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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