MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a
leading electronic trading platform for fixed-income securities,
today announced monthly trading volume and preliminary variable
transaction fees per million (“FPM”) for August 2023.1
Chris Concannon, CEO of MarketAxess, commented:
“In August, we delivered growth in U.S. high-grade trading
volumes and strong growth in volumes across our international
businesses in emerging markets and Eurobonds. We also registered
strong growth in municipal bond trading volume and estimated market
share after successfully adding connectivity with leading liquidity
providers through our continued integration with the Munibrokers
platform. However, a combination of continued low levels of credit
spread volatility and the seasonal summer slow-down in August have
negatively impacted ETF market maker client activity in U.S.
high-yield. We have seen further adoption of our new trading
platform, powered by unique proprietary data that we believe will
help us drive continued share gains in portfolio trading and other
sophisticated automated trading solutions for clients.”
Select August 2023 highlights*
- Total credit average daily volume (“ADV”) of $10.4
billion, up 2.3%.
- U.S. high-grade ADV of $5.0 billion, up
2.1% with estimated market share of 20.6%. U.S.
high-grade estimated market ADV increased 2.6%.
- U.S. high-yield ADV of $1.2 billion, down 18.6%
with estimated market share of 15.9%. U.S. high-yield
estimated market ADV decreased 7.5%. The decrease in U.S.
high-yield estimated market share was driven principally by low
levels of credit spread volatility, resulting in a decrease in ETF
market maker activity on the platform.
- 6.0% increase in emerging markets ADV to $2.5
billion driven by a 31.3% increase in local markets
trading volume, partially offset by a 6.1% decline in hard
currency trading volume; 3.2% decrease in emerging markets
estimated market ADV.2
- 19.7% increase in Eurobonds ADV to $1.3 billion
with estimated market share of 15.4%. Eurobonds estimated
market ADV increased 38.0%.3
- Municipal bond ADV of $388 million, up 17.9% with
estimated market share of 5.8%. Municipal bond estimated
market ADV increased 2.5%.
- $10.1 billion in total portfolio trading volume, up from
$7.1 billion in July 2023 and $4.7 billion in
August 2022.
- 34% Open Trading® share4 of total credit trading volume,
down from 37% in the prior year on lower volatility.
Estimated price improvement5 via Open Trading was
approximately $40 million and is $493 million
year-to-date through August 2023 on lower volatility.
- The preliminary FPM1 for total credit for August 2023 was
approximately $154, compared to $167 in the prior
year. Quarter-to-date, the preliminary FPM1 for total credit was
$157, in line with second quarter 2023 levels. The decline
in total credit FPM in August 2023 compared to the prior year was
due principally to a change in the mix of credit products traded,
specifically a decline in U.S. high-yield trading volume, which is
the highest FPM product, and the lower duration of bonds traded in
U.S. high-grade driven primarily by higher bond yields. The
preliminary FPM for total rates was $3.90, compared to
$3.95 in the prior year.
*All comparisons versus August 2022 unless otherwise noted.
Table 1: August 2023 trading ADV
CREDIT
RATES
$ in millions(unaudited)
US/UKTrading Days6 TotalADV
TotalCredit High-Grade High-Yield
EmergingMarkets Eurobonds MunicipalBonds
TotalRates US Govt.Bonds Agcy./OtherGovt.
Bonds Aug-23
23/22
$29,805
$10,399
$5,011
$1,200
$2,540
$1,250
$388
$19,406
$19,072
$334
Aug-22
23/22
$30,615
$10,168
$4,908
$1,475
$2,396
$1,044
$329
$20,447
$20,158
$289
% Change
(3%)
2%
2%
(19%)
6%
20%
18%
(5%)
(5%)
16%
Table 1A: August 2023 estimated market share
CREDIT RATES (unaudited)
High-Grade
High-Yield High-Grade/High-Yield Combined
Eurobonds3 CompositeCorporate Bond7 Municipals
US Govt.Bonds Aug-23
20.6%
15.9%
19.5%
15.4%
19.1%
5.8%
3.0%
Aug-22
20.7%
18.0%
20.0%
17.8%
20.3%
5.0%
3.3%
Bps Change
(10) bps
(210) bps
(50) bps
(240) bps
(120) bps
+80 bps
(30) bps
Table 1B: Rolling 6-month trading ADV (period ending August
31, 2023 compared to period ending August 31, 2022)
CREDIT
RATES
$ in millions(unaudited)
US/UKTrading Days6 TotalADV
TotalCredit High-Grade High-Yield
EmergingMarkets Eurobonds MunicipalBonds
TotalRates US Govt.Bonds Agcy./OtherGovt.
