MarketAxess reports Q3 total credit ADV of $11.2B, up 1.7%

Chris Concannon, CEO of MarketAxess, commented: “Our international businesses and our municipal bond offering registered solid ADV growth in the quarter, reflecting the benefits of our geographic and product diversification. Continued low levels of volatility dampened ETF market maker activity and favored select trading protocols, including portfolio trading. Adoption of our new trading platform, MarketAxess X-Pro, continues to expand. We are seeing early signs that our unique proprietary data is enhancing the client experience, including the execution of portfolio trades, and the final week of September was our second strongest week of credit trading volume ever. Additionally, we just completed the acquisition of Pragma, which we expect to accelerate our automation and client algo strategies. We believe that the rapid increase in interest rates since 2022 and the growing risks in financial markets will drive increased credit market volatility in the coming quarters.”