MarketAxess Announces Trading Volume Statistics for September and Third Quarter 2024
Strong Growth in Market Volume Drove Record Levels of Trading Activity Across the Platform in September
“Strong market volumes and a robust new issue calendar helped drive an increase in the velocity of electronic trading and record levels of trading activity in September across our platform. Against this improving market backdrop, in 3Q24 we delivered 27% growth in total credit ADV compared to the prior year, driven by strength in
Select
-
Record total average daily volume (“ADV”) of
$45.2 billion increased 52.5% compared to the prior year, and increased 8.6% compared toAugust 2024 . These strong results were driven by record total credit ADV of$16.5 billion , representing an increase of 40.1% compared to the prior year, and an increase of 24.4% compared toAugust 2024 .Total rates ADV of$28.7 billion , which increased 60.7% compared to the prior year, and increased 1.2% compared toAugust 2024 levels, also contributed to the strong performance inSeptember 2024 .
-
Record
U.S. high-grade ADV of$8.4 billion increased 56.2% compared to the prior year, and increased 25.5% compared toAugust 2024 .Estimated market ADV increased 53.3% compared to the prior year, and increased 26.1% compared toAugust 2024 .Estimated market share was 19.9%, up from 19.5% in the prior year, and in line with 19.9% inAugust 2024 . Including the impact of single-dealer portfolio trades, estimated market share was 20.3%, up from 19.5% in the prior year, but down from 20.9% inAugust 2024 .
— TheU.S. high-grade new issue calendar was$171.0 billion in September, up 36.7% compared to the prior year, and up 58.5% compared toAugust 2024 .
-
U.S. high-yield ADV of$1.4 billion increased 8.1% compared to the prior year, and increased 11.5% compared toAugust 2024 . Estimated market ADV increased 37.3% compared to the prior year, and increased 32.4% compared toAugust 2024 . Estimated market share was 12.1% (12.5% including single-dealer portfolio trades), down from 15.4% in the prior year, and down from 14.4% (14.6% including single-dealer portfolio trades)inAugust 2024 .
— TheU.S. high-yield new issue calendar was$36.7 billion in September, the highest level of monthly new issue sinceSeptember 2021 , representing an increase of 56.1% compared to the prior year,and an increase of 102.8% compared toAugust 2024 .
Other Credit
-
Emerging markets ADV of
$3.7 billion increased 25.1% compared to the prior year, and increased 15.8% compared toAugust 2024 . The year-over-year increase was driven by a 40.4% increase in hard currency ADV, andan 8.7% increase inlocal currency ADV. -
Record Eurobonds ADVof
$2.4 billion increased 42.3% compared to the prior year, and increased 58.5% compared toAugust 2024 . -
Municipal bondADV of
$577 million increased 35.1% compared to the prior year, but declined 0.5% compared toAugust 2024 . Estimated market ADV decreased 16.6% compared to the prior year, and decreased 3.4% compared toAugust 2024 . Record estimated market share of 8.8%, up from 5.5% in the prior year, and up from 8.6% inAugust 2024 .3
Strategic Priority Related Protocols & Workflow Tools
-
Record
$1.5 billion intotal portfolio trading ADV increased 191.8% compared to the prior year,and increased 52.3% compared toAugust 2024 . Our estimated market share ofU.S. high-grade andU.S. high-yield TRACE portfolio trading was 20.8% inSeptember 2024 , down from 21.8% inAugust 2024 , but up from 17.2% inJuly 2024 . Portfolio trading represented 11.8% ofU.S. high-grade andU.S. high-yield TRACE inSeptember 2024 , compared to 9.5% inAugust 2024 . -
Record Open Trading ADV of
$4.8 billion , increased 46.8% compared to the prior year,and increased 21.6% compared toAugust 2024 .Open Trading share4 of total credit trading volume was 35%, up from 33% in the prior year, but down from 36% inAugust 2024 . -
Record Dealer RFQ ADV of
$1.5 billion across all credit products increased 55.4% compared to the prior year,and increased 36.8% compared toAugust 2024 . -
AxessIQ, the order and execution workflow solution designed for wealth management and private banking clients, achieved record ADV of
$166 million , up 51.8% compared to the prior year, and up 47.7% compared toAugust 2024 .
