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MarketAxess Announces Monthly Volume Statistics for July 2022

·10 min read
MarketAxess Holdings, Inc.
MarketAxess Holdings, Inc.

NEW YORK, Aug. 03, 2022 (GLOBE NEWSWIRE) -- MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, and the provider of market data and post-trade services for the global fixed-income markets, today announced monthly trading volume for July 2022.


Chris Concannon, President and COO of MarketAxess commented
:

“We registered strong, broad-based estimated market share gains versus the prior year in most product categories, including record estimated share in municipals, reflecting our strong product and geographic diversification, and we delivered another monthly volume record for Portfolio Trading.

Open Trading estimated transaction cost savings2 were a total of $75 million in July, which equates to approximately $1,123 per million saved for our clients. Year-to-date estimated transaction cost savings2 are now approximately $514 million, 40% above the prior year, reflecting the powerful benefits of our unique, all-to-all liquidity pool.

We believe the investments we have made to expand our product and geographic footprint, including emerging markets local markets, U.S. Treasuries, municipals and  portfolio trading will continue to pay dividends in the coming quarters.”

Select July 2022 highlights*

  • $31.1 billion in total trading average daily volume (“ADV”), up 31%, driven by a 49% increase in U.S. Treasury ADV to $20.3 billion and an 8% increase in total credit ADV to $10.6 billion.

  • The preliminary average fee per million for total credit was $166 per million in July, in-line with $166 per million in the second quarter of 2022.1

  • U.S. high-grade ADV of $4.7 billion, up 1%; secondary trading of high-grade new issues within one week of issuance represented an estimated 10% of the high-grade TRACE market in July, up from 6% in the prior year.

  • U.S. high-yield ADV of $1.6 billion, up 19%; estimated market share of 18.6%, up from 16.4%.

  • Emerging markets ADV of $2.6 billion, up 4%; up 9% excluding the impact of foreign currency fluctuations with estimated market ADV down 10%.

  • Eurobond ADV of $1.2 billion, up 3%; up 20% excluding the impact of foreign currency fluctuations with estimated market ADV down 23%.

  • Record municipal bond estimated market share of 5.5% on record ADV of $399 million.

  • Open Trading® represented 36% of total credit trading volume; 92% of credit volume on the platform was executed by institutional clients.

  • $75 million in estimated transaction cost savings2 for clients via Open Trading and average cost savings per million of $1,123.

  • Record $10 billion in Portfolio Trading volume, surpassing the previous monthly record of $8 billion in May of 2022.

  • $20.3 billion in U.S. Treasury ADV, up 49% with 209 active participants on the platform, up from 106 in the prior year.

*All comparisons versus July 2021 unless otherwise noted.

Table 1: July 2022 trading ADV

 

 

 

CREDIT

RATES

$ in millions
(unaudited)

US/UK
Trading Days
3

Total
ADV

High-Grade

High-Yield

Emerging
Markets

Eurobonds

Other
Credit Prod.

Total Other
Credit

Total
Credit

US Govt.
Bonds

Agcy./Other
Govt. Bonds

Total
Rates

Jul-22

20/21

$31,138

$4,743

$1,587

$2,589

$1,217

$415

$5,808

$10,551

$20,299

$288

$20,587

Jul-21

21/22

$23,727

$4,674

$1,336

$2,482

$1,183

$82

$5,083

$9,757

$13,663

$307

$13,970

 % Change

 

31%

1%

19%

4%

3%

406%

14%

8%

49%

(6%)

47%

 

 

 

 

 

 

 

 

 

 

 

 

 

Table 2: July 2022 estimated market share

 

CREDIT

RATES

(unaudited)

High-Grade

High-Yield

High-Grade/High-
Yield Combined

Eurobonds

Composite
Corporate Bond
4

Municipals

US Govt.
Bonds

Jul-22

20.7%

18.6%

20.1%

16.7%

20.0%

5.5%

3.9%

Jul-21

23.2%

16.4%

21.3%

12.6%

19.8%

2.1%

2.5%

 BPS Change

(250) bps

+220 bps

(120) bps

+410 bps

+20 bps

+340 bps

+140 bps

 

 

 

 

 

 

 

 

Table 3: Rolling 3-month trading ADV (period ending July 2022 and July 2021)

 

 

 

CREDIT

RATES

$ in millions
(unaudited)

US/UK
Trading Days
3

Total
ADV

High-Grade

High-Yield

Emerging
Markets

Eurobonds

Other
Credit Prod.

