MarketAxess Holdings Inc. (NASDAQ:MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced trading volume and preliminary variable transaction fees per million ("FPM") for August 2025.¹

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

We delivered strong progress with our new initiatives across the client-initiated, portfolio trading and dealer-initiated channels.

Client-Initiated Channel

8% growth in block trading ADV consisting of a 1% decline in U.S. credit, 14% growth in emerging markets, and 95% growth in eurobonds.

— Cumulative trading volume from our targeted block trading solution is now approximately $8.9 billion.

Portfolio Trading Channel

18% increase in total portfolio trading ADV to $1.2 billion, with record U.S. high-yield portfolio trading ADV of $344 million. Our estimated market share of U.S. credit portfolio trading was 19.4%, compared to 21.8% in the prior year, but up from 15.6% in July.

Dealer-Initiated Channel

18% increase in dealer-initiated ADV to $1.3 billion.

August 2025 Variable Transaction Fees Per Million¹(See table 1D)

The decrease in total credit FPM compared to the prior year was driven principally by protocol mix and product mix, specifically the lower duration of bonds traded in U.S. high-grade on a decrease in the weighted average years to maturity traded. The slight increase compared to July 2025 was driven principally by product mix, specifically the higher duration of bonds traded in U.S. high-grade on an increase in the weighted average years to maturity traded.
The increase in total rates FPM year-over-year was driven by the impact of product mix, and slight decline month-over-month was also driven by the impact of product mix.

*All comparisons versus August 2024, unless otherwise noted.

Table 1: MarketAxess ADV

	Month						% Change
	Aug-25		Jul-25		Aug-24		MoM		YoY
MKTX ADV ($ millions)
Credit
U.S. High-Grade	$	5,934	$	6,389	$	6,702	(7)	%	(11)	%
U.S. High-Grade (incl. SD PT)²		6,134		6,576		7,019	(7)		(13)
U.S. High-Yield		1,232		1,348		1,286	(9)		(4)
U.S. High-Yield (incl. SD PT)²		1,473		1,477		1,304	(0)		13
Emerging Markets		3,455		3,766		3,187	(8)		8
Eurobonds		1,885		2,263		1,488	(17)		27
Other Credit Products³		580		576		590	1		(2)
Municipal Bonds		579		575		580	1		(0)
Total MKTX Credit ADV (excl. SD PT)²	$	13,086	$	14,342	$	13,253	(9)		(1)
Rates
U.S. Government Bonds	$	22,544	$	21,291	$	27,305	6	%	(17)	%
Agencies and Other Government Bonds		1,243		1,355		1,052	(8)		18
Total MKTX Rates ADV	$	23,787	$	22,646	$	28,357	5		(16)
Total MKTX Trading ADV	$	36,873	$	36,988	$	41,610	(0)		(11)

U.S. Trading Days⁴		21		22		22
U.K. Trading Days⁴		20		23		21




Table 1A: Market Trading ADV

	Month						% Change
	Aug-25		Jul-25		Aug-24		MoM		YoY
MARKET ADV ($ millions)
Credit
U.S. High-Grade TRACE	$	31,643	$	36,188	$	33,603	(13)	%	(6)	%
U.S. High-Yield TRACE		9,679		11,685		8,921	(17)		8
Total U.S. Credit TRACE		41,322		47,873		42,524	(14)		(3)
Municipal Bonds MSRB		10,645		10,837		6,745	(2)		58

Rates
U.S. Government Bonds TRACE	$	1,021,133	$	924,223	$	1,027,791	10	%	(1)	%
Agency TRACE		3,865		3,213		4,308	20		(10)