Rates
-
Total rates ADV of
$28.7 billion , up 60.7% compared to the prior year, and up 1.2% compared toAugust 2024 .
Variable Transaction Fees Per Million (FPM)1
-
The preliminary FPM for total credit for
September 2024 was approximately$150 , down slightly from$151 in the prior year, and down from$153 inAugust 2024 . The preliminary FPM for total rates wasapproximately$4.18 , down from$4.75 in the prior year, but up from$4.04 inAugust 2024 .
Select 3Q24 Highlights
-
Record total ADV of
$40.5 billion increased 38.4% compared to the prior year, and increased 18.6% compared to 2Q24. These strong results were driven by total credit ADVof$14.1 billion , representing an increase of 26.5% compared to the prior year, and an increase of 2.7% compared to 2Q24 levels.Strong growth in total rates ADV, which increased 45.6% compared to the prior year, and increased 29.2% compared to 2Q24, also contributed to the strong performance in 3Q24.
-
U.S. high-grade ADV of$7.0 billion increased 35.7% compared to the prior year, and increased 9.2% compared to 2Q24.Estimated market ADV increased 39.4% compared to the prior year, and increased 5.1% compared to 2Q24.Estimated market share was 19.5%, down from 20.0% in the prior year, but up from 18.7% in 2Q24. Including the impact of single-dealer portfolio trades, estimated market share was 20.0%, in line with 20.1% in the prior year, but up from 19.2% in 2Q24. -
U.S. high-yield ADV of$1.3 billion decreased 1.2% compared to the prior year, and decreased 4.4% compared to 2Q24. Estimated market ADV increased 22.6% compared to the prior year, but decreased 0.5% compared to 2Q24. Estimated market share was 13.0% (13.4% including single-dealer portfolio trades), down from 16.1% in the prior year, and down from 13.5% (13.8% including single-dealer portfolio trades) in 2Q24.
Other Credit
-
Emerging markets ADV of
$3.3 billion increased 19.1% compared to the prior year, but decreased 0.1% compared to 2Q24. The year-over-year increase was driven by a 19.8% increase in hard currency ADV, and an 18.0% increase in local currency ADV. -
Eurobonds ADVof
$1.9 billion , increased 27.4% compared to the prior year, but decreased 10.1% compared to 2Q24. -
Record Municipal bondADV of
$577 million increased 48.7% compared to the prior year, and increased 10.5% compared to 2Q24. Estimated market ADV was down 5.4% compared to the prior year, and down 5.7% compared to 2Q24. Record estimated market share of 8.7%, up from 5.5% in the prior year, and up from 7.4% in 2Q24.3
Strategic Priority Related Protocols & Workflow Tools
-
Record
$1.1 billion intotal portfolio trading ADV, up 162.8% compared to the prior year, and up 30.8% compared to 2Q24. Our estimated market share ofU.S. high grade andU.S. high-yield TRACE portfolio trading was 20.0% in 3Q24. Portfolio trading represented an estimated 10.7% ofU.S. high-grade andU.S. high-yield TRACE in 3Q24. - 35% Open Trading share4 of total credit trading volume, up from 34% in the prior year, and up from 34% in 2Q24.
-
Dealer RFQ ADV of
$1.2 billion across all credit products increased 25.9% compared to the prior year, and was in line with 2Q24 levels. -
AxessIQ achieved ADV of
$131 million , up 32.2% compared to the prior year, but down 2.8% compared to 2Q24.
Rates
-
Record total rates ADV of
$26.4 billion , up 45.6% compared to the prior year, and up 29.2% compared to the 2Q24.
Variable Transaction Fees Per Million (FPM)1
-
The preliminary FPM for total credit for 3Q24 was approximately
$149 , down from$155 in the prior year, but up slightly from$148 in 2Q24. The decline in total credit FPM year-over-year was due to product and protocol mix shift, principally lower levels ofU.S. high-yield activity and increased portfolio trading. The preliminary FPM for total rates wasapproximately$4.15 , down from$4.56 in the prior year, and down from$4.45 in 2Q24.
