MarketAxess Announces Trading Volume Statistics for March and First Quarter 2026

Record Total Credit ADV and Strong Growth in Total Rates ADV in Both Periods

Record Total Portfolio Trading ADV of $2.3 Billion in March, Up 48%

Record U.S. High-Grade, Emerging Markets, Eurobonds and Municipal Bonds ADV in 1Q26

Record Block Trading ADV Across U.S. High-Grade, Emerging Markets and Eurobonds in 1Q26

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

Total credit average daily volume ("ADV") Open Trading® ADV Total portfolio trading ADV U.S. high-grade ADV U.S. high-grade block trading ADV

U.S. high-grade portfolio trading ADV U.S. high-yield portfolio trading ADV Eurobonds ADV Axess IQ ADV

Trading Records for First Quarter 2026

Total trading ADV Total credit ADV Open Trading® ADV Total portfolio trading ADV Mid-X ADV U.S. high-grade ADV U.S. high-grade block trading ADV U.S. high-grade portfolio trading ADV U.S. high-yield portfolio trading ADV

Emerging markets ADV Emerging markets block trading ADV Emerging markets portfolio trading ADV Eurobonds ADV Eurobonds block trading ADV Municipal bonds ADV Municipal bonds portfolio trading ADV Axess IQ ADV

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

• 23% growth in block trading ADV to $7.0 billion, with record U.S. credit block ADV of $4.1 billion (+19%), including record U.S. high-grade block ADV of $3.1 billion (+23%), as well as emerging markets block ADV of $2.3 billion (+34%) and eurobonds block ADV of $546 million (+7%).

Portfolio Trading Channel

• 48% increase in total portfolio trading ADV to a record $2.3 billion, including record U.S. high-grade ADV of $1.4 billion (+24%), record U.S. high-yield ADV of $487 million (+119%), emerging markets ADV of $114 million (+45%), and eurobonds ADV of $279 million (+135%).
• Our estimated market share of U.S. credit portfolio trading was 21.9%, compared to 20.1% in the prior year.

Dealer-Initiated Channel

• Dealer-initiated ADV of $2.1 billion declined 3% compared to the prior year. Total Mid-X trading volume was $5.4 billion, representing an increase of 112%.

March 2026 Variable Transaction Fees Per Million¹ (See table 1D)

• The year-over-year decline in total credit FPM was driven by product and protocol mix, partially offset by the higher duration of bonds traded in U.S. high-grade. The month-over-month decline was driven by product mix.
• The year-over-year decrease in total rates FPM was driven by the impact of protocol mix. The month-over-month decrease in total rates FPM was driven by client mix.

*All comparisons versus March 2025 unless noted.

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

Client-Initiated Channel

• 35% growth in block trading ADV to $6.6 billion, with record U.S. credit block ADV of $3.8 billion (+27%), including record U.S. high-grade ADV of $2.8 billion (+31%), as well as record emerging markets ADV of $2.3 billion (+47%) and record eurobonds ADV of $591 million (+45%).

Portfolio Trading Channel

• 51% increase in total portfolio trading ADV to a record $1.9 billion including record U.S. high-grade ADV of $1.2 billion (+36%), record U.S. high-yield ADV of $390 million (+78%), record emerging markets ADV of $131 million (+69%), and eurobonds ADV of $258 million (+90%).
• Our estimated market share of U.S. credit portfolio trading was 19.8%, compared to 18.8% in the prior year.

Dealer-Initiated Channel

• Record dealer-initiated ADV of $1.9 billion increased 3% compared to the prior year. Total Mid-X trading volume was a record $17.5 billion, representing an increase of 163%.

First Quarter 2026 Variable Transaction Fees Per Million¹ (See table 1D)

• The year-over-year decline in total credit FPM was driven by protocol and product mix, partially offset by the higher duration of bonds traded in U.S. high-grade. The quarter-over-quarter decline was driven by product mix.
• The year-over-year increase in total rates FPM was driven principally by the impact of client mix. The quarter-over-quarter decrease in total rates FPM was driven by client and protocol mix.