U.S. Trading Days⁴		21		22		22
U.K. Trading Days⁴		20		23		21




Table 1B: Estimated Market Share²

	Month						Bps Change
	Aug-25		Jul-25		Aug-24		MoM		YoY
MKTX ESTIMATED MARKET SHARE (%)
U.S. High-Grade
% of U.S. High-Grade TRACE (incl. SD PT)²		19.4%		18.2%		20.9%	+120	bps	(150)	bps
% of U.S. High-Grade TRACE (excl. SD PT)²		18.8%		17.7%		19.9%	+110		(110)
U.S. High-Yield
% of U.S. High-Yield TRACE (incl. SD PT)²		15.2%		12.6%		14.6%	+260	bps	+60	bps
% of U.S. High-Yield TRACE (excl. SD PT)²		12.7%		11.5%		14.4%	+120		(170)
Other Credit Products
% of Municipal Bonds MSRB		5.4%		5.3%		8.6%	+10	bps	(320)	bps
Rates
% of U.S. Government Bonds TRACE		2.2%		2.3%		2.7%	(10)	bps	(50)	bps




Table 1C: Strategic Priorities

	Month						% Change
	Aug-25		Jul-25		Aug-24		MoM		YoY
STRATEGIC PRIORITIES ADV ($ millions)
Client-Initiated Channel
U.S. Credit Block Trading	$	2,261	$	2,435	$	2,276	(7)	%	(1)	%
Emerging Markets Block Trading		1,471		1,432		1,292	3		14
Eurobonds Block Trading		299		338		153	(12)		95
Portfolio Trading Channel
Total MKTX Portfolio Trading	$	1,163	$	1,286	$	988	(10)	%	18	%
Total MKTX U.S. Credit Portfolio Trading		992		990		885	0		12
Total U.S. Credit TRACE Portfolio Trading		5,103		6,349		4,058	(20)		26
Dealer-Initiated Channel
Total Dealer Initiated (DRFQ & Mid-X)	$	1,335	$	1,508	$	1,128	(11)	%	18	%
Other
Open Trading	$	3,950	$	4,224	$	3,987	(6)	%	(1)	%
AxessIQ		150		157		110	(4)		36

U.S. Trading Days⁴		21		22		22
U.K. Trading Days⁴		20		23		21




Table 1D: Variable Transaction Fees Per Million (FPM)¹

	Month						% Change
	Aug-25		Jul-25		Aug-24		MoM		YoY
AVG. VARIABLE TRANS. FEE PER MILLION (FPM)
Total Credit	$	141	$	140	$	153	1	%	(8)	%
Total Rates		4.21		4.31		4.03	(2)		4

¹	The FPM for total credit and total rates for August 2025 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.
²	"SD PT" is defined as single-dealer portfolio trades. The Company is currently highlighting the impact of single-dealer portfolio trading volume on U.S. high-grade and U.S. high-yield trading volume and estimated market share, but will continue to exclude single-dealer portfolio trading activity from each product's aggregated trading volume and estimated market share and the total credit FPM calculation.
³	"Other Credit Products" includes municipal bonds, leveraged loans, convertible bonds and structured products.
⁴	The number of U.S. trading days is based on the SIFMA holiday recommendation calendar and the number of U.K. trading days is based primarily on the U.K. Bank holiday schedule.

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.

