MarketAxess reports January total trading average daily volume up 17% y-o-y

MarketAxess Holdings announced monthly trading volume and preliminary variable transaction fees per million, or FPM, for the month of January. Chris Concannon, President and COO of MarketAxess commented: "In January, we generated record credit average daily volume of $14B, driven by strong double-digit growth across all credit product areas, including record emerging markets and Eurobonds average daily volume and record estimated market share in municipal bonds. We delivered these strong results against a backdrop of increasing estimated market volumes, with U.S. high-grade increasing 27% year-over-year, driven in part by a strong new issue calendar. Open Trading estimated price improvement was approximately $71M in January and average estimated price improvement per million was approximately $809. January highlights include: Record $14.0B in total credit average daily volume, or ADV, up 17% from $12.0B in the prior year; 14% increase in U.S. high-grade ADV to $6.2B with estimated market share of 19.5%; the January new issue calendar was robust and credit market volatility declined; 11% increase in U.S. high-yield ADV to $1.9 billion with estimated market share of 16.8%, up from 15.3%.