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 June 2026 and second quarter 2026 ended June 30, 2026.¹

Trading Records for Second Quarter 2026

Total portfolio trading ADV
U.S. high-grade portfolio trading ADV
U.S. high-yield portfolio trading ADV

Municipal bonds portfolio trading ADV
Mid-X ADV

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

Total credit trading volumes showed continued strength in June relative to May levels, and U.S. high-grade estimated market share increased approximately 10 basis points to 17.9%, driven by improvement in the client-initiated channel. U.S. high-yield estimated market share increased to 14.9%, up 190 basis points from the prior year and up 100 basis points sequentially.

The Company estimates that duplicate trade reports inflated U.S. high-grade TRACE volumes by up to 8% in June 2026. Adjusting for these duplicates, consistent with FINRA’s recent proposal to suppress duplicate reporting, we believe our estimated U.S. high-grade market share would have been approximately 150 basis points higher, or approximately 19.4%, in June 2026.

We also continued to make progress with block trading, portfolio trading, and dealer-initiated protocols across the platform.

Client-Initiated Channel

33% increase in block trading ADV to $6.6 billion, with U.S. credit block ADV of $3.8 billion, up 40%, compared to a 28% increase in TRACE U.S. credit block ADV. Emerging markets block ADV of $2.3 billion increased 25% and eurobonds block ADV of $578 million increased 25%.

Portfolio Trading Channel

71% increase in total portfolio trading ADV to $2.0 billion, including U.S. high-grade ADV of $1.3 billion up 105% and U.S. high-yield ADV of $461 million, up 98%.
19.7% estimated market share of U.S. credit portfolio trading, compared to 15.5% in the prior year.

Dealer-Initiated Channel

Dealer-initiated ADV of $1.8 billion was up 4% from the prior year. Record levels of municipal bonds ADV (+98%), eurobonds ADV (+71%), and emerging markets ADV (+40%) were partially offset by a decline in U.S. high-grade ADV. Total Mid-X trading volume was a record $9.8 billion, representing an increase of 192%.

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

The year-over-year decline in total credit FPM was driven by protocol mix and the impact of an increase in block trading, which is generally a lower FPM activity. The month-over-month decline in total credit FPM was largely driven by the lower duration of bonds traded in U.S. high-grade and protocol mix.
The year-over-year and month-over-month increases in total rates FPM were driven by the impact of protocol mix.

*All comparisons versus June 2025 unless noted. Client-initiated block trading ADV may include some portfolio trading activity.

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

U.S. high-yield, portfolio trading and international credit products remained key contributors to performance during the quarter given relatively lower industry activity and reduced market volatility.

Client-Initiated Channel

11% increase in block trading ADV to $5.9 billion, with U.S. credit block ADV of $3.4 billion, up 8%, compared to a 12% increase in TRACE U.S. credit block ADV. Emerging markets block ADV of $2.0 billion increased 24% and eurobonds block ADV of $503 million decreased 5%.

Portfolio Trading Channel

33% increase in total portfolio trading ADV to a record $2.0 billion, including record U.S. high-grade ADV of $1.2 billion up 41%, record U.S. high-yield ADV of $459 million, up 93% and emerging markets ADV of $118 million, up 44%.
20.6% estimated market share of U.S. credit portfolio trading, compared to 17.5% in the prior year.

Dealer-Initiated Channel

Dealer-initiated ADV of $1.7 billion was down 3% from the prior year. Record levels of eurobonds ADV (+43%), municipal bonds ADV (+36%), and emerging markets ADV (+29%) were offset by declines in U.S. high-grade and U.S. high-yield ADVs. Total Mid-X trading volume was a record $23.6 billion, representing an increase of 156%.

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

The year-over-year decline in total credit FPM was driven by protocol and product mix, as well as lower duration of bonds traded in U.S. high-grade. The quarter-over-quarter decline in total credit FPM was largely driven by lower duration.
The year-over-year and quarter-over-quarter increases in total rates FPM were driven by the impact of protocol mix.

