MarketAxess Announces Trading Volume Statistics for March and First Quarter 2026

MarketAxess Announces Trading Volume Statistics for March and First 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 March 2026 and the first quarter ended March 31, 2026. 1

Trading Records for March 2026

Trading Records for First Quarter 2026

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

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

Client-Initiated Channel

Portfolio Trading Channel

Dealer-Initiated Channel

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

*All comparisons versus March 2025 unless noted.

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

Client-Initiated Channel

Portfolio Trading Channel

Dealer-Initiated Channel

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

*All comparisons versus first quarter 2025 unless noted.

Table 1: MarketAxess ADV

Month

% Change

Quarter

% Change

Mar-26

Feb-26

Mar-25

MoM

YoY

1Q26

4Q25

1Q25

QoQ

YoY

MKTX ADV ($ millions)

Credit

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

9,627

8,026

8,998

8,722

7,035

7,813

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

9,159

7,779

8,666

8,385

6,848

7,562

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

2,110

1,701

1,740

1,864

1,749

1,544

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

1,839

1,480

1,701

1,646

1,543

1,475

Emerging Markets

5,194

4,647

4,090

5,114

3,986

3,939

Eurobonds

2,992

2,674

2,680

2,828

2,407

2,348

Other Credit Products 3

675

681

639

)

659

597

598

Municipal Bonds

675

681

635

)

659

597

594

Total MKTX Credit ADV (excl. SD PT) 2

19,859

17,261

17,776

18,632

15,381

15,922

Rates

U.S. Government Bonds

32,879

27,509

27,624

29,511

21,819

25,936

Agencies and Other Government Bonds

2,582

923

1,090

180

137

1,659

686

1,047

142

Total MKTX Rates ADV

35,461

28,432

28,714

31,170

22,505

26,983

Total MKTX Trading ADV

55,320

45,693

46,490

49,802

37,886

42,905

U.S. Trading Days 4

U.K. Trading Days 4

Table 1A: Market ADV

Month

% Change

Quarter

% Change

Mar-26

Feb-26

Mar-25

MoM

YoY

1Q26

4Q25

1Q25

QoQ

YoY

MARKET ADV ($ millions)

Credit

U.S. High-Grade TRACE

51,422

47,928

45,024

49,074

37,240

41,910

U.S. High-Yield TRACE

13,742

13,602

13,605

13,542

11,563

12,419

Total U.S. Credit TRACE

65,164

61,530

58,629

62,616

48,803

54,329

Municipal Bonds MSRB

9,527

9,724

9,895

)

9,543

9,686

9,347

)

Rates

U.S. Government Bonds TRACE

1,448,791

1,205,789

1,097,090

1,289,038

1,006,294

1,002,379

Agency TRACE

3,681

2,980

3,957

)

3,676

3,548

4,290

(14

)

U.S. Trading Days 4

U.K. Trading Days 4

Table 1B: Estimated Market Share

Month

Bps Change

Quarter

Bps Change

Mar-26

Feb-26

Mar-25

MoM

YoY

1Q26

4Q25

1Q25

QoQ

YoY

MKTX ESTIMATED MARKET SHARE (%)

U.S. High-Grade

% of U.S. High-Grade TRACE 2,5

18.7%

2,5

16.7

20.0

+200

bps

(130)

bps

17.8%

2,5

18.9

18.6

(110)

bps

(80)

bps

U.S. High-Yield

% of U.S. High-Yield TRACE 2,5

15.4%

2,5

12.5

12.8

+290

bps

+260

bps

13.8%

2,5

15.1

12.4

(130)

bps

+140

bps

Other Credit Products

% of Municipal Bonds MSRB

7.1%

7.0

6.4

+10

bps

+70

bps

6.9%

6.2

6.4

+70

bps

+50

bps

Rates

% of U.S. Government Bonds TRACE

2.3%

2.3

2.5

bps

(20)

bps

2.3%

2.2

2.6

+10

bps

(30)

bps

Table 1C: Strategic Priorities ADV

Month

% Change

Quarter

% Change

Mar-26

Feb-26

Mar-25

MoM

YoY

1Q26

4Q25

1Q25

QoQ

YoY

STRATEGIC PRIORITIES ADV ($ millions)

