MarketAxess Announces Trading Volume Statistics for June and Second Quarter 2026

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 June 2026 and second quarter 2026 ended June 30, 2026.¹

Trading Records for Second Quarter 2026

Select June 2026 Highlights* (See tables 1-1C and table 2)

Total credit trading volumes showed continued strength in June relative to May levels, and U.S. high-grade estimated market share increased approximately 10 basis points to 17.9%, driven by improvement in the client-initiated channel. U.S. high-yield estimated market share increased to 14.9%, up 190 basis points from the prior year and up 100 basis points sequentially.

The Company estimates that duplicate trade reports inflated U.S. high-grade TRACE volumes by up to 8% in June 2026. Adjusting for these duplicates, consistent with FINRA’s recent proposal to suppress duplicate reporting, we believe our estimated U.S. high-grade market share would have been approximately 150 basis points higher, or approximately 19.4%, in June 2026.

We also continued to make progress with block trading, portfolio trading, and dealer-initiated protocols across the platform.

Client-Initiated Channel

• 33% increase in block trading ADV to $6.6 billion, with U.S. credit block ADV of $3.8 billion, up 40%, compared to a 28% increase in TRACE U.S. credit block ADV. Emerging markets block ADV of $2.3 billion increased 25% and eurobonds block ADV of $578 million increased 25%.

Portfolio Trading Channel

• 71% increase in total portfolio trading ADV to $2.0 billion, including U.S. high-grade ADV of $1.3 billion up 105% and U.S. high-yield ADV of $461 million, up 98%.
• 19.7% estimated market share of U.S. credit portfolio trading, compared to 15.5% in the prior year.

Dealer-Initiated Channel

• Dealer-initiated ADV of $1.8 billion was up 4% from the prior year. Record levels of municipal bonds ADV (+98%), eurobonds ADV (+71%), and emerging markets ADV (+40%) were partially offset by a decline in U.S. high-grade ADV. Total Mid-X trading volume was a record $9.8 billion, representing an increase of 192%.

June 2026 Variable Transaction Fees Per Million¹ (See table 1D)

• The year-over-year decline in total credit FPM was driven by protocol mix and the impact of an increase in block trading, which is generally a lower FPM activity. The month-over-month decline in total credit FPM was largely driven by the lower duration of bonds traded in U.S. high-grade and protocol mix.
• The year-over-year and month-over-month increases in total rates FPM were driven by the impact of protocol mix.

*All comparisons versus June 2025 unless noted. Client-initiated block trading ADV may include some portfolio trading activity.

Select Second Quarter 2026 Highlights* (See tables 1-1C and table 2)

U.S. high-yield, portfolio trading and international credit products remained key contributors to performance during the quarter given relatively lower industry activity and reduced market volatility.

Client-Initiated Channel

• 11% increase in block trading ADV to $5.9 billion, with U.S. credit block ADV of $3.4 billion, up 8%, compared to a 12% increase in TRACE U.S. credit block ADV. Emerging markets block ADV of $2.0 billion increased 24% and eurobonds block ADV of $503 million decreased 5%.

Portfolio Trading Channel

• 33% increase in total portfolio trading ADV to a record $2.0 billion, including record U.S. high-grade ADV of $1.2 billion up 41%, record U.S. high-yield ADV of $459 million, up 93% and emerging markets ADV of $118 million, up 44%.
• 20.6% estimated market share of U.S. credit portfolio trading, compared to 17.5% in the prior year.

Dealer-Initiated Channel

• Dealer-initiated ADV of $1.7 billion was down 3% from the prior year. Record levels of eurobonds ADV (+43%), municipal bonds ADV (+36%), and emerging markets ADV (+29%) were offset by declines in U.S. high-grade and U.S. high-yield ADVs. Total Mid-X trading volume was a record $23.6 billion, representing an increase of 156%.

Second Quarter 2026 Variable Transaction Fees Per Million¹ (See table 1D)

• The year-over-year decline in total credit FPM was driven by protocol and product mix, as well as lower duration of bonds traded in U.S. high-grade. The quarter-over-quarter decline in total credit FPM was largely driven by lower duration.
• The year-over-year and quarter-over-quarter increases in total rates FPM were driven by the impact of protocol mix.

