NEW YORK–(BUSINESS WIRE)–MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced trading volume and preliminary variable transaction fees per million (“FPM”) for January 2026.¹

Chris Concannon, CEO of MarketAxess, commented:

“In January, we delivered 28% growth year-over-year in total credit on record ADV of $18.6 billion, and 19% growth in total rates. In credit, our emerging markets ADV increased 50% to a record $5.5 billion, almost 30% above the previous monthly record set last year, driven by record hard currency ADV (+28%) and record local markets ADV (+94%). These results were driven by strong market volumes, as well as continued momentum in our new initiatives, with 56% growth in block trading ADV, 126% growth in portfolio trading ADV and 13% growth in dealer-initiated ADV. While our estimated market share in U.S. high-grade was dampened by a 92% increase in new issue block trading activity, annualized market turnover jumped to 95% in January and we generated strong preliminary total credit variable commission revenue growth, reflecting solid underlying revenue generation.”

Select January 2026 Highlights* (See tables 1-1C and table 2)

Our new initiatives continued to show strong year-over-year progress across the client-initiated, portfolio trading and dealer-initiated channels.

Client-Initiated Channel

56% growth in block trading average daily volume (“ADV”), with strong growth across U.S. credit (+35%), including record U.S. high-grade ADV of $2.8 billion (+33%), as well as record emerging markets ADV of $2.5 billion (+92%) and eurobonds ADV of $633 million (+89%).

Portfolio Trading Channel

126% increase in total portfolio trading ADV to a record $2.0 billion, with record U.S. high-grade portfolio trading ADV of $1.2 billion.
Our estimated market share of U.S. credit portfolio trading was a 20.9%, compared to 14.7% in the prior year.

Dealer-Initiated Channel

13% increase in dealer-initiated ADV to $1.8 billion. Total Mid-X trading volume was a record $6.9 billion, representing an increase of 383%. Our Mid-X protocol for U.S. credit surpassed $3.0 billion in trading volume in January 2026 for the second consecutive month.

January 2026 Variable Transaction Fees Per Million¹(See table 1D)

The decline in total credit FPM year-over-year was driven principally by protocol mix, partially offset by the higher duration of bonds traded in U.S. high-grade. The decline month-over-month was driven by protocol and product mix. Both periods reflect the impact of an increase in block trading, which is generally a lower FPM activity.
The increase in total rates FPM both year-over-year and month-over-month was driven by the impact of client and protocol mix.

*All comparisons versus January 2025 unless noted.

Table 1: MarketAxess ADV

	Month						% Change
	Jan-26		Dec-25		Jan-25		MoM			YoY
MKTX ADV ($ millions)
Credit
U.S. High-Grade (incl. SD PT)²	$	8,387	$	6,275	$	6,993		34	%		20	%
U.S. High-Grade (excl. SD PT)²		8,110		6,043		6,912		34			17
U.S. High-Yield (incl. SD PT)²		1,748		1,591		1,319		10			33
U.S. High-Yield (excl. SD PT)²		1,592		1,391		1,284		14			24
Emerging Markets		5,468		3,515		3,638		56			50
Eurobonds		2,803		2,003		2,100		40			33
Other Credit Products³		620		594		539		4			15
Municipal Bonds		620		593		535		5			16
Total MKTX Credit ADV (excl. SD PT)²	$	18,593	$	13,546	$	14,473		37			28
Rates
U.S. Government Bonds	$	27,707	$	19,406	$	23,374		43	%		19	%
Agencies and Other Government Bonds		1,392		620		1,079		125			29
Total MKTX Rates ADV	$	29,099	$	20,026	$	24,453		45			19
Total MKTX Trading ADV	$	47,692	$	33,572	$	38,926		42			23

U.S. Trading Days⁴	20		22		21
U.K. Trading Days⁴	21		21		22

Table 1A: Market ADV

	Month						% Change
	Jan-26		Dec-25		Jan-25		MoM				YoY
MARKET ADV ($ millions)
Credit
U.S. High-Grade TRACE	$	47,579	$	32,493	$	39,147		46		%		22	%
U.S. High-Yield TRACE		13,265		10,112		10,707		31				24
Total U.S. Credit TRACE		60,844		42,605		49,854		43				22
Municipal Bonds MSRB		9,389		9,555		9,165		(2	)			2

Rates
U.S. Government Bonds TRACE	$	1,192,395	$	944,841	$	910,505		26		%		31	%
Agency TRACE		4,332		3,454		3,851		25				12

