\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 and preliminary variable transaction fees per million (\u201cFPM\u201d) for November 2022.1<\/sup><\/p>\n
Chris Concannon, President and COO of MarketAxess commented<\/b>:\n<\/p>\n
\u201cNovember was another very strong month, as we continue to build momentum going into 2023. We generated record total credit ADV, with record ADV in Eurobonds and municipal bonds. We also delivered another strong month of market share gains across most of our product areas, driven in part by the powerful benefits of Open Trading, our differentiated liquidity pool.\u00a0 <\/b><\/p>\n
O<\/b>pen Trading estimated price improvement4<\/sup> was approximately $83 million in November, which equates to approximately $923 per million saved for our clients. Year-to-date estimated price improvement4<\/sup> is now approximately $866 million, 65% above the prior year.<\/b><\/p>\n T<\/b>he strength of our performance reflects the enhanced foundation for growth we have established over the last several years by broadening and enhancing our global product portfolio, and we believe we are very well-positioned going into 2023.\u201d<\/b><\/p>\n Select November 2022 highlights*<\/b><\/p>\n *All comparisons versus November 2021 unless otherwise noted.<\/i><\/p>\n Table 1: November 2022 trading ADV<\/b><\/p>\n \u00a0<\/b><\/p>\n<\/td>\n Nov-22<\/b><\/p>\n<\/td>\n \n20\/22\n<\/p>\n<\/td>\n \n$32,228\n<\/p>\n<\/td>\n \n$5,865\n<\/p>\n<\/td>\n \n$1,866\n<\/p>\n<\/td>\n \n$3,083\n<\/p>\n<\/td>\n \n$1,749\n<\/p>\n<\/td>\n \n$563\n<\/p>\n<\/td>\n \n$13,126\n<\/p>\n<\/td>\n \n$18,709\n<\/p>\n<\/td>\n \n$393\n<\/p>\n<\/td>\n \n$19,102\n<\/p>\n<\/td>\n<\/tr>\n Nov-21<\/b><\/p>\n<\/td>\n \n20\/22\n<\/p>\n<\/td>\n \n$32,510\n<\/p>\n<\/td>\n \n$4,752\n<\/p>\n<\/td>\n \n$1,426\n<\/p>\n<\/td>\n \n$2,837\n<\/p>\n<\/td>\n \n$1,352\n<\/p>\n<\/td>\n \n$119\n<\/p>\n<\/td>\n \n$10,486\n<\/p>\n<\/td>\n \n$21,634\n<\/p>\n<\/td>\n \n$390\n<\/p>\n<\/td>\n \n$22,024\n<\/p>\n<\/td>\n<\/tr>\n \u00a0% Change<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1%)\n<\/p>\n<\/td>\n \n23%\n<\/p>\n<\/td>\n \n31%\n<\/p>\n<\/td>\n \n9%\n<\/p>\n<\/td>\n \n29%\n<\/p>\n<\/td>\n \n373%\n<\/p>\n<\/td>\n \n25%\n<\/p>\n<\/td>\n \n(14%)\n<\/p>\n<\/td>\n \n1%\n<\/p>\n<\/td>\n \n(13%)\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Table 1A: November 2022 estimated market share<\/b><\/p>\n Nov-22<\/b><\/p>\n<\/td>\n \n20.5%\n<\/p>\n<\/td>\n \n19.3%\n<\/p>\n<\/td>\n \n20.2%\n<\/p>\n<\/td>\n \n22.1%\n<\/p>\n<\/td>\n \n17.7%\n<\/p>\n<\/td>\n \n20.3%\n<\/p>\n<\/td>\n \n5.3%\n<\/p>\n<\/td>\n \n2.9%\n<\/p>\n<\/td>\n<\/tr>\n Nov-21<\/b><\/p>\n<\/td>\n \n20.9%\n<\/p>\n<\/td>\n \n14.6%\n<\/p>\n<\/td>\n \n19.0%\n<\/p>\n<\/td>\n \n16.3%\n<\/p>\n<\/td>\n \n13.3%\n<\/p>\n<\/td>\n \n18.3%\n<\/p>\n<\/td>\n \n2.3%\n<\/p>\n<\/td>\n \n3.0%\n<\/p>\n<\/td>\n<\/tr>\n \u00a0Bps Change<\/b><\/p>\n<\/td>\n (40) bps<\/i><\/p>\n<\/td>\n +470 bps<\/i><\/p>\n<\/td>\n +120 bps<\/i><\/p>\n<\/td>\n +580 bps<\/i><\/p>\n<\/td>\n +440 bps<\/i><\/p>\n<\/td>\n +200 bps<\/i><\/p>\n<\/td>\n +300 bps<\/i><\/p>\n<\/td>\n (10) bps<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \u00a0<\/b>Table 1B: Rolling 3-month trading ADV (period ending Nov. 2022 and Nov. 2021)<\/i><\/b><\/p>\n Nov-22<\/b><\/p>\n<\/td>\n \n61\/64\n<\/p>\n<\/td>\n \n$32,285\n<\/p>\n<\/td>\n \n$5,712\n<\/p>\n<\/td>\n \n$1,898\n<\/p>\n<\/td>\n \n$2,894\n<\/p>\n<\/td>\n \n$1,619\n<\/p>\n<\/td>\n \n$476\n<\/p>\n<\/td>\n \n$12,599\n<\/p>\n<\/td>\n \n$19,305\n<\/p>\n<\/td>\n \n$381\n<\/p>\n<\/td>\n \n$19,686\n<\/p>\n<\/td>\n<\/tr>\n Nov-21<\/b><\/p>\n<\/td>\n \n61\/65\n<\/p>\n<\/td>\n \n$29,926\n<\/p>\n<\/td>\n \n$4,690\n<\/p>\n<\/td>\n \n$1,381\n<\/p>\n<\/td>\n \n$2,769\n<\/p>\n<\/td>\n \n$1,373\n<\/p>\n<\/td>\n \n$119\n<\/p>\n<\/td>\n \n$10,332\n<\/p>\n<\/td>\n \n$19,190\n<\/p>\n<\/td>\n \n$404\n<\/p>\n<\/td>\n \n$19,594\n<\/p>\n<\/td>\n<\/tr>\n % Change<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8%\n<\/p>\n<\/td>\n \n22%\n<\/p>\n<\/td>\n \n37%\n<\/p>\n<\/td>\n \n5%\n<\/p>\n<\/td>\n \n18%\n<\/p>\n<\/td>\n \n300%\n<\/p>\n<\/td>\n \n22%\n<\/p>\n<\/td>\n \n1%\n<\/p>\n<\/td>\n \n(6%)\n<\/p>\n<\/td>\n \n0%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Table 1C: Rolling 3-month estimated market share (period ending Nov. 2022 and Nov. 2021)<\/i><\/b><\/p>\n Nov-22<\/b><\/p>\n<\/td>\n \n20.6%\n<\/p>\n<\/td>\n \n20.5%\n<\/p>\n<\/td>\n \n20.6%\n<\/p>\n<\/td>\n \n21.9%\n<\/p>\n<\/td>\n \n17.9%\n<\/p>\n<\/td>\n \n20.6%\n<\/p>\n<\/td>\n \n4.6%\n<\/p>\n<\/td>\n \n3.3%\n<\/p>\n<\/td>\n<\/tr>\n Nov-21<\/b><\/p>\n<\/td>\n \n20.2%\n<\/p>\n<\/td>\n \n14.3%\n<\/p>\n<\/td>\n \n18.5%\n<\/p>\n<\/td>\n \n16.4%\n<\/p>\n<\/td>\n \n13.2%\n<\/p>\n<\/td>\n \n17.9%\n<\/p>\n<\/td>\n \n2.5%\n<\/p>\n<\/td>\n \n3.0%\n<\/p>\n<\/td>\n<\/tr>\n Bps Change<\/b><\/p>\n<\/td>\n +40 bps<\/i><\/p>\n<\/td>\n +620 bps<\/i><\/p>\n<\/td>\n +210 bps<\/i><\/p>\n<\/td>\n +550 bps<\/i><\/p>\n<\/td>\n +470 bps<\/i><\/p>\n<\/td>\n +270 bps<\/i><\/p>\n<\/td>\n +210 bps<\/i><\/p>\n<\/td>\n +30 bps<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n 1<\/sup>The FPM for total credit and total rates for the month of November 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 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, principally U.S. dollar denominated corporates) and Eurobonds (derived from MarketAxess TRAX data which is currently estimated to represent approximately 70% of the total European market) product areas.