MarketAxess Holdings Inc., the operator of a leading electronic trading platform for fixed-income securities, and the provider of market data and post-trade services for the global fixed-income markets, today announced monthly trading volume for December 2022 and preliminary variable transaction fees per million (“FPM”) for the month of December and the quarter ended December 31, 2022.1
Chris Concannon, President and COO of MarketAxess commented: “We delivered another strong month with a 27% increase in total credit ADV, driven by a 26% increase in U.S. high-grade ADV and record estimated market share across high-yield, emerging markets, Eurobonds and municipals. These market share gains reflect the powerful benefits of our unique all-to-all liquidity pool.
Open Trading estimated price improvement4 was approximately $79 million in December and average estimated price improvement per million was approximately $1,042. For full-year 2022, estimated price improvement was approximately $946 million, 65% above the prior year.
The strong share gains we delivered this year reflect the increasing strength of our franchise, driven by the investments we have made to expand our product and geographic foundation. We believe that these strong results and the favorable backdrop for fixed income markets in 2023 create a very attractive operating environment for our model in the new year.”
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