U.S. Trading Days⁴	20		22		21
U.K. Trading Days⁴	21		21		22

Table 1B: Estimated Market Share

	Month									Bps Change
	Jan-26			Dec-25			Jan-25			MoM		YoY
MKTX ESTIMATED MARKET SHARE (%)
U.S. High-Grade
% of U.S. High-Grade TRACE²		17.6	%		19.3	%		17.9	%	(170)	bps	(30)	bps
U.S. High-Yield
% of U.S. High-Yield TRACE²		13.2	%		15.7	%		12.3	%	(250)	bps	+90	bps
Other Credit Products
% of Municipal Bonds MSRB		6.6	%		6.2	%		5.8	%	+40	bps	+80	bps
Rates
% of U.S. Government Bonds TRACE		2.3	%		2.1	%		2.6	%	+20	bps	(30)	bps

Table 1C: Strategic Priorities ADV²

	Month						% Change
	Jan-26		Dec-25		Jan-25		MoM			YoY
STRATEGIC PRIORITIES ADV ($ millions)
Client-Initiated Channel
U.S. Credit Block Trading	$	3,667	$	2,298	$	2,720		60	%		35	%
Emerging Markets Block Trading		2,536		1,494		1,322		70			92
Eurobonds Block Trading		633		291		335		118			89
Portfolio Trading Channel
Total MKTX Portfolio Trading	$	1,989	$	1,541	$	881		29	%		126	%
Total MKTX U.S. Credit Portfolio Trading		1,583		1,200		681		32			132
Total U.S. Credit TRACE Portfolio Trading		7,582		5,206		4,623		46			64
Dealer-Initiated Channel
Total Dealer Initiated (DRFQ & Mid-X)	$	1,777	$	1,602	$	1,569		11	%		13	%
Other
Open Trading	$	5,317	$	4,382	$	4,211		21	%		26	%
AxessIQ		208		160		145		30			43

U.S. Trading Days⁴	20		22		21
U.K. Trading Days⁴	21		21		22

Table 1D: Variable Transaction Fees Per Million (FPM)¹

	Month						% Change
	Jan-26		Dec-25		Jan-25		MoM				YoY
AVG. VARIABLE TRANS. FEE PER MILLION (FPM)
Total Credit	$	132	$	138	$	141		(4	)	%		(6	)	%
Total Rates		5.18		4.79		4.25		8				22

¹ The FPM for total credit and total rates for January 2026 is preliminary and may be revised in subsequent updates and public filings. The Company undertakes no obligation to update any fee information in future press releases.

² Effective with the release of our January 2026 trading volume statistics, the Company revised certain aspects of its reporting methodology for estimated market share to provide a more comprehensive view of platform activity and enhance comparability with industry peers. The Company now highlights estimated market share for U.S. high-grade and U.S. high-yield on an all-in basis, which includes single-dealer portfolio trading activity, and the Company will no longer report estimated market share on an “excluding single-dealer portfolio trading” basis. Single-dealer portfolio trading activity continues to be excluded from the “Total MKTX Credit ADV (excl. SD PT)” line in Table 1, the “Total Credit” FPM calculation in Table 1D and the “Total Credit Trading” line in Table 2. “SD PT” is defined as single-dealer portfolio trades. As used in Table 1 to highlight the effect of single dealer portfolio trading on U.S. high-grade and U.S. high yield ADVs, “SD PT” means single-dealer portfolio trades.

³ “Other Credit Products” includes municipal bonds, leveraged loans, convertible bonds and structured products.

⁴ The number of U.S. trading days is based on the SIFMA holiday recommendation calendar and the number of U.K. trading days is based primarily on the U.K. Bank holiday schedule.

General Notes Regarding the Data Presented

Reported MarketAxess volume in all product categories includes only fully electronic trading volume. MarketAxess trading volumes and the Financial Industry Regulatory Authority (“FINRA”) Trade Reporting and Compliance Engine (“TRACE”) reported volumes are available on the Company’s website at investor.marketaxess.com/volume.

