MarketAxess Announces Trading Volume Statistics for October 2025

MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced trading volume and preliminary variable transaction fees pe...

NEW YORK: MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced trading volume and preliminary variable transaction fees per million (“FPM”) for October 2025.1

Select October 2025 Highlights* (See tables 1-1C and table 2)

Our new initiatives continued to show solid year-over-year progress across the client-initiated, portfolio trading and dealer-initiated channels.

Client-Initiated Channel

21% growth in block trading average daily volume (“ADV”), with strong growth across U.S. credit (+20%), emerging markets (+22%) and eurobonds (+16%).
- Cumulative trading volume from our targeted block trading solution is now approximately $12 billion.

Portfolio Trading Channel

25% increase in total portfolio trading ADV to $1.5 billion, including a 35% increase in U.S. credit portfolio trading ADV.
Our estimated market share of U.S. credit portfolio trading was 20.9%, compared to 17.9% in the prior year.

Dealer-Initiated Channel

22% increase in dealer-initiated ADV to $1.8 billion, with strong growth in Mid-X Eurobonds and the addition of Mid-X for U.S. credit.

October 2025 Variable Transaction Fees Per Million1 (See table 1D)

The decline in total credit FPM compared to the prior year was driven principally by protocol mix. Total credit FPM compared to September 2025 was flat.
The decline in total rates FPM year-over-year and the slight decline month-over-month was driven by the impact of product mix.

*All comparisons versus October 2024 unless noted.

Table 1: MarketAxess ADV

	Month						% Change
	Oct-25		Sep-25		Oct-24		MoM		YoY
MKTX ADV ($ millions)
Credit
U.S. High-Grade	$	7,042	$	7,358	$	6,894	(4	)%	2	%
U.S. High-Grade (incl. SD PT)2		7,200		7,649		7,178	(6	)	-
U.S. High-Yield		1,629		1,461		1,493	11		9
U.S. High-Yield (incl. SD PT)2		1,873		1,724		1,555	9		20
Emerging Markets		4,230		4,190		3,718	1		14
Eurobonds		2,486		2,411		2,333	3		7
Other Credit Products3		612		737		584	(17	)	5
Municipal Bonds		612		737		578	(17	)	6
Total MKTX Credit ADV (excl. SD PT)2	$	15,999	$	16,157	$	15,022	(1	)	7
Rates
U.S. Government Bonds	$	23,295	$	25,643	$	29,927	(9	)%	(22	)%
Agencies and Other Government Bonds		724		900		1,228	(20	)	(41	)
Total MKTX Rates ADV	$	24,019	$	26,543	$	31,155	(10	)	(23	)
Total MKTX Trading ADV	$	40,018	$	42,700	$	46,177	(6	)	(13	)

U.S. Trading Days4		22		21		22
U.K. Trading Days4		23		22		23

Table 1A: Market ADV

	Month						% Change
	Oct-25		Sep-25		Oct-24		MoM		YoY
MARKET ADV ($ millions)
Credit
U.S. High-Grade TRACE	$	38,818	$	43,292	$	38,285	(10	)%	1	%
U.S. High-Yield TRACE		12,428		12,662		11,202	(2	)	11
Total U.S. Credit TRACE		51,246		55,954		49,487	(8	)	4
Municipal Bonds MSRB		10,003		11,245		7,316	(11	)	37

Rates
U.S. Government Bonds TRACE	$	998,318	$	1,078,295	$	942,918	(7	)%	6	%
Agency TRACE		3,724		5,498		4,235	(32	)	(12	)

U.S. Trading Days4		22		21		22
U.K. Trading Days4		23		22		23

Table 1B: Estimated Market Share

	Month			Bps Change
	Oct-25	Sep-25	Oct-24	MoM		YoY
MKTX ESTIMATED MARKET SHARE (%)
U.S. High-Grade
% of U.S. High-Grade TRACE (incl. SD PT)2	18.5%	17.7%	18.7%	+80	bps	(20)	bps
% of U.S. High-Grade TRACE (excl. SD PT)2	18.1%	17.0%	18.0%	+110		+10
U.S. High-Yield
% of U.S. High-Yield TRACE (incl. SD PT)2	15.1%	13.6%	13.9%	+150	bps	+120	bps
% of U.S. High-Yield TRACE (excl. SD PT)2	13.1%	11.5%	13.3%	+160		(20)
Other Credit Products
% of Municipal Bonds MSRB	6.1%	6.6%	7.9%	(50)	bps	(180)	bps
Rates
% of U.S. Government Bonds TRACE	2.3%	2.4%	3.2%	(10)	bps	(90)	bps

Table 1C: Strategic Priorities ADV2

Month

% Change

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