\n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n<\/table>\n Table 1A: 4Q24 trading volume (ADV)<\/b><\/p>\n\n\n | \n | \n | \nCREDIT<\/b><\/td>\n | \n RATES<\/b><\/p>\n<\/td>\n<\/tr>\n\n$ in millions
(unaudited)<\/td>\n | US\/UK
Trading
Days2<\/sup><\/b><\/td>\nTotal
ADV<\/b><\/td>\n | Total
Credit<\/b><\/td>\n | High-
Grade<\/b><\/td>\n | High-
Yield<\/b><\/td>\n | Emerging
Markets<\/b><\/td>\n | Eurobonds<\/b><\/td>\n | Municipal
Bonds<\/b><\/td>\n | Total
Rates<\/b><\/td>\n | US Govt.
Bonds<\/b><\/td>\n | Agcy.\/Other
Govt.
Bonds<\/b><\/td>\n<\/tr>\n\n| \n 4Q24<\/b><\/p>\n<\/td>\n | \n \n62\/64<\/p>\n<\/td>\n | \n \n$41,030<\/p>\n<\/td>\n | \n \n$13,883<\/p>\n<\/td>\n | \n \n$6,454<\/p>\n<\/td>\n | \n \n$1,345<\/p>\n<\/td>\n | \n \n$3,459<\/p>\n<\/td>\n | \n \n$2,001<\/p>\n<\/td>\n | \n \n$620<\/p>\n<\/td>\n | \n \n$27,147<\/p>\n<\/td>\n | \n \n$25,952<\/p>\n<\/td>\n | \n \n$1,195<\/p>\n<\/td>\n<\/tr>\n | \n| \n 3Q24<\/b><\/p>\n<\/td>\n | \n \n64\/65<\/p>\n<\/td>\n | \n \n$40,516<\/p>\n<\/td>\n | \n \n$14,116<\/p>\n<\/td>\n | \n \n$7,027<\/p>\n<\/td>\n | \n \n$1,278<\/p>\n<\/td>\n | \n \n$3,333<\/p>\n<\/td>\n | \n \n$1,891<\/p>\n<\/td>\n | \n \n$577<\/p>\n<\/td>\n | \n \n$26,400<\/p>\n<\/td>\n | \n \n$25,302<\/p>\n<\/td>\n | \n \n$1,098<\/p>\n<\/td>\n<\/tr>\n | \n| \n 4Q23<\/b><\/p>\n<\/td>\n | \n \n62\/63<\/p>\n<\/td>\n | \n \n$29,641<\/p>\n<\/td>\n | \n \n$13,108<\/p>\n<\/td>\n | \n \n$6,215<\/p>\n<\/td>\n | \n \n$1,653<\/p>\n<\/td>\n | \n \n$2,927<\/p>\n<\/td>\n | \n \n$1,767<\/p>\n<\/td>\n | \n \n$539<\/p>\n<\/td>\n | \n \n$16,533<\/p>\n<\/td>\n | \n \n$16,106<\/p>\n<\/td>\n | \n \n$427<\/p>\n<\/td>\n<\/tr>\n | \n| \n YoY % Change<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n38%<\/p>\n<\/td>\n | \n \n6%<\/p>\n<\/td>\n | \n \n4%<\/p>\n<\/td>\n | \n \n(19%)<\/p>\n<\/td>\n | \n \n18%<\/p>\n<\/td>\n | \n \n13%<\/p>\n<\/td>\n | \n \n15%<\/p>\n<\/td>\n | \n \n64%<\/p>\n<\/td>\n | \n \n61%<\/p>\n<\/td>\n | \n \n180%<\/p>\n<\/td>\n<\/tr>\n | \n| \n QoQ % Change<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1%<\/p>\n<\/td>\n | \n \n(2%)<\/p>\n<\/td>\n | \n \n(8%)<\/p>\n<\/td>\n | \n \n5%<\/p>\n<\/td>\n | \n \n4%<\/p>\n<\/td>\n | \n \n6%<\/p>\n<\/td>\n | \n \n7%<\/p>\n<\/td>\n | \n \n3%<\/p>\n<\/td>\n | \n \n3%<\/p>\n<\/td>\n | \n \n9%<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n<\/table>\n Table 1B: 4Q24 estimated market share<\/b><\/p>\n\n\n | \nCREDIT<\/b><\/td>\n | RATES<\/b><\/td>\n<\/tr>\n\n| \n (unaudited)<\/p>\n<\/td>\n | High-Grade<\/b><\/td>\n | High-Yield<\/b><\/td>\n | High-Grade\/High-Yield
Combined<\/b><\/td>\n | Municipals3<\/sup><\/b><\/td>\nUS Govt.
