MarketAxess reported that total credit trading volume on its electronic platform exceeded $1.04 trillion in the second quarter of 2026, a 1% year-over-year increase, even as total trading average daily volume fell 11% to $43.6 billion. Growth in emerging markets and agencies and other government bond rates helped offset declines in U.S. government bond rates, high-grade, and high-yield. Total credit average variable transaction fees per million declined 7% due to product and protocol mix and lower duration in U.S. high-grade, while total rates fees per million jumped 24%. The company's estimated market share of U.S. credit portfolio trading rose to 20.6% from 17.5% a year ago, and total Mid-X trading volume surged 156% to a record $23.6 billion.
MarketAxess Holdings IncTotal credit trading volume exceeded $1.04 trillion, up 1% YoY, and market share in U.S. credit portfolio trading rose to 20.6% from 17.5%
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