\/b> million, and <b>$699<\/b> million year-to-date. Average <b>transaction<\/b><b>cost savings per million<\/b> via Open Trading was <b>$1,141 <\/b>in the quarter.\n<\/li>\n<\/ul>\n<\/li>\n<li><b>Record $25<\/b> billion in portfolio trading volume, up from <b>$9<\/b> billion in 3Q21, and <b>$23<\/b> billion in 2Q22.\n<\/li>\n<li><b>3.6%<\/b> U.S. Treasury estimated market share,<b \/>up from<b> 2.6%<\/b>, on ADV of <b>$20.1<\/b> billion, representing an increase of <b>42%<\/b>.\n<ul class=\"bwlistcircle\">\n<li><b>226<\/b> active participants on the platform, up from<b> 122<\/b> in the prior year.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><i>**All comparisons versus 3Q21 unless otherwise noted.<\/i><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><sup>1 <\/sup>The average FPM for total credit and total rates for the quarter ended September 30, 2022 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.\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><sup>2 <\/sup>Composite corporate bond estimated market share is defined as combined estimated market share across U.S. high-grade (derived from FINRA TRACE reported data), U.S. high-yield (derived from FINRA TRACE reported data), emerging markets (derived from FINRA TRACE-reportable emerging markets volume) and Eurobonds (derived from MarketAxess TRAX data which is estimated to represent approximately 70% of the total European market) product areas.\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><sup>3<\/sup> Estimated transaction cost savings consists of estimated liquidity taker cost savings (defined as the difference between the winning price and the best disclosed dealer cover price) and estimated liquidity provider cost savings (defined as the difference between the winning price and then current Composite+ bid or offer level, offer if the provider is buying, bid if provider is selling) at the time of the inquiry.\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><sup>4<\/sup> Please refer to the Company\u2019s website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Finvestor.marketaxess.com%2Fvolume&amp;esheet=52936786&amp;newsitemid=20221004006168&amp;lan=en-US&amp;anchor=investor.marketaxess.com%2Fvolume&amp;index=1&amp;md5=32dba87a202b6d88fcbff34b2410e5d0\"><b>investor.marketaxess.com\/volume<\/b><\/a> for more information on trading days.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p><b>Reported MarketAxess volume in all product categories includes only fully electronic trading volume. MarketAxess trading volumes, TRACE reported volumes and MarketAxess Post-Trade processed volumes are available on the Company\u2019s website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Finvestor.marketaxess.com%2Fvolume&amp;esheet=52936786&amp;newsitemid=20221004006168&amp;lan=en-US&amp;anchor=investor.marketaxess.com%2Fvolume&amp;index=2&amp;md5=9c3f176d431d99a1302d68677a6be5d5\">investor.marketaxess.com\/volume<\/a>.<\/b><\/p>\n<p><b>Cautionary Note Regarding Forward-Looking Statements<\/b><\/p>\n<p>\nThis press release may contain forward-looking statements, including statements about the outlook and prospects for Company and industry growth, as well as statements about the Company\u2019s future financial and operating performance. These and other statements that relate to future results and events are based on MarketAxess\u2019 current expectations. The Company\u2019s 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; risks relating to the COVID-19 pandemic, including the possible effects of the economic conditions worldwide resulting from the COVID-19 pandemic; adverse effects as a result of climate change or other ESG risks that could affect our reputation; 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; reputational or credibility risks related to our data products and index business; the variability of our growth rate; our ability to introduce new fee plans and our clients\u2019 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; the effect of rapid market or technological changes on us and the users of our technology; our dependence on third-party suppliers for key products and services; our ability to successfully maintain the integrity of our trading platform and our response to system failures, capacity constraints and business interruptions; the occurrence of design defects, errors, failures or delays with our platforms; our vulnerability to cyber security risks; our actual or perceived failure to comply with privacy and data protection laws; our ability to protect our intellectual property rights or technology and defend against intellectual property infringement or other claims; our ability to enter into strategic alliances and to acquire other businesses and successfully integrate them with our business; our dependence on our management team and our ability to attract and retain talent; limitations on our flexibility because we operate in a highly regulated industry; the increasing government regulation of us and our clients; risks related to the U.K.\u2019s 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 future capital needs and our ability to obtain capital when needed; limitations on our operating flexibility contained in our credit agreement; 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\u2019 business and prospects is contained in MarketAxess\u2019 periodic filings with the Securities and Exchange Commission and can be accessed at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.marketaxess.com&amp;esheet=52936786&amp;newsitemid=20221004006168&amp;lan=en-US&amp;anchor=www.marketaxess.com&amp;index=3&amp;md5=818530efc1cdfebe0d12f089ad2d1cc7\">www.marketaxess.com<\/a>.\n<\/p>\n<p><b>About MarketAxess<\/b><\/p>\n<p>\nMarketAxess (Nasdaq: MKTX) operates a leading electronic trading platform that delivers greater trading efficiency, a diversified pool of liquidity and significant cost savings to institutional investors and broker-dealers across the global fixed-income markets. Over 1,900 firms leverage MarketAxess\u2019 patented technology to efficiently trade fixed-income securities. MarketAxess\u2019 award-winning Open Trading\u00ae 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 the full trading lifecycle, including automated trading solutions, intelligent data products and a range of post-trade services. Learn more at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.marketaxess.com&amp;esheet=52936786&amp;newsitemid=20221004006168&amp;lan=en-US&amp;anchor=www.marketaxess.com&amp;index=4&amp;md5=a94cd4c52884f4ce80cf321701b97910\">www.marketaxess.com<\/a> and on Twitter <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Ftwitter.com%2Fmarketaxess%3Flang%3Den&amp;esheet=52936786&amp;newsitemid=20221004006168&amp;lan=en-US&amp;anchor=%40MarketAxess&amp;index=5&amp;md5=58d3e40e7e6ef43a6a053cdaf2af43f0\">@MarketAxess<\/a>.