MarketAxess sees mixed bond ADV results in July 2023, credit ADV up 8% YoY
MarketAxess has reported total credit average daily volume (ADV) of US$11.4 billion in July 2023, up 8% year-on-year (YoY) from $US10.5 billion.
The firm also saw investment grade bond ADV for July increase 8.9% YoY US$4.8 billion to US$5.2 billion.
However, high-yield ADV was down 13.7% YoY from US$1.6 billion to US$1.4 billion. Municipal bond ADV was also down, by 12.8%, from US$399 million to US$348 million.
Total rates were down 18% in July 2023 YoY from US$ 20.6 billion to US$17 billion.
Chris Concannon, CEO of MarketAxess, said: “Unusually low credit spread volatility persisted in July, temporarily reducing credit spread price dispersion and Open Trading price improvement. Lower US high-yield volatility has reduced ETF market maker activity, but our leading market position remains strong.
“We believe that our Open Trading liquidity pool, combined with our innovative technology solutions, will drive stronger growth in the coming quarters as markets normalize.”
©Markets Media Europe 2023
