MarketAxess, electronic trading platform for fixed-income securities, has seen its total credit average daily volume for August 2023 inch up by 2% YoY, while Eurobonds and emerging markets saw stronger growth YoY in August.
MarketAxess’ total credit average daily volume (ADV) for August 2023 stood at US$10.4 billion, up 2.3% YoY from US$10.2 billion.
US high-grade ADV stood at US$5 billion, up 2.1% YoY from US$ 4.9 billion, while US high-yield ADV fell to US$1.2 billion, down 18.6% YoY.
Chris Concannon, CEO of MarketAxess, said: “In August, we delivered growth in US high-grade trading volumes and strong growth in volumes across our international businesses in emerging markets and Eurobonds.
“We also registered strong growth in municipal bond trading volume and estimated market share after successfully adding connectivity with leading liquidity providers through our continued integration with the Munibrokers platform. However, a combination of continued low levels of credit spread volatility and the seasonal summer slow-down in August have negatively impacted ETF market maker client activity in U.S. high-yield.
“We have seen further adoption of our new trading platform, powered by unique proprietary data that we believe will help us drive continued share gains in portfolio trading and other sophisticated automated trading solutions for clients.”
A 6% YoY increase in emerging markets ADV to US$2.5 billion was driven by a 31.3% increase in local markets trading volume, MarketAxess said, partially offset by a 6.1% decline in hard currency trading volume.
Eurobonds saw an increase of 19.7% to US$ 1.3 billion while municipal bond ADV for August 2023 was up 17.9% to US$388 million.
©Markets Media Europe 2023
