MarketAxess reports Q4 trading volume up 9% year-over-year

MarketAxess announced monthly trading volume and preliminary variable transaction fees per million – FPM – for Q4. In Q4, total credit ADV increased approximately 9% vs. the prior year to $13.1B and increased 17.5% from 3Q23 levels. U.S. high-grade ADV of $6.2B, up 13.3% from the prior year, and up 20.0% versus 3Q23. Estimated market share of 20.9%, down slightly from 21.1% in the prior year, and up from 20.0% in 3Q23. Emerging markets ADV of $2.9B, up 9.8% from the prior year, and up 4.6% from 3Q23 levels. The year-over-year increase was principally due to a 25.6% increase in local currency trading ADV. Emerging markets estimated market ADV increased 12.1%, compared to the prior year, and increased 4.2% compared to 3Q23. Eurobonds ADV of $1.8B, up 12.6% from the prior year, and up 19.1% from 3Q23. Record $41.8B in total portfolio trading volume, up 35.8% from the prior year, and up 52.1% from 3Q23. Approximately $11.6B, or 30.3%, of portfolio trading volume was executed over MarketAxess X-Pro, its new trading platform, vs. $4.8B, or 18.2%, in 3Q23. Total rates ADV of $16.5B, down 10.1% versus the prior year, and down 8.8% from 3Q23 levels.