MarketAxess Holdings Inc. reported February 2026 trading volume statistics and preliminary variable transaction fees per million (FPM). Total trading average daily volume $(ADV)$ was $45.7 billion, down 4% from January 2026 and up 5% year over year. Total credit ADV excluding single-dealer portfolio trading was $17.3 billion, down 7% month over month and up 11% year over year, while total rates ADV was $28.4 billion, down 2% month over month and up 2% year over year. In U.S. high-grade credit, ADV including single-dealer portfolio trading was $8.0 billion, down 4% from January and up 8% from February 2025; U.S. high-yield ADV including single-dealer portfolio trading was $1.7 billion, down 3% month over month and up 8% year over year. Emerging markets ADV was $4.6 billion, down 15% month over month and up 13% year over year, and eurobonds ADV was $2.7 billion, down 5% month over month and up 18% year over year. Total portfolio trading ADV was $1.5 billion, down 23% from January and up 5% year over year, with estimated U.S. credit portfolio trading market share of 15.6% versus 20.7% a year earlier. Dealer-initiated ADV was $1.8 billion, up 3% month over month and down 2% year over year, and total Mid-X trading volume was $5.2 billion, up 93% year over year. Preliminary total credit FPM was $136, up from $132 in January and down from $143 a year earlier, while total rates FPM was 4.56, down from 5.18 in January and up from 4.29 a year earlier. The company’s estimated market share was 16.7% of U.S. high-grade TRACE (down from 17.6% in January and 17.8% a year earlier) and 12.5% of U.S. high-yield TRACE (down from 13.2% in January and up from 12.1% a year earlier).
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: 20260304935030) on March 05, 2026, and is solely responsible for the information contained therein.
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