MarketAxess, an electronic trading platform for fixed income securities and provider of market data and post-trade services, has announced record results for the third quarter.
Total trading average daily volume (ADV) for the platform rose by 32% to $31.4 billion, driven by an 18% increase in total credit trading and a 42% interest in US Treasury ADV. Portfolio trading also notably rose to a record $25 billion, up from just $9 billion in the same quarter the previous year.
The exchange claims a record level of estimated market share for the quarter, driving strong growth in trading volume, particularly within the composite corporate bond (+170bos), high yield (+400bos), Eurobonds (+450bps) and municipals (+270bps) sectors.
Rick McVey, chairman of the board and CEO of MarketAxess, commented: “We delivered another quarter of record market share gains across our expanded product set in the third quarter, driven by increased value for clients from Open Trading liquidity. Our diversified liquidity pool is helping both investor and dealer clients navigate through incredibly difficult and volatile fixed-income trading conditions.
“We believe the growth in both public and private debt around the world, combined with higher interest rates, creates a long runway for growth in fixed income e-trading in the years ahead.”