Cautionary Note Regarding Forward-Looking Statements

This press release may contain forward-looking statements, including statements about the outlook and prospects for the Company, market conditions 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: global economic, political and market factors; the level of trading volume transacted on the MarketAxess platform; the rapidly evolving nature of the electronic financial services industry; 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; our ability to introduce new fee plans and our clients' response; our ability to attract clients or adapt our technology and marketing strategy to new markets; risks related to our growing international operations; our dependence on our broker-dealer clients; the loss of any of our significant institutional investor clients; 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; risks related to self-clearing; risks related to sanctions levied against states or individuals that could expose us to operational or regulatory risks; the effect of rapid market or technological changes on us and the users of our technology; issues related to the development and use of artificial intelligence; our dependence on third-party suppliers for key products and services; our ability to successfully maintain the integrity of our trading platform and our response to system failures, capacity constraints and business interruptions; the occurrence of design defects, errors, failures or delays with our platforms, products or services; our vulnerability to malicious cyber-attacks and attempted cybersecurity breaches; our actual or perceived failure to comply with privacy and data protection laws; our ability to protect our intellectual property rights or technology and defend against intellectual property infringement or other claims; our use of open-source software; our ability to enter into strategic alliances and to acquire other businesses and successfully integrate them with our business; our dependence on our management team and our ability to attract and retain talent; limitations on our flexibility because we operate in a highly regulated industry; the increasing government regulation of us and our clients; risks related to the divergence of U.K. and European Union legal and regulatory requirements following the U.K.'s exit from the European Union; our exposure to costs and penalties related to our extensive regulation; our risks of litigation and securities laws liability; our tax filing positions; the effects of climate change or other sustainability risks that could affect our operations or reputation; our future capital needs and our ability to obtain capital when needed; limitations on our operating flexibility contained in our credit agreement; our exposure to financial institutions by holding cash in excess of federally insured limits; 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 (NASDAQ:MKTX) operates a leading electronic trading platform that delivers greater trading efficiency, a diversified pool of liquidity and significant cost savings to institutional investors and broker-dealers across the global fixed-income markets. Approximately 2,100 firms leverage MarketAxess' patented technology to efficiently trade fixed-income securities. Our automated and algorithmic trading solutions, combined with our integrated and actionable data offerings, help our clients make faster, better-informed decisions on when and how to trade on our platform. MarketAxess' award-winning Open Trading® marketplace is widely regarded as the preferred all-to-all trading solution in the global credit markets. Founded in 2000, MarketAxess connects a robust network of market participants through an advanced full trading lifecycle solution that includes automated trading solutions, intelligent data and index products and a range of post-trade services. Learn more at www.marketaxess.com and on X @MarketAxess.

Table 2: Trading Volume Detail
	Month Ended August 31,
In millions (unaudited)	2025				2024				% Change
	Volume		ADV		Volume		ADV		Volume				ADV
Credit
High-grade	$	124,616	$	5,934	$	147,449	$	6,702		(15	)	%		(11	)	%
High-yield		25,882		1,232		28,284		1,286		(8	)			(4	)
Emerging markets		72,564		3,455		70,115		3,187		3				8
Eurobonds		37,698		1,885		31,240		1,488		21				27
Other credit		12,182		580		12,970		590		(6	)			(2	)
Total credit trading¹		272,942		13,086		290,058		13,253		(6	)			(1	)
Rates
U.S. government bonds²		473,416		22,544		600,715		27,305		(21	)			(17	)
Agency and other government bonds¹		24,931		1,243		22,233		1,052		12				18
Total rates trading		498,347		23,787		622,948		28,357		(20	)			(16	)
Total trading	$	771,289	$	36,873	$	913,006	$	41,610		(16	)			(11	)
Number of U.S. Trading Days³			21				22
Number of U.K. Trading Days⁴			20				21

	Year-to-Date Ended August 31,
In millions (unaudited)	2025				2024				% Change
	Volume		ADV		Volume		ADV		Volume				ADV
Credit
High-grade	$	1,207,574	$	7,275	$	1,142,868	$	6,803		6		%		7		%
High-yield		250,431		1,509		222,717		1,326		12				14
Emerging markets		644,783		3,884		571,199		3,400		13				14
Eurobonds		398,531		2,401		330,492		1,967		21				22
Other credit		101,298		610		85,522		509		18				20
Total credit trading¹		2,602,617		15,679		2,352,798		14,005		11				12
Rates
U.S. government bonds²		4,430,785		26,691		3,352,733		19,957		32				34
Agency and other government bonds¹		209,484		1,263		125,518		748		67				69
Total rates trading		4,640,269		27,954		3,478,251		20,705		33				35
Total trading	$	7,242,886	$	43,633	$	5,831,049	$	34,710		24				26
Number of U.S. Trading Days³			166				168
Number of U.K. Trading Days⁴			166				168

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 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 primarily on the U.K. Bank holiday schedule.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250904093720/en/

INVESTOR RELATIONS

Stephen Davidson

MarketAxess Holdings Inc.

+1 212 813 6313

sdavidson2@marketaxess.com

MEDIA RELATIONS

Marisha Mistry

MarketAxess Holdings Inc.

+1 917 267 1232

mmistry@marketaxess.com

MarketAxess Announces Trading Volume Statistics for August 2025