\n| \n Table 1: MarketAxess Trading ADV2<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n\n | \nMonth<\/b><\/td>\n | | \n% Change<\/b><\/td>\n | Quarter<\/b><\/td>\n | | \n% Change<\/b><\/td>\n<\/tr>\n\n | \nMar-25<\/b><\/td>\n | | \nFeb-25<\/b><\/td>\n | | \nMar-24<\/b><\/td>\n | | \nYoY<\/b><\/td>\n | MoM<\/b><\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 1Q25<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 4Q24<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 1Q24<\/b><\/p>\n<\/td>\n | | \nYoY<\/b><\/td>\n | QoQ<\/b><\/td>\n<\/tr>\n\n| MKTX TRADING ADV ($ millions)<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Credit<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| U.S. High-Grade<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n8,666\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n7,061\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n7,233\n<\/p>\n<\/td>\n | | \n | \n\n \n20\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n23\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n7,562\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n6,454\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n7,475\n<\/p>\n<\/td>\n | | \n | \n\n \n1\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n17\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| U.S. High-Yield<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,701\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,438\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,361\n<\/p>\n<\/td>\n | | \n | \n\n \n25\n<\/p>\n<\/td>\n | | \n\n \n18\n<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,475\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,345\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,400\n<\/p>\n<\/td>\n | | \n | \n\n \n5\n<\/p>\n<\/td>\n | | \n\n \n10\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | <\/tr>\n \n| Emerging Markets<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n4,090\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n4,105\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n3,533\n<\/p>\n<\/td>\n | | \n | \n\n \n16\n<\/p>\n<\/td>\n | | \n\n \n0\n<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n3,939\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n3,459\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n3,630\n<\/p>\n<\/td>\n | | \n | \n\n \n9\n<\/p>\n<\/td>\n | | \n\n \n14\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | <\/tr>\n \n| Eurobonds<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2,680\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2,272\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2,255\n<\/p>\n<\/td>\n | | \n | \n\n \n19\n<\/p>\n<\/td>\n | | \n\n \n18\n<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2,348\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2,001\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n2,045\n<\/p>\n<\/td>\n | | \n | \n\n \n15\n<\/p>\n<\/td>\n | | \n\n \n17\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | <\/tr>\n \nOther Credit Products2<\/sup><\/td>\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n639\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n617\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n432\n<\/p>\n<\/td>\n | | \n | \n\n \n48\n<\/p>\n<\/td>\n | | \n\n \n4\n<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n598\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n624\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n432\n<\/p>\n<\/td>\n | | \n | \n\n \n38\n<\/p>\n<\/td>\n | | \n\n \n(4\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | <\/tr>\n\n| Municipal Bonds<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n635\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n614\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n417\n<\/p>\n<\/td>\n | | \n | \n\n \n52\n<\/p>\n<\/td>\n | | \n\n \n3\n<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n594\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n620\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n419\n<\/p>\n<\/td>\n | | \n | \n\n \n42\n<\/p>\n<\/td>\n | | \n\n \n(4\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | <\/tr>\n \n| Total MKTX Credit ADV<\/b><\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 17,776<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 15,493<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 14,814<\/b><\/p>\n<\/td>\n | | \n | \n\n 20<\/b><\/p>\n<\/td>\n | | \n\n 15<\/b><\/p>\n<\/td>\n | | \n | \n\n $<\/b><\/p>\n<\/td>\n | \n 15,922<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 13,883<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 14,982<\/b><\/p>\n<\/td>\n | | \n | \n\n 6<\/b><\/p>\n<\/td>\n | | \n\n 15<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | <\/tr>\n \n| Rates<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| U.S. Government