Bonds Aug-23
128/126
$30,424
$11,884
$5,568
$1,471
$2,714
$1,735
$384
$18,540
$18,135
$405
Aug-22
128/126
$34,495
$11,655
$5,482
$1,659
$2,776
$1,362
$354
$22,840
$22,454
$386
% Change
(12%)
2%
2%
(11%)
(2%)
27%
8%
(19%)
(19%)
5%
Table 1C: Rolling 6-month estimated market share (period
ending August 31, 2023 compared to period ending August 31,
2022)
CREDIT RATES (unaudited)
High-Grade
High-Yield High-Grade/High-Yield Combined
Eurobonds3 CompositeCorporate Bond7 Municipals
US Govt.Bonds Aug-23
20.4%
17.0%
19.6%
17.3%
19.5%
5.9%
2.9%
Aug-22
21.5%
17.1%
20.3%
15.2%
19.8%
4.3%
3.6%
Bps Change
(110) bps
(10) bps
(70) bps
+210 bps
(30) bps
+160 bps
(70) bps
1 The FPM for total credit and total rates for August 2023 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 Emerging markets estimated market ADV is derived by combining
MarketAxess TraX emerging markets trading volume (currently
estimated to represent approximately 55% of the total emerging
markets market) and FINRA TRACE-reportable emerging markets trading
volume, principally U.S. dollar denominated corporates.
3 Eurobonds estimated market ADV and estimated market share are
derived from MarketAxess TraX data for Eurobonds and covered bonds
market trading volume, which is currently estimated to represent
approximately 70% of the total European market.
4 Open Trading share of total credit trading volume is derived
by taking total Open Trading volume across all credit products
where Open Trading is offered and dividing by total credit trading
volume across all credit products where Open Trading is
offered.
5 Estimated price improvement consists of estimated liquidity
taker price improvement (defined as the difference between the
winning price and the best disclosed dealer cover price) and
estimated liquidity provider price improvement (defined as the
difference between the winning price and then current Composite+
bid or offer level, offer if the provider is buying, bid if
provider is selling) at the time of the inquiry.
6 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.
7 Composite corporate bond estimated market share is defined as
combined estimated market share across U.S. high-grade (derived
from FINRA TRACE reported data), U.S. high-yield (derived from
FINRA TRACE reported data), emerging markets (derived from FINRA
TRACE-reportable emerging markets volume, principally U.S. dollar
denominated corporates) and Eurobonds (derived from MarketAxess
TRAX data which is currently estimated to represent approximately
70% of the total European market) product areas.
Reported MarketAxess volume in all product categories includes
only fully electronic trading volume. MarketAxess trading volumes,
TRACE reported volumes and MarketAxess Post-Trade processed 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 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; risks
relating to the COVID-19 pandemic, including the possible effects
of the economic conditions worldwide resulting from the COVID-19
pandemic; adverse effects as a result of climate change or other
ESG risks that could affect our reputation; 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; reputational or
credibility risks related to our data products and index business;
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; 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; our vulnerability to malicious cyber-attacks and
attempted data security 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
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 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 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. Over 2,000 firms leverage MarketAxess’ patented technology
to efficiently trade fixed-income securities. 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 Twitter @MarketAxess.
Table 2: Trading Volume Detail
Month Ended August 31,
In millions (unaudited)
2023
2022
% Change
Volume
ADV
Volume
ADV
Volume
ADV
Credit
High-grade
$
115,260
$
5,011
$
112,890
$
4,908
2.1
%
2.1
%
High-yield
27,594
1,200
33,923
1,475
(18.7
)
(18.6
)
Emerging markets
58,421
2,540
55,111
2,396
6.0
6.0
Eurobonds
27,498
1,250
22,968
1,044
19.7
19.7
Other credit
9,163
398
7,941
345
15.4
15.4
Total credit trading1
237,936
10,399
232,833
10,168
2.2
2.3
Rates
U.S. government bonds2
438,656
19,072
463,643
20,158
(5.4
)
(5.4
)
Agency and other government bonds1
7,489
334
6,520
289
14.9
15.6
Total rates trading
446,145
19,406
470,163
20,447
(5.1
)
(5.1
)
Total trading
$
684,081
$
29,805
$
702,996
$
30,615
(2.7
)
(2.6
)
Number of U.S. Trading Days3
23
23
Number of U.K. Trading Days4
22
22
Year-to-Date Ended August
31,
In millions (unaudited)
2023
2022
% Change
Volume
ADV
Volume
ADV
Volume
ADV
Credit
High-grade
$
964,490
$
5,775
$
909,644
$
5,447
6.0
%
6.0
%
High-yield
269,258
1,612
276,324
1,655
(2.6
)
(2.6
)
Emerging markets
477,451
2,859
471,943
2,826
1.2
1.2
Eurobonds
295,018
1,767
232,081
1,398
27.1
26.4
Other credit
69,718
417
59,898
359
16.4
16.2
Total credit trading1
2,075,935
12,430
1,949,890
11,685
6.5
6.4
Rates
U.S. government bonds2
3,200,682
19,166
3,829,101
22,929
(16.4
)
(16.4
)
Agency and other government bonds1
69,361
415
65,807
396
5.4
4.8
Total rates trading
3,270,043
19,581
3,894,908
23,325
(16.0
)
(16.1
)
Total trading
$
5,345,978
$
32,011
$
5,844,798
$
35,010
(8.5
)
(8.6
)
Number of U.S. Trading Days3
167
167
Number of U.K. Trading Days4
167
166
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/20230905685646/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 William
McBride RF | Binder +1 917 239 6726
MarketAxess (NASDAQ:MKTX)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
MarketAxess (NASDAQ:MKTX)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024