*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		20		%		7	%	$	8,722	$	7,035	$	7,813		24	%		12	%
U.S. High-Grade (excl. SD PT)^2		9,159		7,779		8,666		18				6			8,385		6,848		7,562		22			11
U.S. High-Yield (incl. SD PT)^2		2,110		1,701		1,740		24				21			1,864		1,749		1,544		7			21
U.S. High-Yield (excl. SD PT)^2		1,839		1,480		1,701		24				8			1,646		1,543		1,475		7			12
Emerging Markets		5,194		4,647		4,090		12				27			5,114		3,986		3,939		28			30
Eurobonds		2,992		2,674		2,680		12				12			2,828		2,407		2,348		17			20
Other Credit Products^3		675		681		639		(1	)			6			659		597		598		10			10
Municipal Bonds		675		681		635		(1	)			6			659		597		594		10			11
Total MKTX Credit ADV (excl. SD PT)^2	$	19,859	$	17,261	$	17,776		15				12		$	18,632	$	15,381	$	15,922		21			17
Rates
U.S. Government Bonds	$	32,879	$	27,509	$	27,624		20		%		19	%	$	29,511	$	21,819	$	25,936		35	%		14	%
Agencies and Other Government Bonds		2,582		923		1,090		180				137			1,659		686		1,047		142			58
Total MKTX Rates ADV	$	35,461	$	28,432	$	28,714		25				23		$	31,170	$	22,505	$	26,983		39			16
Total MKTX Trading ADV	$	55,320	$	45,693	$	46,490		21				19		$	49,802	$	37,886	$	42,905		31			16
U.S. Trading Days^4	22		19		21									61		62		61
U.K. Trading Days^4	22		20		21									63		64		63

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		7		%		14		%	$	49,074	$	37,240	$	41,910		32		%		17		%
U.S. High-Yield TRACE		13,742		13,602		13,605		1				1				13,542		11,563		12,419		17				9
Total U.S. Credit TRACE		65,164		61,530		58,629		6				11				62,616		48,803		54,329		28				15
Municipal Bonds MSRB		9,527		9,724		9,895		(2	)			(4	)			9,543		9,686		9,347		(1	)			2
Rates
U.S. Government Bonds TRACE	$	1,448,791	$	1,205,789	$	1,097,090		20		%		32		%	$	1,289,038	$	1,006,294	$	1,002,379		28		%		29		%
Agency TRACE		3,681		2,980		3,957		24				(7	)			3,676		3,548		4,290		4				(14	)
U.S. Trading Days^4	22		19		21										61		62		61
U.K. Trading Days^4	22		20		21										63		64		63

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		20		%		19		%	$	3,751	$	2,811	$	2,942		33	%		27	%
Emerging Markets Block Trading		2,300		2,027		1,717		13				34				2,292		1,687		1,562		36			47
Eurobonds Block Trading		546		596		510		(8	)			7				591		425		407		39			45
Portfolio Trading Channel
Total MKTX Portfolio Trading	$	2,254	$	1,539	$	1,525		46		%		48		%	$	1,944	$	1,491	$	1,284		30	%		51	%
Total MKTX U.S. Credit Portfolio Trading		1,859		1,148		1,325		62				40				1,547		1,146		1,070		35			45
Total U.S. Credit TRACE Portfolio Trading		8,478		7,352		6,608		15				28				7,834		5,555		5,697		41			38
Dealer-Initiated Channel
Total Dealer Initiated (DRFQ & Mid-X)	$	2,081	$	1,833	$	2,140		14		%		(3	)	%	$	1,905	$	1,755	$	1,856		9	%		3	%
Other
Open Trading	$	6,222	$	5,404	$	5,485		15		%		13		%	$	5,669	$	4,939	$	4,769		15	%		19	%
AxessIQ		212		206		175		3				21				209		164		159		27			31
U.S. Trading Days^4	22		19		21										61		62		61
U.K. Trading Days^4	22		20		21										63		64		63

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	$	135		(3	)	%		(3	)	%	$	132	$	138	$	139		(4	)	%		(5	)	%
Total Rates		4.05		4.76		4.24		(15	)			(4	)			4.56		4.79		4.20		(5	)			9

^1	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.
^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	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		11	%		6	%
High-yield		40,455		1,839		35,719		1,701		13			8
Emerging markets		114,268		5,194		85,883		4,090		33			27
Eurobonds		65,815		2,992		56,270		2,680		17			12
Other credit		14,843		675		13,431		639		11			6
Total credit trading^1		436,868		19,859		373,298		17,776		17			12
Rates
U.S. government bonds^2		723,337		32,879		580,113		27,624		25			19
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		29			23
Total trading	$	1,217,010	$	55,320	$	976,312	$	46,490		25			19
Number of U.S. Trading Days^3				22				21
Number of U.K. Trading Days^4				22				21
	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		11	%		11	%
High-yield		100,409		1,646		89,997		1,475		12			12
Emerging markets		311,925		5,114		240,285		3,939		30			30
Eurobonds		178,162		2,828		147,917		2,348		20			20
Other credit		40,186		659		36,482		598		10			10
Total credit trading^1		1,142,174		18,632		975,989		15,922		17			17
Rates
U.S. government bonds^2		1,800,150		29,511		1,582,081		25,936		14			14
Agency and other government bonds^1		104,376		1,659		65,825		1,047		59			58
Total rates trading		1,904,526		31,170		1,647,906		26,983		16			16
Total trading	$	3,046,700	$	49,802	$	2,623,895	$	42,905		16			16
Number of U.S. Trading Days^3				61				61
Number of U.K. Trading Days^4				63				63

^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.