MarketAxess Announces Trading Volume Statistics for December and Fourth Quarter 2025

Core Insights - MarketAxess Holdings Inc. reported strong trading volume and variable transaction fees for December 2025 and the fourth quarter, indicating robust growth across various trading channels [1][2]. Trading Volume Highlights - The total trading volume for December 2025 reached $33.57 billion, a decrease of 17% compared to November 2025 but an increase of 5% year-over-year [8][16]. - The average daily volume (ADV) for total credit trading was $13.55 billion, reflecting a 10% increase year-over-year [16]. - U.S. high-grade credit ADV was $6.84 billion, up 6% year-over-year, while U.S. high-yield credit ADV increased to $1.54 billion, also up 15% year-over-year [16][18]. Client-Initiated Channel - The client-initiated channel saw a 29% growth in block trading ADV, with notable increases in U.S. credit (+21%), emerging markets (+41%), and eurobonds (+43%) [3][7]. - The estimated market share for U.S. credit portfolio trading reached a record 20.6%, up from 16.2% in the previous year [7]. Portfolio Trading Channel - Portfolio trading ADV increased by 41% to a record $1.5 billion, with U.S. high-yield portfolio trading ADV reaching $368 million and emerging markets portfolio trading ADV at $118 million [7][12]. - The increase in market share for U.S. high-yield portfolio trading was driven by a record estimated market share of 27.7% in December 2025 [7]. Dealer-Initiated Channel - Dealer-initiated ADV rose by 32% to $1.8 billion, with a 20% increase in Dealer RFQ ADV and an impressive 185% increase in Mid-X ADV [4][12]. - The Mid-X protocol in U.S. credit surpassed $3.0 billion in trading volume in December 2025 [4]. Variable Transaction Fees - The average variable transaction fee per million (FPM) for total credit was $138, remaining flat month-over-month but down 8% year-over-year [5][12]. - The total rates FPM increased to 4.79, reflecting a 12% increase year-over-year [12]. Market Share Insights - The estimated market share for U.S. high-grade credit was 19.3%, showing a slight increase from the previous month [10]. - The market share for U.S. high-yield credit increased to 15.7%, up 110 basis points year-over-year [11].