MarketAxess Beats $1tr in Quarterly Credit Trading

• Surpassed $1 Trillion in Total Credit Quarterly Trading Volume for the First Time; Record $2 Trillion in Total Rates Volume
• 43% Increase in Total Trading ADV in 2Q25 Driven by 22% Increase in Total Credit ADV and 58% Increase in Total Rates ADV

MarketAxess Holdings Inc, the operator of a leading electronic trading platform for fixed-income securities, announced trading volume and preliminary variable transaction fees per million (“FPM”) for June 2025 and the second quarter ended June 30, 2025.¹

Select Second Quarter Trading Records

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

• • The MarketAxess platform’s strong year-over-year volume growth continued in June as volatility moderated through the quarter.
  • We delivered strong progress with our new initiatives across the client-initiated, portfolio trading and dealer-initiated channels that contributed to the record level of trading volumes across most products in the second quarter of 2025.

  Client-Initiated Channel

  • Strong growth in block trading ADV with record ADV across U.S. credit block trading increasing 37%, emerging markets increasing 27%, and eurobonds increasing 100%.
    • Block trading in emerging markets and eurobonds both benefitted from the launch of our targeted block solution in late 2024, which has generated cumulative trading volume of approximately $2.0 billion and $3.8 billion, respectively, since launch.
  • Clients continued to leverage our algos in U.S. government bond trading, helping to drive a 57% increase in ADV to $30.8 billion with estimated market share of 2.6%.

  Portfolio Trading Channel

  • Estimated market share of U.S. credit portfolio trading was 17.5%, compared to 15.1% in the prior year. ²

  Dealer-Initiated Channel

  • Dealer-initiated ADV increased 40% to $1.8 billion, including record levels of eurobonds activity.

  Second Quarter 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. The slight decline compared to 1Q25 was driven principally by protocol mix.
  • The decline in total rates FPM both quarter-over-quarter and year-over-year was driven by the impact of product mix.

  *All comparisons versus second quarter 2024 unless noted.

  General Notes Regarding the Data Presented

  Reported MarketAxess volume in all product categories includes only fully electronic trading volume. MarketAxess trading volumes and the Financial Industry Regulatory Authority (“FINRA”) Trade Reporting and Compliance Engine (“TRACE”) reported volumes are available on the Company’s website at investor.marketaxess.com/volume.

  Source: MarketAxess