Table 1: Trading records
Trading Records for the Period: |
|
|
3Q24 |
Total trading ADV ( |
Total trading ADV ( |
Total credit trading ADV ( |
Municipal bonds ADV ( |
|
Municipal bonds estimated market share (8.7%) |
Eurobonds ADV ( |
Portfolio trading ADV ( |
Municipal bonds estimated market share (8.8%) |
Total rates ADV ( |
Portfolio trading ADV ( |
|
Open Trading ADV ( |
|
Dealer RFQ ADV ( |
|
AxessIQ ADV ( |
Table 1A:
CREDIT |
RATES |
||||||||||
$ in millions (unaudited) |
US/ Trading Days5 |
Total ADV |
Total Credit |
High-Grade |
High-Yield |
Emerging Markets |
Eurobonds |
Municipal Bonds |
Total Rates |
US Govt. Bonds |
Agcy./Other Govt. Bonds |
Sep-24 |
20/21 |
|
|
|
|
|
|
|
|
|
|
Aug-24 |
22/21 |
|
|
|
|
|
|
|
|
|
|
Sep-23 |
20/21 |
|
|
|
|
|
|
|
|
|
|
YoY % Change |
|
53% |
40% |
56% |
8% |
25% |
42% |
35% |
61% |
58% |
134% |
MoM % Change |
|
9% |
24% |
26% |
12% |
16% |
59% |
(1%) |
1% |
1% |
18% |
Table 1B:
CREDIT |
RATES |
||||
(unaudited) |
High-Grade |
High-Yield |
High-Grade/High-Yield Combined |
Municipals3 |
US Govt. Bonds3 |
Sep-24 |
19.9% |
12.1% |
18.2% |
8.8% |
2.8% |
Aug-24 |
19.9% |
14.4% |
18.8% |
8.6% |
2.7% |
Sep-23 |
19.5% |
15.4% |
18.5% |
5.5% |
2.3% |
YoY Bps Change |
+40 bps |
(330) bps |
(30) bps |
+330 bps |
+50 bps |
MoM Bps Change |
- bps |
(230) bps |
(60) bps |
+20 bps |
+10 bps |
Table 1C: 3Q24 ADV
CREDIT |
RATES |
||||||||||
$ in millions (unaudited) |
US/ Trading Days5 |
Total ADV |
Total Credit |
High-Grade |
High-Yield |
Emerging Markets |
Eurobonds |
Municipal Bonds |
Total Rates |
US Govt. Bonds |
Agcy./Other Govt. Bonds |
3Q24 |
64/65 |
|
|
|
|
|
|
|
|
|
|
2Q24 |
63/61 |
|
|
|
|
|
|
|
|
|
|
3Q23 |
63/64 |
|
|
|
|
|
|
|
|
|
|
YoY % Change |
|
38% |
27% |
36% |
(1%) |
19% |
27% |
49% |
46% |
43% |
164% |
QoQ % Change |
|
19% |
3% |
9% |
(4%) |
(0%) |
(10%) |
11% |
29% |
29% |
39% |
Table 1D: 3Q24 estimated market share
CREDIT |
RATES |
||||
(unaudited) |
High-Grade |
High-Yield |
High-Grade/High-Yield Combined |
Municipals3 |
US Govt. Bonds3 |
3Q24 |
19.5% |
13.0% |
18.1% |
8.7% |
2.6% |
2Q24 |
18.7% |
13.5% |
17.6% |
7.4% |
2.3% |
3Q23 |
20.0% |
16.1% |
19.1% |
5.5% |
2.5% |
YoY Bps Change |
(50) bps |
(310) bps |
(100) bps |
+320 bps |
+10 bps |
QoQ Bps Change |
+80 bps |
(50) bps |
+50 bps |
+130 bps |
+30 bps |
1 |
The FPM for total credit and total rates for |
2 |
The Company is highlighting the impact of single-dealer portfolio trading volume on |
3 |
See “General Notes Regarding the Data Presented” below. |
4 |
Open Trading share of total credit trading volume is derived by taking total Open Trading volume across all credit products where Open Trading is offered and dividing by total credit trading volume across all credit products where Open Trading is offered. |
5 |
The number of |
General Notes Regarding the Data Presented
Reported
For periods beginning with
