MarketAxess Hits $1 Trillion Milestone in Quarterly Credit Trading Volume

MarketAxess Holdings Inc. has achieved a historic milestone, surpassing $1 trillion in total credit quarterly trading volume for the first time. The electronic trading platform also reported a record $2 trillion in total rates volume, signaling robust growth in fixed-income securities trading.

The second quarter of 2025 saw a 43% increase in total trading average daily volume (ADV), driven by a 22% rise in credit ADV and a 58% surge in rates ADV. Key highlights include $16.8 billion in total credit ADV, with U.S. high-grade bonds at $7.8 billion and emerging markets at $4.0 billion.

MarketAxess attributes the growth to strong performance across client-initiated, portfolio trading, and dealer-initiated channels. The platform's Open Trading ADV reached $5.0 billion, while portfolio trading ADV hit $1.5 billion, underscoring broadening institutional participation.