\n<\/p>\n 3<\/sup> Emerging markets estimated market share calculated using FINRA TRACE-reportable emerging markets trading volume, principally U.S. dollar denominated corporates and MarketAxess Post-Trade emerging markets data which is currently estimated to represent 55% of the market.\u00a0\n<\/p>\n 4 \u00a0<\/sup>Estimated price improvement consists of estimated liquidity taker price improvement (defined as the difference between the winning price and the best disclosed dealer cover price) and estimated liquidity provider price improvement (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 5<\/sup> The number of U.S. trading days is based on the SIFMA holiday recommendation calendar and the number of U.K. trading days is based primarily on the U.K. Bank holiday schedule.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n 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 investor.marketaxess.com\/volume<\/a>.<\/b><\/p>\n Cautionary Note Regarding Forward-Looking Statements<\/b><\/p>\n \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 www.marketaxess.com<\/a>.\n<\/p>\n About MarketAxess<\/b><\/p>\n \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 www.marketaxess.com<\/a> and on Twitter @MarketAxess<\/a>.\n<\/p>\n 2022 <\/b><\/p>\n<\/td>\n 2021 <\/b><\/p>\n<\/td>\n \n\u00a0$\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 117,303\n<\/p>\n<\/td>\n \n\u00a0$\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,865\n<\/p>\n<\/td>\n \n\u00a0$\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 95,045\n<\/p>\n<\/td>\n \n\u00a0$\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,752\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 23.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 23.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 37,321\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,866\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 28,520\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,426\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 30.9\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 30.9\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 61,667\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,083\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 56,746\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,837\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8.7\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8.7\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 38,479\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,749\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 29,745\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,352\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 29.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 29.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 11,256\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 563\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,386\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 119\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 371.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 373.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 266,026\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 13,126\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 212,442\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 10,486\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 25.2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 25.2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 374,182\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 18,709\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 432,687\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 21,634\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (13.5\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (13.5\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,255\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 393\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,224\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 390\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 382,437\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 19,102\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 440,911\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 22,024\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (13.3\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (13.3\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0$\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 648,463\n<\/p>\n<\/td>\n \n\u00a0$\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0 32,228\n<\/p>\n<\/td>\n \n\u00a0$\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 653,353\n<\/p>\n<\/td>\n \n\u00a0$\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0 32,510\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (0.7\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (0.9\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n20\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n20\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n22\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n22\n<\/p>\n<\/td>\n 2022 <\/b><\/p>\n<\/td>\n 2021 <\/b><\/p>\n<\/td>\n \n\u00a0$\n<\/p>\n<\/td>\n \n\u00a0\u00a0 1,258,076\n<\/p>\n<\/td>\n \n\u00a0$\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,518\n<\/p>\n<\/td>\n \n\u00a0$\n<\/p>\n<\/td>\n \n\u00a0\u00a0 1,154,659\n<\/p>\n<\/td>\n \n\u00a0$\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,064\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 9.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 9.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 392,118\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,720\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 343,649\n<\/p>\n<\/td>\n \n\u00a0$\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,507\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 14.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 14.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 648,459\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,844\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 602,131\n<\/p>\n<\/td>\n \n\u00a0$\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,641\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.7\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.7\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 335,706\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,460\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 316,699\n<\/p>\n<\/td>\n \n\u00a0$\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,365\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 7.0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 88,951\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 390\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 24,032\n<\/p>\n<\/td>\n \n\u00a0$\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 105\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 270.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 271.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Total credit trading2<\/sup><\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,723,310\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 11,932\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,441,170\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 10,682\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 11.6\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 11.7\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,006,675\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 21,959\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,725,045\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16,338\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 34.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 34.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 89,764\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 392\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 65,407\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 285\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 37.2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 37.7\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,096,439\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 22,351\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,790,452\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16,623\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 34.5\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 34.5\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0$\n<\/p>\n<\/td>\n \n\u00a0\u00a0 7,819,749\n<\/p>\n<\/td>\n \n\u00a0$\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0 34,283\n<\/p>\n<\/td>\n \n\u00a0$\n<\/p>\n<\/td>\n \n\u00a0\u00a0 6,231,622\n<\/p>\n<\/td>\n \n\u00a0$\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0 27,305\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 25.5\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 25.6\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n228\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n228\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n230\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n232\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20221204005051\/en\/<\/a><\/span><\/p>\n INVESTOR RELATIONS\n
\n
\n \u00a0<\/td>\n \u00a0<\/b><\/td>\n \n CREDIT<\/b><\/td>\n RATES<\/b><\/td>\n<\/tr>\n \n $ in millions
(unaudited)<\/td>\nUS\/UK Trading Days5<\/sup><\/b><\/td>\n Total
ADV<\/b><\/td>\nHigh-Grade<\/b><\/td>\n High-Yield<\/b><\/td>\n Emerging
Markets<\/b><\/td>\nEurobonds<\/b><\/td>\n Other
Credit<\/b><\/td>\nTotal
Credit<\/b><\/td>\nUS Govt.