Total Other
Credit

Total
Credit

US Govt.
Bonds

Agcy./Other
Govt. Bonds

Total
Rates

Jul-22

62/62

$33,122

$5,410

$1,752

$2,743

$1,418

$417

$6,330

$11,740

$20,966

$416

$21,382

Jul-21

63/63

$24,529

$4,961

$1,386

$2,493

$1,382

$95

$5,356

$10,317

$13,929

$283

$14,212

% Change

 

35%

9%

26%

10%

3%

339%

18%

14%

51%

47%

50%

 

 

 

 

 

 

 

 

 

 

 

 

 

Table 4: Rolling 3-month estimated market share (period ending July 2022 and July 2021)

 

CREDIT

RATES

(unaudited)

High-Grade

High-Yield

High-Grade/High-
Yield Combined

Eurobonds

Composite
Corporate Bond
4

Municipals

US Govt.
Bonds

Jul-22

21.8%

17.7%

20.6%

15.9%

20.2%

4.4%

3.6%

Jul-21

21.8%

14.6%

19.7%

12.2%

18.4%

2.2%

2.3%

BPS Change

- bps

+310 bps

+90 bps

+370 bps

+180 bps

+220 bps

+130 bps

 

 

 

 

 

 

 

 

1 The average fee per million for total credit for the month ended July 31, 2022 is preliminary and may be revised in subsequent updates and public filings. The Company undertakes no obligation to update any fee information in future press releases.

2 Estimated transaction cost savings consists of estimated liquidity taker cost savings (defined as the difference between the winning price and the best disclosed dealer cover price) and estimated liquidity provider cost savings (defined as the difference between the winning price and then current Composite+ bid or offer level, offer if the provider is buying, bid if provider is selling) at the time of the inquiry.

3 Please refer to the Company’s website at investor.marketaxess.com/volume for more information on trading days.

4 Composite corporate bond estimated market share is defined as combined estimated market share across U.S. high-grade (derived from FINRA TRACE reported data), U.S. high-yield (derived from FINRA TRACE reported data), emerging markets (derived from FINRA TRACE-reportable emerging markets volume) and Eurobonds (derived from MarketAxess TRAX data which is estimated to represent approximately 75% of the total European market) product areas.

Reported MarketAxess volume in all product categories includes only fully electronic trading volume. MarketAxess trading volumes, TRACE reported volumes and MarketAxess Post-Trade processed volumes are available on the Company’s website at investor.marketaxess.com/volume.  

Cautionary Note Regarding Forward-Looking Statements

This press release may contain forward-looking statements, including statements about the outlook and prospects for Company and industry growth, as well as statements about the Company’s future financial and operating performance. These and other statements that relate to future results and events are based on MarketAxess’ current expectations. The Company’s actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties, including: global economic, political and market factors; risks relating to the COVID-19 pandemic, including the possible effects of the economic conditions worldwide resulting from the COVID-19 pandemic; adverse effects as a result of climate change or other ESG risks that could affect our reputation; the level of trading volume transacted on the MarketAxess platform; the rapidly evolving nature of the electronic financial services industry; the level and intensity of competition in the fixed-income electronic trading industry and the pricing pressures that may result; reputational or credibility risks related to our data products and index business; the variability of our growth rate; our ability to introduce new fee plans and our clients’ response; our ability to attract clients or adapt our technology and marketing strategy to new markets; risks related to our growing international operations; our dependence on our broker-dealer clients; the loss of any of our significant institutional investor clients; our exposure to risks resulting from non-performance by counterparties to transactions executed between our clients in which we act as an intermediary in matched principal trades; risks related to self-clearing; the effect of rapid market or technological changes on us and the users of our technology; our dependence on third-party suppliers for key products and services; our ability to successfully maintain the integrity of our trading platform and our response to system failures, capacity constraints and business interruptions; the occurrence of design defects, errors, failures or delays with our platforms; our vulnerability to cyber security risks; our actual or perceived failure to comply with privacy and data protection laws; our ability to protect our intellectual property rights or technology and defend against intellectual property infringement or other claims; our ability to enter into strategic alliances and to acquire other businesses and successfully integrate them with our business; our dependence on our management team and our ability to attract and retain talent; limitations on our flexibility because we operate in a highly regulated industry; the increasing government regulation of us and our clients; risks related to the U.K.’s exit from the European Union; our exposure to costs and penalties related to our extensive regulation; our risks of litigation and securities laws liability; our future capital needs and our ability to obtain capital when needed; limitations on our operating flexibility contained in our credit agreement; and other factors. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. More information about these and other factors affecting MarketAxess’ business and prospects is contained in MarketAxess’ periodic filings with the Securities and Exchange Commission and can be accessed at www.marketaxess.com.

