MarketAxess Holdings Inc (MKTX), the operator of a leading electronic trading platform for fixed-income securities and the provider of market data and post-trade services for the global fixed-income markets, reported on Thursday a 17% year-on-year increase in its February trading volume to $716.8 billion.
That result was driven by a 29% year-on-year surge in rates trading volume to $495.4 billion.
On the other hand, the company’s total credit trading volume dropped 2% year-on-year to $221.4 billion in February.
Institutional investor clients accounted for 92% of total credit trading volume on MarketAxess’s platform during the past month, the company said.
“Our total trading volumes in February increased 17%, driven principally by a 29% increase in U.S. Treasury (TSRMF) volume on the expansion of our active clients, and we also registered strong international growth in Eurobonds, with a 9% increase in trading volumes, compared to a 10% decrease in estimated market volumes,” Rick McVey, Chairman and Chief Executive Officer of MarketAxess, said in a statement.
“In U.S. credit, our trading volumes are approaching levels last seen during the pandemic, and credit spreads and credit spread volatility have continued to increase, which, we believe, are creating a more favorable environment for Open Trading, our differentiated liquidity pool,” the CEO added.