MarketAxess Reports 44% Surge in Average Daily Trading Volume Amid Fixed-Income Platform Growth

MarketAxess Holdings Inc. posted a 44% year-over-year increase in total average daily trading volume (ADV) for May 2025, driven by robust activity across its electronic fixed-income platform. The firm's Open Trading protocol maintained DEEP liquidity despite moderating market volatility, while strategic initiatives in client-initiated, portfolio, and dealer-initiated channels fueled performance.

Block trading ADV saw dramatic gains: U.S. credit ROSE 41%, emerging markets climbed 24%, and eurobonds skyrocketed 116% following the late-2024 launch of targeted block solutions. These tools have already facilitated $1.7 billion in emerging markets and $2.7 billion in eurobond volume since deployment.

Algorithmic trading propelled U.S. government bond ADV up 57% to $28.3 billion, capturing 2.6% market share. Portfolio trading market share in U.S. credit expanded 450 basis points to 18.6% year-to-date, with 90% of such transactions executed via the X-Pro platform.