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 | ||||||||||||
If you liked this article and want to stay up to date with news from
InnovationOpenLab.com subscribe to ours
Free newsletter.
Related news
Last NewsRSA at Cybertech Europe 2024Alaa Abdul Nabi, Vice President, Sales International at RSA presents the innovations the vendor brings to Cybertech as part of a passwordless vision for… Italian Security Awards 2024: G11 Media honours the best of Italian cybersecurityG11 Media's SecurityOpenLab magazine rewards excellence in cybersecurity: the best vendors based on user votes How Austria is making its AI ecosystem growAlways keeping an European perspective, Austria has developed a thriving AI ecosystem that now can attract talents and companies from other countries Sparkle and Telsy test Quantum Key Distribution in practiceSuccessfully completing a Proof of Concept implementation in Athens, the two Italian companies prove that QKD can be easily implemented also in pre-existing… Most readSea Limited Reports Fourth Quarter and Full Year 2025 ResultsSea Limited (NYSE: SE) (“Sea” or the “Company”) today announced its financial results for the fourth quarter and full year ended December 31, 2025. In… RecovryAI Announces FDA Breakthrough Device Designation for Patient-Facing…RecovryAI today announced that the U.S. Food and Drug Administration (FDA) has granted Breakthrough Device Designation to its Virtual Care Assistants… Context-Driven Litigation Platform Advocacy Emerges From Stealth, Raises…Advocacy, the AI-native, context-first litigation workspace, today emerged from stealth and announced it has raised $3.5 million in seed funding. The… Palladyne AI Reports Fourth Quarter and Full Year 2025 Results and Reiterates…Palladyne AI Corp. (NASDAQ: PDYN and PDYNW) (“Palladyne AI”), a U.S.-based defense and industrial technology company delivering embodied AI-powered collaborative… G11 Media Networks
InnovationOpenLab is a channel of BitCity, a newspaper registered at the court of Como , 
| |||||||||||||