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...
Autore: Business Wire
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 November 2025.1
Select November 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. We also unveiled our new Closing Auctions protocol during the month, the first standardized market-wide auction protocol in fixed-income.
Client-Initiated Channel
Portfolio Trading Channel
Dealer-Initiated Channel
November 2025 Variable Transaction Fees Per Million1 (See table 1D)
*All comparisons versus November 2024 unless noted.
Table 1: MarketAxess ADV
|
| Month |
| % Change | ||||||||||||||||
|
| Nov-25 |
|
| Oct-25 |
|
| Nov-24 |
| MoM | YoY | |||||||||
MKTX ADV ($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
U.S. High-Grade |
| $ | 7,594 |
|
| $ | 7,042 |
|
| $ | 6,533 |
|
| 8 |
| % |
| 16 |
| % |
U.S. High-Grade (incl. SD PT)2 |
|
| 7,763 |
|
|
| 7,200 |
|
|
| 6,578 |
|
| 8 |
|
|
| 18 |
|
|
U.S. High-Yield |
|
| 1,622 |
|
|
| 1,629 |
|
|
| 1,312 |
|
| (0 | ) |
|
| 24 |
|
|
U.S. High-Yield (incl. SD PT)2 |
|
| 1,791 |
|
|
| 1,873 |
|
|
| 1,346 |
|
| (4 | ) |
|
| 33 |
|
|
Emerging Markets |
|
| 4,265 |
|
|
| 4,230 |
|
|
| 3,811 |
|
| 1 |
|
|
| 12 |
|
|
Eurobonds |
|
| 2,741 |
|
|
| 2,486 |
|
|
| 2,001 |
|
| 10 |
|
|
| 37 |
|
|
Other Credit Products3 |
|
| 586 |
|
|
| 612 |
|
|
| 634 |
|
| (4 | ) |
|
| (8 | ) |
|
Municipal Bonds |
|
| 585 |
|
|
| 612 |
|
|
| 631 |
|
| (4 | ) |
|
| (7 | ) |
|
Total MKTX Credit ADV (excl. SD PT)2 |
| $ | 16,808 |
|
| $ | 15,999 |
|
| $ | 14,291 |
|
| 5 |
|
|
| 18 |
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
U.S. Government Bonds |
| $ | 22,966 |
|
| $ | 23,295 |
|
| $ | 29,325 |
|
| (1 | ) | % |
| (22 | ) | % |
Agencies and Other Government Bonds |
|
| 715 |
|
|
| 724 |
|
|
| 1,329 |
|
| (1 | ) |
|
| (46 | ) |
|
Total MKTX Rates ADV |
| $ | 23,681 |
|
| $ | 24,019 |
|
| $ | 30,654 |
|
| (1 | ) |
|
| (23 | ) |
|
Total MKTX Trading ADV |
| $ | 40,489 |
|
| $ | 40,018 |
|
| $ | 44,945 |
|
| 1 |
|
|
| (10 | ) |
|
U.S. Trading Days4 |
| 18 |
|
| 22 |
|
| 19 |
|
|
|
|
|
|
| |||||
U.K. Trading Days4 |
| 20 |
|
| 23 |
|
| 21 |
|
|
|
|
|
|
| |||||
Table 1A: Market ADV
|
| Month |
| % Change | ||||||||||||||||
|
| Nov-25 |
|
| Oct-25 |
|
| Nov-24 |
| MoM | YoY | |||||||||
MARKET ADV ($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
U.S. High-Grade TRACE |
| $ | 41,114 |
|
| $ | 38,818 |
|
| $ | 36,296 |
|
| 6 |
| % |
| 13 |
| % |
U.S. High-Yield TRACE |
|
| 12,279 |
|
|
| 12,428 |
|
|
| 10,692 |
|
| (1 | ) |
|
| 15 |
|
|
Total U.S. Credit TRACE |
|
| 53,393 |
|
|
| 51,246 |
|
|
| 46,988 |
|
| 4 |
|
|
| 14 |
|
|
Municipal Bonds MSRB |
|
| 9,457 |
|
|
| 10,003 |
|
|
| 9,456 |
|
| (5 | ) |
|
| 0 |
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
U.S. Government Bonds TRACE |
| $ | 1,091,150 |
|
| $ | 998,318 |
|
| $ | 1,010,226 | Visualizza la versione completa sul sito
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