MarketAxess Announces Trading Volume Statistics for January 2026

NEW YORK--( BUSINESS WIRE)--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 January 2026. 1

Chris Concannon, CEO of MarketAxess, commented:

“In January, we delivered 28% growth year-over-year in total credit on record ADV of $18.6 billion, and 19% growth in total rates. In credit, our emerging markets ADV increased 50% to a record $5.5 billion, almost 30% above the previous monthly record set last year, driven by record hard currency ADV (+28%) and record local markets ADV (+94%). These results were driven by strong market volumes, as well as continued momentum in our new initiatives, with 56% growth in block trading ADV, 126% growth in portfolio trading ADV and 13% growth in dealer-initiated ADV. While our estimated market share in U.S. high-grade was dampened by a 92% increase in new issue block trading activity, annualized market turnover jumped to 95% in January and we generated strong preliminary total credit variable commission revenue growth, reflecting solid underlying revenue generation.”

Select January 2026 Highlights* (See tables 1-1C and table 2)

Our new initiatives continued to show strong year-over-year progress across the client-initiated, portfolio trading and dealer-initiated channels.

Client-Initiated Channel

Portfolio Trading Channel

Dealer-Initiated Channel

January 2026 Variable Transaction Fees Per Million 1 (See table 1D)

*All comparisons versus January 2025 unless noted.

Table 1: MarketAxess ADV

Month

% Change

Jan-26

Dec-25

Jan-25

MoM

YoY

MKTX ADV ($ millions)

Credit

U.S. High-Grade (incl. SD PT) 2

8,387

6,275

6,993

U.S. High-Grade (excl. SD PT) 2

8,110

6,043

6,912

U.S. High-Yield (incl. SD PT) 2

1,748

1,591

1,319

U.S. High-Yield (excl. SD PT) 2

1,592

1,391

1,284

Emerging Markets

5,468

3,515

3,638

Eurobonds

2,803

2,003

2,100

Other Credit Products 3

620

594

539

Municipal Bonds

620

593

535

Total MKTX Credit ADV (excl. SD PT) 2

18,593

13,546

14,473

Rates

U.S. Government Bonds

27,707

19,406

23,374

Agencies and Other Government Bonds

1,392

620

1,079

125

Total MKTX Rates ADV

29,099

20,026

24,453

Total MKTX Trading ADV

47,692

33,572

38,926

U.S. Trading Days 4

U.K. Trading Days 4

Table 1A: Market ADV

Month

% Change

Jan-26

Dec-25

Jan-25

MoM

YoY

MARKET ADV ($ millions)

Credit

U.S. High-Grade TRACE

47,579

32,493

39,147

U.S. High-Yield TRACE

13,265

10,112

10,707

Total U.S. Credit TRACE

60,844

42,605

49,854

Municipal Bonds MSRB

9,389

9,555

9,165

)

Rates

U.S. Government Bonds TRACE

1,192,395

944,841

910,505

Agency TRACE

4,332

3,454

3,851

U.S. Trading Days 4

U.K. Trading Days 4

Table 1B: Estimated Market Share

Month

Bps Change

Jan-26

Dec-25

Jan-25

MoM

YoY

MKTX ESTIMATED MARKET SHARE (%)

U.S. High-Grade

% of U.S. High-Grade TRACE 2

17.6

19.3

17.9

(170)

bps

(30)

bps

U.S. High-Yield

% of U.S. High-Yield TRACE 2

13.2

15.7

12.3

(250)

bps

+90

bps

Other Credit Products

% of Municipal Bonds MSRB

6.6

6.2

5.8

+40

bps

+80

bps

Rates

% of U.S. Government Bonds TRACE

2.3

2.1

2.6

+20

bps

(30)

bps

Table 1C: Strategic Priorities ADV 2

Month

% Change

Jan-26

Dec-25

Jan-25

MoM

YoY

STRATEGIC PRIORITIES ADV ($ millions)

Client-Initiated Channel

U.S. Credit Block Trading

3,667

2,298

2,720

Emerging Markets Block Trading

2,536

1,494

1,322

Eurobonds Block Trading

633

291

335

118

Portfolio Trading Channel

Total MKTX Portfolio Trading

1,989

1,541

881

126

Total MKTX U.S. Credit Portfolio Trading

1,583

1,200

681

132

Total U.S. Credit TRACE Portfolio Trading

7,582

5,206

4,623

Dealer-Initiated Channel

Total Dealer Initiated (DRFQ & Mid-X)

1,777

1,602

1,569

Other

Open Trading

5,317

4,382

4,211

AxessIQ

208

160

145

U.S. Trading Days 4

U.K. Trading Days 4

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

Month

% Change

Jan-26

Dec-25

Jan-25

MoM

YoY

AVG. VARIABLE TRANS. FEE PER MILLION (FPM)

Total Credit

132

138

141

)

Total Rates

5.18

4.79

4.25

1 The FPM for total credit and total rates for January 2026 is 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 Effective with the release of our January 2026 trading volume statistics, the Company revised certain aspects of its reporting methodology for estimated market share to provide a more comprehensive view of platform activity and enhance comparability with industry peers. The Company now highlights estimated market share for U.S. high-grade and U.S. high-yield on an all-in basis, which includes single-dealer portfolio trading activity, and the Company will no longer report estimated market share on an "excluding single-dealer portfolio trading" basis. Single-dealer portfolio trading activity continues to be excluded from the “Total MKTX Credit ADV (excl. SD PT)” line in Table 1, the “Total Credit” FPM calculation in Table 1D and the “Total Credit Trading” line in Table 2. “SD PT” is defined as single-dealer portfolio trades. As used in Table 1 to highlight the effect of single dealer portfolio trading on U.S. high-grade and U.S. high yield ADVs, “SD PT” means single-dealer portfolio trades.

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 January 31,

In millions (unaudited)

2026

2025

% Change

Volume

ADV

Volume

ADV

Volume

ADV

Credit

High-grade

162,209

8,110

145,152

6,912

High-yield

31,840

1,592

26,958

1,284

Emerging markets

109,369

5,468

76,402

3,638

Eurobonds

58,867

2,803

46,207

2,100

Other credit

12,404

620

11,333

539

Total credit trading 1

374,689

18,593

306,052

14,473

Rates

U.S. government bonds 2

554,136

27,707

490,852

23,374

Agency and other government bonds 1

29,178

1,392

23,681

1,079

Total rates trading

583,314

29,099

514,533

24,453

Total trading

958,003

47,692

820,585

38,926

Number of U.S. Trading Days 3

Number of U.K. Trading Days 4

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.