MarketAxess reports Septermber ADV up 52.5% to $45.2B

MarketAxess announced trading volume and preliminary variable transaction fees per million for September 2024 and the third quarter ended September 30, 2024. Chris Concannon, CEO of MarketAxess, commented: “Strong market volumes and a robust new issue calendar helped drive an increase in the velocity of electronic trading and record levels of trading activity in September across our platform. Against this improving market backdrop, in 3Q24 we delivered 27% growth in total credit ADV compared to the prior year, driven by strength in U.S. high-grade, emerging markets, Eurobonds and municipals, with record Municipal bond estimated market share. We also generated record portfolio trading ADV of $1.1 billion, which helped drive our portfolio trading quarterly estimated market share of U.S. high-grade and U.S. high-yield TRACE to 20%, its highest quarterly level in 2024. We are continuing the roll-out of X-Pro to our global client base which, we believe, is important to the success of our “high-touch” strategy.” Select September 2024 Highlights: Record total average daily volume of $45.2 billion increased 52.5% compared to the prior year, and increased 8.6% compared to August 2024. These strong results were driven by record total credit ADV of $16.5 billion, representing an increase of 40.1% compared to the prior year, and an increase of 24.4% compared to August 2024. Total rates ADV of $28.7 billion, which increased 60.7% compared to the prior year, and increased 1.2% compared to August 2024 levels, also contributed to the strong performance in September 2024.