MarketAxess
announced record-breaking trading volumes for February 2024. The electronic
trading platform for fixed-income securities reported a total credit average
daily volume (ADV) of $15.2 billion, an uptick of 5.1% from the previous year,
driven by strong performance across several key sectors.
Record US
high-grade ADV of $7.7 billion, an improvement of 14.6% year-over-year (YoY). In emerging
markets, ADV escalated 12.5% to $3.6 billion. Eurobonds ADV climbed 9.1% to $2.0
billion. Municipal bonds ADV increased 8.0% YoY to $434 million.
Despite the
overall positive results, US high-yield ADV declined 37.1% to $1.4 billion,
attributed to lower credit spread volatility and a greater focus on new issue
calendars by long-only clients.
“Strong
credit volumes quarter-to-date across several of our growth cylinders have more
than offset significantly lower levels of US high-yield trading activity on our
platform impacted by continued low levels of credit spread volatility ,” said Chris
Concannon, the CEO of MarketAxess.
In
addition, the company’s Open Trading marketplace, widely regarded as the
preferred all-to-all trading solution in global credit markets, accounted for
34% of total credit trading volume, a drop from 36% in the prior year.
Record Trading Volumes
Drive Strong 2023 Performance
In late
January, MarketAxess reported solid financial results for the fourth quarter and full year
2023, driven by higher trading volumes across multiple products and regions.
In the
fourth quarter, total revenues rose 10.9% year-over-year to $197.2 million,
boosted by the acquisition of Pragma and favorable foreign currency
fluctuations. Additionally, net income elevated 18% to $69.6 million, while diluted earnings
per share (EPS) grew 16.5% to $1.84.
For the
full year 2023, MarketAxess posted an incline of 5% year-over-year in total
revenues to $753 million. Net income showed a moderate increase of 3% to $258 million, and diluted EPS
grew 3% to $6.85, with results visibly better than the third quarter of 2023.
In late
February 2024, the company announced a key executive appointment, naming Ilene
Fiszel Bieler as its new Chief Financial Officer, effective around May 2024.
Bieler, who will replace Christopher Gerosa, brings extensive experience from
her tenures at State Street Global Markets and Barclays, among others.
MarketAxess
announced record-breaking trading volumes for February 2024. The electronic
trading platform for fixed-income securities reported a total credit average
daily volume (ADV) of $15.2 billion, an uptick of 5.1% from the previous year,
driven by strong performance across several key sectors.
Record US
high-grade ADV of $7.7 billion, an improvement of 14.6% year-over-year (YoY). In emerging
markets, ADV escalated 12.5% to $3.6 billion. Eurobonds ADV climbed 9.1% to $2.0
billion. Municipal bonds ADV increased 8.0% YoY to $434 million.
Despite the
overall positive results, US high-yield ADV declined 37.1% to $1.4 billion,
attributed to lower credit spread volatility and a greater focus on new issue
calendars by long-only clients.
“Strong
credit volumes quarter-to-date across several of our growth cylinders have more
than offset significantly lower levels of US high-yield trading activity on our
platform impacted by continued low levels of credit spread volatility ,” said Chris
Concannon, the CEO of MarketAxess.
In
addition, the company’s Open Trading marketplace, widely regarded as the
preferred all-to-all trading solution in global credit markets, accounted for
34% of total credit trading volume, a drop from 36% in the prior year.
Record Trading Volumes
Drive Strong 2023 Performance
In late
January, MarketAxess reported solid financial results for the fourth quarter and full year
2023, driven by higher trading volumes across multiple products and regions.
In the
fourth quarter, total revenues rose 10.9% year-over-year to $197.2 million,
boosted by the acquisition of Pragma and favorable foreign currency
fluctuations. Additionally, net income elevated 18% to $69.6 million, while diluted earnings
per share (EPS) grew 16.5% to $1.84.
For the
full year 2023, MarketAxess posted an incline of 5% year-over-year in total
revenues to $753 million. Net income showed a moderate increase of 3% to $258 million, and diluted EPS
grew 3% to $6.85, with results visibly better than the third quarter of 2023.
In late
February 2024, the company announced a key executive appointment, naming Ilene
Fiszel Bieler as its new Chief Financial Officer, effective around May 2024.
Bieler, who will replace Christopher Gerosa, brings extensive experience from
her tenures at State Street Global Markets and Barclays, among others.
