MKTX · 10-Q · 2026Q2 · Full report

Market Demand Trends

MARKETAXESS HOLDINGS INC · 2026-08-07 · Importance 59 · Surprise 48 · In source text

In the first six months of 2026, estimated market volumes increased in most of MarketAxess’s key fixed-income markets, supported by event-driven volatility and elevated primary issuance. Six-month credit trading volume increased 8.6% year over year to $2.18 trillion, including 20.7% growth in emerging markets bonds and 11.0% growth in eurobonds, while rates volume declined 3.1% as U.S. government bond volume fell 5.6%. In the second quarter, total trading volume declined 12.0%, reflecting an 18.6% decrease in rates volume, although emerging markets volume rose 12.0% and total credit volume increased 0.6%.

Key facts

• Estimated U.S. high-grade market volume as reported by TRACE increased 15.2% to $5.8 trillion for the six months ended June 30, 2026 versus the six months ended June 30, 2025. source
• Estimated U.S. high-grade market volume as reported by TRACE increased 13.2% to $2.8 trillion for the three months ended June 30, 2026 versus the three months ended June 30, 2025. source
• The Company noted increased demand for portfolio trading workflows over the last few years and that portfolio trading is generally provided under a lower-fee structure which will likely negatively impact average credit variable transaction fee per million. source
• The Company stated that the fixed-income markets it focuses on remain significantly less electronified than other asset classes, creating significant opportunities for continued growth. source
• The Company reported that in the first six months of 2026, the market backdrop reflected increases in estimated market volumes in most of the Company’s key markets compared to the prior year, due in part to periods of event-driven volatility and elevated primary issuance. source

Impact estimates