44% Increase in Total ADV Driven by 22% Increase in Total Credit ADV and 59% Increase in Total Rates ADV

Record Eurobonds ADV of $2.9 Billion on 116% Increase in Block Trading and 500% Increase in Portfolio Trading ADV

MarketAxess Holdings, the operator of a leading electronic trading platform for fixed-income securities, announced trading volume and preliminary variable transaction fees per million (“FPM”) for May 2025.¹

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

• The MarketAxess platform’s strong performance persisted in May through moderated levels of volatility, providing our clients with deep liquidity through Open Trading.
• We delivered strong progress with our new initiatives across theclient-initiated, portfolio trading and dealer-initiated channels that contributed to the strong performance in May.

Client-Initiated

• Strong increases in block trading ADV across U.S. credit (+41%), emerging markets (+24%) and eurobonds (+116%). We launched our targeted block trading solution in U.S. credit in mid-May.
  • 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 $1.7 billion and $2.7 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 $28.3 billion with estimated market share of 2.6% in May.

Portfolio Trading

• Year-to-date May 2025, estimated market share of U.S. credit portfolio trading is 18.6%, compared to 14.1% in the prior year same period, an increase of approximately 450 basis points.²
  • 90% of all portfolio trading ADV was executed over X-Pro in May.

Dealer-Initiated

• Dealer-initiated ADV increased 41% to $1.8 billion.

May 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. Total credit FPM was flat month-over-month.
• The decline in total rates FPM compared to the prior year was driven by the impact of product mix. Total rates FPM was down slightly month-over-month.

*All comparisons versus May 2024 unless noted.

The full figures can be read here 

Source: MarketAxess