MarketAxess Announces Monthly Volume Statistics for March 2021

Company Reports Record Monthly Trading Volume for Credit and Open Trading™

New York, New York, UNITED STATES


NEW YORK, April 05, 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 March 2021 of $689.6 billion consisting of $292.6 billion in credit volume and $397.0 billion in rates volume.

A number of trading volume records were achieved in March 2021, including for the following categories:

  • Total credit average daily trading volume of $12.7 billion and total credit trading volume of $292.6 billion
  • Open Trading total credit trading volume of $94.4 billion
  • U.S. high-grade total trading volume of $145.7 billion
  • U.S. high-yield average daily trading volume of $1.9 billion and total trading volume of $43.9 billion
  • Emerging markets total trading volume of $64.2 billion
  • Eurobonds total trading volume of $36.5 billion
  • Municipal bonds total trading volume of $2.1 billion

The Company also reported preliminary variable transaction fees per million (“FPM”) for the quarter ended March 31, 2021 of $180 for U.S. high-grade, $201 for other credit, $191 for total credit and $3.70 for rates. The FPM for the quarter ended March 31, 2021 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.

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 investor.marketaxess.com/volume.cfm

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. Actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties, including: 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 matching back-to-back trades; 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 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’s actual results and financial condition may differ, perhaps materially, from the anticipated results and financial condition in any such forward-looking statements. 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 www.marketaxess.com.

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 www.marketaxess.com.

Investor Relations Contact:

David Cresci
MarketAxess Holdings Inc.
+1-212-813-6027

Media Relations Contacts:

Kyle White
MarketAxess Holdings Inc.
+1-212-813-6355

William McBride
RF | Binder
+1-917-239-6726

MarketAxess Holdings Inc.
Monthly Volume Statistics

 Average Daily Volume Total Trading Volume 
 Mar-21 Mar-20 % Change
 Mar-21 Mar-20 % Change
 
   
   
 ($ in millions) 
             
U.S High-Grade            
Fixed Rate$6,076 $6,055 0.3% $139,756 $133,217 4.9% 
Floating Rate 259  359 -27.9%  5,965  7,904 -24.5% 
 Total U.S. High-Grade 6,335  6,414 -1.2%  145,721  141,121 3.3% 
Other Credit            
U.S. High-Yield 1,910  1,678 13.8%  43,928  36,908 19.0% 
Emerging Markets 2,792  2,499 11.7%  64,225  54,972 16.8% 
Eurobonds 1,585  1,588 -0.2%  36,450  34,935 4.3% 
Other Credit Products 98  70 40.0%  2,264  1,548 46.3% 
 Total Other Credit 6,385  5,835 9.4%  146,867  128,363 14.4% 
 Total Credit1 12,720  12,249 3.8%  292,588  269,484 8.6% 
Rates            
U.S. Government Bonds 2 17,072  29,070 -41.3%  392,656  639,548 -38.6% 
Agencies and Other Government Bonds 1 187  342 -45.3%  4,311  7,532 -42.8% 
 Total Rates 17,259  29,412 -41.3%  396,967  647,080 -38.7% 
             
             
Number of U.S. Trading Days 3 23  22         
Number of U.K. Trading Days 4 23  22         
             
NOTES:            
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 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. 
             


MarketAxess Holdings Inc.
Quarterly Volume Statistics

 Average Daily Volume Total Trading Volume 
 1Q21 1Q20 % Change
 1Q21 1Q20 % Change
 
   
   
 ($ in millions) 
             
U.S High-Grade            
Fixed Rate$5,735 $5,035 13.9% $349,815 $312,188 12.1% 
Floating Rate 223  287 -22.3%  13,626  17,806 -23.5% 
 Total U.S. High-Grade 5,958  5,322 12.0%  363,441  329,994 10.1% 
Other Credit            
U.S. High-Yield 1,839  1,501 22.5%  112,172  93,078 20.5% 
Emerging Markets 2,912  2,429 19.9%  177,612  150,582 18.0% 
Eurobonds 1,502  1,288 16.6%  94,643  82,425 14.8% 
Other Credit Products 108  59 83.1%  6,593  3,668 79.7% 
 Total Other Credit 6,361  5,277 20.5%  391,020  329,753 18.6% 
 Total Credit1 12,319  10,599 16.2%  754,461  659,747 14.4% 
Rates            
U.S. Government Bonds 2 18,175  23,073 -21.2%  1,108,699  1,430,497 -22.5% 
Agencies and Other Government Bonds 1 199  232 -14.2%  12,169  14,381 -15.4% 
 Total Rates 18,374  23,305 -21.2%  1,120,868  1,444,878 -22.4% 
             
             
Number of U.S. Trading Days 3 61  62         
Number of U.K. Trading Days 4 63  64         
             
NOTES:            
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 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.