Bonds<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n27,624\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n26,901\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n16,450\n<\/p>\n<\/td>\n | | \n | \n\n \n68\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n3\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n25,936\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n25,952\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n17,144\n<\/p>\n<\/td>\n | | \n | \n\n \n51\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n(0\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| Agencies and Other Government Bonds<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,090\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n969\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n567\n<\/p>\n<\/td>\n | | \n | \n\n \n92\n<\/p>\n<\/td>\n | | \n\n \n12\n<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,047\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n1,195\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n506\n<\/p>\n<\/td>\n | | \n | \n\n \n107\n<\/p>\n<\/td>\n | | \n\n \n(12\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | <\/tr>\n \n| Total MKTX Rates ADV<\/b><\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 28,714<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 27,870<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 17,017<\/b><\/p>\n<\/td>\n | | \n | \n\n 69<\/b><\/p>\n<\/td>\n | | \n\n 3<\/b><\/p>\n<\/td>\n | | \n | \n\n $<\/b><\/p>\n<\/td>\n | \n 26,983<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 27,147<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 17,650<\/b><\/p>\n<\/td>\n | | \n | \n\n \n53\n<\/p>\n<\/td>\n | | \n\n \n(1\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | <\/tr>\n \n| Total MKTX Trading ADV<\/b><\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 46,490<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 43,363<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 31,831<\/b><\/p>\n<\/td>\n | | \n | \n\n 46<\/b><\/p>\n<\/td>\n | | \n\n 7<\/b><\/p>\n<\/td>\n | | \n | \n\n $<\/b><\/p>\n<\/td>\n | \n 42,905<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 41,030<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 32,632<\/b><\/p>\n<\/td>\n | | \n | \n\n 31<\/b><\/p>\n<\/td>\n | | \n\n 5<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | <\/tr>\n \nU.S. Trading Days3<\/sup><\/td>\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n21\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n19\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n20\n<\/p>\n<\/td>\n | | \n | \n | \n | \n | \n | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n61\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n62\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n61\n<\/p>\n<\/td>\n | | \n | \n | \n | \n | \n | <\/tr>\n\nU.K. Trading Days3<\/sup><\/td>\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n21\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n20\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n20\n<\/p>\n<\/td>\n | | \n | \n | \n | \n | \n | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n63\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n64\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n63\n<\/p>\n<\/td>\n | | \n | \n | \n | \n | \n | <\/tr>\n<\/table>\n\n\n| \n Table 1A: Market Trading ADV<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \nMonth<\/b><\/td>\n | | \n% Change<\/b><\/td>\n | Quarter<\/b><\/td>\n | | \n% Change<\/b><\/td>\n<\/tr>\n\n | \nMar-25<\/b><\/td>\n | | \nFeb-25<\/b><\/td>\n | | \nMar-24<\/b><\/td>\n | | \nYoY<\/b><\/td>\n | MoM<\/b><\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 1Q25<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 4Q24<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 1Q24<\/b><\/p>\n<\/td>\n | | \nYoY<\/b><\/td>\n | QoQ<\/b><\/td>\n<\/tr>\n\n| MARKET TRADING ADV ($ millions)<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Credit<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| U.S. High-Grade TRACE<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n45,024\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n41,522\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n37,403\n<\/p>\n<\/td>\n | | \n | \n\n \n20\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n8\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n41,910\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n34,986\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n38,672\n<\/p>\n<\/td>\n | | \n | \n\n \n8\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n20\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| U.S. High-Yield TRACE<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n13,605\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n12,999\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n10,718\n<\/p>\n<\/td>\n | | \n | \n\n \n27\n<\/p>\n<\/td>\n | | \n\n \n5\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n12,419\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n10,061\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n10,880\n<\/p>\n<\/td>\n | | \n | \n\n \n14\n<\/p>\n<\/td>\n | | \n\n \n23\n<\/p>\n<\/td>\n | | <\/tr>\n \n| Total U.S. Credit TRACE<\/b><\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n 58,629<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 54,522<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 48,121<\/b><\/p>\n<\/td>\n | | \n | \n\n 22<\/b><\/p>\n<\/td>\n | | \n\n 8<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 54,329<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 45,046<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n 49,552<\/b><\/p>\n<\/td>\n | | \n | \n\n 10<\/b><\/p>\n<\/td>\n | | \n\n 21<\/b><\/p>\n<\/td>\n | | <\/tr>\n \n| Municipal Bonds MSRB<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n9,895\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n8,943\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n6,331\n<\/p>\n<\/td>\n | | \n | \n\n \n56\n<\/p>\n<\/td>\n | | \n\n \n11\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n9,347\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n8,755\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n6,424\n<\/p>\n<\/td>\n | | \n | \n\n \n46\n<\/p>\n<\/td>\n | | \n\n \n7\n<\/p>\n<\/td>\n | | <\/tr>\n \n| Rates<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| U.S. Government Bonds TRACE<\/td>\n | \n \n$\n<\/p>\n<\/td>\n | \n \n1,097,090\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n999,242\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n803,810\n<\/p>\n<\/td>\n | | \n | \n\n \n36\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n10\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n1,002,379\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n926,037\n<\/p>\n<\/td>\n | | \n\n \n$\n<\/p>\n<\/td>\n | \n \n878,389\n<\/p>\n<\/td>\n | | \n | \n\n \n14\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n8\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| Agency TRACE<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n3,957\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n5,144\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n3,383\n<\/p>\n<\/td>\n | | \n | \n\n \n17\n<\/p>\n<\/td>\n | | \n\n \n(23\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n4,290\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n3,897\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n3,817\n<\/p>\n<\/td>\n | | \n | \n\n \n12\n<\/p>\n<\/td>\n | | \n\n \n10\n<\/p>\n<\/td>\n | | <\/tr>\n \nU.S. Trading Days3<\/sup><\/td>\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n21\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n19\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n20\n<\/p>\n<\/td>\n | | \n | \n | \n | \n | \n | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n61\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n62\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n61\n<\/p>\n<\/td>\n | | \n | \n | \n | \n | \n | <\/tr>\n\nU.K. Trading Days3<\/sup><\/td>\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n21\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n20\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n20\n<\/p>\n<\/td>\n | | \n | \n | \n | \n | \n | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n63\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n64\n<\/p>\n<\/td>\n | | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n63\n<\/p>\n<\/td>\n | | \n | \n | \n | \n | \n | <\/tr>\n<\/table>\nEstimated Market Share<\/i>4<\/sup><\/b><\/p>\n\n- \nU.S. high-grade estimated market share, including the impact of single-dealer portfolio trades<\/b>, was 20.0% <\/b>in March 2025, up from 19.8%<\/b> in the prior year, and up from 17.8%<\/b> in February 2025. In 1Q25, including the impact of single-dealer portfolio trades<\/b>, U.S. high-grade estimated market share was 18.6%<\/b>, down from 19.7%<\/b> in the prior year, and down slightly from 18.8%<\/b> in 4Q24.\n<\/li>\n
- \nU.S. high-yield estimated market share, including the impact of single-dealer portfolio trades<\/b>,was 12.8% <\/b>in March 2025, down slightly from 13.0%<\/b> in the prior year, but up from 12.1%<\/b> in February 2025. In 1Q25, including the impact of single-dealer portfolio trades<\/b>, U.S. high-yield estimated market share was 12.4%<\/b>, down from 13.0%<\/b> in the prior year, and down from 13.7%<\/b> in 4Q24.\n<\/li>\n
- \nMunicipal bondestimated market share was 6.4% <\/b>in March 2025, down slightly from 6.6%<\/b> in the prior year, and down from 6.9%<\/b> in February 2025. Municipal bondestimated market share was 6.4% <\/b>in 1Q25, down slightly from 6.5%<\/b> in the prior year, and down from 7.1%<\/b> in 4Q24.\n<\/li>\n