*All comparisons versus second quarter 2025 unless noted. Client-initiated block trading ADV may include some portfolio trading activity.

Table 1: MarketAxess ADV

Table 1A: Market ADV

Table 1B: Estimated Market Share

Table 1C: Strategic Priorities ADV

Table 1D: Variable Transaction Fees Per Million (FPM)¹

General Notes Regarding the Data Presented

Reported MarketAxess volume in all product categories includes only fully electronic trading volume. MarketAxess trading volumes and the Financial Industry Regulatory Authority ("FINRA") Trade Reporting and Compliance Engine ("TRACE") reported volumes are available on the Company’s website at investor.marketaxess.com/volume.

Cautionary Note Regarding Forward-Looking Statements

This press release may contain forward-looking statements, including statements about the outlook and prospects for MarketAxess Holdings Inc. (the "Company" or "MarketAxess"), market conditions and industry growth, as well as statements about the Company’s future financial and operating performance. These and other statements that relate to future results and events are based on MarketAxess’ current expectations. The Company’s actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties, including: global economic, political and market factors; the level of trading volume transacted on the MarketAxess platform; the rapidly evolving nature of the electronic financial services industry; the level and intensity of competition in the fixed-income electronic trading industry and the pricing pressures that may result; the variability of our growth rate; our ability to introduce new fee plans and our clients’ response; our ability to attract clients or adapt our technology and marketing strategy to new markets; risks related to our growing international operations; our dependence on our broker-dealer clients; the loss of any of our significant institutional investor clients; our exposure to risks resulting from non-performance by counterparties to transactions executed between our clients in which we act as an intermediary in matched principal trades; risks related to self-clearing; our dependence on third-party suppliers for key products and services; our ability to enter into strategic alliances and to acquire other businesses and successfully integrate them with our business; our dependence on our management team and our ability to attract and retain talent; risks related to sanctions levied against states or individuals that could expose us to operational or regulatory risks; the effects of climate change or other sustainability risks that could affect our operations or reputation; the effect of rapid market or technological changes on us and the users of our technology; issues related to the development and use of artificial intelligence; our ability to successfully maintain the integrity of our trading platform and our response to system failures, capacity constraints and business interruptions; the occurrence of design defects, errors, failures or delays with our platforms, products or services; our vulnerability to malicious cyber-attacks and attempted cybersecurity breaches; our actual or perceived failure to comply with privacy and data protection laws; our ability to protect our intellectual property rights or technology and defend against intellectual property infringement or other claims; our use of open-source software; limitations on our flexibility because we operate in a highly regulated industry; the increasing government regulation of us and our clients; our exposure to costs and penalties related to our extensive regulation; our risks of litigation and securities laws liability; our tax filing positions; our future capital needs and our ability to obtain capital when needed; limitations on our operating flexibility contained in our credit agreement; our exposure to financial institutions by holding cash in excess of federally insured limits; and other factors. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. More information about these and other factors affecting MarketAxess’ business and prospects is contained in MarketAxess’ periodic filings with the Securities and Exchange Commission and can be accessed at www.marketaxess.com.

About MarketAxess

MarketAxess (NASDAQ:MKTX) operates a leading electronic trading platform that delivers greater trading efficiency, a diversified pool of liquidity and significant cost savings to institutional investors and broker-dealers across the global fixed-income and other markets. Approximately 2,100 firms leverage MarketAxess’ patented technology to efficiently trade fixed-income securities. Our automated and algorithmic trading solutions, combined with our integrated and actionable data offerings, help our clients make faster, better-informed decisions on when and how to trade on our platform. MarketAxess’ award-winning Open Trading® marketplace is widely regarded as the preferred all-to-all trading solution in the global credit markets. Founded in 2000, MarketAxess connects a robust network of market participants through an advanced full trading lifecycle solution that includes automated trading solutions, intelligent data and index products and a range of post-trade services. Learn more at www.marketaxess.com and on X @MarketAxess.

Table 2: Trading Volume Detail