MarketAxess Announces Monthly Volume Statistics for December 2020

Tuesday, 05. January 2021 22:30

NEW YORK, Jan. 05, 2021 (GLOBE NEWSWIRE) -- MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, and the provider of market data and post-trade services for the global fixed-income markets, today announced monthly trading volume for December 2020 of $472.3 billion consisting of $203.5 billion in credit volume and $268.7 billion in rates volume.

The Company also reported preliminary variable transaction fees per million (“FPM”) for the quarter ended December 31, 2020 of $187 for U.S. high-grade, $202 for other credit, $195 for total credit and $3.95 for rates. The FPM for the quarter ended December 31, 2020 are preliminary and may be revised in subsequent updates and public filings. The Company undertakes no obligation to update any fee information in future press releases.

Reported MarketAxess volume in all product categories includes only fully electronic trading volume. MarketAxess trading volumes, TRACE reported volumes and Trax® processed volumes are available on the Company’s website at investor.marketaxess.com/volume.cfm

Cautionary Note Regarding Forward-Looking Statements

This press release may contain forward-looking statements, including statements about the outlook and prospects for Company and industry growth, as well as statements about the Company’s future financial and operating performance. These and other statements that relate to future results and events are based on MarketAxess’ current expectations. The Company’s actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties, including: risks relating to the COVID-19 pandemic, including the possible effects of the economic conditions worldwide resulting from the COVID-19 pandemic; global economic, political and market factors; the volatility of financial services markets generally; the level of trading volume transacted on the MarketAxess platform; the absolute level and direction of interest rates and the corresponding volatility in the corporate fixed-income market; the level and intensity of competition in the fixed-income electronic trading industry and the pricing pressures that may result; the variability of our growth rate; the rapidly evolving nature of the electronic financial services industry; our ability to introduce new fee plans and our clients’ response; our exposure to risks resulting from non-performance by counterparties to transactions executed between our clients in which we act as an intermediary in matched principal trades; risks related to self-clearing; our dependence on our broker-dealer clients; the loss of any of our significant institutional investor clients; our ability to develop new products and offerings and the market’s acceptance of those products; the effect of rapid market or technological changes on us and the users of our technology; our ability to successfully maintain the integrity of our trading platform and our response to system failures, capacity constraints and business interruptions; our vulnerability to cyber security risks; our ability to protect our intellectual property rights or technology and defend against intellectual property infringement or other claims; our ability to enter into strategic alliances and to acquire other businesses and successfully integrate them with our business; our ability to comply with new and existing laws, rules and regulations both domestically and internationally; our ability to maintain effective compliance and risk management methods; the strain of growth initiatives on management and other resources; our future capital needs and our ability to obtain capital when needed; limitations on our operating flexibility contained in our credit agreement; and other factors. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. More information about these and other factors affecting MarketAxess’ business and prospects is contained in MarketAxess’ periodic filings with the Securities and Exchange Commission and can be accessed at www.marketaxess.com.

About MarketAxess

MarketAxess operates a leading, institutional electronic trading platform delivering expanded liquidity opportunities, improved execution quality and significant cost savings across global fixed-income markets. A global network of over 1,700 firms, including the world’s leading asset managers and institutional broker-dealers, leverages MarketAxess’ patented trading technology to efficiently trade bonds. MarketAxess’ award-winning Open Trading™ marketplace is regarded as the preferred all-to-all trading solution in the global credit markets, creating a unique liquidity pool for a broad range of credit market participants. Drawing on its deep data and analytical resources, MarketAxess provides automated trading solutions, market data products and a range of pre- and post-trade services.

MarketAxess is headquartered in New York and has offices in London, Amsterdam, Boston, Chicago, Los Angeles, Miami, San Francisco, São Paulo, Hong Kong and Singapore. For more information, please visit www.marketaxess.com.

