• Strong Finish to 1Q25 Driven by Record Total Credit ADV in March 2025, Up 20%
• Record Total Portfolio Trading ADV in March 2025 and 1Q2
• Record Levels of Block Trading in Emerging Markets and Eurobonds in 1Q25

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 2025 and the first quarter ended March 31, 2025.1

Chris Concannon, CEO of MarketAxess, commented:
“Our record trading results in March, combined with the progress we are seeing from the enhancements we have made to our portfolio trading solution, the launch of our High Touch block trading solution in eurobonds and emerging markets, and our dealer solutions offering, helped drive our record 1Q25 ADV performance. We generated record 1Q25 total ADV on record ADV across most of our product areas, which included record portfolio trading ADV and record block trading ADV across both emerging markets and eurobonds. We also generated record Dealer RFQ ADV, driven in part by improving market share of this important channel. We are encouraged by the increase in volatility in the markets and record levels of Open Trading activity on our platform, which helped drive improved estimated market share in March relative to February. We believe the new capabilities we have launched, combined with continued volatility in the market, should help drive higher levels of market share in U.S. credit in the coming quarters.”

Records for March and First Quarter 2025

• Total average daily volume (“ADV”) in March 2025 and 1Q25 of $46.5  billion and $42.9 billion, respectively.
• Total credit ADVin March 2025 and 1Q25 of$17.8 billion and $15.9 billion, respectively.
• U.S. high-grade ADV March 2025 and 1Q25 of $8.7 billion and $7.6 billion, respectively.
• Emerging markets ADV in 1Q25 of $3.9 billion.
  • Block trading ADV in March 2025 and 1Q25 of$1.7 billion and $1.6 billion, respectively.
• Eurobonds ADV in March 2025 and 1Q25 of $2.7billion and$2.3 billion, respectively.
  • Block trading ADV 1Q25 of $407 million.
• Total portfolio trading ADV in March 2025 and 1Q25 of $1.5 billion and $1.3 billion, respectively.
  • Portfolio trading volume executed over X-Pro in March 2025 and 1Q25 of 91% and 85%, respectively.
• Dealer RFQ ADV in March and 1Q25 of $2.0 billion and $1.8 billion, respectively.
• Open Trading ADV in March 2025 and 1Q25 of $5.5 billion and $4.8 billion, respectively.
• AxessIQ ADV in March 2025 and 1Q25 of $175 million and $159 million, respectively.

Select March and First Quarter 2025 Highlights

Trading ADV

• Record March 2025 total ADV of $46.5 billion increased 46% compared to the prior year, and increased 7% compared to February 2025 levels driven by record total credit ADV.
• Record 1Q25 total ADV of $42.9 billion increased 31% compared to the prior year, and increased 5% compared to 4Q24 levels driven by record total credit ADV.

Source: MarketAxess