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements, including statements about the outlook and prospects for the Company, market conditions and industry growth, as well as statements about the Company’s future financial and operating performance. These and other statements that relate to future results and events are based on MarketAxess’ current expectations. The Company’s actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties, including: global economic, political and market factors; the level of trading volume transacted on the
About
Table 2: Trading Volume Detail |
|
|
|||||||||||||||||||||||||
|
|
|
Month Ended |
|
|
||||||||||||||||||||||
In millions (unaudited) |
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
|
||||||||||||||||
|
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
||||||
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High-grade |
|
|
$ |
168,278 |
|
|
$ |
8,414 |
|
|
$ |
107,768 |
|
|
|
$ |
5,388 |
|
|
|
56.1 |
|
% |
|
56.2 |
|
% |
High-yield |
|
|
|
28,671 |
|
|
|
1,434 |
|
|
|
26,516 |
|
|
|
|
1,326 |
|
|
|
8.1 |
|
|
|
8.1 |
|
|
Emerging markets |
|
|
|
73,774 |
|
|
|
3,689 |
|
|
|
58,981 |
|
|
|
|
2,949 |
|
|
|
25.1 |
|
|
|
25.1 |
|
|
Eurobonds |
|
|
|
49,537 |
|
|
|
2,359 |
|
|
|
34,823 |
|
|
|
|
1,658 |
|
|
|
42.3 |
|
|
|
42.3 |
|
|
Other credit |
|
|
|
11,749 |
|
|
|
587 |
|
|
|
8,879 |
|
|
|
|
443 |
|
|
|
32.3 |
|
|
|
32.5 |
|
|
Total credit trading1 |
|
|
|
332,009 |
|
|
|
16,483 |
|
|
|
236,967 |
|
|
|
|
11,764 |
|
|
|
40.1 |
|
|
|
40.1 |
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
549,317 |
|
|
|
27,466 |
|
|
|
346,626 |
|
|
|
|
17,331 |
|
|
|
58.5 |
|
|
|
58.5 |
|
|
Agency and other government bonds1 |
|
|
|
25,875 |
|
|
|
1,239 |
|
|
|
10,888 |
|
|
|
|
530 |
|
|
|
137.6 |
|
|
|
133.8 |
|
|
Total rates trading |
|
|
|
575,192 |
|
|
|
28,705 |
|
|
|
357,514 |
|
|
|
|
17,861 |
|
|
|
60.9 |
|
|
|
60.7 |
|
|
Total trading |
|
|
$ |
907,201 |
|
|
$ |
45,188 |
|
|
$ |
594,481 |
|
|
|
$ |
29,625 |
|
|
|
52.6 |
|
|
|
52.5 |
|
|
Number of |
|
|
|
|
|
|
20 |
|
|
|
|
|
|
|
20 |
|
|
|
|
|
|
|
|
|
|
||
Number of |
|
|
|
|
|
|
21 |
|
|
|
|
|
|
|
21 |
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
||||||||||||||||||||||
In millions (unaudited) |
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
|
||||||||||||||||
|
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
||||||
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High-grade |
|
|
$ |
449,708 |
|
|
$ |
7,027 |
|
|
$ |
326,304 |
|
|
|
$ |
5,179 |
|
|
|
37.8 |
|
% |
|
35.7 |
|
% |
High-yield |
|
|
|
81,761 |
|
|
|
1,278 |
|
|
|
81,511 |
|
|
|
|
1,294 |
|
|
|
0.3 |
|
|
|
(1.2 |
) |
|
Emerging markets |
|
|
|
213,341 |
|
|
|
3,333 |
|
|
|
176,334 |
|
|
|
|
2,799 |
|
|
|
21.0 |
|
|
|
19.1 |
|
|
Eurobonds |
|
|
|
122,914 |
|
|
|
1,891 |
|
|
|
94,980 |
|
|
|
|
1,484 |
|
|
|
29.4 |
|
|
|
27.4 |
|
|
Other credit |
|
|
|
37,566 |
|
|
|
587 |
|
|
|
25,185 |
|
|
|
|
400 |
|
|
|
49.2 |
|
|
|
46.8 |
|
|
Total credit trading1 |
|
|
|
905,290 |
|
|
|
14,116 |
|
|
|
704,314 |
|
|
|
|
11,156 |
|
|
|
28.5 |
|
|
|
26.5 |
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,619,337 |
|
|
|
25,302 |
|
|
|
1,115,889 |
|
|
|
|
17,713 |
|
|
|
45.1 |
|
|
|
42.8 |
|
|