*All comparisons versus second quarter 2025 unless noted. Client-initiated block trading ADV may include some portfolio trading activity.

Table 1: MarketAxess ADV

	Month						% Change								Quarter						% Change
	Jun-26		May-26		Jun-25		MoM				YoY				2Q26		1Q26		2Q25		QoQ				YoY
MKTX ADV ($ millions)
Credit
U.S. High-Grade (incl. SD PT)²	$	8,234	$	8,405	$	7,168		(2	)	%		15		%	$	7,940	$	8,722	$	7,922		(9	)	%	-			%
U.S. High-Grade (excl. SD PT)²		7,795		7,728		6,998		1				11				7,437		8,385		7,760		(11	)			(4	)
U.S. High-Yield (incl. SD PT)²		1,845		1,755		1,570		5				18				1,818		1,864		1,753		(2	)			4
U.S. High-Yield (excl. SD PT)²		1,591		1,547		1,497		3				6				1,560		1,646		1,692		(5	)			(8	)
Emerging Markets		4,831		4,284		4,172		13				16				4,500		5,114		4,018		(12	)			12
Eurobonds		2,783		2,758		2,411		1				15				2,698		2,828		2,681		(5	)			1
Other Credit Products³		670		680		580		(1	)			16				657		659		644		(0	)			2
Municipal Bonds		670		680		579		(1	)			16				657		659		643		(0	)			2
Total MKTX Credit ADV (excl. SD PT)²	$	17,670	$	16,997	$	15,658		4				13			$	16,852	$	18,632	$	16,795		(10	)		-
Rates
U.S. Government Bonds	$	23,034	$	26,045	$	25,804		(12	)	%		(11	)	%	$	24,108	$	29,511	$	30,756		(18	)	%		(22	)	%
Agencies and Other Government Bonds		3,201		2,194		1,641		46				95				2,641		1,659		1,458		59				81
Total MKTX Rates ADV	$	26,235	$	28,239	$	27,445		(7	)			(4	)		$	26,749	$	31,170	$	32,214		(14	)			(17	)
Total MKTX Trading ADV	$	43,905	$	45,236	$	43,103		(3	)			2			$	43,601	$	49,802	$	49,009		(12	)			(11	)

U.S. Trading Days⁴	21		20		20										62		61		62
U.K. Trading Days⁴	22		19		21										61		63		60

Table 1A: Market ADV

	Month						% Change								Quarter						% Change
	Jun-26		May-26		Jun-25		MoM				YoY				2Q26		1Q26		2Q25		QoQ				YoY
MARKET ADV ($ millions)
Credit
U.S. High-Grade TRACE	$	46,009	$	47,102	$	35,517		(2	)	%		30		%	$	45,305	$	49,074	$	40,010		(8	)	%		13		%
U.S. High-Yield TRACE		12,364		12,593		12,096		(2	)			2				12,857		13,542		13,296		(5	)			(3	)
Total U.S. Credit TRACE		58,373		59,695		47,613		(2	)			23				58,162		62,616		53,306		(7	)			9
Municipal Bonds MSRB		9,763		9,783		10,234		(0	)			(5	)			9,880		9,543		12,017		4				(18	)

Rates
U.S. Government Bonds TRACE	$	1,170,690	$	1,265,590	$	1,019,410		(7	)	%		15		%	$	1,169,971	$	1,289,038	$	1,162,485		(9	)	%		1		%
Agency TRACE		2,660		2,695		2,729		(1	)			(3	)			2,714		3,676		3,623		(26	)			(25	)

U.S. Trading Days⁴	21		20		20										62		61		62
U.K. Trading Days⁴	22		19		21										61		63		60

