MarketAxess Reports Record Revenue in Q2 2025

MarketAxess Holdings Inc. posted an 11% year-over-year revenue increase to a record $219.5 million in Q2 2025, fueled by growth across all major business lines. The electronic fixed-income trading platform saw particular strength in credit and rates trading, with emerging markets, eurobonds, and U.S. government bonds all hitting record commission levels.

Block trading volumes surged across asset classes, including a 37% jump in U.S. credit and a 100% explosion in eurobond activity. The firm's portfolio trading channel grew 69% to $1.5 billion in average daily volume, while dealer-initiated trading also showed robust expansion.

Services revenue climbed 7% to $27.7 million, demonstrating the platform's expanding ecosystem. These results highlight the accelerating electronification of fixed-income markets, a trend that mirrors blockchain's disruption in digital asset trading.