MarketAxess Announces Trading Volume Statistics For January 2026
MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced trading volume and preliminary variable transaction fees per million (“FPM”) for January 2026.1
Chris Concannon, CEO of MarketAxess, commented:
“In January, we delivered 28% growth year-over-year in total credit on record ADV of $18.6 billion, and 19% growth in total rates. In credit, our emerging markets ADV increased 50% to a record $5.5 billion, almost 30% above the previous monthly record set last year, driven by record hard currency ADV (+28%) and record local markets ADV (+94%). These results were driven by strong market volumes, as well as continued momentum in our new initiatives, with 56% growth in block trading ADV, 126% growth in portfolio trading ADV and 13% growth in dealer-initiated ADV. While our estimated market share in U.S. high-grade was dampened by a 92% increase in new issue block trading activity, annualized market turnover jumped to 95% in January and we generated strong preliminary total credit variable commission revenue growth, reflecting solid underlying revenue generation.”
Select January 2026 Highlights* (See tables 1-1C and table 2)
Our new initiatives continued to show strong year-over-year progress across the client-initiated, portfolio trading and dealer-initiated channels.
Client-Initiated Channel
- 56% growth in block trading average daily volume (“ADV”), with strong growth across U.S. credit (+35%), including record U.S. high-grade ADV of $2.8 billion (+33%), as well as record emerging markets ADV of $2.5 billion(+92%) and eurobonds ADV of $633 million(+89%).
Portfolio Trading Channel
- 126% increase in total portfolio trading ADV to a record$2.0 billion, with record U.S. high-grade portfolio trading ADV of $1.2 billion.
- Our estimated market share of U.S. credit portfolio trading was a 20.9%, compared to 14.7% in the prior year.
Dealer-Initiated Channel
- 13% increase in dealer-initiated ADV to $1.8 billion. Total Mid-X trading volume was a record $6.9 billion, representing an increase of 383%. Our Mid-X protocol for U.S. credit surpassed $3.0 billion in trading volume in January 2026 for the second consecutive month.
January 2026 Variable Transaction Fees Per Million1 (See table 1D)
- The decline in total credit FPM year-over-year was driven principally by protocol mix, partially offset by the higher duration of bonds traded in U.S. high-grade. The decline month-over-month was driven by protocol and product mix. Both periods reflect the impact of an increase in block trading, which is generally a lower FPM activity.
- The increase in total rates FPM both year-over-year and month-over-month was driven by the impact of client and protocol mix.
*All comparisons versus January 2025 unless noted.
|
Table 1: MarketAxess ADV |
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|
|
|
Month |
|
% Change |
||||||||||||||||
|
|
|
Jan-26 |
|
|
Dec-25 |
|
|
Jan-25 |
|
MoM |
YoY |
|||||||||
|
MKTX ADV ($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
U.S. High-Grade (incl. SD PT)2 |
|
$ |
8,387 |
|
|
$ |
6,275 |
|
|
$ |
6,993 |
|
|
34 |
|
% |
|
20 |
|
% |
|
U.S. High-Grade (excl. SD PT)2 |
|
|
8,110 |
|
|
|
6,043 |
|
|
|
6,912 |
|
|
34 |
|
|
|
17 |
|
|
|
U.S. High-Yield (incl. SD PT)2 |
|
|
1,748 |
|
|
|
1,591 |
|
|
|
1,319 |
|
|
10 |
|
|
|
33 |
|
|
|
U.S. High-Yield (excl. SD PT)2 |
|
|
1,592 |
|
|
|
1,391 |
|
|
|
1,284 |
|
|
14 |
|
|
|
24 |
|
|
|
Emerging Markets |
|
|
5,468 |
|
|
|
