MarketAxess reports June and Q2 2026 trading volume data

MarketAxess Holdings Inc. (Nasdaq: MKTX) released trading volume statistics for June and the second quarter ended June 30, 2026, according to a press release from the company.

In June 2026, total MarketAxess average daily volume (ADV) was $43.9 billion, up 2% from June 2025. Total credit ADV excluding single-dealer portfolio trading was $17.7 billion, a 13% year-over-year increase. Rates ADV was $26.2 billion, down 4% from the prior year.

The company's estimated U.S. high-grade market share was 17.9% in June, up 10 basis points from May but down 230 basis points from June 2025. U.S. high-yield estimated market share rose to 14.9%, up 190 basis points year-over-year and 100 basis points sequentially.

MarketAxess noted that duplicate trade reports inflated U.S. high-grade TRACE volumes by up to 8% in June. Adjusted for duplicates, the company estimates its U.S. high-grade market share would have been approximately 150 basis points higher, or about 19.4%.

Portfolio trading ADV rose 71% year-over-year in June to $2.0 billion, with U.S. high-grade portfolio trading ADV up 105% and U.S. high-yield up 98%. The company's estimated market share of U.S. credit portfolio trading was 19.7% in June, compared with 15.5% a year earlier.

For the second quarter, total ADV was $43.6 billion, down 11% from the second quarter of 2025. Total credit ADV excluding single-dealer portfolio trading was $16.9 billion, flat year-over-year. Rates ADV was $26.7 billion, down 17% from the prior year period.

Second quarter portfolio trading ADV reached a record $2.0 billion, up 33% year-over-year. U.S. high-grade portfolio trading ADV rose 41% to a record $1.2 billion, while U.S. high-yield portfolio trading ADV climbed 93% to a record $459 million. The company's estimated U.S. credit portfolio trading market share was 20.6% in the quarter, compared with 17.5% in the second quarter of 2025.

Total credit variable transaction fees per million (FPM) were $129 for the second quarter, down 7% year-over-year, driven by protocol and product mix as well as lower duration of bonds traded in U.S. high-grade. Total rates FPM was $4.99 for the quarter, up 24% from the prior year period.

You May Also Be Interested In

• Trump: European Union taking aim at American companies not going to continue during Trump administration
• Meta AI adds task management and calendar integration features
• Trump says U.S. to launch trade probe into EU fines of tech firms