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

• 46% growth in block trading average daily volume (“ADV”), with strong growth across U.S. credit (+34%), emerging markets (+61%) and eurobonds (+83%).
  - Cumulative trading volume from our targeted block trading solution is now approximately $12 billion.

Portfolio Trading Channel

• 47% increase in total portfolio trading ADV to $1.4 billion, including a 55% increase in U.S. credit portfolio trading ADV.
• Our estimated market share of U.S. credit portfolio trading was 17.6%, compared to 13.5% in the prior year.

Dealer-Initiated Channel

• 32% increase in dealer-initiated ADV to $1.9 billion, consisting of a 21% increase in DRFQ ADV and a 153% increase in Mid-X ADV.

November 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, partially offset by the higher duration of bonds traded in U.S. high-grade. The slight decline in total credit FPM compared to October 2025 was driven principally by protocol mix, partially offset by the higher duration of bonds traded in U.S. high-grade.
• The increase in total rates FPM year-over-year and month-over-month was driven by the impact of product mix.

*All comparisons versus November 2024 unless noted.

Table 1: MarketAxess ADV

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	If you liked this article and want to stay up to date with news from InnovationOpenLab.com subscribe to ours Free newsletter. Related news Intertek Launches Comprehensive Digital Product Passport Services Experian and OpenAI Launch the UK’s First Credit Score App Inside ChatGPT HyperLight and UMC Collaborate with Jabil to Bring TFLN Photonics to Data-Center Scale Deployment Infleqtion Appoints Chris O’Brien as Managing Director, Infleqtion Australia UiPath Expands Strategic Alliance with Deloitte to Launch Agentic ERP IAG New Zealand Future-Proofs Claims Operations with Guidewire Cloud Platform BST Global Expands the Company’s Executive Management Team Upwind Partners with Microsoft to Deliver Runtime Security for Azure Workloads Last News RSA at Cybertech Europe 2024 Alaa 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 cybersecurity G11 Media's SecurityOpenLab magazine rewards excellence in cybersecurity: the best vendors based on user votes How Austria is making its AI ecosystem grow Always 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 practice Successfully completing a Proof of Concept implementation in Athens, the two Italian companies prove that QKD can be easily implemented also in pre-existing… Most read 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… Bullish releases February 2026 monthly metrics Bullish (NYSE: BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services, released… CORRECTING and REPLACING Aria Systems Delivers Record Q4 2025 Results,… Please replace the release dated March 3, 2026 with the following corrected version due to multiple revisions. The updated release reads: ARIA SYSTEMS… Conduent Appoints Greta Van to Board of Directors Conduent Incorporated (Nasdaq: CNDT), a global technology-driven business solutions and services company, today announced the appointment of Greta Van… Newsletter signup Join our mailing list to get weekly updates delivered to your inbox. Sign me up! G11 Media Networks BitCity ChannelCity ImpresaCity SecurityOpenLab GreenCity ImpresaGreen ItalianChannelAwards AgendaIct Home Newsletter Staff Copyright Contact us InnovationOpenLab is a channel of BitCity, a newspaper registered at the court of Como , n. 21/2007 del 11/10/2007- Registration ROC n. 15698 G11 MEDIA S.R.L. Registered office Via NUOVA VALASSINA, 4 22046 MERONE (CO) - P.IVA/C.F.03062910132 Como business register n. 03062910132 - REA n. 293834 CAPITALE SOCIALE Euro 30.000 i.v. Cookie Privacy