Bonds<\/b><\/td>\nAgcy.\/Other
Govt. Bonds<\/b><\/td>\nTotal
Rates<\/b><\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \u00a0<\/td>\n CREDIT<\/b><\/td>\n RATES<\/b><\/td>\n<\/tr>\n \n (unaudited)<\/td>\n High-Grade<\/b><\/td>\n High-Yield<\/b><\/td>\n High-Grade\/High-Yield Combined<\/b><\/td>\n Emerging Markets3<\/sup><\/b><\/td>\n Eurobonds<\/b><\/td>\n Composite Corporate Bond2<\/sup><\/b><\/td>\n Municipals<\/b><\/td>\n US Govt.
Bonds<\/b><\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \u00a0<\/td>\n \u00a0<\/b><\/td>\n \u00a0<\/b><\/td>\n CREDIT<\/b><\/td>\n RATES<\/b><\/td>\n<\/tr>\n \n $ in millions
(unaudited)<\/td>\nUS\/UK Trading Days5<\/sup><\/b><\/td>\n Total
ADV<\/b><\/td>\nHigh-Grade<\/b><\/td>\n High-Yield<\/b><\/td>\n Emerging
Markets<\/b><\/td>\nEurobonds<\/b><\/td>\n Other
Credit<\/b><\/td>\nTotal
Credit<\/b><\/td>\nUS Govt.
Bonds<\/b><\/td>\nAgcy.\/Other
Govt. Bonds<\/b><\/td>\nTotal
Rates<\/b><\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \u00a0<\/td>\n CREDIT<\/b><\/td>\n RATES<\/b><\/td>\n<\/tr>\n \n (unaudited)<\/td>\n High-Grade<\/b><\/td>\n High-Yield<\/b><\/td>\n High-Grade\/High- Yield Combined<\/b><\/td>\n Emerging Markets3<\/sup><\/b><\/td>\n Eurobonds<\/b><\/td>\n Composite Corporate Bond2<\/sup><\/b><\/td>\n Municipals<\/b><\/td>\n US Govt.
Bonds<\/b><\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n
\n Table 2: Trading Volume Detail\u00a0<\/b><\/td>\n<\/tr>\n \n \n \n \n Month Ended November 30,<\/b><\/td>\n<\/tr>\n \n In millions (unaudited)<\/b><\/td>\n \n \n \n \n \n \n % Change<\/b><\/td>\n<\/tr>\n \n \n \n \n Volume<\/b><\/td>\n \n ADV<\/b><\/td>\n \n Volume<\/b><\/td>\n \n \n ADV<\/b><\/td>\n \n Volume<\/b><\/td>\n \n ADV<\/b><\/td>\n<\/tr>\n \n Credit<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n High-grade<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n High-yield<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Emerging markets<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Eurobonds<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other credit1<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total credit trading2<\/sup><\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Rates<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n U.S. Government Bonds3<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Agency and other government bonds2<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total rates trading<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total trading<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Number of U.S. Trading Days4<\/sup><\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Number of U.K. Trading Days5<\/sup><\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n Year to Date Ended November 30,<\/b><\/td>\n<\/tr>\n \n In millions (unaudited)<\/b><\/td>\n \n \n \n \n \n \n % Change<\/b><\/td>\n<\/tr>\n \n \n \n \n Volume<\/b><\/td>\n \n ADV<\/b><\/td>\n \n Volume<\/b><\/td>\n \n \n ADV<\/b><\/td>\n \n Volume<\/b><\/td>\n \n ADV<\/b><\/td>\n<\/tr>\n \n Credit<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n High-grade<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n High-yield<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Emerging markets<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Eurobonds<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other credit1<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Rates<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n U.S. Government Bonds3<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Agency and other government bonds2<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total rates trading<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total trading<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Number of U.S. Trading Days4<\/sup><\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Number of U.K. Trading Days5<\/sup><\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \u00a0<\/td>\n<\/tr>\n \n 1<\/sup> Beginning January 2022, following the integration of the MuniBrokers platform, we are now including MuniBrokers variable commission related trading volume in other credit.\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n \n 2<\/sup> Consistent with FINRA TRACE reporting standards, both sides of trades are included in the Company’s reported volumes when the Company executes trades on a matched principal basis between two counterparties.<\/td>\n<\/tr>\n \n 3<\/sup> Consistent with industry standards, U.S. Government Bond trades are single-counted.<\/td>\n<\/tr>\n \n 4<\/sup> The number of U.S. trading days is based on the SIFMA holiday recommendation calendar.<\/td>\n<\/tr>\n \n 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
\n<\/b>
Stephen Davidson
\n<\/b>
MarketAxess Holdings Inc.
\n
+1 212 813 6313
\n
sdavidson2@marketaxess.com<\/a><\/p>\n