▾ G11 Media Network: | ChannelCity | ImpresaCity | SecurityOpenLab | Italian Channel Awards | Italian Project Awards | Italian Security Awards | ...
InnovationOpenLab

MarketAxess Announces Trading Volume Statistics for December and Fourth Quarter 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...

Immagine

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 December 2025 and the fourth quarter ended December 31, 2025.1

Select Fourth Quarter 2025 Highlights* (See tables 1-1C and table 2)

Our new initiatives continued to show strong year-over-year progress across the client-initiated, portfolio trading and dealer-initiated channels.

Client-Initiated Channel

  • 29% growth in block trading average daily volume (“ADV”), with strong growth across U.S. credit (+21%), record emerging markets (+41%) and eurobonds (+43%).

Portfolio Trading Channel

  • 41% increase in total portfolio trading ADV to a record $1.5 billion, with record U.S. high-yield portfolio trading ADV of $368 million and record emerging markets portfolio trading ADV of $118 million.
  • Our estimated market share of U.S. credit portfolio trading was a record 20.6%, compared to 16.2% in the prior year, and 19.1% in 3Q25. Record U.S. credit portfolio trading estimated market share in the quarter was driven in part by record U.S. high-yield estimated market share in December 2025 of 27.7%.

Dealer-Initiated Channel

  • 32% increase in dealer-initiated ADV to $1.8 billion, consisting of a 20% increase in Dealer RFQ ADV and an 185% increase in Mid-X ADV. Our Mid-X protocol in U.S. credit surpassed $3.0 billion in trading volume in December 2025.

Fourth Quarter 2025 Variable Transaction Fees Per Million1 (See table 1D)

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

*All comparisons versus fourth quarter 2024 unless noted.

Table 1: MarketAxess ADV

 

Month

% Change

Quarter

% Change

 

 

Dec-25

 

Nov-25

 

Dec-24

 

MoM

YoY

 

4Q25

 

3Q25

 

4Q24

 

QoQ

YoY

MKTX ADV ($ millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. High-Grade (incl. SD PT)2

 

$

6,275

 

$

7,763

 

$

5,949

 

 

(19

)

%

5

 

%

 

$

7,035

 

$

6,783

 

$

6,578

 

 

4

 

%

7

 

%

U.S. High-Grade (excl. SD PT)2

 

 

6,043

 

 

7,594

 

 

5,921

 

 

(20

)

 

2

 

 

 

 

6,848

 

 

6,558

 

 

6,454

 

 

4

 

 

6

 

 

U.S. High-Yield (incl. SD PT)2

 

 

1,591

 

 

1,791

 

 

1,222

 

 

(11

)

 

30

 

 

 

 

1,749

 

 

1,557

 

 

1,378

 

 

12

 

 

27

 

 

U.S. High-Yield (excl. SD PT)2

 

 

1,391

 

 

1,622

 

 

1,219

 

 

(14

)

 

14

 

 

 

 

1,543

 

 

1,347

 

 

1,345

 

 

15

 

 

15

 

 

Emerging Markets

 

 

3,515

 

 

4,265

 

 

2,869

 

 

(18

)

 

23

 

 

 

 

3,986

 

 

3,803

 

 

3,459

 

 

5

 

 

15

 

 

Eurobonds

 

 

2,003

 

 

2,741

 

 

1,619

 

 

(27

)

 

24

 

 

 

 

2,407

 

 

2,196

 

 

2,001

 

 

10

 

 

20

 

 

Other Credit Products3

 

 

594

 

 

586

 

 

657

 

 

1

 

 

(10

)

 

 

 

597

 

 

631

 

 

624

 

 

(5

)

 

(4

)

 

Municipal Bonds

 

 

593

 

 

585

 

 

656

 

 

1

 

 

(10

)

 

 

 

597

 

 

630

 

 

620

 

 

(5

)

 

(4

)

 

Total MKTX Credit ADV (excl. SD PT)2

 

$

13,546

 

$

16,808

 

$

12,285

 

 

(19

)

 

10

 

 

 

$

15,381

 

$

14,535

 

$

13,883

 

 

6

 

 

11

 

 

Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government Bonds

 

$

19,406

 

$

22,966

 

$

18,735

 

 

(16

)

%

4

 

%

 

$

21,819

 

$

23,130

 

$

25,952

 

 

(6

)

%

(16

)

%

Agencies and Other Government Bonds

 

 

620

 

 

715

 

 

1,017

 

 

(13

)

 

(39

)

 

 

 

686

 

 

1,166

 

 

1,195

 

 

(41

)

 

(43

)

 

Total MKTX Rates ADV

 

$

20,026

 

$

23,681

 

$

19,752

 

 

(15

)

 

1

 

 

 

$

22,505

 

$

24,296

 

$

27,147

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 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

KNIME 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 Officer

Conduent Incorporated (Nasdaq: CNDT), a global technology-driven business solutions and services company, today announced that the Board of Directors…

Qnity Announces CFO Transition

Qnity Electronics, Inc. (“Qnity”) (NYSE: Q), a premier technology solutions leader across the semiconductor value chain, today announced that Matt Harbaugh…