3,515 |
|
|
|
3,638 |
|
|
56 |
|
|
|
50 |
|
|
|
Eurobonds |
|
|
2,803 |
|
|
|
2,003 |
|
|
|
2,100 |
|
|
40 |
|
|
|
33 |
|
|
|
Other Credit Products3 |
|
|
620 |
|
|
|
594 |
|
|
|
539 |
|
|
4 |
|
|
|
15 |
|
|
|
Municipal Bonds |
|
|
620 |
|
|
|
593 |
|
|
|
535 |
|
|
5 |
|
|
|
16 |
|
|
|
Total MKTX Credit ADV (excl. SD PT)2 |
|
$ |
18,593 |
|
|
$ |
13,546 |
|
|
$ |
14,473 |
|
|
37 |
|
|
|
28 |
|
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
U.S. Government Bonds |
|
$ |
27,707 |
|
|
$ |
19,406 |
|
|
$ |
23,374 |
|
|
43 |
|
% |
|
19 |
|
% |
|
Agencies and Other Government Bonds |
|
|
1,392 |
|
|
|
620 |
|
|
|
1,079 |
|
|
125 |
|
|
|
29 |
|
|
|
Total MKTX Rates ADV |
|
$ |
29,099 |
|
|
$ |
20,026 |
|
|
$ |
24,453 |
|
|
45 |
|
|
|
19 |
|
|
|
Total MKTX Trading ADV |
|
$ |
47,692 |
|
|
$ |
33,572 |
|
|
$ |
38,926 |
|
|
42 |
|
|
|
23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
U.S. Trading Days4 |
|
20 |
|
|
22 |
|
|
21 |
|
|
|
|
|
|
|
|||||
|
U.K. Trading Days4 |
|
21 |
|
|
21 |
|
|
22 |
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Table 1A: Market ADV |
||||||||||||||||||||
|
|
|
Month |
|
% Change |
||||||||||||||||
|
|
|
Jan-26 |
|
|
Dec-25 |
|
|
Jan-25 |
|
MoM |
YoY |
|||||||||
|
MARKET ADV ($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
U.S. High-Grade TRACE |
|
$ |
47,579 |
|
|
$ |
32,493 |
|
|
$ |
39,147 |
|
|
46 |
|
% |
|
22 |
|
% |
|
U.S. High-Yield TRACE |
|
|
13,265 |
|
|
|
10,112 |
|
|
|
10,707 |
|
|
31 |
|
|
|
24 |
|
|
|
Total U.S. Credit TRACE |
|
|
60,844 |
|
|
|
42,605 |
|
|
|
49,854 |
|
|
43 |
|
|
|
22 |
|
|
|
Municipal Bonds MSRB |
|
|
9,389 |
|
|
|
9,555 |
|
|
|
9,165 |
|
|
(2 |
) |
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
U.S. Government Bonds TRACE |
|
$ |
1,192,395 |
|
|
$ |
944,841 |
|
|
$ |
910,505 |
|
|
26 |
|
% |
|
31 |
|
% |
|
Agency TRACE |
|
|
4,332 |
|
|
|
3,454 |
|
|
|
3,851 |
|
|
25 |
|
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
U.S. Trading Days4 |
|
20 |
|
|
22 |
|
|
21 |
|
|
|
|
|
|
|
|||||
|
U.K. Trading Days4 |
|
21 |
|
|
21 |
|
|
22 |
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Table 1B: Estimated Market Share |
||||||||||||||||
|
|
|
Month |
|
Bps Change |
||||||||||||
|
|
|
Jan-26 |
|
|
Dec-25 |
|
|
Jan-25 |
|
MoM |
YoY |
|||||
|
MKTX ESTIMATED MARKET SHARE (%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
U.S. High-Grade |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
% of U.S. High-Grade TRACE2 |
|
|
17.6 |
% |
|
|
19.3 |
% |
|
|
17.9 |
% |
(170) |
bps |
(30) |
bps |
|
U.S. High-Yield |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
% of U.S. High-Yield TRACE2 |
|
|
13.2 |
% |
|
|
15.7 |
% |
|
|
12.3 |
% |
(250) |
bps |
+90 |
bps |
|
Other Credit Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
% of Municipal Bonds MSRB |
|
|
6.6 |
% |
|
|
6.2 |
% |
|
|
5.8 |
% |
+40 |
bps |
+80 |
bps |
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
% of U.S. Government Bonds TRACE |
|
|
2.3 |
% |
|
|
2.1 |
% |
|
|
2.6 |
% |
+20 |
bps |
(30) |
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Table 1C: Strategic Priorities ADV2 |
||||||||||||||||||||
|
|
|
Month |
|
% Change |
||||||||||||||||
|
|
|
Jan-26 |
|
|
Dec-25 |
|
|
Jan-25 |
|
MoM |
YoY |
|||||||||
|
STRATEGIC PRIORITIES ADV ($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Client-Initiated Channel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
U.S. Credit Block Trading |
|
$ |
3,667 |
|
|
$ |
2,298 |
|
|
$ |
2,720 |
|
|
60 |
|
% |
|
35 |
|
% |
|
