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...
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) |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
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 |
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