Activity

MarketAxess Holdings Inc. (MKTX) has reported its trading volume and preliminary variable transaction fees for May 2025.
Key Highlights for May 2025:
* Total Trading ADV: $46.23 billion, a 44% increase year-over-year but an 20% decrease month-over-month.
* Total Credit ADV: $16.35 billion, up 22% year-over-year but down 11% month-over-month.
* Eurobonds ADV: Achieved a record $2.9 billion, with a significant 116% increase in block trading and a 500% increase in portfolio trading ADV.
* U.S. Credit Portfolio Trading Estimated Market Share: 18.6% year-to-date May 2025, up from 14.1% in the same period last year.
* Total Rates ADV: $29.88 billion, a 59% increase year-over-year but a 24% decrease month-over-month.
* U.S. Government Bonds ADV: Increased 57% to $28.3 billion, with an estimated market share of 2.6%.
* Dealer-Initiated ADV: Increased 41% to $1.8 billion.
Variable Transaction Fees Per Million (FPM) for May 2025:
* Total Credit FPM: $138, representing a 7% decline year-over-year, primarily due to protocol mix. It was flat month-over-month.
* Total Rates FPM: $3.75, a 15% decline year-over-year and a slight (0%) decrease month-over-month.
The company noted that the strong performance in May was observed through moderated levels of volatility, with their Open Trading platform providing deep liquidity.

Video courtesy of First Bank of Nigeria

Video courtesy of First Bank of Nigeria