\n<\/p>\n<p class=\"bwalignc\"><b>MarketAxess Holdings Inc.<br \/>\n<br \/><\/b><b>Monthly Volume Statistics<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth46\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td colspan=\"5\" class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Average Daily Volume<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwalignc bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"5\" class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Total Trading Volume<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth46\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Sep-22<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwalignc bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Sep-21<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwalignc bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>% Change<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwalignc bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Sep-22<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwalignc bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Sep-21<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwalignc bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>% Change<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth46\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td colspan=\"11\" class=\"bwalignc bwvertalignb bwpadl0\" rowspan=\"1\"><b>($ in millions)<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth46\" rowspan=\"1\" colspan=\"1\">Credit<\/td>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl2 bwwidth46\" rowspan=\"1\" colspan=\"1\">U.S. High-Grade<\/td>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n5,721\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4,607\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n24.2%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n120,151\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n96,730\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n24.2%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl2 bwwidth46\" rowspan=\"1\" colspan=\"1\">U.S. High-Yield<\/td>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,828\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,320\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n38.5%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n38,397\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n27,717\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n38.5%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl2 bwwidth46\" rowspan=\"1\" colspan=\"1\">Emerging Markets<\/td>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,810\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,651\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n6.0%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n59,020\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n55,678\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n6.0%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl2 bwwidth46\" rowspan=\"1\" colspan=\"1\">Eurobonds<\/td>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,513\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,482\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2.1%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n31,779\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n32,613\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n-2.6%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl2 bwwidth46\" rowspan=\"1\" colspan=\"1\">Other Credit Products<sup>3<\/sup><\/td>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n377\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n106\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n255.7%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n7,923\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,220\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n256.9%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl4 bwwidth46\" rowspan=\"1\" colspan=\"1\">Total Credit<sup>1<\/sup><\/td>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n12,249\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n10,166\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n20.5%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n257,270\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n214,958\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n19.7%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth46\" rowspan=\"1\" colspan=\"1\">Rates<\/td>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl2 bwwidth46\" rowspan=\"1\" colspan=\"1\">U.S. Government Bonds <sup>2<\/sup><\/td>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n19,948\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n16,029\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n24.4%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n418,910\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n336,604\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n24.5%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl2 bwwidth46\" rowspan=\"1\" colspan=\"1\">Agencies and Other Government Bonds <sup>1<\/sup><\/td>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n421\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n368\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n14.4%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n8,837\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n7,902\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n11.8%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl4 bwwidth46\" rowspan=\"1\" colspan=\"1\">Total Rates<\/td>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n20,369\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n16,397\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n24.2%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n427,747\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n344,506\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n24.2%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl0 bwwidth46\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth46\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth46\" rowspan=\"1\" colspan=\"1\">Number of U.S. Trading Days<sup> 4<\/sup><\/td>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n21\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n21\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth46\" rowspan=\"1\" colspan=\"1\">Number of U.K. Trading Days<sup> 5<\/sup><\/td>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n21\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n22\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth46\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth46\" rowspan=\"1\" colspan=\"1\">NOTES:<\/td>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td colspan=\"13\" class=\"bwalignl bwvertalignb bwpadl0\" rowspan=\"1\"><sup>1<\/sup> Consistent with FINRA TRACE reporting standards, both sides of trades are included in the Company&#8217;s reported volumes when the Company executes trades on a matched principal basis between two counterparties.