MarketAxess Issues Q4 Trading Update; Block Trading ADV Up 29%, Portfolio Trading Market Share Reaches 20.6%

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 December 2025 and the fourth quarter ended December 31, 2025.

Select Fourth Quarter 2025 Highlights

Our new initiatives continued to show strong year-over-year progress across the client-initiated, portfolio trading and dealer-initiated channels.

Client-Initiated Channel

• 29% growth in block trading average daily volume ("ADV"), with strong growth across U.S. credit (+21%), record emerging markets (+41%) and eurobonds (+43%).

Portfolio Trading Channel

• 41% increase in total portfolio trading ADV to a record $1.5 billion,with record U.S. high-yield portfolio trading ADV of $368 million and record emerging markets portfolio trading ADV of $118 million.
• Our estimated market share of U.S. credit portfolio trading was a record 20.6%, compared to 16.2% in the prior year, and 19.1% in 3Q25. Record U.S. credit portfolio trading estimated market share in the quarter was driven in part by record U.S. high-yield estimated market share in December 2025 of 27.7%.

Dealer-Initiated Channel

• 32% increase in dealer-initiated ADV to $1.8 billion, consisting of a 20% increase in Dealer RFQ ADV and an 185% increase in Mid-X ADV. Our Mid-X protocol in U.S. credit surpassed $3.0 billion in trading volume in December 2025.

Fourth Quarter 2025 Variable Transaction Fees Per Million

• The decline in total credit FPM both year-over-year and quarter-over-quarter was driven principally by protocol mix, partially offset by the higher duration of bonds traded in U.S. high-grade. Total credit FPM in December 2025 was flat month-over-month compared to November 2025.
• The increase in total rates FPM both year-over-year and quarter-over-quarter was driven by the impact of product mix.