Bonds3<\/sup><\/b><\/td>\n<\/tr>\n\n| \n 4Q24<\/b><\/p>\n<\/td>\n | \n \n18.4%<\/p>\n<\/td>\n | \n \n13.4%<\/p>\n<\/td>\n | \n \n17.3%<\/p>\n<\/td>\n | \n \n7.1%<\/p>\n<\/td>\n | \n \n2.8%<\/p>\n<\/td>\n<\/tr>\n | \n| \n 3Q24<\/b><\/p>\n<\/td>\n | \n \n19.5%<\/p>\n<\/td>\n | \n \n13.0%<\/p>\n<\/td>\n | \n \n18.1%<\/p>\n<\/td>\n | \n \n8.7%<\/p>\n<\/td>\n | \n \n2.6%<\/p>\n<\/td>\n<\/tr>\n | \n| \n 4Q23<\/b><\/p>\n<\/td>\n | \n \n20.9%<\/p>\n<\/td>\n | \n \n17.2%<\/p>\n<\/td>\n | \n \n20.0%<\/p>\n<\/td>\n | \n \n5.6%<\/p>\n<\/td>\n | \n \n2.0%<\/p>\n<\/td>\n<\/tr>\n | \n| \n YoY Bps Change<\/b><\/p>\n<\/td>\n | \n (250) bps<\/i><\/p>\n<\/td>\n | \n (380) bps<\/i><\/p>\n<\/td>\n | \n (270) bps<\/i><\/p>\n<\/td>\n | \n +150 bps<\/i><\/p>\n<\/td>\n | \n +80 bps<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n QoQ Bps Change<\/b><\/p>\n<\/td>\n | \n (110) bps<\/i><\/p>\n<\/td>\n | \n +40 bps<\/i><\/p>\n<\/td>\n | \n (80) bps<\/i><\/p>\n<\/td>\n | \n (160) bps<\/i><\/p>\n<\/td>\n | \n +20 bps<\/i><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n<\/table>\n 4Q24 overview of results<\/b><\/p>\n Commission revenue and trading volume<\/span><\/b><\/p>\nCredit<\/i><\/b><\/p>\n Credit Commission Revenue<\/b><\/p>\n\n- \nTotal credit commission revenue of $162.2<\/b>million<\/b> (including $32.8<\/b>million<\/b> in fixed-distribution fees) increased $0.3<\/b>million<\/b>, or 0.2%<\/b>, compared to $161.9<\/b>million<\/b> (including $34.6 million<\/b> in fixed-distribution fees) in the prior year. Strong growth in our international product areas, including 18%<\/b> growth in emerging markets and 10%<\/b> growth in Eurobonds, was mostly offset by lower estimated market share in U.S. high grade, and historically low levels of credit spread volatility in U.S. high-yield, resulting in lower estimated market share. Variable transaction fees per million (\u201cFPM\u201d) were $150<\/b>, compared to $156<\/b> in the prior year and $149<\/b> in 3Q24. The decline in FPM compared to the prior year was mainly due to product mix-shift, principally lower levels of U.S. high-yield activity.The decrease in fixed-distribution fees was principally driven by migrations to variable fee plans.<\/p>\n<\/li>\n<\/ul>\n
Credit Trading Volumes<\/b><\/p>\n U.S. Credit5<\/sup><\/b><\/p>\n\n- \nU.S. high-grade ADV of $6.5<\/b>billion <\/b>increased 4%<\/b> compared tothe prior year, but decreased 8% <\/b>compared to 3Q24.Estimated market ADV increased 18% <\/b>compared to the prior year, but decreased 3% <\/b>compared to 3Q24.Estimated market share was 18.4%<\/b>, down from 20.9%<\/b> in the prior year, and down from 19.5%<\/b> in 3Q24. Including the impact of single-dealer portfolio trades<\/b>, estimated market share was 18.8%,<\/b> down from 21.0%<\/b> in the prior year, and down from 20.0%<\/b> in 3Q24.<\/p>\n<\/li>\n
- \nU.S. high-yield ADV of $1.3 billion<\/b> decreased 19% <\/b>compared to the prior year, but increased 5%<\/b> compared to 3Q24. Estimated market ADV increased 5% <\/b>compared to the prior year, and increased 2%<\/b> compared to 3Q24. Estimated market share was 13.4%<\/b>, down from 17.2%<\/b> in the prior year, but up from 13.0% <\/b>in 3Q24. Including the impact of single-dealer portfolio trades<\/b>, estimated market share was 13.7%<\/b>, down from 17.3%<\/b> in the prior year, but up from 13.4%<\/b> in 3Q24.<\/p>\n<\/li>\n<\/ul>\n