Client-Initiated Channel

U.S. Credit Block Trading

4,112

3,422

3,450

3,751

2,811

2,942

Emerging Markets Block Trading

2,300

2,027

1,717

2,292

1,687

1,562

Eurobonds Block Trading

546

596

510

)

591

425

407

Portfolio Trading Channel

Total MKTX Portfolio Trading

2,254

1,539

1,525

1,944

1,491

1,284

Total MKTX U.S. Credit Portfolio Trading

1,859

1,148

1,325

1,547

1,146

1,070

Total U.S. Credit TRACE Portfolio Trading

8,478

7,352

6,608

7,834

5,555

5,697

Dealer-Initiated Channel

Total Dealer Initiated (DRFQ & Mid-X)

2,081

1,833

2,140

)

1,905

1,755

1,856

Other

Open Trading

6,222

5,404

5,485

5,669

4,939

4,769

AxessIQ

212

206

175

209

164

159

U.S. Trading Days 4

U.K. Trading Days 4

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

Month

% Change

Quarter

% Change

Mar-26

Feb-26

Mar-25

MoM

YoY

1Q26

4Q25

1Q25

QoQ

YoY

AVG. VARIABLE TRANS. FEE PER MILLION (FPM)

Total Credit

131

135

)

132

138

139

)

Total Rates

4.05

4.76

4.24

(15

)

4.56

4.79

4.20

)

The FPM for total credit and total rates for March 2026 and first 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.

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.

“Other Credit Products” includes municipal bonds, leveraged loans, convertible bonds and structured products.

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.

In February 2026, FINRA’s regulatory policy agenda indicated plans for a rule filing that would suppress certain affiliate back-to-back trade reports to TRACE. The Company estimates that duplicate reports increased reported monthly TRACE volumes by up to 9% of U.S. high-grade TRACE and by up to 3% of U.S. high-yield TRACE in March 2026. The Company also estimates that the Company’s market share in March 2026 for U.S. high-grade would have been up to 190 basis points higher and U.S. high-yield would have been up to 50 basis points higher than reported all-in market share for each product. FINRA’s agenda indicates that the rule filing is expected to be filed with the SEC in Q2 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 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 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 March 31,

In millions (unaudited)

2026

2025

% Change

Volume

ADV

Volume

ADV

Volume

ADV

Credit

High-grade

201,487

9,159

181,995

8,666

High-yield

40,455

1,839

35,719

1,701

Emerging markets

114,268

5,194

85,883

4,090

Eurobonds

65,815

2,992

56,270

2,680

Other credit

14,843

675

13,431

639

Total credit trading 1

436,868

19,859

373,298

17,776

Rates

U.S. government bonds 2

723,337

32,879

580,113

27,624

Agency and other government bonds 1

56,805

2,582

22,901

1,090

148

137

Total rates trading

780,142

35,461

603,014

28,714

Total trading

1,217,010

55,320

976,312

46,490

Number of U.S. Trading Days 3

Number of U.K. Trading Days 4

Quarter and Year-to-Date Ended March 31,

In millions (unaudited)

2026

2025

% Change

Volume

ADV

Volume

ADV

Volume

ADV

Credit

High-grade

511,492

8,385

461,308

7,562

High-yield

100,409

1,646

89,997

1,475

Emerging markets

311,925

5,114

240,285

3,939

Eurobonds

178,162

2,828

147,917

2,348

Other credit

40,186

659

36,482

598

Total credit trading 1

1,142,174

18,632

975,989

15,922

Rates

U.S. government bonds 2

1,800,150

29,511

1,582,081

25,936

Agency and other government bonds 1

104,376

1,659

65,825

1,047

Total rates trading

1,904,526

31,170

1,647,906

26,983

Total trading

3,046,700

49,802

2,623,895

42,905

Number of U.S. Trading Days 3

Number of U.K. Trading Days 4

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.

Consistent with industry standards, U.S. government bond trades are single-counted.

The number of U.S. trading days is based on the SIFMA holiday recommendation calendar.

The number of U.K. trading days is based primarily on the U.K. Bank holiday schedule.