MarketAxess falls 14% after reporting monthly volume statistics for March and Q1

Shares of electronic trading platform MarketAxess Holdings closed down 14% or $55 per share on Wednesday to finish the session at $337.74 after the firm announced monthly trading volume and preliminary variable transaction fees per million for the month and the first quarter ended March 31 earlier on Wednesday. The company reported record $296.3B in total credit trading volume; $12.9B in total credit average daily volume, ADV, up 4%. Record U.S. high-grade Open Trading penetration1 of 37% on a 5% increase in U.S. high-grade ADV to $6.1B. Estimated market share of 19.9%. 14% increase in U.S. high-yield ADV to $1.8B with estimated market share of 18.9% , up from 15.1%. Emerging markets ADV of $2.7B down 16%.