high-grade (derived from FINRA TRACE reported data), U.S. Bank holiday schedule.ħ Composite corporate bond estimated market share is defined as combined estimated market share across U.S. trading days is based primarily on the U.K. trading days is based on the SIFMA holiday recommendation calendar and the number of U.K. dollar denominated corporates.ģ Eurobonds estimated market share is derived from MarketAxess TraX data for Eurobonds and covered bonds market trading volume, which is currently estimated to represent approximately 70% of the total European market.Ĥ Total credit Open Trading share is derived by taking total Open Trading volume across all credit products where Open Trading is offered and dividing by total credit trading volume across all credit products where Open Trading is offered.ĥ Estimated price improvement consists of estimated liquidity taker price improvement (defined as the difference between the winning price and the best disclosed dealer cover price) and estimated liquidity provider price improvement (defined as the difference between the winning price and then current Composite+ bid or offer level, offer if the provider is buying, bid if provider is selling) at the time of the inquiry.Ħ The number of U.S.
#Trax farms market update#
The Company undertakes no obligation to update any fee information in future press releases.Ģ Emerging markets estimated market trading volume is derived by combining MarketAxess TraX emerging markets trading volume (currently estimated to represent approximately 55% of the total emerging markets market) and FINRA TRACE-reportable emerging markets trading volume, principally U.S. Table 1C: Rolling 6-month estimated market share (period ending compared to period ending May 31, 2022)ġ The FPM for total credit and total rates for the month of May 2023 are preliminary and may be revised in subsequent updates and public filings.
Table 1B: Rolling 6-month trading ADV (period ending compared to period ending May 31, 2022) Table 1A: May 2023 estimated market share *All comparisons versus May 2022 unless otherwise noted. The preliminary FPM for total rates was $4.60, compared to $4.45 in May 2022. The preliminary FPM 1 for total credit for May 2023 was approximately $162, compared to $159 in April 2023 and $164 in the prior year. Estimated price improvement 5 via Open Trading was approximately $61 million. 34% Open Trading® share 4 of total credit trading volume.Municipal bond ADV of $403 million, up 3.4%, with estimated market share of 6.0% (+230 bps), up from 3.7%. 3 Quarter-to-date, estimated market share in Eurobonds is 19.7%, running 370 basis points above first quarter 2023 levels. 27.8% increase in Eurobonds ADV to $1.8 billion with 17.7% (+350 bps) estimated market share, up from 14.2%.high-yield TRACE market ADV down 14.5%.Įmerging markets trading volume decreased 4.8% compared to a decrease of 6.8% in emerging markets estimated market trading volume. Low credit spread volatility has reduced trading activity in some client segments within U.S. high-yield ADV of $1.5 billion with estimated market share of 16.7% (+80 bps). high-grade is 20.8%, running 90 basis points above first quarter 2023 levels. Quarter-to-date, estimated market share in U.S. The new issue calendar snapped back strongly in May to $155 billion, up approximately 131% from April 2023 levels. high-grade ADV of $5.8 billion, up 2.1%, with estimated market share of 20.2%. The strong rebound in the new issuance calendar in May is a positive for the macro backdrop and the passage of the debt ceiling bill reduces risk and uncertainty in the outlook for fixed income." Credit spread volatility has remained fairly subdued since the initial March market dislocation, which has reduced trading activity by select client segments in U.S. high-grade, emerging markets and Eurobonds are showing sequential improvement versus first quarter 2023 levels. Additionally, estimated market share in U.S. high-yield, emerging markets, Eurobonds and municipal bonds.
"We registered our best single day of credit trading volume ever in May and delivered solid estimated year-over-year market share gains across U.S. 1Ĭhris Concannon, CEO of MarketAxess, commented: MKTX, the operator of a leading electronic trading platform for fixed-income securities, today announced monthly trading volume and preliminary variable transaction fees per million ("FPM") for the month of May 2023.
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