MarketAxess Announces Trading Volume Statistics for October 2025
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 October 2025. 1
Select October 2025 Highlights* (See tables 1-1C and table 2)
Our new initiatives continued to show solid year-over-year progress across the client-initiated, portfolio trading and dealer-initiated channels.
Client-Initiated Channel
Portfolio Trading Channel
Dealer-Initiated Channel
October 2025 Variable Transaction Fees Per Million 1 (See table 1D)
*All comparisons versus October 2024 unless noted.
$
7,042
$
7,358
$
6,894
(4
)%
2
%
7,200
7,649
7,178
(6
)
-
1,629
1,461
1,493
11
9
1,873
1,724
1,555
9
20
4,230
4,190
3,718
1
14
2,486
2,411
2,333
3
7
612
737
584
(17
)
5
612
737
578
(17
)
6
$
15,999
$
16,157
$
15,022
(1
)
7
$
23,295
$
25,643
$
29,927
(9
)%
(22
)%
724
900
1,228
(20
)
(41
)
$
24,019
$
26,543
$
31,155
(10
)
(23
)
$
40,018
$
42,700
$
46,177
(6
)
(13
)
22
21
22
23
22
23
Table 1A: Market ADV
$
38,818
$
43,292
$
38,285
(10
)%
1
%
12,428
12,662
11,202
(2
)
11
51,246
55,954
49,487
(8
)
4
10,003
11,245
7,316
(11
)
37
$
998,318
$
1,078,295
$
942,918
(7
)%
6
%
3,724
5,498
4,235
(32
)
(12
)
22
21
22
23
22
23
18.5%
17.7%
18.7%
bps
(20)
bps
18.1%
17.0%
18.0%
15.1%
13.6%
13.9%
bps
bps
13.1%
11.5%
13.3%
(20)
6.1%
6.6%
7.9%
(50)
bps
(180)
bps
2.3%
2.4%
3.2%
(10)
bps
(90)
bps
Table 1C: Strategic Priorities ADV 2
$
2,968
$
3,078
$
2,464
(4
)%
20
%
1,661
1,761
1,361
(6
)
22
453
452
390
-
16
$
1,536
$
1,676
$
1,226
(8
)%
25
%
1,209
1,445
897
(16
)
35
5,798
6,417
5,010
(10
)
16
$
1,773
$
1,705
$
1,458
4
%
22
%
--
$
5,134
$
4,875
$
4,468
5
%
15
%
162
181
159
(10
)
2
22
21
22
23
22
23
Table 1D: Variable Transaction Fees Per Million (FPM) 1
$
140
$
140
$
154
-
%
(9
)%
4.28
4.29
4.49
(-
)
(5
)
1
2
3
4
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 October 31,
In millions (unaudited)
2025
2024
% Change
Volume
ADV
Volume
ADV
Volume
ADV
Credit
High-grade
$
154,924
$
7,042
$
151,660
$
6,894
2
%
2
%
High-yield
35,848
1,629
32,848
1,493
9
9
Emerging markets
93,056
4,230
81,797
3,718
14
14
Eurobonds
57,181
2,486
53,667
2,333
7
7
Other credit
13,467
612
12,847
584
5
5
Total credit trading 1
354,476
15,999
332,819
15,022
7
7
Rates
U.S. government bonds 2
512,496
23,295
658,390
29,927
(22
)
(22
)
Agency and other government bonds 1
16,555
724
28,097
1,228
(41
)
(41
)
Total rates trading
529,051
24,019
686,487
31,155
(23
)
(23
)
Total trading
$
883,527
$
40,018
$
1,019,306
$
46,177
(13
)
(13
)
Number of U.S. Trading Days 3
22
22
Number of U.K. Trading Days 4
23
23
Year-to-Date Ended October 31,
In millions (unaudited)
2025
2024
% Change
Volume
ADV
Volume
ADV
Volume
ADV
Credit
High-grade
$
1,517,025
$
7,258
$
1,462,806
$
6,966
4
%
4
%
High-yield
316,970
1,517
284,242
1,354
12
12
Emerging markets
825,803
3,951
726,770
3,461
14
14
Eurobonds
508,743
2,411
433,696
2,046
17
18
Other credit
130,250
623
110,118
524
18
19
Total credit trading 1
3,298,791
15,760
3,017,632
14,351
9
10
Rates
U.S. government bonds 2
5,481,786
26,229
4,560,440
21,716
20
21
Agency and other government bonds 1
245,719
1,165
179,490
848
37
37
Total rates trading
5,727,505
27,394
4,739,930
22,564
21
21
Total trading
$
9,026,296
$
43,154
$
7,757,562
$
36,915
16
17
Number of U.S. Trading Days 3
209
210
Number of U.K. Trading Days 4
211
212
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.