MarketAxess Holdings Inc. has announced its monthly trading volume and preliminary variable transaction fees per million (FPM) for the fourth quarter ended December 31, 2023.

Mixed Results in US High-Yield and Emerging Markets: Sector-Specific Insights

In the fourth quarter of 2023, MarketAxess experienced robust performance, with total credit average daily trading volume (ADV) reaching $13.1 billion. This marked an increase of 8.9% compared to the prior year.

The US high-grade average daily trading volume experienced significant growth, reaching $6.2 billion, marking a notable improvement of 13.3% from the previous year. However, there was a slight dip in the estimated market share compared to the prior year.

The US high-yield sector reported an ADV of $1.7 billion. Emerging markets ADV reached $2.9 billion. Eurobonds ADV saw growth, totaling $1.8 billion. MarketAxess achieved a record municipal bond ADV of $539 million.

AxessIQ, the order and execution workflow solution for wealth management and private banking clients, demonstrated strong performance with a record ADV of $140.6 million. The preliminary FPM for total credit for Q4 2023 was approximately $156, compared to $164 in the prior year. The decline was attributed to a product and protocol mix shift.

Chris Concannon, the CEO of MarketAxess, attributed the strong performance to growing client engagement with MarketAxess's proprietary data products, automated solutions, and the unique MarketAxess X-Pro trading platform. The positive market volumes in Q4 2023 set a promising tone as the company entered 2024.

Bloomberg, MarketAxess, and Tradeweb Withdraw from Fixed-Income CTP Initiative

Finance Magnates reported that Bloomberg, MarketAxess, and Tradeweb have abandoned plans for an independent entity to serve as the fixed-income consolidated tape provider (CTP) in the European Union and the United Kingdom. The decision, attributed to mounting complexities and uncertainties, follows challenges related to the uncertain outcome of the joint venture's product.

Tradeweb stated that, after careful consideration, the companies have jointly agreed to end their engagement in the venture. The collaboration, initiated in May, aimed to revolutionize the fixed-income CTP space but faced obstacles, leading to the unexpected decision. The firms remain committed to contributing to progress in this important initiative.