Strong Revenue Growth Outside U.S. Credit
Revenue growth outside of U.S. credit was strong at 10%.
Significant Growth in Key Trading Channels
Client-initiated channel saw 10% growth in block trading ADV across U.S. credit, emerging markets, and Eurobonds. Portfolio trading channel saw a 20% increase in total portfolio trading ADV with record U.S. high-yield ADV. Dealer-initiated channel experienced an 18% increase in dealer-initiated ADV.
Launch of New Trading Protocols
Introduction of closing auctions to the fixed income market, expected to provide an end-of-day liquidity solution.
Global Expansion and Diversification
36% of global credit trading volume is now driven by clients outside of North America, up from 29% in 2020.
Improved Cash Flow and Share Repurchase
Generated $385 million in free cash flow over the trailing 12 months and repurchased 595,000 shares year-to-date through October 2025 for a total of $120 million.