MarketAxess Announces Trading Volume Statistics for June and Second Quarter 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 June 2026 and second quarter 2026 ended June 30, 2026. 1
Trading Records for Second Quarter 2026
Select June 2026 Highlights* (See tables 1-1C and table 2)
Total credit trading volumes showed continued strength in June relative to May levels, and U.S. high-grade estimated market share increased approximately 10 basis points to 17.9%, driven by improvement in the client-initiated channel. U.S. high-yield estimated market share increased to 14.9%, up 190 basis points from the prior year and up 100 basis points sequentially.
The Company estimates that duplicate trade reports inflated U.S. high-grade TRACE volumes by up to 8% in June 2026. Adjusting for these duplicates, consistent with FINRA’s recent proposal to suppress duplicate reporting, we believe our estimated U.S. high-grade market share would have been approximately 150 basis points higher, or approximately 19.4%, in June 2026.
We also continued to make progress with block trading, portfolio trading, and dealer-initiated protocols across the platform.
Client-Initiated Channel
Portfolio Trading Channel
Dealer-Initiated Channel
June 2026 Variable Transaction Fees Per Million 1 (See table 1D)
*All comparisons versus June 2025 unless noted. Client-initiated block trading ADV may include some portfolio trading activity.
Select Second Quarter 2026 Highlights* (See tables 1-1C and table 2)
U.S. high-yield, portfolio trading and international credit products remained key contributors to performance during the quarter given relatively lower industry activity and reduced market volatility.
Client-Initiated Channel
Portfolio Trading Channel
Dealer-Initiated Channel
Second Quarter 2026 Variable Transaction Fees Per Million 1 (See table 1D)
*All comparisons versus second quarter 2025 unless noted. Client-initiated block trading ADV may include some portfolio trading activity.
Table 1: MarketAxess ADV
Month
% Change
Quarter
% Change
Jun-26
May-26
Jun-25
MoM
YoY
2Q26
1Q26
2Q25
QoQ
YoY
MKTX ADV ($ millions)
Credit
U.S. High-Grade (incl. SD PT) 2
$
8,234
$
8,405
$
7,168
(2
)
%
15
%
$
7,940
$
8,722
$
7,922
(9
)
%
-
%
U.S. High-Grade (excl. SD PT) 2
7,795
7,728
6,998
1
11
7,437
8,385
7,760
(11
)
(4
)
U.S. High-Yield (incl. SD PT) 2
1,845
1,755
1,570
5
18
1,818
1,864
1,753
(2
)
4
U.S. High-Yield (excl. SD PT) 2
1,591
1,547
1,497
3
6
1,560
1,646
1,692
(5
)
(8
)
Emerging Markets
4,831
4,284
4,172
13
16
4,500
5,114
4,018
(12
)
12
Eurobonds
2,783
2,758
2,411
1
15
2,698
2,828
2,681
(5
)
1
Other Credit Products 3
670
680
580
(1
)
16
657
659
644
(0
)
2
Municipal Bonds
670
680
579
(1
)
16
657
659
643
(0
)
2
Total MKTX Credit ADV (excl. SD PT) 2
$
17,670
$
16,997
$
15,658
4
13
$
16,852
$
18,632
$
16,795
(10
)
-
Rates
U.S. Government Bonds
$
23,034
$
26,045
$
25,804
(12
)
%
(11
)
%
$
24,108
$
29,511
$
30,756
(18
)
%
(22
)
%
Agencies and Other Government Bonds
3,201
2,194
1,641
46
95
2,641
1,659
1,458
59
81
Total MKTX Rates ADV
$
26,235
$
28,239
$
27,445
(7
)
(4
)
$
26,749
$
31,170
$
32,214
(14
)
(17
)
Total MKTX Trading ADV
$
43,905
$
45,236
$
43,103
(3
)
2
