MarketAxess Holdings Inc., an operator of an electronic trading platform for fixed-income securities, reported its trading volume statistics and preliminary variable transaction fees per million (FPM) for December and the fourth quarter ended December 31, 2025. The company highlighted a 29% year-over-year growth in block trading average daily volume $(ADV)$, with U.S. credit up 21%, record emerging markets up 41%, and eurobonds up 43%. For U.S. high-grade bonds, MarketAxess' estimated market share of TRACE-reported volume including SD PT was 19.3% in December 2025, up 40 basis points month-over-month but down 30 basis points year-over-year. For the fourth quarter, the market share stood at 18.9%, up 60 basis points quarter-over-quarter and 10 basis points year-over-year. The company noted that total credit FPM declined both year-over-year and quarter-over-quarter, primarily due to protocol mix, partly offset by higher duration of bonds traded in U.S. high-grade. Total credit FPM in December 2025 was flat compared to November 2025. In contrast, total rates FPM increased both year-over-year and quarter-over-quarter, driven by product mix.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. MarketAxess Holdings Inc. published the original content used to generate this news brief via Business Wire (Ref. ID: 20260106828184) on January 07, 2026, and is solely responsible for the information contained therein.
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