Table 1B: Estimated Market Share

	Month										Bps Change				Quarter										Bps Change
	Jun-26				May-26			Jun-25			MoM		YoY		2Q26				1Q26			2Q25			QoQ		YoY
MKTX ESTIMATED MARKET SHARE (%)
U.S. High-Grade
% of U.S. High-Grade TRACE^2,5		17.9	%	^2,5		17.8	%		20.2	%	+10	bps	(230)	bps		17.5	%	^2,5		17.8	%		19.8	%	(30)	bps	(230)	bps
U.S. High-Yield
% of U.S. High-Yield TRACE²		14.9	%	²		13.9	%		13.0	%	+100	bps	+190	bps		14.1	%	²		13.8	%		13.2	%	+30	bps	+90	bps
Other Credit Products
% of Municipal Bonds MSRB		6.9	%			6.9	%		5.7	%	-	bps	+120	bps		6.6	%			6.9	%		5.4	%	(30)	bps	+120	bps
Rates
% of U.S. Government Bonds TRACE		2.0	%			2.1	%		2.5	%	(10)	bps	(50)	bps		2.1	%			2.3	%		2.6	%	(20)	bps	(50)	bps

Table 1C: Strategic Priorities ADV

	Month						% Change							Quarter						% Change
	Jun-26		May-26		Jun-25		MoM				YoY			2Q26		1Q26		2Q25		QoQ				YoY
STRATEGIC PRIORITIES ADV ($ millions)
Client-Initiated Channel
U.S. Credit Block Trading	$	3,750	$	3,509	$	2,672		7		%		40	%	$	3,412	$	3,751	$	3,172		(9	)	%		8		%
Emerging Markets Block Trading		2,318		1,952		1,860		19				25			2,019		2,292		1,626		(12	)			24
Eurobonds Block Trading		578		549		462		5				25			503		591		529		(15	)			(5	)
Portfolio Trading Channel
Total MKTX Portfolio Trading	$	2,039	$	2,140	$	1,193		(5	)	%		71	%	$	1,970	$	1,944	$	1,481		1		%		33		%
Total MKTX U.S. Credit Portfolio Trading		1,773		1,858		874		(5	)			103			1,692		1,547		1,112		9				52
Total U.S. Credit TRACE Portfolio Trading		9,000		8,458		5,640		6				60			8,218		7,834		6,355		5				29
Dealer-Initiated Channel
Total Dealer Initiated (DRFQ & Mid-X)	$	1,752	$	1,765	$	1,683		(1	)	%		4	%	$	1,742	$	1,905	$	1,795		(9	)	%		(3	)	%
Other
Open Trading	$	5,255	$	5,208	$	4,553		1		%		15	%	$	5,135	$	5,669	$	5,030		(9	)	%		2		%
Axess IQ		187		190		158		(2	)			18			183		209		176		(12	)			4

U.S. Trading Days⁴	21		20		20									62		61		62
U.K. Trading Days⁴	22		19		21									61		63		60

*Client-initiated channel activity may include some portfolio trading channel activity.

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

	Month						% Change								Quarter						% Change
	Jun-26		May-26		Jun-25		MoM				YoY				2Q26		1Q26		2Q25		QoQ				YoY
AVG. VARIABLE TRANS. FEE PER MILLION (FPM)
Total Credit	$	125	$	128	$	138		(2	)	%		(9	)	%	$	129	$	132	$	138		(2	)	%		(7	)	%
Total Rates		5.09		4.96		4.39		3				16				4.99		4.68		4.03		7				24

¹		The FPM for total credit and total rates for June 2026 and second quarter 2026 are 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.

⁵		The Company estimates that duplicate reports increased reported monthly TRACE volumes by up to 8% of U.S. high-grade TRACE in June 2026. Adjusting for these duplicates, consistent with FINRA’s recent proposal to suppress duplicate reporting, the Company believes its estimated U.S. high-grade market share would have been approximately 150 basis points higher in June 2026.

