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MarketAxess (NASDAQ:MKTX) said on Tuesday that November’s total credit average daily trading volume rose 9.3% to $14.3B on a year-on-year basis, and was up 13.4% as compared to October 2023.
The rise in credit ADV was mainly due to robust growth across all its credit products.
“The adoption of MarketAxess X-Pro continues to expand, with 30% of our portfolio trading volume executed over the X-Pro platform quarter-to-date, up from 18% in third quarter 2023,” said MarketAxess (MKTX) CEO Chris Concannon.
The company also saw record Eurobonds trading volume of $43.7B and record municipal bond trading volume of $12.6B.
U.S. high-grade ADV of $6.5B, up 11.2% from the prior year, and up 9% versus October 2023.
U.S. high-yield ADV of $1.9B, up 2.5% compared to the prior year, and up 17.9% from October 2023 levels.
The preliminary fee per million for total credit for November 2023 was ~ $157, compared to $163 in the prior year, and $153 in October 2023.
The increase in total credit FPM compared to October 2023 was driven by improved U.S. high-grade FPM, specifically, more favorable Open Trading mix, and the higher duration of bonds traded, principally on lower bond yields.
The preliminary FPM for total rates was $5.00, compared to $4.18 in the prior year.