About MarketAxess

MarketAxess (Nasdaq: MKTX) operates a leading electronic trading platform that delivers greater trading efficiency, a diversified pool of liquidity and significant cost savings to institutional investors and broker-dealers across the global fixed-income markets. Over 1,900 firms leverage MarketAxess’ patented technology to efficiently trade fixed-income securities. MarketAxess’ award-winning Open Trading® marketplace is widely regarded as the preferred all-to-all trading solution in the global credit markets. Founded in 2000, MarketAxess connects a robust network of market participants through the full trading lifecycle, including automated trading solutions, intelligent data products and a range of post-trade services. Learn more at www.marketaxess.com and on Twitter @MarketAxess.

Contacts

 

INVESTOR RELATIONS

MEDIA RELATIONS

Stephen Davidson
MarketAxess Holdings Inc.
+1 212 813 6313
sdavidson2@marketaxess.com

Marisha Mistry
MarketAxess Holdings Inc.
+1 917 267 1232
mmistry@marketaxess.com

 


William McBride

RF | Binder
+1 917 239 6726


MarketAxess Holdings Inc.

Monthly Volume Statistics

 

Average Daily Volume

 

Total Trading Volume

 

 

Jul-22

 

Jul-21

 

% Change

 

Jul-22

 

Jul-21

 

% Change

 

 


($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S High-Grade

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Rate

$

4,641

 

$

4,536

 

2.3

%

 

$

92,829

 

$

95,262

 

-2.6

%

 

Floating Rate

 

102

 

 

138

 

-26.1

%

 

 

2,046

 

 

2,892

 

-29.3

%

 

Total U.S. High-Grade

 

4,743

-

 

4,674

 

1.5

%

 

 

94,875

 

 

98,154

 

-3.3

%

 

Other Credit

 

 

 

 

 

 

 

 

 

 

 

 

U.S. High-Yield

 

1,587

 

 

1,336

 

18.8

%

 

 

31,746

 

 

28,057

 

13.1

%

 

Emerging Markets

 

2,589

 

 

2,482

 

4.3

%

 

 

51,779

 

 

52,126

 

-0.7

%

 

Eurobonds

 

1,217

 

 

1,183

 

2.9

%

 

 

25,558

 

 

26,025

 

-1.8

%

 

Other Credit Products3

 

415

 

 

82

 

406.1

%

 

 

8,296

 

 

1,728

 

380.1

%

 

Total Other Credit

 

5,808

 

 

5,083

 

14.3

%

 

 

117,379

 

 

107,936

 

8.7

%

 

Total Credit1

 

10,551

 

 

9,757

 

8.1

%

 

 

212,254

 

 

206,090

 

3.0

%

 

Rates

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government Bonds 2

 

20,299

 

 

13,663

 

48.6

%

 

 

405,990

 

 

286,917

 

41.5

%

 

Agencies and Other Government Bonds 1

 

288

 

 

307

 

-6.2

%

 

 

5,924

 

 

6,641

 

-10.8

%

 

Total Rates

 

20,587

 

 

13,970

 

47.4

%

 

 

411,914

 

 

293,558

 

40.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of U.S. Trading Days 4

 

20

 

 

21

 

 

 

 

 

 

 

 

 

Number of U.K. Trading Days 5

 

21

 

 

22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOTES:

 

 

 

 

 

 

 

 

 

 

 

 

1 Consistent with FINRA TRACE reporting standards, both sides of trades are included in the Company's reported volumes when the Company executes trades on a matched principal basis between two counterparties.

 

2 Consistent with industry standards, U.S. Government Bond trades are single-counted.

 

3 Beginning January 2022, following the integration of the MuniBrokers platform, we are now including MuniBrokers variable commission related trading volume in Other Credit Products.

 

4 The number of U.S. trading days is based on the SIFMA holiday recommendation calendar.

 

 

 

5 The number of U.K. trading days is based primarily on the U.K. Bank holiday schedule.