MarketAxess announces September volume statistics

Chris Concannon, CEO of MarketAxess (MKTX), commented: “Despite historic levels of new issuance in U.S. credit in September, which dampened our estimated market share in the month, we set a new record for U.S. credit portfolio trading ADV and market share. We also generated strong year-over-year growth in ADV in our combined emerging markets and eurobonds product areas of 9% in September, driven in part by record levels of emerging markets hard currency trading ADV, which increased 13%. Additionally, in September, we set a new record for our single highest credit trading volume day ever on the platform on the last trading day of the month. With our new initiatives in the client-initiated channel, block trading ADV in emerging markets and eurobonds increased 35% and 41%, respectively. In the portfolio trading channel, we delivered record U.S. high-yield market share of 25.9%. The growth in these new initiatives is being driven by the technology modernization that we are delivering across U.S. credit, eurobonds and emerging markets.”