Cautionary Note Regarding Forward-Looking Statements

This press release may contain forward-looking statements, including statements about the outlook and prospects for the Company, market conditions and industry growth, as well as statements about the Company’s future financial and operating performance. These and other statements that relate to future results and events are based on MarketAxess’ current expectations. The Company’s actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties, including: global economic, political and market factors; the level of trading volume transacted on the MarketAxess platform; the rapidly evolving nature of the electronic financial services industry; the level and intensity of competition in the fixed-income electronic trading industry and the pricing pressures that may result; the variability of our growth rate; our ability to introduce new fee plans and our clients’ response; our ability to attract clients or adapt our technology and marketing strategy to new markets; risks related to our growing international operations; our dependence on our broker-dealer clients; the loss of any of our significant institutional investor clients; our exposure to risks resulting from non-performance by counterparties to transactions executed between our clients in which we act as an intermediary in matched principal trades; risks related to self-clearing; risks related to sanctions levied against states or individuals that could expose us to operational or regulatory risks; the effect of rapid market or technological changes on us and the users of our technology; issues related to the development and use of artificial intelligence; our dependence on third-party suppliers for key products and services; our ability to successfully maintain the integrity of our trading platform and our response to system failures, capacity constraints and business interruptions; the occurrence of design defects, errors, failures or delays with our platforms, products or services; our vulnerability to malicious cyber-attacks and attempted cybersecurity breaches; our actual or perceived failure to comply with privacy and data protection laws; our ability to protect our intellectual property rights or technology and defend against intellectual property infringement or other claims; our use of open-source software; our ability to enter into strategic alliances and to acquire other businesses and successfully integrate them with our business; our dependence on our management team and our ability to attract and retain talent; limitations on our flexibility because we operate in a highly regulated industry; the increasing government regulation of us and our clients; risks related to the divergence of U.K. and European Union legal and regulatory requirements following the U.K.’s exit from the European Union; our exposure to costs and penalties related to our extensive regulation; our risks of litigation and securities laws liability; our tax filing positions; the effects of climate change or other sustainability risks that could affect our operations or reputation; our future capital needs and our ability to obtain capital when needed; limitations on our operating flexibility contained in our credit agreement; our exposure to financial institutions by holding cash in excess of federally insured limits; and other factors. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. More information about these and other factors affecting MarketAxess’ business and prospects is contained in MarketAxess’ periodic filings with the Securities and Exchange Commission and can be accessed at www.marketaxess.com.

About MarketAxess

MarketAxess (Nasdaq: MKTX) operates a leading electronic trading platform that delivers greater trading efficiency, a diversified pool of liquidity and significant cost savings to institutional investors and broker-dealers across the global fixed-income markets. Approximately 2,100 firms leverage MarketAxess’ patented technology to efficiently trade fixed-income securities. Our automated and algorithmic trading solutions, combined with our integrated and actionable data offerings, help our clients make faster, better-informed decisions on when and how to trade on our platform. MarketAxess’ award-winning Open Trading® marketplace is widely regarded as the preferred all-to-all trading solution in the global credit markets. Founded in 2000, MarketAxess connects a robust network of market participants through an advanced full trading lifecycle solution that includes automated trading solutions, intelligent data and index products and a range of post-trade services. Learn more at www.marketaxess.com and on X @MarketAxess.

Table 2: Trading Volume Detail
	Month Ended January 31,
In millions (unaudited)	2026				2025				% Change
	Volume		ADV		Volume		ADV		Volume			ADV
Credit
High-grade	$	162,209	$	8,110	$	145,152	$	6,912		12	%		17	%
High-yield		31,840		1,592		26,958		1,284		18			24
Emerging markets		109,369		5,468		76,402		3,638		43			50
Eurobonds		58,867		2,803		46,207		2,100		27			33
Other credit		12,404		620		11,333		539		9			15
Total credit trading¹		374,689		18,593		306,052		14,473		22			28
Rates
U.S. government bonds²		554,136		27,707		490,852		23,374		13			19
Agency and other government bonds¹		29,178		1,392		23,681		1,079		23			29
Total rates trading		583,314		29,099		514,533		24,453		13			19
Total trading	$	958,003	$	47,692	$	820,585	$	38,926		17			23
Number of U.S. Trading Days³				20				21
Number of U.K. Trading Days⁴				21				22

¹ Consistent with FINRA TRACE reporting standards, both sides of trades are included in the Company’s reported volumes when the Company executes trades on a matched principal basis between two counterparties.

² Consistent with industry standards, U.S. government bond trades are single-counted.

³ The number of U.S. trading days is based on the SIFMA holiday recommendation calendar.

⁴ The number of U.K. trading days is based primarily on the U.K. Bank holiday schedule.

Contacts

INVESTOR RELATIONS
Stephen Davidson
MarketAxess Holdings Inc.

+1 212 813 6313

[email protected]

MEDIA RELATIONS
Marisha Mistry
MarketAxess Holdings Inc.

+1 917 267 1232

[email protected]

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