MarketAxess
Holdings Inc. has announced its monthly trading volume and preliminary variable
transaction fees per million (FPM) for the fourth quarter ended December 31,
2023.
In
the fourth quarter of 2023, MarketAxess experienced robust performance, with
total credit average daily trading volume (ADV) reaching $13.1 billion. This
marked an 8.9% increase compared to the prior year.
The
US high-grade average daily trading volume experienced significant growth,
reaching $6.2 billion, marking a notable increase of 13.3% from the previous
year. However, there was a slight dip in the estimated market share compared to
the prior year.
The
US high-yield sector reported an ADV of $1.7 billion, reflecting an 8.4%
decline compared to the prior year. Emerging markets ADV reached $2.9 billion,
up 9.8% from the past year, driven by a substantial 25.6% increase in local
currency trading ADV. Eurobonds ADV grew by 12.6%, totaling $1.8 billion.
MarketAxess
achieved a record municipal bond ADV of $539 million, up 7.8% from the prior
year. The estimated market share increased to 5.8%, up from 5.0% in the preceding
year. AxessIQ, the order and execution workflow solution for wealth management
and private banking clients, demonstrated strong performance with a record ADV
of $140.6 million, up 67.0% from the previous fiscal year.
Portfolio
trading reached a record $41.8 billion, showing a substantial 35.8% increase
from the last year. Approximately $11.6 billion of portfolio trading volume was
executed over MarketAxess X-Pro. Open Trading share of total credit trading
volume was 36%. Total rates ADV was $16.5 billion, down 10.1% versus the Previous
fiscal year.
The
preliminary FPM for total credit for 4Q23 was approximately $156, compared to
$164 in the prior year. The decline was attributed to a product and protocol
mix shift. The preliminary FPM for total rates was $4.50, compared to $4.16 in
the prior year.
Chris
Concannon, CEO of MarketAxess,
attributed the strong performance to growing client engagement with
MarketAxess’s proprietary data products, automated solutions, and the unique
MarketAxess X-Pro trading platform. The positive market volumes in 4Q23 set a
promising tone as the company entered 2024.
4Q 2023 Trading ADV, Source: businesswire
Bloomberg,
MarketAxess, and Tradeweb Withdraw from Fixed-Income CTP Initiative
Finance Magnates reported that Bloomberg,
MarketAxess, and Tradeweb have abandoned plans for an independent entity to
serve as the fixed-income consolidated tape provider (CTP) in the European
Union and the United Kingdom. The decision, attributed to mounting complexities
and uncertainties, follows challenges related to the uncertain outcome of the
joint venture’s product.
Tradeweb
stated that, after careful consideration, the companies have jointly agreed to
end their engagement in the venture. The collaboration, initiated in May, aimed
to revolutionize the fixed-income CTP space but faced obstacles, leading to the
unexpected decision. The firms remain committed to contributing to progress in
this important initiative.
MarketAxess
Holdings Inc. has announced its monthly trading volume and preliminary variable
transaction fees per million (FPM) for the fourth quarter ended December 31,
2023.
In
the fourth quarter of 2023, MarketAxess experienced robust performance, with
total credit average daily trading volume (ADV) reaching $13.1 billion. This
marked an 8.9% increase compared to the prior year.
The
US high-grade average daily trading volume experienced significant growth,
reaching $6.2 billion, marking a notable increase of 13.3% from the previous
year. However, there was a slight dip in the estimated market share compared to
the prior year.
The
US high-yield sector reported an ADV of $1.7 billion, reflecting an 8.4%
decline compared to the prior year. Emerging markets ADV reached $2.9 billion,
up 9.8% from the past year, driven by a substantial 25.6% increase in local
currency trading ADV. Eurobonds ADV grew by 12.6%, totaling $1.8 billion.
MarketAxess
achieved a record municipal bond ADV of $539 million, up 7.8% from the prior
year. The estimated market share increased to 5.8%, up from 5.0% in the preceding
year. AxessIQ, the order and execution workflow solution for wealth management
and private banking clients, demonstrated strong performance with a record ADV
of $140.6 million, up 67.0% from the previous fiscal year.
Portfolio
trading reached a record $41.8 billion, showing a substantial 35.8% increase
from the last year. Approximately $11.6 billion of portfolio trading volume was
executed over MarketAxess X-Pro. Open Trading share of total credit trading
volume was 36%. Total rates ADV was $16.5 billion, down 10.1% versus the Previous
fiscal year.
The
preliminary FPM for total credit for 4Q23 was approximately $156, compared to
$164 in the prior year. The decline was attributed to a product and protocol
mix shift. The preliminary FPM for total rates was $4.50, compared to $4.16 in
the prior year.
Chris
Concannon, CEO of MarketAxess,
attributed the strong performance to growing client engagement with
MarketAxess’s proprietary data products, automated solutions, and the unique
MarketAxess X-Pro trading platform. The positive market volumes in 4Q23 set a
promising tone as the company entered 2024.
4Q 2023 Trading ADV, Source: businesswire
Bloomberg,
MarketAxess, and Tradeweb Withdraw from Fixed-Income CTP Initiative
Finance Magnates reported that Bloomberg,
MarketAxess, and Tradeweb have abandoned plans for an independent entity to
serve as the fixed-income consolidated tape provider (CTP) in the European
Union and the United Kingdom. The decision, attributed to mounting complexities
and uncertainties, follows challenges related to the uncertain outcome of the
joint venture’s product.
Tradeweb
stated that, after careful consideration, the companies have jointly agreed to
end their engagement in the venture. The collaboration, initiated in May, aimed
to revolutionize the fixed-income CTP space but faced obstacles, leading to the
unexpected decision. The firms remain committed to contributing to progress in
this important initiative.