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"13\" class=\"bwalignl bwvertalignb bwpadl0\" rowspan=\"1\"><sup>2<\/sup> Consistent with industry standards, U.S. Government Bond trades are single-counted.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"13\" class=\"bwalignl bwvertalignb bwpadl0\" rowspan=\"1\"><sup>3<\/sup> Beginning January 2022, following the integration of the MuniBrokers platform, we are now including MuniBrokers variable commission related trading volume in Other Credit Products.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"13\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\"><sup>4<\/sup> The number of U.S. trading days is based on the SIFMA holiday recommendation calendar.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"13\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\"><sup>5<\/sup> The number of U.K. trading days is based primarily on the U.K. Bank holiday schedule.<\/td>\n<\/tr>\n<\/table>\n<p class=\"bwalignc\"><b>MarketAxess Holdings Inc.<br \/>\n<br \/><\/b><b>Quarterly Volume Statistics<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth46\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td colspan=\"5\" class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Average Daily Volume<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwalignc bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"5\" class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Total Trading Volume<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth46\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>3Q22<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwalignc bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>3Q21<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwalignc bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>% Change<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwalignc bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>3Q22<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwalignc bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>3Q21<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwalignc bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>% Change<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth46\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td colspan=\"11\" class=\"bwalignc bwvertalignb bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>($ in millions)<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth46\" rowspan=\"1\" colspan=\"1\">Credit<\/td>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth46 bwpadl2\" rowspan=\"1\" colspan=\"1\">U.S. High-Grade<\/td>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n5,124\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4,341\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n18.0%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n327,916\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n277,837\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n18.0%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth46 bwpadl2\" rowspan=\"1\" colspan=\"1\">U.S. High-Yield<\/td>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,626\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,299\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n25.2%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n104,066\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n83,136\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n25.2%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth46 bwpadl2\" rowspan=\"1\" colspan=\"1\">Emerging Markets<\/td>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,592\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,407\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n7.7%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n165,910\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n154,034\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n7.7%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth46 bwpadl2\" rowspan=\"1\" colspan=\"1\">Eurobonds<\/td>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,255\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,173\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n7.0%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n80,305\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n76,215\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n5.4%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth46 bwpadl2\" rowspan=\"1\" colspan=\"1\">Other Credit Products<sup>3<\/sup><\/td>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n377\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n91\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n314.3%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n24,159\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n5,824\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n314.8%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth46 bwpadl4\" rowspan=\"1\" colspan=\"1\">Total Credit<sup>1<\/sup><\/td>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n10,974\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n9,311\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n17.9%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n702,356\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n597,046\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n17.6%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth46\" rowspan=\"1\" colspan=\"1\">Rates<\/td>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth46 bwpadl2\" rowspan=\"1\" colspan=\"1\">U.S. Government Bonds <sup>2<\/sup><\/td>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n20,133\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n14,226\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n41.5%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,288,543\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n910,439\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n41.5%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth46 bwpadl2\" rowspan=\"1\" colspan=\"1\">Agencies and Other Government Bonds <sup>1<\/sup><\/td>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n333\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n299\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n11.4%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n21,281\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n19,295\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n10.3%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwwidth46 