Other Credit<\/b><\/p>\n\n- \nEmerging markets ADV of $3.5 billion<\/b> increased 18% <\/b>compared to the prior year, and increased 4%<\/b> compared to 3Q24. The year-over-year increase was driven by a 26%<\/b> increase in hard currency ADV, and a 7% <\/b>increase inlocal currency ADV.<\/p>\n<\/li>\n
- \nEurobonds ADVof $2.0 billion<\/b> increased 13% <\/b>compared to the prior year, and increased 6%<\/b> compared to 3Q24.<\/p>\n<\/li>\n
- Record<\/b> municipal bondADV of $620 million<\/b> increased 15% <\/b>compared to the prior year, and increased 7%<\/b> compared to 3Q24. Estimated market ADV decreased 9% <\/b>compared to the prior year, but increased 32%<\/b> compared to 3Q24.Estimated market share was 7.1%<\/b>, up from 5.6%<\/b> in the prior year, but down from a record<\/b>8.7%<\/b> in 3Q24.3<\/sup><\/li>\n<\/ul>\n
Strategic Priority Related Protocols & Workflow Tools<\/b><\/p>\n\n- $1.1 billion <\/b>intotal portfolio trading ADV increased 57%<\/b> compared to the prior year,but decreased 8% <\/b>compared to 3Q24. A record 71%<\/b> of portfolio trading volume was executed over X-Pro.\n
\n- \nEstimated U.S. high-grade and U.S. high-yield TRACE portfolio trading market ADV was flat compared to 3Q24.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n
- \nOur estimated market share of U.S. high-grade and U.S. high-yield TRACE portfolio trading was 16.2%<\/b>, down from 20.0%<\/b> in 3Q24.<\/p>\n
\n- \nPortfolio trading represented approximately 11%<\/b> of U.S. high-grade and U.S. high-yield TRACE in 4Q24, in line with 3Q24.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n
- \nOpen Trading ADV of $4.1 billion<\/b> increased 2%<\/b> compared to the prior year,and was in line with3Q24.Open Trading share4<\/sup> of total credit trading volume was 35%<\/b>, down from 36%<\/b> in the prior year, but in line with 3Q24 levels.<\/p>\n<\/li>\n
- \nDealer RFQ ADV of $1.2 billion <\/b>across all credit products increased 8% <\/b>compared to the prior year, and increased 5% <\/b>compared to 3Q24.<\/p>\n<\/li>\n
- AxessIQ<\/b>, the order and execution workflow solution designed for wealth management and private banking clients, achieved record<\/b> ADV of $147 million<\/b>, up 6%<\/b> compared to the prior year, and up 14%<\/b> compared to 3Q24.\n<\/li>\n<\/ul>\n
Rates<\/b><\/i><\/p>\n\n- Record<\/b> total rates commission revenue of $7.3 million<\/b> increased $2.5 million<\/b>, or 53%<\/b>. Record<\/b> total rates ADV of $27.1 billion<\/b> increased 64% <\/b>compared to the prior year, and increased 3%<\/b> compared to 3Q24. U.S. Treasury ADV on the platform in November 2023 was negatively impacted by an outage at ICBC, the third-party the Company was then using for U.S. Treasury settlement services.\n<\/li>\n<\/ul>\n
Other<\/b><\/i><\/p>\n\n- \nTotal other commission revenue was $5.2<\/b>million<\/b>, which consists of Pragma commission revenue.<\/p>\n<\/li>\n<\/ul>\n
Services revenue<\/span><\/b><\/p>\nInformation services<\/i><\/b><\/p>\n\n- \nInformation services revenue of $13.2<\/b>million<\/b> increased $1.2<\/b>million<\/b>, or 10%<\/b> compared to the prior year. The increase in revenue was principally driven by net new data contract revenue and an increase of $0.3 million<\/b> from the impact of foreign currency fluctuations.<\/p>\n<\/li>\n<\/ul>\n