- \nEstimated U.S. government bonds market share was 2.5%<\/b> in March 2025, up from 2.0%<\/b> in the prior year, but down slightly from 2.7%<\/b> in February 2025. 1Q25 estimated U.S. government bonds market share was 2.6%<\/b>, up from 2.0%<\/b> in the prior year, but down slightly from 2.8%<\/b> in 4Q24.\n<\/li>\n<\/ul>\n
\n\n| \n Table 1B: Estimated Market Share4<\/sup><\/b><\/p>\n<\/td>\n<\/tr>\n\n | \nMonth<\/b><\/td>\n | | \n% Change<\/b><\/td>\n | Quarter<\/b><\/td>\n | | \n% Change<\/b><\/td>\n<\/tr>\n\n | \nMar-25<\/b><\/td>\n | Feb-25<\/b><\/td>\n | Mar-24<\/b><\/td>\n | | \nYoY<\/b><\/td>\n | MoM<\/b><\/td>\n | \n 1Q25<\/b><\/p>\n<\/td>\n | \n 4Q24<\/b><\/p>\n<\/td>\n | \n 1Q24<\/b><\/p>\n<\/td>\n | | \nYoY<\/b><\/td>\n | QoQ<\/b><\/td>\n<\/tr>\n\n| MKTX ESTIMATED MARKET SHARE (%)<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| U.S. High-Grade<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n% of U.S. High-Grade TRACE (incl. SD PT)4<\/sup><\/td>\n| \n \n20.0\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n17.8\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n19.8\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n | \n\n \n0.2\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n2.2\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n\n \n18.6\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n18.8\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n19.7\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n | \n\n \n(1.1\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n(0.2\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n% of U.S. High-Grade TRACE (excl. SD PT)4<\/sup><\/td>\n| \n \n19.2\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n17.0\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n19.3\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n | \n\n \n(0.1\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n2.2\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n18.0\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n18.4\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n19.3\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n | \n\n \n(1.3\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n(0.4\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | <\/tr>\n\n| U.S. High-Yield<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n% of U.S. High-Yield TRACE (incl. SD PT)4<\/sup><\/td>\n| \n \n12.8\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n12.1\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n13.0\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n | \n\n \n(0.2\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n0.7\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n\n \n12.4\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n13.7\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n13.0\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n | \n\n \n(0.6\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n(1.3\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n% of U.S. High-Yield TRACE (excl. SD PT)4<\/sup><\/td>\n| \n \n12.5\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n11.1\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n12.7\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n | \n\n \n(0.2\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n1.4\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | | \n | \n\n \n11.9\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n13.4\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n12.9\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n | \n\n \n(1.0\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | \n\n \n(1.5\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | | <\/tr>\n\n| Other Credit Products<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| % of Municipal Bonds MSRB<\/td>\n | \n \n6.4\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n6.9\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n6.6\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n | \n\n \n(0.2\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n(0.5\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n\n \n6.4\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n7.1\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n6.5\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n | \n\n \n(0.1\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n(0.7\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n | \n| Rates<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| % of U.S. Government Bonds TRACE<\/td>\n | \n \n2.5\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n2.7\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n2.0\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n | \n\n \n0.5\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n(0.2\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n\n \n2.6\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n2.8\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n2.0\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | | \n | \n\n \n0.6\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n | \n \n(0.2\n<\/p>\n<\/td>\n | \n \n)\n<\/p>\n<\/td>\n | \n \n%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Strategic Priority Related Protocols & Workflow Tools<\/i><\/b><\/p>\n Client-Initiated Channel<\/span><\/b><\/p>\n\n- Record<\/b> March 2025 emerging markets block trading ADV (hard currency blocks defined as trade sizes \u2265 $3 million<\/b> notional, local currency blocks defined as trade sizes \u2265 $5 million<\/b> notional) of $1.7 billion<\/b> increased 37%<\/b> from the prior year, and increased 4%<\/b> from February 2025. Record<\/b> 1Q25 emerging markets block trading ADV of $1.6 billion<\/b> increased 22%<\/b> from the prior year, and increased 31%<\/b> from 4Q24. Block trading in emerging markets is benefiting from the launch of our targeted block solution in late 2024, which has generated cumulative trading volume of approximately $1.2 billion<\/b> since launch.\n<\/li>\n
- \nMarch 2025 eurobonds block trading ADV (defined as trade sizes \u2265 $5 million<\/b> notional) of $510 million<\/b> increased 106%<\/b> from the prior year, and increased 34%<\/b> from February 2025. Record<\/b> 1Q25 eurobonds block trading ADV of $407 million<\/b> increased 68%<\/b> from the prior year, and increased 37%<\/b> from 4Q24. Block trading in eurobonds is benefiting from the launch of our targeted block solution in January 2025, which has generated cumulative trading volume of over $1.8 billion<\/b> since launch.\n<\/li>\n<\/ul>\n
Portfolio Trading Channel<\/span>5<\/sup><\/b><\/p>\n\n- Record <\/b>March 2025total portfolio trading ADV of $1.5 billion <\/b>increased 134%<\/b> compared to the prior year,and increased 4% <\/b>compared to February 2025. A record<\/b>91%<\/b> of portfolio trading volume was executed over X-Pro in March 2025. Record <\/b>1Q25total portfolio trading ADV of $1.3 billion <\/b>increased 78%<\/b> compared to the prior year,and increased 21% <\/b>compared to 4Q24. A record<\/b>85%<\/b> of portfolio trading volume was executed over X-Pro in 1Q25.\n
\n- \nMarch 2025 estimated U.S. credit TRACE portfolio trading market ADV increased 50%<\/b> compared to the prior year, and increased 12%<\/b> compared to February 2025. In 1Q25, estimated U.S. credit TRACE portfolio trading market ADV increased 25%<\/b> compared to the prior year and increased 16%<\/b> compared to 4Q24.\n<\/li>\n<\/ul>\n<\/li>\n
- \nOur estimated market share of U.S. credit TRACE portfolio trading was 20.1%<\/b> in March 2025, up from 12.5%<\/b> in the prior year, but down from 20.7%<\/b> in February 2025. Our estimated market share of U.S. credit TRACE portfolio trading was 18.8%<\/b> in 1Q25, up from 13.3%<\/b> in the prior year, and up from 16.2%<\/b> in 4Q24.<\/p>\n
\n- \nPortfolio trading represented approximately 11%<\/b> of U.S. credit TRACE in March 2025, up from 9%<\/b> in the prior year, and up slightly from February 2025 levels. Portfolio trading represented approximately 10%<\/b> of U.S. credit TRACE in 1Q25, up from 9%<\/b> in the prior year, but down from 11% <\/b>in 4Q24.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
Dealer-Initiated Channel<\/span><\/b><\/p>\n\n- Record<\/b> March 2025 Dealer RFQ ADV of $2.0 billion <\/b>across all credit products increased 64% <\/b>compared to the prior year, and increased 17% <\/b>compared to February 2025, driven by record<\/b> Dealer RFQ ADV in U.S. high-grade. Record<\/b> 1Q25 Dealer RFQ ADV of $1.8 billion <\/b>across all credit products increased 40% <\/b>compared to the prior year, and increased 41% <\/b>compared to 4Q24, driven by record<\/b> Dealer RFQ ADV in U.S. high-grade and emerging markets.\n<\/li>\n<\/ul>\n
Other<\/span><\/b><\/p>\n\n- Record<\/b> March 2025 Open Trading ADV of $5.5 billion<\/b> increased 29%<\/b> compared to the prior year,and increased 19%<\/b> compared to February 2025.Open Trading share6<\/sup> of total credit trading volume was 37%<\/b>, up from 33%<\/b> in the prior year, and up from 36%<\/b> in February 2025. Record <\/b>1Q25 Open Trading ADV of $4.8 billion<\/b> increased 8%<\/b> compared to the prior year,and increased 15%<\/b> compared to 4Q24.Open Trading share6<\/sup> of total credit trading volume was 35%<\/b>, up from 34%<\/b> in the prior year, in line with 35%<\/b> in 4Q24.\n<\/li>\n
- AxessIQ<\/b>, the order and execution workflow solution designed for wealth management and private banking clients, achieved record<\/b> March 2025 ADV of $175 million<\/b>, up 21% <\/b>compared to the prior year, and up 11%<\/b> compared to February 2025.
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