$
43,601
$
49,802
$
49,009
(12
)
(11
)
U.S. Trading Days 4
21
20
20
62
61
62
U.K. Trading Days 4
22
19
21
61
63
60
Table 1A: Market ADV
Month
% Change
Quarter
% Change
Jun-26
May-26
Jun-25
MoM
YoY
2Q26
1Q26
2Q25
QoQ
YoY
MARKET ADV ($ millions)
Credit
U.S. High-Grade TRACE
$
46,009
$
47,102
$
35,517
(2
)
%
30
%
$
45,305
$
49,074
$
40,010
(8
)
%
13
%
U.S. High-Yield TRACE
12,364
12,593
12,096
(2
)
2
12,857
13,542
13,296
(5
)
(3
)
Total U.S. Credit TRACE
58,373
59,695
47,613
(2
)
23
58,162
62,616
53,306
(7
)
9
Municipal Bonds MSRB
9,763
9,783
10,234
(0
)
(5
)
9,880
9,543
12,017
4
(18
)
Rates
U.S. Government Bonds TRACE
$
1,170,690
$
1,265,590
$
1,019,410
(7
)
%
15
%
$
1,169,971
$
1,289,038
$
1,162,485
(9
)
%
1
%
Agency TRACE
2,660
2,695
2,729
(1
)
(3
)
2,714
3,676
3,623
(26
)
(25
)
U.S. Trading Days 4
21
20
20
62
61
62
U.K. Trading Days 4
22
19
21
61
63
60
Table 1B: Estimated Market Share
Month
Bps Change
Quarter
Bps Change
Jun-26
May-26
Jun-25
MoM
YoY
2Q26
1Q26
2Q25
QoQ
YoY
MKTX ESTIMATED MARKET SHARE (%)
U.S. High-Grade
% of U.S. High-Grade TRACE 2,5
17.9
%
2,5
17.8
%
20.2
%
+10
bps
(230)
bps
17.5
%
2,5
17.8
%
19.8
%
(30)
bps
(230)
bps
U.S. High-Yield
% of U.S. High-Yield TRACE 2
14.9
%
2
13.9
%
13.0
%
+100
bps
+190
bps
14.1
%
2
13.8
%
13.2
%
+30
bps
+90
bps
Other Credit Products
% of Municipal Bonds MSRB
6.9
%
6.9
%
5.7
%
-
bps
+120
bps
6.6
%
6.9
%
5.4
%
(30)
bps
+120
bps
Rates
% of U.S. Government Bonds TRACE
2.0
%
2.1
%
2.5
%
(10)
bps
(50)
bps
2.1
%
2.3
%
2.6
%
(20)
bps
(50)
bps
Table 1C: Strategic Priorities ADV
Month
% Change
Quarter
% Change
Jun-26
May-26
Jun-25
MoM
YoY
2Q26
1Q26
2Q25
QoQ
YoY
STRATEGIC PRIORITIES ADV ($ millions)
Client-Initiated Channel
U.S. Credit Block Trading
$
3,750
$
3,509
$
2,672
7
%
40
%
$
3,412
$
3,751
$
3,172
(9
)
%
8
%
Emerging Markets Block Trading
2,318
1,952
1,860
19
25
2,019
2,292
1,626
(12
)
24
Eurobonds Block Trading
578
549
462
5
25
503
591
529
(15
)
(5
)
Portfolio Trading Channel
Total MKTX Portfolio Trading
$
2,039
$
2,140
$
1,193
(5
)
%
71
%
$
1,970
$
1,944
$
1,481
1
%
33
%
Total MKTX U.S. Credit Portfolio Trading
1,773
1,858
874
(5
)
103
1,692
1,547
1,112
9
52
Total U.S. Credit TRACE Portfolio Trading
9,000
8,458
5,640
6
60
8,218
7,834
6,355
5
29
Dealer-Initiated Channel
Total Dealer Initiated (DRFQ & Mid-X)
$
1,752
$
1,765
$
1,683
(1
)
%
4
%
$
1,742
$
1,905
$
1,795
(9
)
%
(3
)
%
Other
Open Trading
$
5,255
$
5,208
$
4,553
1
%
15
%
$
5,135
$
5,669
$
5,030
(9
)
%
2
%
Axess IQ
187
190
158
(2
)
18
183
209
176
(12
)
4
U.S. Trading Days 4
21
20
20
62
61
62
U.K. Trading Days 4
22
19
21
61
63
60
*Client-initiated channel activity may include some portfolio trading channel activity.
Table 1D: Variable Transaction Fees Per Million (FPM) 1
Month
% Change
Quarter
% Change
Jun-26
May-26
Jun-25
MoM
YoY
2Q26
1Q26
2Q25
QoQ
YoY
AVG. VARIABLE TRANS. FEE PER MILLION (FPM)
Total Credit
$
125
$
128
$
138
(2
)
%
(9
)
%
$
129
$
132
$
138
(2
)
%
(7
)
%
Total Rates
5.09
4.96
4.39
3
16
4.99
4.68
4.03
7
24
1
The FPM for total credit and total rates for June 2026 and second quarter 2026 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
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.
5
The Company estimates that duplicate reports increased reported monthly TRACE volumes by up to 8% of U.S. high-grade TRACE in June 2026. Adjusting for these duplicates, consistent with FINRA’s recent proposal to suppress duplicate reporting, the Company believes its estimated U.S. high-grade market share would have been approximately 150 basis points higher in June 2026.
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 MarketAxess Holdings Inc. (the “Company” or “MarketAxess”), 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; our dependence on third-party suppliers for key products and services; 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; risks related to sanctions levied against states or individuals that could expose us to operational or regulatory risks; the effects of climate change or other sustainability risks that could affect our operations or reputation; 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 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; limitations on our flexibility because we operate in a highly regulated industry; the increasing government regulation of us and our clients; our exposure to costs and penalties related to our extensive regulation; our risks of litigation and securities laws liability; our tax filing positions; 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 and other 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 June 30,
In millions (unaudited)
2026
2025
% Change
Volume
ADV
Volume
ADV
Volume
ADV
Credit
High-grade
$
163,686
$
7,795
$
139,950
$
6,998
17
%
11
%
High-yield
33,405
1,591
29,942
1,497
12
6
Emerging markets
101,461
4,831
83,438
4,172
22
16
Eurobonds
61,216
2,783
50,632
2,411
21
15
Other credit
14,066
670
11,599
580
21
16
Total credit trading 1
373,834
17,670
315,561
15,658
18
13
Rates
U.S. government bonds 2
483,717
23,034
516,084
25,804
(6
)
(11
)
Agency and other government bonds 1
70,360
3,201
34,360
1,641
105
95
Total rates trading
554,077
26,235
550,444
27,445
1
(4
)
Total trading
$
927,911
$
43,905
$
866,005
$
43,103
7
2
Number of U.S. Trading Days 3
21
20
Number of U.K. Trading Days 4
22
21
Quarter Ended June 30,
In millions (unaudited)
2026
2025
% Change
Volume
ADV
Volume
ADV
Volume
ADV
Credit
High-grade
$
461,087
$
7,437
$
481,090
$
7,760
(4
)
%
(4
)
%
High-yield
96,701
1,560
104,897
1,692
(8
)
(8
)
Emerging markets
278,991
4,500
249,091
4,018
12
12
Eurobonds
164,600
2,698
160,873
2,681
2
1
Other credit
40,716
657
39,965
644
2
2
Total credit trading 1
1,042,095
16,852
1,035,916
16,795
1
-
Rates
U.S. government bonds 2
1,494,713
24,108
1,906,892
30,756
(22
)
(22
)
Agency and other government bonds 1
161,162
2,641
87,625
1,458
84
81
Total rates trading
1,655,875
26,749
1,994,517
32,214
(17
)
(17
)
Total trading
$
2,697,970
$
43,601
$
3,030,433
$
49,009
(11
)
(11
)
Number of U.S. Trading Days 3
62
62
Number of U.K. Trading Days 4
61
60
Year-to-Date Ended June 30,
In millions (unaudited)
2026
2025
% Change
Volume
ADV
Volume
ADV
Volume
ADV
Credit
High-grade
$
972,579
$
7,907
$
942,398
$
7,662
3
%
3
%
High-yield
197,110
1,603
194,894
1,585
1
1
Emerging markets
590,916
4,804
489,376
3,979
21
21
Eurobonds
342,762
2,764
308,790
2,510
11
10
Other credit
80,902
658
76,447
621
6
6
Total credit trading 1
2,184,269
17,736
2,011,905
16,357
9
8
Rates
U.S. government bonds 2
3,294,863
26,788
3,488,973
28,366
(6
)
(6
)
Agency and other government bonds 1
266,675
2,152
153,450
1,248
74
72
Total rates trading
3,561,538
28,940
3,642,423
29,614
(2
)
(2
)
Total trading
$
5,745,807
$
46,676
$
5,654,328
$
45,971
2
2
Number of U.S. Trading Days 3
123
123
Number of U.K. Trading Days 4
124
123
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.