MKTX · 10-Q · 2026Q2 · Full report
Trading Volume and Fees
MARKETAXESS HOLDINGS INC · 2026-08-07 · Importance 69 · Surprise 64 · No source text
Six-month total trading volume increased 1.0% to $5.714 trillion, led by 8.6% credit-volume growth, while second-quarter total volume declined 12.0% to $2.666 trillion because rates volume fell 18.6%. Six-month emerging markets and Eurobond volumes increased 20.7% and 11.0%, respectively, while agency and other government bond volume rose 52.8%; second-quarter emerging markets volume increased 12.0% and agency and other government volume increased 47.1%. Credit average variable transaction fees decreased 6.5% to $130 per million for the six months and $129 per million for the quarter, primarily because of protocol and product mix. Six-month rates variable transaction fees increased 13.5% to $17.0 million as the average fee per million rose 17.0%, despite a 3.1% volume decline.
Key facts
- For the six months ended June 30, 2026, total trading volume was $5,713,552 (millions), an increase of $59,224 (1.0%) versus $5,654,328 for the prior year period. source
- Total credit trading volume for the six months ended June 30, 2026: $2,184,269 (millions), an 8.6% increase versus $2,011,905 for the prior year period. source
- U.S. high-grade trading volume for the six months ended June 30, 2026: $972,579 (millions), a 3.2% increase versus $942,398 for the prior year period. source
- U.S. government bonds trading volume for the three months ended June 30, 2026: $1,494,713 (millions), a 21.6% decrease versus $1,906,892 for the prior year period. source
- Emerging markets credit volume increased 12.0% to $278,991 (millions) for the three months ended June 30, 2026 from $249,091. source
- U.S. high-grade trading volume for the three months ended June 30, 2026: $461,087 (millions), a 4.2% decrease versus $481,090 for the prior year period. source
- U.S. high-yield trading volume for the three months ended June 30, 2026: $96,701 (millions), a 7.8% decrease versus $104,897 for the prior year period. source
- Variable transaction fees - total for the three months ended June 30, 2026: $152,698 (thousands). source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | — | For the six months ended June 30, 2026, total trading volume was $5,713,552 (millions), an increase of $59,224 (1.0%) versus $5,654,328… |
| revenue | positive | realized | — | Emerging markets credit volume increased 12.0% to $278,991 (millions) for the three months ended June 30, 2026 from $249,091. |
| revenue | negative | realized | — | U.S. high-grade trading volume for the three months ended June 30, 2026: $461,087 (millions), a 4.2% decrease versus $481,090 for the… |
| revenue | negative | realized | — | U.S. high-yield trading volume for the three months ended June 30, 2026: $96,701 (millions), a 7.8% decrease versus $104,897 for the prior… |