MarketAxess Announces Monthly Volume Statistics for June 2020
July 06 2020 - 7:00AM
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
June 2020 of $578.5 billion consisting of $266.5 billion in credit
volume and $312.0 billion in rates volume.
Records for trading volume and fully electronic
estimated market share were achieved in June 2020 for the following
categories:
- U.S. high-grade total monthly
trading volume of $143.6 billion
- U.S. high-yield average daily
trading volume of $1.8 billion and total monthly trading volume of
$39.8 billion
- U.S high-yield trading volume of
$4.1 billion on June 30, 2020
- Fully electronic estimated U.S.
high-grade market share of FINRA TRACE trading volume of 22.8%,
compared to an estimated 19.2% in June 2019
- Fully electronic estimated U.S.
high-yield market share of FINRA TRACE trading volume of 16.1%,
compared to an estimated 11.4% in June 2019
The Company also reported preliminary variable
transaction fees per million (“FPM”) for the quarter ended June 30,
2020 of $181 for U.S. high-grade, $205 for other credit, $192 for
total credit and $4.00 for rates. The FPM for the quarter ended
June 30, 2020 are 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.
Reported MarketAxess volume in all product
categories includes only fully electronic trading volume.
MarketAxess trading volumes, TRACE reported volumes and Trax®
processed volumes are available on the Company’s website at
investor.marketaxess.com/volume.cfm
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: risks relating to the COVID-19 pandemic,
including the possible effects of the economic conditions worldwide
resulting from the COVID-19 pandemic; global economic, political
and market factors; the volatility of financial services markets
generally; the level of trading volume transacted on the
MarketAxess platform; the absolute level and direction of interest
rates and the corresponding volatility in the corporate
fixed-income market; the level and intensity of competition in the
fixed-income electronic trading industry and the pricing pressures
that may result; the variability of our growth rate; the rapidly
evolving nature of the electronic financial services industry; our
ability to introduce new fee plans and our clients’ response; 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; our dependence on our
broker-dealer clients; the loss of any of our significant
institutional investor clients; our ability to develop new products
and offerings and the market’s acceptance of those products; the
effect of rapid market or technological changes on us and the users
of our technology; our ability to successfully maintain the
integrity of our trading platform and our response to system
failures, capacity constraints and business interruptions; our
vulnerability to cyber security risks; 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 ability to
comply with new and existing laws, rules and regulations both
domestically and internationally; our ability to maintain effective
compliance and risk management methods; the strain of growth
initiatives on management and other resources; 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 operates a leading, institutional
electronic trading platform delivering expanded liquidity
opportunities, improved execution quality and significant cost
savings across global fixed-income markets. A global network of
over 1,700 firms, including the world’s leading asset managers and
institutional broker-dealers, leverages MarketAxess’ patented
trading technology to efficiently trade bonds. MarketAxess’
award-winning Open Trading™ marketplace is regarded as the
preferred all-to-all trading solution in the global credit markets,
creating a unique liquidity pool for a broad range of credit market
participants. Drawing on its deep data and analytical resources,
MarketAxess provides automated trading solutions, market data
products and a range of pre- and post-trade services.
MarketAxess is headquartered in New York and has
offices in London, Amsterdam, Boston, Chicago, Los Angeles, Miami,
Salt Lake City, San Francisco, São Paulo, Hong Kong and Singapore.
For more information, please visit www.marketaxess.com.
Investor Relations Contact:
David CresciMarketAxess Holdings Inc.+1-212-813-6027
Media Relations Contacts:
Kyle WhiteMarketAxess Holdings Inc.+1-212-813-6355
William McBrideRF | Binder +1-917-239-6726
MarketAxess Holdings
Inc.Monthly Volume Statistics
|
Average Daily Volume |
|
Total Trading Volume |
|
Jun-20 |
|
Jun-19 |
|
% Change |
|
Jun-20 |
|
Jun-19 |
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions) |
U.S
High-Grade |
|
|
|
|
|
|
|
|
|
|
|
Fixed Rate |
$ |
6,296 |
|
$ |
4,275 |
|
47.3 |
% |
|
$ |
138,517 |
|
$ |
85,490 |
|
62.0 |
% |
Floating Rate |
|
233 |
|
|
293 |
|
-20.5 |
% |
|
|
5,132 |
|
|
5,850 |
|
-12.3 |
% |
Total U.S. High-Grade |
|
6,529 |
|
|
4,568 |
|
42.9 |
% |
|
|
143,649 |
|
|
91,340 |
|
57.3 |
% |
Other
Credit |
|
|
|
|
|
|
|
|
|
|
|
U.S. High-Yield |
|
1,811 |
|
|
1,058 |
|
71.2 |
% |
|
|
39,839 |
|
|
21,159 |
|
88.3 |
% |
Emerging Markets |
|
2,392 |
|
|
2,103 |
|
13.7 |
% |
|
|
52,622 |
|
|
42,053 |
|
25.1 |
% |
Eurobonds |
|
1,329 |
|
|
1,130 |
|
17.6 |
% |
|
|
29,232 |
|
|
22,606 |
|
29.3 |
% |
Other Credit Products |
|
52 |
|
|
33 |
|
57.6 |
% |
|
|
1,136 |
|
|
659 |
|
72.4 |
% |
Total Other Credit |
|
5,584 |
|
|
4,324 |
|
29.1 |
% |
|
|
122,829 |
|
|
86,477 |
|
42.0 |
% |
Total Credit1 |
|
12,113 |
|
|
8,892 |
|
36.2 |
% |
|
|
266,478 |
|
|
177,817 |
|
49.9 |
% |
Rates |
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Bonds 2 |
|
13,969 |
|
|
- |
|
n/a |
|
|
307,311 |
|
|
- |
|
n/a |
Agencies and Other Government Bonds 1 |
|
214 |
|
|
252 |
|
-15.1 |
% |
|
|
4,705 |
|
|
5,047 |
|
-6.8 |
% |
Total Rates |
|
14,183 |
|
|
252 |
|
NM |
|
|
312,016 |
|
|
5,047 |
|
NM |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
U.S. Trading Days 3 |
|
22 |
|
|
20 |
|
|
|
|
|
|
|
|
Number of
U.K. Trading Days 4 |
|
22 |
|
|
20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 U.S. Government
Bonds represent U.S. treasury volume traded through the MarketAxess
Rates platform, formerly known as LiquidityEdge, which was acquired
by the Company on November 1, 2019. Consistent with industry
standards, U.S. Government Bond trades are single-counted. |
3 The number of
U.S. trading days is based on the SIFMA holiday recommendation
calendar. |
4 The number of
U.K. trading days is based on the U.K. Bank holiday schedule. |
MarketAxess Holdings
Inc.Quarterly Volume Statistics
|
Average Daily Volume |
|
Total Trading Volume |
|
2Q20 |
|
2Q19 |
|
% Change |
|
2Q20 |
|
2Q19 |
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in
millions) |
U.S
High-Grade |
|
|
|
|
|
|
|
|
|
|
|
Fixed Rate |
$ |
6,318 |
|
$ |
3,953 |
|
59.8 |
% |
|
$ |
398,006 |
|
$ |
249,025 |
|
59.8 |
% |
Floating Rate |
|
263 |
|
|
259 |
|
1.4 |
% |
|
|
16,574 |
|
|
16,335 |
|
1.5 |
% |
Total U.S. High-Grade |
|
6,581 |
|
|
4,212 |
|
56.2 |
% |
|
|
414,580 |
|
|
265,360 |
|
56.2 |
% |
Other
Credit |
|
|
|
|
|
|
|
|
|
|
|
U.S. High-Yield |
|
1,670 |
|
|
904 |
|
84.8 |
% |
|
|
105,241 |
|
|
56,926 |
|
84.9 |
% |
Emerging Markets |
|
2,252 |
|
|
1,969 |
|
14.4 |
% |
|
|
141,899 |
|
|
124,024 |
|
14.4 |
% |
Eurobonds |
|
1,256 |
|
|
1,071 |
|
17.3 |
% |
|
|
76,589 |
|
|
65,312 |
|
17.3 |
% |
Other Credit Products |
|
56 |
|
|
36 |
|
55.6 |
% |
|
|
3,537 |
|
|
2,241 |
|
57.8 |
% |
Total Other Credit |
|
5,234 |
|
|
3,979 |
|
31.5 |
% |
|
|
327,266 |
|
|
248,503 |
|
31.7 |
% |
Total Credit1 |
|
11,815 |
|
|
8,191 |
|
44.2 |
% |
|
|
741,846 |
|
|
513,863 |
|
44.4 |
% |
Rates |
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Bonds 2 |
|
14,972 |
|
|
- |
|
n/a |
|
|
943,223 |
|
|
- |
|
n/a |
Agencies and Other Government Bonds 1 |
|
197 |
|
|
209 |
|
-5.7 |
% |
|
|
12,371 |
|
|
13,174 |
|
-6.1 |
% |
Total Rates |
|
15,169 |
|
|
209 |
|
NM |
|
|
955,594 |
|
|
13,174 |
|
NM |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
U.S. Trading Days 3 |
|
63 |
|
|
63 |
|
|
|
|
|
|
|
|
Number of
U.K. Trading Days 4 |
|
61 |
|
|
61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 U.S. Government
Bonds represent U.S. treasury volume traded through the MarketAxess
Rates platform, formerly known as LiquidityEdge, which was acquired
by the Company on November 1, 2019. Consistent with industry
standards, U.S. Government Bond trades are single-counted. |
3 The number of
U.S. trading days is based on the SIFMA holiday recommendation
calendar. |
4 The number of
U.K. trading days is based on the U.K. Bank holiday schedule. |
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