Record Total Credit ADV and Strong Growth in Total Rates ADV in Both Periods

Record Total Portfolio Trading ADV of $2.3 Billion in March, Up 48%

Record U.S. High-Grade, Emerging Markets, Eurobonds and Municipal Bonds ADV in 1Q26

Record Block Trading ADV Across U.S. High-Grade, Emerging Markets and Eurobonds in 1Q26

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 March 2026 and the first quarter ended March 31, 2026.

Select March 2026 Highlights

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

Client-Initiated Channel

• 23% growth in block trading ADV to $7.0 billion, with record U.S. credit block ADV of $4.1 billion(+19%), including record U.S. high-grade block ADV of $3.1 billion (+23%), as well as emerging markets block ADV of $2.3 billion(+34%) and eurobonds block ADV of $546 million(+7%).

Portfolio Trading Channel

• 48% increase in total portfolio trading ADV to a record$2.3 billion, including record U.S. high-grade ADV of $1.4 billion(+24%), record U.S. high-yield ADV of $487 million (+119%), emerging markets ADV of $114 million (+45%), and eurobonds ADV of $279 million (+135%).
• Our estimated market share of U.S. credit portfolio trading was 21.9%, compared to 20.1% in the prior year.

Dealer-Initiated Channel

• Dealer-initiated ADV of $2.1 billion declined 3% compared to the prior year. Total Mid-X trading volume was $5.4 billion, representing an increase of 112%.

March 2026 Variable Transaction Fees Per Million¹ 

• The year-over-year decline in total credit FPM was driven by product and protocol mix, partially offset by the higher duration of bonds traded in U.S. high-grade. The month-over-month decline was driven by product mix.
• The year-over-year decrease in total rates FPM was driven by the impact of protocol mix. The month-over-month decrease in total rates FPM was driven by client mix.

*All comparisons versus March 2025 unless noted.

Select First Quarter 2026 Highlights*

Client-Initiated Channel

• 35% growth in block trading ADV to $6.6 billion, with record U.S. credit block ADV of $3.8 billion (+27%), including record U.S. high-grade ADV of $2.8 billion (+31%), as well as record emerging markets ADV of $2.3 billion (+47%) and record eurobonds ADV of $591million (+45%).

Portfolio Trading Channel

• 51% increase in total portfolio trading ADV to a record$1.9 billion including record U.S. high-grade ADV of $1.2 billion (+36%), record U.S. high-yield ADV of $390 million (+78%), record emerging markets ADV of $131 million(+69%), and eurobonds ADV of $258 million (+90%).
• Our estimated market share of U.S. credit portfolio trading was 19.8%, compared to 18.8% in the prior year.

Dealer-Initiated Channel

• Record dealer-initiated ADV of $1.9 billion increased 3% compared to the prior year. Total Mid-X trading volume was a record $17.5 billion, representing an increase of 163%.

First Quarter 2026 Variable Transaction Fees Per Million¹ 

• The year-over-year decline in total credit FPM was driven by protocol and product mix, partially offset by the higher duration of bonds traded in U.S. high-grade. The quarter-over-quarter decline was driven by product mix.
• The year-over-year increase in total rates FPM was driven principally by the impact of client mix. The quarter-over-quarter decrease in total rates FPM was driven by client and protocolmix.

Source: MarketAxess