MarketAxess reveals 24.1% YoY growth in total ADV for July
05 August 2024 US
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MarketAxess has recorded a 24.1 per cent year-over-year (YoY) increase in total average daily volume (ADV) for fixed-income securities trades on the platform to US $35.1 billion for July.
Total credit ADV grew to US$12.8 billion, up 12.3 per cent YoY, and total rates ADV jumped 32 per cent YoY to US$22.3 billion for the same month.
According to Chris Concannon, CEO of MarketAxess, the growth in total credit ADV was driven by an 18% increase in US high-grade, an 18% increase in Eurobonds, a 7% increase in emerging markets, and a 65% increase in Municipal bonds on record estimated market share.
He adds: “These strong results helped offset a decline in US high-yield ADV. We are not pleased with the progression of US credit market share in July, but we are encouraged by the prospect for potential increases in market volatility in the coming months.”
There was a 17.7 per cent YoY decline in US high-yield ADV to US$1.1 billion, with an estimated market share of 12.5 per cent, down from 17.1 per cent in the previous year.
While US high-grade ADV was up 17.9 per cent to US$6.1 billion, on a 16.5 per cent increase in estimated market ADV, the estimated market share was 18.6 per cent down from 19.9 per cent last year.
MarketAxess also generated a record portfolio trading ADV of $972 million.
Total credit ADV grew to US$12.8 billion, up 12.3 per cent YoY, and total rates ADV jumped 32 per cent YoY to US$22.3 billion for the same month.
According to Chris Concannon, CEO of MarketAxess, the growth in total credit ADV was driven by an 18% increase in US high-grade, an 18% increase in Eurobonds, a 7% increase in emerging markets, and a 65% increase in Municipal bonds on record estimated market share.
He adds: “These strong results helped offset a decline in US high-yield ADV. We are not pleased with the progression of US credit market share in July, but we are encouraged by the prospect for potential increases in market volatility in the coming months.”
There was a 17.7 per cent YoY decline in US high-yield ADV to US$1.1 billion, with an estimated market share of 12.5 per cent, down from 17.1 per cent in the previous year.
While US high-grade ADV was up 17.9 per cent to US$6.1 billion, on a 16.5 per cent increase in estimated market ADV, the estimated market share was 18.6 per cent down from 19.9 per cent last year.
MarketAxess also generated a record portfolio trading ADV of $972 million.
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