MarketAxess Announces Trading Volume Statistics for November 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 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 $1.9 billion, consisting of a 21% increase in DRFQ ADV and a 153% increase in Mid-X ADV.
November 2025 Variable Transaction Fees Per Million1 (See table 1D)
- The decline in total credit FPM compared to the prior year was driven principally by protocol mix, partially offset by the higher duration of bonds traded in U.S. high-grade. The slight decline in total credit FPM compared to October 2025 was driven principally by protocol mix, partially offset by the higher duration of bonds traded in U.S. high-grade.
- The increase in total rates FPM year-over-year and month-over-month was driven by the impact of product mix.
*All comparisons versus November 2024 unless noted.
Table 1: MarketAxess ADV
|
| Month |
| % Change | ||||||||||||||||
|
| Nov-25 |
|
| Oct-25 |
|
| Nov-24 |
| MoM | YoY | |||||||||
MKTX ADV ($ 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 | 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 readKNIME Enters Into Next Phase of Growth With the Appointment of Trevor…Today KNIME announced that Michael Berthold, Founder and CEO, is stepping down from the role. Trevor Kaufman, a seasoned CEO with a proven track record… Logistics Reply Announces the Launch of Its Warehouse AI Agent Builder,…Logistics Reply, the Reply group company specialising in innovative solutions for supply chain execution and warehouse management, announced today the… Conduent Appoints Harsha V. Agadi as Chief Executive OfficerConduent Incorporated (Nasdaq: CNDT), a global technology-driven business solutions and services company, today announced that the Board of Directors… Qnity Announces CFO TransitionQnity Electronics, Inc. (“Qnity”) (NYSE: Q), a premier technology solutions leader across the semiconductor value chain, today announced that Matt Harbaugh… G11 Media Networks
InnovationOpenLab is a channel of BitCity, a newspaper registered at the court of Como , 
| ||||||||