MarketAxess Announces Monthly Volume Statistics for March 2020
03 April 2020 - 8:01AM
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
March 2020 of $916.6 billion consisting of $269.5 billion in credit
volume and $647.1 billion in rates volume.
A number of trading volume records were achieved
in March 2020, including for the following categories:
- Total credit trading average daily
trading volume of $12.2 billion and total trading volume of $269.5
billion, with total trading volume up 50.8% from March 2019
- Open Trading average daily trading volume of $4.4 billion and
total trading volume of $96.3 billion
- U.S. high-grade average daily trading volume of $6.4 billion
and total trading volume of $141.1 billion
- U.S. high-yield average daily trading volume of $1.7 billion
and total trading volume of $36.9 billion
- Emerging markets average daily trading volume of $2.5 billion
and total trading volume of $55.0 billion
- Eurobond average daily trading volume of $1.6 billion and total
trading volume of $34.9 billion
- Municipal bond average daily trading volume of $61 million and
total trading volume of $1.3 billion
- U.S. Treasuries average daily trading volume of $29.1 billion
and total trading volume of $639.5 billion
"We are pleased with our results in both the
month of March and the first quarter of the year. In this period of
market dislocation and volatility, we helped over 10,000 trading
users connect to MarketAxess from home, allowing a record number of
users to access our global liquidity and manage risk," said Rick
McVey, Chairman and CEO of MarketAxess. "As always, our
priority is to help markets function as smoothly and efficiently as
possible, in normal times as well as in the stressed conditions of
recent weeks. We are grateful for the confidence our clients
have placed in us and for our MarketAxess team members around the
world as they remain focused on keeping our clients connected to
the market and providing outstanding service in often difficult
conditions."
The Company also reported preliminary variable
transaction fees per million (“FPM”) for the quarter ended March
31, 2020 of $176 for U.S. high-grade, $199 for other credit, $188
for total credit and $3.80 for rates. The FPM for the quarter ended
March 31, 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. Actual results in
future periods may differ materially from those currently expected
or desired because of a number of risks and uncertainties,
including: 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
matching back-to-back 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 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’s actual results
and financial condition may differ, perhaps materially, from the
anticipated results and financial condition in any such
forward-looking statements. 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 |
|
|
|
Mar-20 |
|
Mar-19 |
|
% Change |
|
Mar-20 |
|
Mar-19 |
|
% Change |
|
|
|
|
|
|
|
($ in
millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S
High-Grade 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Rate |
$ |
6,055 |
|
$ |
4,364 |
|
38.7% |
|
$ |
133,217 |
|
$ |
91,637 |
|
45.4% |
|
|
Floating Rate |
|
359 |
|
|
248 |
|
44.8% |
|
|
7,904 |
|
|
5,212 |
|
51.7% |
|
|
Total U.S. High-Grade |
|
6,414 |
|
|
4,612 |
|
39.1% |
|
|
141,121 |
|
|
96,849 |
|
45.7% |
|
|
Other Credit
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. High-Yield |
|
1,678 |
|
|
835 |
|
101.0% |
|
|
36,908 |
|
|
17,528 |
|
110.6% |
|
|
Emerging Markets |
|
2,499 |
|
|
1,930 |
|
29.5% |
|
|
54,972 |
|
|
40,536 |
|
35.6% |
|
|
Eurobonds |
|
1,588 |
|
|
1,101 |
|
44.2% |
|
|
34,935 |
|
|
23,130 |
|
51.0% |
|
|
Other Credit Products |
|
70 |
|
|
30 |
|
133.3% |
|
|
1,548 |
|
|
634 |
|
144.2% |
|
|
Total Other Credit |
|
5,835 |
|
|
3,896 |
|
49.8% |
|
|
128,363 |
|
|
81,828 |
|
56.9% |
|
|
Total Credit |
|
12,249 |
|
|
8,508 |
|
44.0% |
|
|
269,484 |
|
|
178,677 |
|
50.8% |
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Bonds 2 |
|
29,070 |
|
|
- |
|
n/a |
|
|
639,548 |
|
|
- |
|
n/a |
|
|
Agencies and Other Government Bonds 1 |
|
342 |
|
|
191 |
|
79.1% |
|
|
7,532 |
|
|
4,021 |
|
87.3% |
|
|
Total Rates |
|
29,412 |
|
|
191 |
|
NM |
|
|
647,080 |
|
|
4,021 |
|
NM |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
U.S. Trading Days 3 |
|
22 |
|
|
21 |
|
|
|
|
|
|
|
|
|
|
Number of
U.K. Trading Days 4 |
|
22 |
|
|
21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 LiquidityEdge
LLC, 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 |
|
|
|
1Q20 |
|
1Q19 |
|
% Change |
|
1Q20 |
|
1Q19 |
|
% Change |
|
|
|
|
|
|
|
($ in
millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S
High-Grade 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Rate |
$ |
5,035 |
|
$ |
4,260 |
|
18.2% |
|
$ |
312,188 |
|
$ |
259,833 |
|
20.1% |
|
|
Floating Rate |
|
287 |
|
|
288 |
|
-0.4% |
|
|
17,806 |
|
|
17,577 |
|
1.3% |
|
|
Total U.S. High-Grade |
|
5,322 |
|
|
4,548 |
|
17.0% |
|
|
329,994 |
|
|
277,410 |
|
19.0% |
|
|
Other Credit
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. High-Yield |
|
1,501 |
|
|
895 |
|
67.7% |
|
|
93,078 |
|
|
54,610 |
|
70.4% |
|
|
Emerging Markets |
|
2,429 |
|
|
1,900 |
|
27.9% |
|
|
150,582 |
|
|
115,881 |
|
29.9% |
|
|
Eurobonds |
|
1,288 |
|
|
986 |
|
30.6% |
|
|
82,425 |
|
|
62,111 |
|
32.7% |
|
|
Other Credit Products |
|
59 |
|
|
31 |
|
90.3% |
|
|
3,668 |
|
|
1,889 |
|
94.2% |
|
|
Total Other Credit |
|
5,277 |
|
|
3,812 |
|
38.4% |
|
|
329,753 |
|
|
234,491 |
|
40.6% |
|
|
Total Credit |
|
10,599 |
|
|
8,360 |
|
26.8% |
|
|
659,747 |
|
|
511,901 |
|
28.9% |
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Bonds 2 |
|
23,073 |
|
|
- |
|
n/a |
|
|
1,430,497 |
|
|
- |
|
n/a |
|
|
Agencies and Other Government Bonds 1 |
|
232 |
|
|
233 |
|
-0.4% |
|
|
14,381 |
|
|
14,276 |
|
0.7% |
|
|
Total Rates |
|
23,305 |
|
|
233 |
|
NM |
|
|
1,444,878 |
|
|
14,276 |
|
NM |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
U.S. Trading Days 3 |
|
62 |
|
|
61 |
|
|
|
|
|
|
|
|
|
|
Number of
U.K. Trading Days 4 |
|
64 |
|
|
63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 LiquidityEdge
LLC, 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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