MarketAxess Announces Trading Volume Statistics for February 2026

Core Insights - MarketAxess reported strong variable commission revenue growth in February 2026, with a 20% increase in total credit average daily volume (ADV) year-to-date and a 3% month-over-month increase in total credit variable transaction fees per million (FPM) [1][2] Trading Volume Highlights - Total trading volume for February 2026 reached $871.7 billion, with an ADV of $45.7 billion, representing a 5% increase year-over-year [3] - U.S. high-grade credit ADV was $8.0 billion, down 4% month-over-month but up 8% year-over-year [1] - U.S. high-yield credit ADV was $21.7 billion, down 3% month-over-month and up 8% year-over-year [1] - Emerging markets ADV was $4.6 billion, down 15% month-over-month but up 13% year-over-year [1] - Eurobonds ADV was $2.7 billion, down 5% month-over-month and up 18% year-over-year [1] Market Share Insights - Estimated market share for U.S. high-grade credit was 16.7%, down from 17.6% in January 2026 and 17.8% in February 2025 [1] - Estimated market share for U.S. high-yield credit was 12.5%, down from 13.2% in January 2026 and up from 12.1% in February 2025 [1] Channel Performance - Client-initiated channel saw a 30% growth in block trading ADV, with U.S. high-grade block trading ADV at $3.4 billion, up 30% year-over-year [1] - Portfolio trading channel's estimated market share of U.S. credit portfolio trading was 15.6%, down from 20.7% in the prior year, with a 5% increase in total portfolio trading ADV to $1.5 billion [1] - Dealer-initiated ADV was $1.8 billion, slightly down compared to the prior year, while total Mid-X trading volume increased by 93% to $5.2 billion [1] Variable Transaction Fees - Average variable transaction fee per million for total credit was $136, a 3% increase year-over-year but a 5% decrease month-over-month [1][3] - Total rates FPM for February 2026 was 4.56, down 12% year-over-year but up 6% month-over-month [1][3]