Investor Relations Contact:

David Cresci
MarketAxess Holdings Inc.
+1-212-813-6027

Media Relations Contacts:

Kyle White
MarketAxess Holdings Inc.
+1-212-813-6355

William McBride
RF | Binder
+1-917-239-6726



MarketAxess Holdings Inc.
Monthly Volume Statistics
 
    
 Average Daily Volume Total Trading Volume 
 Dec-20 Dec-19 % Change Dec-20 Dec-19 % Change 
 ($ in millions) 
             
U.S High-Grade            
Fixed Rate$4,636 $3,578 29.6 $102,001 $75,129 35.8 
Floating Rate 205  240 -14.6%  4,502  5,036 -10.6% 
Total U.S. High-Grade 4,841  3,818 26.8  106,503  80,165 32.9 
Other Credit            
U.S. High-Yield 1,386  858 61.5  30,488  18,027 69.1 
Emerging Markets 1,922  1,634 17.6  42,288  34,310 23.3 
Eurobonds 1,074  865 24.2  22,560  17,296 30.4 
Other Credit Products 77  44 75.0  1,686  922 82.9 
Total Other Credit 4,459  3,401 31.1  97,022  70,555 37.5 
Total Credit1 9,300  7,219 28.8  203,525  150,720 35.0 
Rates            
U.S. Government Bonds 2 12,054  14,884 -19.0%  265,188  312,572 -15.2% 
Agencies and Other Government Bonds 1 162  173 -6.4%  3,561  3,616 -1.5% 
Total Rates 12,216  15,057 -18.9%  268,749  316,188 -15.0% 
             
             
Number of U.S. Trading Days 3 22  21         
Number of U.K. Trading Days 4 21  20         
             
NOTES:            
1 Consistent with FINRA TRACE reporting standards, both sides of trades are included in the Company's reported volumes when the Company executes trades on a matched principal basis between two counterparties. 
2 U.S. Government Bonds represent U.S. treasury volume traded through the MarketAxess Rates platform, formerly known as LiquidityEdge, which was acquired by the Company on November 1, 2019. Consistent with industry standards, U.S. Government Bond trades are single-counted. 
3 The number of U.S. trading days is based on the SIFMA holiday recommendation calendar. 
4 The number of U.K. trading days is based on the U.K. Bank holiday schedule. 
             


MarketAxess Holdings Inc.
Quarterly Volume Statistics
 
 
 Average Daily Volume Total Trading Volume
 4Q20 4Q19 % Change 4Q20 4Q19 % Change
 ($ in millions)
            
U.S High-Grade           
Fixed Rate$4,928 $3,854 27.9% $305,537 $238,959 27.9%
Floating Rate 209  228 -8.4%  12,956  14,150 -8.4%
Total U.S. High-Grade 5,137  4,082 25.8%  318,493  253,109 25.8%
Other Credit           
U.S. High-Yield 1,576  904 74.3%  97,691  56,021 74.4%
Emerging Markets 2,255  1,901 18.6%  139,827  117,840 18.7%
Eurobonds 1,225  936 30.9%  78,419  59,913 30.9%
Other Credit Products 84  42 100.0%  5,198  2,629 97.7%
Total Other Credit 5,140  3,783 35.9%  321,135  236,403 35.8%
Total Credit1 10,277  7,865 30.7%  639,628  489,512 30.7%
Rates           
U.S. Government Bonds 2 13,128  9,833 n/m  813,921  609,650 n/m
Agencies and Other Government Bonds 1 199  174 14.4%  12,355  10,787 14.5%
Total Rates 13,327  10,007 n/m  826,276  620,437 n/m
            
            
Number of U.S. Trading Days 3 62  62        
Number of U.K. Trading Days 4 64  64        
            
NOTES:           
1 Consistent with FINRA TRACE reporting standards, both sides of trades are included in the Company's reported volumes when the Company executes trades on a matched principal basis between two counterparties.
2 U.S. Government Bonds represent U.S. Treasury volume traded through the MarketAxess Rates platform, formerly known as LiquidityEdge, which was acquired by the Company on November 1, 2019. Consistent with industry standards, U.S. Government Bond trades are single-counted. ADV in 4Q19 was calculated using 62 trading days. Post-acquisition ADV for U.S. Government Bonds using the November and December day count was $15.2 billion.
3 The number of U.S. trading days is based on the SIFMA holiday recommendation calendar.
4 The number of U.K. trading days is based on the U.K. Bank holiday schedule.
            

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