MarketAxess Releases Impressive Trading Volume For August 2024
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MarketAxess has announced a positive trading result for August 2024. The company said it saw a favorable market environment that boosted both rate trading and credit levels. The firm saw a 39.6% surge in total average daily volume (ADV), which reached $41.6 billion. It’s a significant surge in daily volume compared to the previous month and the same month last year.
The firm also saw a surge in its portfolio trading, especially in US municipal and high-grade bonds. It contributed to the firm’s overall growth for the month. The company recorded a total credit ADV, which saw an impressive surge of 27.4% year-over-year.
Portfolio Trading Rose by 125.6%
Municipal bonds and emerging markets saw a significant increase of 49.5% and 25.55, respectively. Additionally, the US high-grade ADV surged by 33.7%. The growth comes even after a slight decrease in market share compared to last year. From July, the company regained ground, with high-yield bonds increasing by 7.2%.
MarketAxess also witnessed some growth in its portfolio trading, reaching an all-time high of $988 million last month. This shows a 125.6% surge from the figures in the same month last year. The firm’s estimated share of US high-yield TRACE and high-grade portfolio surged from 17.2% in July to 21.8% in August.
The overall growth in the trading was impressive despite a slightly poor performance in the portfolio trading. MarketAxess’s all-to-all trading protocol (Open Trading) grew from 34% year-over-year performance to 36% of the total credit trading volume. Additionally, the Dealer RFQ protocol surged significantly, with the ADV increasing by 15% year-over-year.
MarketAxess Saw A 24$ Surge In Total Trading Volume
The firm’s rates trading also saw impressive gains. Its ADV in August increased by 46% to 46.1% compared to the previous year. The month-over-month figure was also high, as it surged by 26.9%, showing an upward trend for rates products at the platform.
The firm also had a consistent preliminary variable transaction fee, which stood at about $143 in July 2024 but rose to $154 in August.
The surge was mainly attributed to the extended level of bonds traded in the US high-grade section. In another development, the firm said the APM for total rates stood at $4, which is slightly less than the $4.35 recorded the previous year.
MarketAxess recorded a 24% surge in total trading volume last month. The surge was a result of the improved performance in Eurobonds and US high-grade trading. The platform also recorded impressive figures in its portfolio trading, attributing it to some of the important market initiatives the team has carried out.
