Chris Concannon, President and COO of MarketAxess commented: "In February we delivered 25% growth in total credit average daily volume to a record $14.4 billion, driven by 30% growth in high-grade to a record $6.7 billion, and 43% growth in high-yield to a record $2.3 billion. These results were generated in part by strong estimated market share gains in high-yield, Eurobonds and municipals, with record Open Trading average daily trading volume of $4.7 billion. Open Trading estimated price improvement3 was approximately $81 million in February and average estimated price improvement per million was approximately $908. Year-to-date, price improvement is running 27% above prior year levels. We believe that stronger industry volumes, estimated market share gains and a favorable macro backdrop, combined with stable average fees per million for total credit, are setting the stage for a strong 2023."
Published first on TheFly
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