bwpadl4\" rowspan=\"1\" colspan=\"1\">Total Rates<\/td>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n20,466\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n14,525\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n40.9%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,309,824\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n929,734\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n40.9%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl0 bwwidth46\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth46\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth46\" rowspan=\"1\" colspan=\"1\">Number of U.S. Trading Days<sup> 4<\/sup><\/td>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n64\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n64\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth46\" rowspan=\"1\" colspan=\"1\">Number of U.K. Trading Days<sup> 5<\/sup><\/td>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n64\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n65\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth46\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth46\" rowspan=\"1\" colspan=\"1\">NOTES:<\/td>\n<td class=\"bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td colspan=\"13\" class=\"bwalignl bwvertalignb bwpadl0\" rowspan=\"1\"><sup>1<\/sup> Consistent with FINRA TRACE reporting standards, both sides of trades are included in the Company&#8217;s reported volumes when the Company executes trades on a matched principal basis between two counterparties.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"13\" class=\"bwalignl bwvertalignb bwpadl0\" rowspan=\"1\"><sup>2<\/sup> Consistent with industry standards, U.S. Government Bond trades are single-counted.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"13\" class=\"bwalignl bwvertalignb bwpadl0\" rowspan=\"1\"><sup>3<\/sup> Beginning January 2022, following the integration of the MuniBrokers platform, we are now including MuniBrokers variable commission related trading volume in Other Credit Products.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"13\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\"><sup>4<\/sup> The number of U.S. trading days is based on the SIFMA holiday recommendation calendar.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"13\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\"><sup>5<\/sup> The number of U.K. trading days is based primarily on the U.K. Bank holiday schedule.<\/td>\n<\/tr>\n<\/table>\n<p>\n\u00a0\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20221004006168r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20221004006168\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20221004006168\/en\/<\/a><\/span><\/p>\n<p><b>INVESTOR RELATIONS<br \/>\n<\/b><br \/><b>Stephen Davidson<br \/>\n<\/b><br \/>MarketAxess Holdings Inc.<br \/>\n<br \/>+1 212 813 6313<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:sdavidson2@marketaxess.com\">sdavidson2@marketaxess.com<\/a><\/p>\n<p><b>MEDIA RELATIONS<br \/>\n<\/b><br \/><b>Marisha Mistry<br \/>\n<\/b><br \/>MarketAxess Holdings Inc.<br \/>\n<br \/>+1 917 267 1232<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:mmistry@marketaxess.com\">mmistry@marketaxess.com<br \/>\n<\/a><\/p>\n<p><b>William McBride<br \/>\n<\/b><br \/>RF | Binder<br \/>\n<br \/>+1 917 239 6726\n<\/p>\n<p><b>KEYWORDS:<\/b> New York United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Professional Services Finance<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20221004006168\/en\/1590325\/3\/MarketAxess_Logo.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>MarketAxess Announces Monthly Volume Statistics for September 2022 NEW YORK&#8211;(BUSINESS WIRE)&#8211; MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, and the provider of market data and post-trade services for the global fixed-income markets, today announced monthly trading volume for September 2022 and preliminary variable transaction fees per million (\u201cFPM\u201d) for the quarter ended September 30, 2022.1 Chris Concannon, President and COO of MarketAxess commented: \u201cIncreasing momentum through the quarter, culminated in a record week of trading at the end of September, driving 20% growth in total credit, and estimated market share above 20% across three major product areas for the month and for the first time in our history. These results reflect &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/marketaxess-announces-monthly-volume-statistics-for-september-2022\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;MarketAxess Announces Monthly Volume Statistics for September 2022&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-692232","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>MarketAxess Announces Monthly Volume Statistics for September 2022 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/marketaxess-announces-monthly-volume-statistics-for-september-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MarketAxess Announces Monthly Volume Statistics for September 2022 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"MarketAxess Announces Monthly Volume Statistics for September 2022 NEW YORK&#8211;(BUSINESS WIRE)&#8211; MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, and the provider of market data and post-trade services for the global fixed-income markets, today announced monthly trading volume for September 2022 and preliminary variable transaction fees per million (\u201cFPM\u201d) for the quarter ended September 30, 2022.1 Chris Concannon, President and COO of MarketAxess commented: \u201cIncreasing momentum through the quarter, culminated in a record week of trading at the end of September, driving 20% growth in total credit, and estimated market share above 20% across three major product areas for the month and for the first time in our history. 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(Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, and the provider of market data and post-trade services for the global fixed-income markets, today announced monthly trading volume for September 2022 and preliminary variable transaction fees per million (\u201cFPM\u201d) for the quarter ended September 30, 2022.1 Chris Concannon, President and COO of MarketAxess commented: \u201cIncreasing momentum through the quarter, culminated in a record week of trading at the end of September, driving 20% growth in total credit, and estimated market share above 20% across three major product areas for the month and for the first time in our history. 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