Agency and other government bonds1 |
|
|
|
71,261 |
|
|
|
1,098 |
|
|
|
26,467 |
|
|
|
|
416 |
|
|
|
169.2 |
|
|
|
163.9 |
|
|
Total rates trading |
|
|
|
1,690,598 |
|
|
|
26,400 |
|
|
|
1,142,356 |
|
|
|
|
18,129 |
|
|
|
48.0 |
|
|
|
45.6 |
|
|
Total trading |
|
|
$ |
2,595,888 |
|
|
$ |
40,516 |
|
|
$ |
1,846,670 |
|
|
|
$ |
29,285 |
|
|
|
40.6 |
|
|
|
38.4 |
|
|
Number of |
|
|
|
|
|
|
64 |
|
|
|
|
|
|
|
63 |
|
|
|
|
|
|
|
|
|
|
||
Number of |
|
|
|
|
|
|
65 |
|
|
|
|
|
|
|
64 |
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 2: Trading Volume Detail (continued) |
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|
|||||||||||||||||||||||||
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|
|
Year-to-Date Ended |
|
|
||||||||||||||||||||||
In millions (unaudited) |
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
|
||||||||||||||||
|
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
||||||
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High-grade |
|
|
$ |
1,311,146 |
|
|
$ |
6,974 |
|
|
$ |
1,072,258 |
|
|
|
$ |
5,734 |
|
|
|
22.3 |
|
% |
|
21.6 |
|
% |
High-yield |
|
|
|
251,388 |
|
|
|
1,337 |
|
|
|
295,774 |
|
|
|
|
1,582 |
|
|
|
(15.0 |
) |
|
|
(15.5 |
) |
|
Emerging markets |
|
|
|
644,973 |
|
|
|
3,431 |
|
|
|
536,432 |
|
|
|
|
2,869 |
|
|
|
20.2 |
|
|
|
19.6 |
|
|
Eurobonds |
|
|
|
380,029 |
|
|
|
2,011 |
|
|
|
329,841 |
|
|
|
|
1,754 |
|
|
|
15.2 |
|
|
|
14.7 |
|
|
Other credit |
|
|
|
97,271 |
|
|
|
517 |
|
|
|
78,597 |
|
|
|
|
420 |
|
|
|
23.8 |
|
|
|
23.1 |
|
|
Total credit trading1 |
|
|
|
2,684,807 |
|
|
|
14,270 |
|
|
|
2,312,902 |
|
|
|
|
12,359 |
|
|
|
16.1 |
|
|
|
15.5 |
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,902,050 |
|
|
|
20,756 |
|
|
|
3,547,308 |
|
|
|
|
18,970 |
|
|
|
10.0 |
|
|
|
9.4 |
|
|
Agency and other government bonds1 |
|
|
|
151,393 |
|
|
|
801 |
|
|
|
80,249 |
|
|
|
|
428 |
|
|
|
88.7 |
|
|
|
87.1 |
|
|
Total rates trading |
|
|
|
4,053,443 |
|
|
|
21,557 |
|
|
|
3,627,557 |
|
|
|
|
19,398 |
|
|
|
11.7 |
|
|
|
11.1 |
|
|
Total trading |
|
|
$ |
6,738,250 |
|
|
$ |
35,827 |
|
|
$ |
5,940,459 |
|
|
|
$ |
31,757 |
|
|
|
13.4 |
|
|
|
12.8 |
|
|
Number of |
|
|
|
|
|
|
188 |
|
|
|
|
|
|
|
187 |
|
|
|
|
|
|
|
|
|
|
||
Number of |
|
|
|
|
|
|
189 |
|
|
|
|
|
|
|
188 |
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Consistent with FINRA TRACE reporting standards, both sides of trades are included in the Company's reported volumes when the Company executes trades on a matched principal basis between two counterparties. |
|
|
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2 Consistent with industry standards, |
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|
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3 The number of |
|
|
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4 The number of |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241002710827/en/
INVESTOR RELATIONS
S
tephen Davidson
+1 212 813 6313
sdavidson2@marketaxess.com
MEDIA RELATIONS
M
arisha Mistry
+1 917 267 1232
mmistry@marketaxess.com
Source: