MarketAxess Announces Monthly Volume Statistics for January 2021

Company Reports Record Total Credit Average Daily Trading Volume

New York, New York, UNITED STATES

NEW YORK, Feb. 02, 2021 (GLOBE NEWSWIRE) -- 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 January 2021 of $575.3 billion consisting of $236.5 billion in credit volume and $338.8 billion in rates volume.

Record monthly trading volume was achieved in January 2021 for the following categories:

  • Total credit average daily trading volume of $12.4 billion, surpassing previous record from March 2020
  • U.S. high yield average daily trading volume of $1.9 billion
  • Emerging markets average daily trading volume of $2.9 billion and total trading volume of $55.9 billion
  • Municipal bonds average daily volume of $102.7 million and total trading volume of $2.0 billion

Reported MarketAxess volume in all product categories includes only fully electronic trading volume. MarketAxess trading volumes, TRACE reported volumes and Trax® processed volumes are available on the Company’s website at

Cautionary Note Regarding Forward-Looking Statements

This 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’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: risks relating to the COVID-19 pandemic, including the possible effects of the economic conditions worldwide resulting from the COVID-19 pandemic; global economic, political and market factors; the volatility of financial services markets generally; the level of trading volume transacted on the MarketAxess platform; the absolute level and direction of interest rates and the corresponding volatility in the corporate fixed-income market; the level and intensity of competition in the fixed-income electronic trading industry and the pricing pressures that may result; the variability of our growth rate; the rapidly evolving nature of the electronic financial services industry; our ability to introduce new fee plans and our clients’ response; 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; our dependence on our broker-dealer clients; the loss of any of our significant institutional investor clients; our ability to develop new products and offerings and the market’s acceptance of those products; the effect of rapid market or technological changes on us and the users of our technology; our ability to successfully maintain the integrity of our trading platform and our response to system failures, capacity constraints and business interruptions; our vulnerability to cyber security risks; 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 ability to comply with new and existing laws, rules and regulations both domestically and internationally; our ability to maintain effective compliance and risk management methods; the strain of growth initiatives on management and other resources; 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’ business and prospects is contained in MarketAxess’ periodic filings with the Securities and Exchange Commission and can be accessed at

About MarketAxess

MarketAxess operates a leading, institutional electronic trading platform delivering expanded liquidity opportunities, improved execution quality and significant cost savings across global fixed-income markets. A global network of over 1,800 firms, including the world’s leading asset managers and institutional broker-dealers, leverages MarketAxess’ patented trading technology to efficiently trade bonds. MarketAxess’ award-winning Open Trading™ marketplace is regarded as the preferred all-to-all trading solution in the global credit markets, creating a unique liquidity pool for a broad range of credit market participants. Drawing on its deep data and analytical resources, MarketAxess provides automated trading solutions, market data products and a range of pre- and post-trade services.

MarketAxess is headquartered in New York and has offices in London, Amsterdam, Boston, Chicago, Los Angeles, Miami, San Francisco, São Paulo, Hong Kong and Singapore. For more information, please visit

Investor Relations Contact:

David Cresci
MarketAxess Holdings Inc.

Media Relations Contacts:

Kyle White
MarketAxess Holdings Inc.

William McBride
RF | Binder

MarketAxess Holdings Inc.
Monthly Volume Statistics

 Average Daily Volume Total Trading Volume
 Jan-21 Jan-20 % ChangeJan-21 Jan-20 % Change
 ($ in millions)
U.S High-Grade           
Fixed Rate$5,787 $4,525 27.9% $109,944$95,032 15.7%
Floating Rate 208  241 -13.7%  3,952  5,051 -21.8%
Total U.S. High-Grade 5,995  4,766 25.8%  113,896  100,083 13.8%
Other Credit           
U.S. High-Yield 1,851  1,214 52.5%  35,166  25,500 37.9%
Emerging Markets 2,941  2,436 20.7%  55,873  51,152 9.2%
Eurobonds 1,463  1,023 43.0%  29,256  22,496 30.0%
Other Credit Products 124  50 148.0%  2,354  1,056 122.9%
Total Other Credit 6,379  4,723 35.1%  122,649  100,204 22.4%
Total Credit1 12,374  9,489 30.4%  236,545  200,287 18.1%
U.S. Government Bonds 2 17,616  18,680 -5.7%  334,696  392,278 -14.7%
Agencies and Other Government Bonds 1 215  162 32.7%  4,091  3,419 19.7%
Total Rates 17,831  18,842 -5.4%  338,787  395,697 -14.4%
Number of U.S. Trading Days 3 19  21        
Number of U.K. Trading Days 4 20  22        
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.
2 U.S. Government Bonds represent U.S. treasury volume traded through the MarketAxess Rates platform, formerly known as LiquidityEdge, which was acquired by the Company on November 1, 2019. Consistent with industry standards, U.S. Government Bond trades are single-counted.
3 The number of U.S. trading days is based on the SIFMA holiday recommendation calendar.
4 The number of U.K. trading days is based on the U.K. Bank holiday schedule.