Emerging Markets Block Trading |
|
|
2,536 |
|
|
|
1,494 |
|
|
|
1,322 |
|
|
70 |
|
|
|
92 |
|
|
|
Eurobonds Block Trading |
|
|
633 |
|
|
|
291 |
|
|
|
335 |
|
|
118 |
|
|
|
89 |
|
|
|
Portfolio Trading Channel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Total MKTX Portfolio Trading |
|
$ |
1,989 |
|
|
$ |
1,541 |
|
|
$ |
881 |
|
|
29 |
|
% |
|
126 |
|
% |
|
Total MKTX U.S. Credit Portfolio Trading |
|
|
1,583 |
|
|
|
1,200 |
|
|
|
681 |
|
|
32 |
|
|
|
132 |
|
|
|
Total U.S. Credit TRACE Portfolio Trading |
|
|
7,582 |
|
|
|
5,206 |
|
|
|
4,623 |
|
|
46 |
|
|
|
64 |
|
|
|
Dealer-Initiated Channel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Total Dealer Initiated (DRFQ & Mid-X) |
|
$ |
1,777 |
|
|
$ |
1,602 |
|
|
$ |
1,569 |
|
|
11 |
|
% |
|
13 |
|
% |
|
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Open Trading |
|
$ |
5,317 |
|
|
$ |
4,382 |
|
|
$ |
4,211 |
|
|
21 |
|
% |
|
26 |
|
% |
|
AxessIQ |
|
|
208 |
|
|
|
160 |
|
|
|
145 |
|
|
30 |
|
|
|
43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
U.S. Trading Days4 |
|
20 |
|
|
22 |
|
|
21 |
|
|
|
|
|
|
|
|||||
|
U.K. Trading Days4 |
|
21 |
|
|
21 |
|
|
22 |
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Table 1D: Variable Transaction Fees Per Million (FPM)1 |
||||||||||||||||||||
|
|
|
Month |
|
% Change |
||||||||||||||||
|
|
|
Jan-26 |
|
|
Dec-25 |
|
|
Jan-25 |
|
MoM |
YoY |
|||||||||
|
AVG. VARIABLE TRANS. FEE PER MILLION (FPM) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total Credit |
|
$ |
132 |
|
|
$ |
138 |
|
|
$ |
141 |
|
|
(4 |
) |
% |
|
(6 |
) |
% |
|
Total Rates |
|
|
5.18 |
|
|
|
4.79 |
|
|
|
4.25 |
|
|
8 |
|
|
|
22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
1 The FPM for total credit and total rates for January 2026 is 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. |
|
|
2 Effective with the release of our January 2026 trading volume statistics, the Company revised certain aspects of its reporting methodology for estimated market share to provide a more comprehensive view of platform activity and enhance comparability with industry peers. The Company now highlights estimated market share for U.S. high-grade and U.S. high-yield on an all-in basis, which includes single-dealer portfolio trading activity, and the Company will no longer report estimated market share on an "excluding single-dealer portfolio trading" basis. Single-dealer portfolio trading activity continues to be excluded from the “Total MKTX Credit ADV (excl. SD PT)” line in Table 1, the “Total Credit” FPM calculation in Table 1D and the “Total Credit Trading” line in Table 2. “SD PT” is defined as single-dealer portfolio trades. As used in Table 1 to highlight the effect of single dealer portfolio trading on U.S. high-grade and U.S. high yield ADVs, “SD PT” means single-dealer portfolio trades. |
|
|
3 “Other Credit Products” includes municipal bonds, leveraged loans, convertible bonds and structured products. |
|
|
4 The number of U.S. trading days is based on the SIFMA holiday recommendation calendar and the number of U.K. trading days is based primarily on the U.K. Bank holiday schedule. |
|
General Notes Regarding the Data Presented
Reported MarketAxess volume in all product categories includes only fully electronic trading volume. MarketAxess trading volumes and the Financial Industry Regulatory Authority (“FINRA”) Trade Reporting and Compliance Engine (“TRACE”) reported volumes are available on the Company’s website at investor.marketaxess.com/volume.