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 MarketAxess Holdings Inc. (the "Company" or "MarketAxess"), 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; our dependence on third-party suppliers for key products and services; 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; risks related to sanctions levied against states or individuals that could expose us to operational or regulatory risks; the effects of climate change or other sustainability risks that could affect our operations or reputation; 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 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; limitations on our flexibility because we operate in a highly regulated industry; the increasing government regulation of us and our clients; our exposure to costs and penalties related to our extensive regulation; our risks of litigation and securities laws liability; our tax filing positions; 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 and other 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 June 30,
In millions (unaudited)	2026				2025				% Change
	Volume		ADV		Volume		ADV		Volume				ADV
Credit
High-grade	$	163,686	$	7,795	$	139,950	$	6,998		17		%		11		%
High-yield		33,405		1,591		29,942		1,497		12				6
Emerging markets		101,461		4,831		83,438		4,172		22				16
Eurobonds		61,216		2,783		50,632		2,411		21				15
Other credit		14,066		670		11,599		580		21				16
Total credit trading¹		373,834		17,670		315,561		15,658		18				13
Rates
U.S. government bonds²		483,717		23,034		516,084		25,804		(6	)			(11	)
Agency and other government bonds¹		70,360		3,201		34,360		1,641		105				95
Total rates trading		554,077		26,235		550,444		27,445		1				(4	)
Total trading	$	927,911	$	43,905	$	866,005	$	43,103		7				2
Number of U.S. Trading Days³				21				20
Number of U.K. Trading Days⁴				22				21

	Quarter Ended June 30,
In millions (unaudited)	2026				2025				% Change
	Volume		ADV		Volume		ADV		Volume				ADV
Credit
High-grade	$	461,087	$	7,437	$	481,090	$	7,760		(4	)	%		(4	)	%
High-yield		96,701		1,560		104,897		1,692		(8	)			(8	)
Emerging markets		278,991		4,500		249,091		4,018		12				12
Eurobonds		164,600		2,698		160,873		2,681		2				1
Other credit		40,716		657		39,965		644		2				2
Total credit trading¹		1,042,095		16,852		1,035,916		16,795		1				-
Rates
U.S. government bonds²		1,494,713		24,108		1,906,892		30,756		(22	)			(22	)
Agency and other government bonds¹		161,162		2,641		87,625		1,458		84				81
Total rates trading		1,655,875		26,749		1,994,517		32,214		(17	)			(17	)
Total trading	$	2,697,970	$	43,601	$	3,030,433	$	49,009		(11	)			(11	)
Number of U.S. Trading Days³				62				62
Number of U.K. Trading Days⁴				61				60

	Year-to-Date Ended June 30,
In millions (unaudited)	2026				2025				% Change
	Volume		ADV		Volume		ADV		Volume				ADV
Credit
High-grade	$	972,579	$	7,907	$	942,398	$	7,662		3		%		3		%
High-yield		197,110		1,603		194,894		1,585		1				1
Emerging markets		590,916		4,804		489,376		3,979		21				21
Eurobonds		342,762		2,764		308,790		2,510		11				10
Other credit		80,902		658		76,447		621		6				6
Total credit trading¹		2,184,269		17,736		2,011,905		16,357		9				8
Rates
U.S. government bonds²		3,294,863		26,788		3,488,973		28,366		(6	)			(6	)
Agency and other government bonds¹		266,675		2,152		153,450		1,248		74				72
Total rates trading		3,561,538		28,940		3,642,423		29,614		(2	)			(2	)
Total trading	$	5,745,807	$	46,676	$	5,654,328	$	45,971		2				2
Number of U.S. Trading Days³				123				123
Number of U.K. Trading Days⁴				124				123

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260706031156/en/

INVESTOR RELATIONS

Stephen Davidson

MarketAxess Holdings Inc.

+1 212 813 6313

sdavidson2@marketaxess.com

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Marisha Mistry

MarketAxess Holdings Inc.

+1 917 267 1232

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