MarketAxess Announces Monthly Volume Statistics for September 2020

NEW YORK, Oct. 05, 2020 (GLOBE NEWSWIRE) -- MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, and the provider of market data and post-trade services for the global fixed-income markets, today announced monthly trading volume for September 2020 of $461.0 billion consisting of $206.2 billion in credit volume and $254.8 billion in rates volume.

The Company also reported preliminary variable transaction fees per million (“FPM”) for the quarter ended September 30, 2020 of $199 for U.S. high-grade, $208 for other credit, $204 for total credit and $4.10 for rates. The FPM for the quarter ended September 30, 2020 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.

Reported MarketAxess volume in all product categories includes only fully electronic trading volume. MarketAxess trading volumes, TRACE reported volumes and Trax® processed volumes are available on the Company’s website at investor.marketaxess.com/volume.cfm 

Cautionary Note Regarding Forward-Looking Statements

This press release may contain forward-looking statements, including statements about the outlook and prospects for Company 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: risks relating to the COVID-19 pandemic, including the possible effects of the economic conditions worldwide resulting from the COVID-19 pandemic; global economic, political and market factors; the volatility of financial services markets generally; the level of trading volume transacted on the MarketAxess platform; the absolute level and direction of interest rates and the corresponding volatility in the corporate fixed-income market; 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; the rapidly evolving nature of the electronic financial services industry; our ability to introduce new fee plans and our clients’ response; 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; our dependence on our broker-dealer clients; the loss of any of our significant institutional investor clients; our ability to develop new products and offerings and the market’s acceptance of those products; the effect of rapid market or technological changes on us and the users of our technology; our ability to successfully maintain the integrity of our trading platform and our response to system failures, capacity constraints and business interruptions; our vulnerability to cyber security risks; 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 ability to comply with new and existing laws, rules and regulations both domestically and internationally; our ability to maintain effective compliance and risk management methods; the strain of growth initiatives on management and other resources; 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 operates a leading, institutional electronic trading platform delivering expanded liquidity opportunities, improved execution quality and significant cost savings across global fixed-income markets. A global network of over 1,700 firms, including the world’s leading asset managers and institutional broker-dealers, leverages MarketAxess’ patented trading technology to efficiently trade bonds. MarketAxess’ award-winning Open Trading™ marketplace is regarded as the preferred all-to-all trading solution in the global credit markets, creating a unique liquidity pool for a broad range of credit market participants. Drawing on its deep data and analytical resources, MarketAxess provides automated trading solutions, market data products and a range of pre- and post-trade services.

MarketAxess is headquartered in New York and has offices in London, Amsterdam, Boston, Chicago, Los Angeles, Miami, San Francisco, São Paulo, Hong Kong and Singapore. For more information, please visit www.marketaxess.com.

Investor Relations Contact:

David Cresci
MarketAxess Holdings Inc.
+1-212-813-6027

Media Relations Contacts:

Kyle White
MarketAxess Holdings Inc.
+1-212-813-6355

William McBride
RF | Binder
+1-917-239-6726

MarketAxess Holdings Inc.
Monthly Volume Statistics

  Average Daily Volume   Total Trading Volume
       
  Sep-20   Sep-19   % Change     Sep-20   Sep-19   % Change  
                           
  ($ in millions)
                       
U.S High-Grade                      
Fixed Rate $ 4,767   $ 4,177   14.1 %   $ 100,103   $ 83,541   19.8 %
Floating Rate   165     258   -36.0 %     3,471     5,169   -32.8 %
Total U.S. High-Grade   4,932     4,435   11.2 %     103,574     88,710   16.8 %
Other Credit                      
U.S. High-Yield   1,487     988   50.5 %     31,222     19,763   58.0 %
Emerging Markets   2,193     2,079   5.5 %     46,058     41,570   10.8 %
Eurobonds   1,096     1,038   5.6 %     24,117     21,792   10.7 %
Other Credit Products   58     39   48.7 %     1,220     772   58.0 %
Total Other Credit   4,834     4,144   16.7 %     102,617     83,897   22.3 %
Total Credit1   9,766     8,579   13.8 %     206,191     172,607   19.5 %
Rates                      
U.S. Government Bonds 2   11,899     -   n/a       249,883     -   n/a  
Agencies and Other Government Bonds 1   233     176   32.4 %     4,929     3,537   39.4 %
Total Rates   12,132     176   NM       254,812     3,537   NM  
                       
                       
Number of U.S. Trading Days 3   21     20                
Number of U.K. Trading Days 4   22     21                
                       
NOTES:                      
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 U.S. Government Bonds represent U.S. treasury volume traded through the MarketAxess Rates platform, formerly known as LiquidityEdge, which was acquired by the Company on November 1, 2019. 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 on the U.K. Bank holiday schedule.
                       


MarketAxess Holdings Inc.

Quarterly Volume Statistics

  Average Daily Volume   Total Trading Volume
       
  3Q20   3Q19   % Change     3Q20   3Q19   % Change  
                           
  ($ in millions)
                       
U.S High-Grade                      
Fixed Rate $ 4,622   $ 3,829   20.7 %   $ 295,781   $ 245,027   20.7 %
Floating Rate   148     264   -44.0 %     9,450     16,918   -44.1 %
Total U.S. High-Grade   4,770     4,093   16.5 %     305,231     261,945   16.5 %
Other Credit                      
U.S. High-Yield   1,387     953   45.5 %     88,785     60,988   45.6 %
Emerging Markets   2,023     2,057   -1.6 %     129,475     131,616   -1.6 %
Eurobonds   960     921   4.3 %     62,423     59,846   4.3 %
Other Credit Products   51     41   24.4 %     3,237     2,647   22.3 %
Total Other Credit   4,421     3,971   11.3 %     283,920     255,097   11.3 %
Total Credit1   9,191     8,064   14.0 %     589,151     517,042   13.9 %
Rates                      
U.S. Government Bonds 2   11,651     -   n/a       745,692     -   n/a  
Agencies and Other Government Bonds 1   234     182   28.6 %     14,984     11,661   28.5 %
Total Rates   11,885     182   NM       760,676     11,661   NM  
                       
                       
Number of U.S. Trading Days 3   64     64                
Number of U.K. Trading Days 4   65     65                
                       
NOTES:                      
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 U.S. Government Bonds represent U.S. treasury volume traded through the MarketAxess Rates platform, formerly known as LiquidityEdge, which was acquired by the Company on November 1, 2019. 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 on the U.K. Bank holiday schedule.
                       

 


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Source: MarketAxess Holdings, Inc.