Post-trade services<\/i><\/b><\/p>\n\n- \nPost-trade services revenue of $11.0 million<\/b> was flat compared to the prior year mainly due to an increase of $0.2 million<\/b> from the impact of foreign currency fluctuations, offset by lower end-of-year resubmissions revenue.<\/p>\n<\/li>\n<\/ul>\n
Technology services<\/b><\/i><\/p>\n\n- \nTotal technology services revenue of $3.5<\/b>million<\/b>, up from $2.5 million <\/b>in the prior year.The increase was driven by higher Pragma-related license fees.<\/p>\n<\/li>\n<\/ul>\n
Expenses<\/span><\/b><\/p>\n\n- \nTotal expenses of $122.4 million<\/b> increased 2% <\/b>from the prior year, including an increase of $0.9 million<\/b> from the impact of foreign currency fluctuations.<\/p>\n<\/li>\n<\/ul>\n
Non-operating<\/span><\/b><\/p>\n\n- Other income (expense): <\/b>Other income was $4.6<\/b>million<\/b>, down from $6.8<\/b>million<\/b> in the prior year. The current year includes an unrealized loss on U.S. Treasury investments of $1.9 million<\/b> compared to an unrealized gain in the prior year of $0.9 million<\/b>.\n<\/li>\n
- Tax rate:<\/b> The effective tax rate was 23.0%<\/b>, up from 16.9%<\/b> in the prior year. The increase in the effective tax rate was primarily due to lower one-time tax benefits recognized in 4Q24 compared to 4Q23.\n<\/li>\n<\/ul>\n
Capital<\/span><\/b><\/p>\n\n- \nThe Company had $698.6 million<\/b> in cash, cash equivalents, corporate bond investments and U.S. Treasury investments as of December 31, 2024<\/b>, up from $602.5 million<\/b> as of September 30, 2024 <\/b>and $575.7 million <\/b>as of December 31, 2023<\/b>. There were no outstanding borrowings under the Company\u2019s credit facility.<\/p>\n<\/li>\n
- \nFor the full year 2024, a total of 341,477<\/b> shares were repurchased at a cost of $75.0 million<\/b>, including 63,873<\/b> shares repurchased during the fourth quarter at a cost of $16.4 million<\/b>. As of January 31, 2025<\/b>, a total of $220.0 million<\/b> remained under the aggregate authorizations by the Company\u2019s Board of Directors.<\/p>\n<\/li>\n
- \nThe Board declared a quarterly cash dividend of $0.76<\/b> per share, payable on March 5, 2025<\/b> to stockholders of record as of the close of business on February 19, 2025<\/b>.<\/p>\n<\/li>\n<\/ul>\n
Other<\/span><\/b><\/p>\n\n- \nEmployee headcount was 891<\/b> as of December 31, 2024<\/b>, up from 881<\/b> as of December 31, 2023<\/b>, and up from 881<\/b> as of September 30, 2024<\/b>.<\/p>\n<\/li>\n<\/ul>\n
Guidance<\/span><\/b><\/p>\n\nFor the full year 2025, the Company is providing the following guidance which is based on foreign exchange rates as of December 31, 2024:<\/p>\n \n- \nServices revenue (combined Information Services, Post-Trade Services and Technology Services) is expected to grow in the mid-single digits (percent)<\/b>.<\/p>\n<\/li>\n
- \nExpenses are expected to be in the range of $505.0 million<\/b> to $525.0 million<\/b>. Based on the midpoint of the stated guidance range, total expenses are expected to increase by approximately
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