MarketAxess reports May ADV up 13.5% to $32.2B

MarketAxess Holdings announced trading volume and preliminary variable transaction fees per million, or FPM, for May 2024. Chris Concannon, CEO of MarketAxess, commented: “In May, we delivered strong growth in total credit ADV of 11.1%, driven by a 21.8% increase in emerging markets, a 24.8% increase in Eurobonds and a 43.2% increase in municipal bonds on record municipal bond market share of 8.1%. Our estimated market share of U.S. high-grade portfolio trading was 21.8%, up from 12.8% in the prior year, and up from 15.4% in April, reflecting strong gains in portfolio trading. In May, approximately 55% of our portfolio trading volume was executed on X-Pro, as we continue the roll-out to our largest clients.” Total average daily volume,or ADV, of $32.2B, up 13.5% on strong growth in total credit ADV to $13.4B, up 11.1%, and a 15.2% increase in total rates trading ADV.