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MarketAxess Holdings Inc. (Nasdaq: MKTX), a prominent electronic trading platform operator for fixed-income securities, reported significant trading volume and preliminary variable transaction fees per million (FPM) for June and the second quarter ending June 30, 2024. The company experienced remarkable growth across various segments, highlighting its robust performance in a competitive market.
In June 2024, MarketAxess recorded a total average daily volume (ADV) of $36.5 billion, marking a 33.8% increase compared to June 2023 and a 13.5% rise from May 2024. This growth was driven by substantial increases in both total credit and total rates ADV. Specifically, total credit ADV surged by 14.3% to $14.0 billion, while total rates ADV jumped by 49.8%, reflecting a 19.4% month-over-month improvement.
Second Quarter 2024 Performance
For the second quarter of 2024, MarketAxess reported a total ADV of $34.2 billion, up 22.8% from the same period last year. The total credit ADV grew by 12.4% to $13.7 billion, and total rates ADV saw a significant increase of 30.9%. This performance underscores the platform's ability to attract and facilitate high trading volumes across different fixed-income securities.
CEO's Commentary on Q2 2024 Results
Chris Concannon, CEO of MarketAxess, highlighted the impressive growth in total credit ADV, which saw a 12.4% increase in the second quarter. The growth was particularly strong in various segments, with U.S. high-grade credit rising by 13.0%, emerging markets by 23.0%, municipals by 34.2%, and Eurobonds by 8.3%.
Concannon also pointed out the platform's growing market share, especially in U.S. high-grade credit, which reached an estimated 19.9% in June (20.2% when including single-dealer portfolio trades). This reflects a sequential monthly improvement throughout the quarter. Moreover, a record 56% of portfolio trading volume was executed on X-Pro, MarketAxess's proprietary trading system, indicating increasing momentum and user adoption.
