MarketAxess reports August total ADV up 2.3% to $10.4B

MarketAxess Holdings announced monthly trading volume and preliminary variable transaction fees per million, or FPM, for August. Highlights include: Total credit average daily volume, or ADV, of $10.4B, up 2.3%; U.S. high-grade ADV of $5.0B, up 2.1% with estimated market share of 20.6%. U.S. high-grade estimated market ADV increased 2.6%; U.S. high-yield ADV of $1.2B, down 18.6% with estimated market share of 15.9%; U.S. high-yield estimated market ADV decreased 7.5%, driven principally by low levels of credit spread volatility, resulting in a decrease in ETF market maker activity on the platform; 6.0% increase in emerging markets ADV to $2.5B driven by a 31.3% increase in local markets trading volume, partially offset by a 6.1% decline in hard currency trading volume; 3.2% decrease in emerging markets estimated market ADV; 19.7% increase in Eurobonds ADV to $1.3B with estimated market share of 15.4%. Eurobonds estimated market ADV increased 38.0%; Municipal bond ADV of $388M, up 17.9% with estimated market share of 5.8%. Municipal bond estimated market ADV increased 2.5%; $10.1B in total portfolio trading volume, up from $7.1B in July and $4.7B in August 2022; 34% Open Trading share4 of total credit trading volume, down from 37% in the prior year on lower volatility. Estimated price improvement via Open Trading was approximately $40M and is $493M year-to-date through August 2023 on lower volatility.