MarketAxess reports November total ADV up 9.3% y-o-y

MarketAxess announced monthly trading volume and preliminary variable transaction fees per million – FPM – for November 2023. Highlights include: total credit average daily trading volume, or ADV, of $14.3B, up 9.3% vs. prior year, and up 13.4% vs. October 2023. U.S. high-grade ADV of $6.5B, up 11.2% from the prior year, and up 9.0% vs. October 2023. Estimated market share of 20.6%, up slighly from 20.5% in the prior year, and up from 20.3% in October 2023. U.S. high-grade estimated market ADV increased 10.7% vs. the prior year, and was up 7.8% versus October 2023. U.S. high-yield ADV of $1.9B, up 2.5% vs. the prior year, and up 17.9% from October 2023 levels. Estimated market share of 17.0%, down from 19.3% in the prior year, but up from 16.7% in October 2023. U.S. high-yield estimated market ADV increased 16.5% versus the prior year, and increased 16.0% vs. October 2023. The decrease in U.S. high-yield estimated market share year-over-year was driven principally by lower levels of credit spread volatility, resulting in an estimated 8.1% decrease in ETF market maker activity on the platform. ETF market maker activity increased an estimated 17.1% from October 2023 levels. Emerging markets ADV of $3.3B, up 7.6% from the prior year, and up 18.5% from October 2023 levels. Emerging markets estimated market ADV increased 15.2%, compared to the prior year, and increased 21.1% vs. October 2023. Eurobonds ADV of $2.0B, up 13.7% from the prior year, and up 16.5% from October 2023. Eurobonds estimated market ADV increased 31.7% versus the prior year, and increased 18.7% compared to October 2023. Estimated market share of 6.0%, up from 5.3% in the prior year and 5.1% in October 2023. Estimated market ADV down 3.6% compared to the prior year, and down 4.1% compared to October 2023. $13.2B in total portfolio trading volume, up 56.7% from November 2022, but down 13.1% from record levels in October 2023. 35% Open Trading share of total credit trading volume, down from 38% in the prior year, but in line with October 2023 levels. Total Rates ADV of $14.5B, down 24.1% versus the prior year, and down 28.5% from October 2023 levels. U.S. The preliminary FPM for total credit for November 2023 was $157 vs. $163 in the prior year, and $153 in October 2023. Quarter-to-date, the FPM was $155, in line with 3Q23 levels.