|
Table 2: Trading Volume Detail |
||||||||||||||||||||||||||
|
|
|
Month Ended January 31, |
|
|
||||||||||||||||||||||
|
In millions (unaudited) |
|
|
2026 |
|
|
2025 |
|
|
% Change |
|
|
|||||||||||||||
|
|
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
Volume |
|
|
ADV |
|
|
||||||
|
Credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
High-grade |
|
|
$ |
162,209 |
|
|
$ |
8,110 |
|
|
$ |
145,152 |
|
|
$ |
6,912 |
|
|
|
12 |
|
% |
|
17 |
|
% |
|
High-yield |
|
|
|
31,840 |
|
|
|
1,592 |
|
|
|
26,958 |
|
|
|
1,284 |
|
|
|
18 |
|
|
|
24 |
|
|
|
Emerging markets |
|
|
|
109,369 |
|
|
|
5,468 |
|
|
|
76,402 |
|
|
|
3,638 |
|
|
|
43 |
|
|
|
50 |
|
|
|
Eurobonds |
|
|
|
58,867 |
|
|
|
2,803 |
|
|
|
46,207 |
|
|
|
2,100 |
|
|
|
27 |
|
|
|
33 |
|
|
|
Other credit |
|
|
|
12,404 |
|
|
|
620 |
|
|
|
11,333 |
|
|
|
539 |
|
|
|
9 |
|
|
|
15 |
|
|
|
Total credit trading1 |
|
|
|
374,689 |
|
|
|
18,593 |
|
|
|
306,052 |
|
|
|
14,473 |
|
|
|
22 |
|
|
|
28 |
|
|
|
Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
U.S. government bonds2 |
|
|
|
554,136 |
|
|
|
27,707 |
|
|
|
490,852 |
|
|
|
23,374 |
|
|
|
13 |
|
|
|
19 |
|
|
|
Agency and other government bonds1 |
|
|
|
29,178 |
|
|
|
1,392 |
|
|
|
23,681 |
|
|
|
1,079 |
|
|
|
23 |
|
|
|
29 |
|
|
|
Total rates trading |
|
|
|
583,314 |
|
|
|
29,099 |
|
|
|
514,533 |
|
|
|
24,453 |
|
|
|
13 |
|
|
|
19 |
|
|
|
Total trading |
|
|
$ |
958,003 |
|
|
$ |
47,692 |
|
|
$ |
820,585 |
|
|
$ |
38,926 |
|
|
|
17 |
|
|
|
23 |
|
|
|
Number of U.S. Trading Days3 |
|
|
|
|
|
|
20 |
|
|
|
|
|
|
21 |
|
|
|
|
|
|
|
|
||||
|
Number of U.K. Trading Days4 |
|
|
|
|
|
|
21 |
|
|
|
|
|
|
22 |
|
|
|
|
|
|
|
|
||||
|
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 Consistent with industry standards, U.S. government bond trades are single-counted. |
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3 The number of U.S. trading days is based on the SIFMA holiday recommendation calendar. |
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4 The number of U.K. trading days is based primarily on the U.K. Bank holiday schedule. |