MarketAxess, a prominent operator of an electronic trading platform for fixed-income securities, has released the data for its trading volume for November. The reported figures revealed a total credit trading volume of $303.3 billion, marking a historic high for the company.

Among the notable achievements are that Eurobonds trading volume reached an unprecedented $43.7 billion, and municipal bond trading volume surged to a record $12.6 billion.

Record Credit Trading and Promising Growth Signals

Chris Concannon, the CEO of MarketAxess, mentioned: "We delivered record total credit trading volume in November, driven by strong growth across all credit products. The adoption of MarketAxess X-Pro continues to expand, with 30% of our portfolio trading volume executed over the X-Pro platform quarter-to-date, up from 18% in the third quarter of 2023."

"We believe that the continued improvement in the market backdrop and the high levels of client engagement with X-Pro, our unique proprietary data products, and our automated trading solutions position us for growth in the coming quarters."

The total credit average daily trading volume reached $14.3 billion, demonstrating a notable increase of 9.3% compared to the prior year and a substantial surge of 13.4% compared to October 2023. US high-grade and high-yield Yield A yield is defined as the earnings generated by an investment or security over a particular time period. This is in typically displayed in percentage terms and is in the form of interest or dividends received from it.Yields do not include the price variations, which differentiates it from the total return. As such, a yield applies to various stated rates of return on stocks, fixed income instruments such as bonds, and other types of investment products.Yields can be calculated as a ratio or as a A yield is defined as the earnings generated by an investment or security over a particular time period. This is in typically displayed in percentage terms and is in the form of interest or dividends received from it.Yields do not include the price variations, which differentiates it from the total return. As such, a yield applies to various stated rates of return on stocks, fixed income instruments such as bonds, and other types of investment products.Yields can be calculated as a ratio or as a Read this Term ADV experienced substantial upticks.

Additionally, emerging markets ADV saw a significant rise of 7.6% from the prior year, primarily attributed to increased trading volume in local currency markets. Eurobonds and municipal bonds also experienced a substantial upswing in ADV, reflecting growing market activity in these segments.

MarketAxess Boosts Financial Performance in Q3

In October, MarketAxess released its financial results for the third quarter. While the company maintained stable revenue at $172.3 million, it experienced a notable decrease in operating income to $66.9 million, attributed to a surge of 10% in total expenses. Despite this, MarketAxess celebrated achieving a record automated trading volume and expanded its active client base.

The company's active client base reached a new high of 2,093 firms, reflecting an improvement of 6.1%. This included a significant rise in both active US credit client firms and international active client firms.

MarketAxess, while facing challenges due to low credit spread volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term and increased expenses, revised its full-year 2023 expense guidance. The firm expects a lower effective tax rate and positive trends for the remainder of the year.

In May, Bloomberg, MarketAxess, and Tradeweb teamed up to establish a joint venture to operate a consolidated tape provider for fixed-income instruments within the European Union region. This collaboration marked a pivotal moment in the effort to enhance transparency and promote electronification in the fixed-income industry.