MarketAxess Holdings Inc. (NASDAQ:MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced trading volume and preliminary variable transaction fees per million ("FPM") for February 2026.¹

Chris Concannon, CEO of MarketAxess, commented:

"We generated strong variable commission revenue growth to start 2026, driven by 20% growth in total credit ADV year-to-date, and benefiting from a 3% increase in total credit FPM month-over-month in February. Our estimated U.S. high-grade market share in February was negatively impacted by strong new issuance and a decrease in portfolio trading activity by our core clients. As we have noted previously, portfolio trading activity can fluctuate significantly month-to-month as clients modulate activity. We believe that the recent geopolitical events, as well as the very strong new issuance calendar year-to-date are supportive of a return to higher levels of volatility, as well as an increase in the velocity of trading in the global credit markets."

Select February 2026 Highlights* (See tables 1-1C and table 2)

Our new initiatives continued to show progress year-over-year across the client-initiated, portfolio trading and dealer-initiated channels.

Client-Initiated Channel

30% growth in block trading average daily volume ("ADV"), with strong growth across U.S. credit (+30%), including U.S. high-grade ADV of $2.6 billion (+38%), as well as emerging markets ADV of $2.0 billion (+22%) and eurobonds ADV of $596 million (+57%).

Portfolio Trading Channel

5% increase in total portfolio trading ADV to $1.5 billion.
Our estimated market share of U.S. credit portfolio trading was 15.6%, compared to 20.7% in the prior year.

Dealer-Initiated Channel

Dealer-initiated ADV of $1.8 billion was down slightly compared to the prior year. Total Mid-X trading volume was $5.2 billion, representing an increase of 93%.

February 2026 Variable Transaction Fees Per Million¹(See table 1D)

The decline in total credit FPM year-over-year was driven principally by product and protocol mix, partially offset by the higher duration of bonds traded in U.S. high-grade. The increase month-over-month was driven by product and protocol mix, slightly offset by the lower duration of bonds traded in U.S. high-grade.
The increase in total rates FPM year-over-year was driven by the impact of client and protocol mix. The decrease in total rates FPM month-over-month was driven by the impact of client and protocol mix.

*All comparisons versus February 2025 unless noted.

Table 1: MarketAxess ADV

	Month						% Change
	Feb-26		Jan-26		Feb-25		MoM				YoY
MKTX ADV ($ millions)
Credit
U.S. High-Grade (incl. SD PT)²	$	8,026	$	8,387	$	7,409		(4	)	%		8		%
U.S. High-Grade (excl. SD PT)²		7,779		8,110		7,061		(4	)			10
U.S. High-Yield (incl. SD PT)²		1,701		1,748		1,575		(3	)			8
U.S. High-Yield (excl. SD PT)²		1,480		1,592		1,438		(7	)			3
Emerging Markets		4,647		5,468		4,105		(15	)			13
Eurobonds		2,674		2,803		2,272		(5	)			18
Other Credit Products³		681		620		617		10				10
Municipal Bonds		681		620		614		10				11
Total MKTX Credit ADV (excl. SD PT)²	$	17,261	$	18,593	$	15,493		(7	)			11
Rates
U.S. Government Bonds	$	27,509	$	27,707	$	26,901		(1	)	%		2		%
Agencies and Other Government Bonds		923		1,392		969		(34	)			(5	)
Total MKTX Rates ADV	$	28,432	$	29,099	$	27,870		(2	)			2
Total MKTX Trading ADV	$	45,693	$	47,692	$	43,363		(4	)			5

U.S. Trading Days⁴	19		20		19
U.K. Trading Days⁴	20		21		20

Table 1A: Market ADV

	Month						% Change
	Feb-26		Jan-26		Feb-25		MoM				YoY
MARKET ADV ($ millions)
Credit
U.S. High-Grade TRACE	$	47,928	$	47,579	$	41,522		1		%		15		%
U.S. High-Yield TRACE		13,602		13,265		12,999		3				5
Total U.S. Credit TRACE		61,530		60,844		54,521		1				13
Municipal Bonds MSRB		9,724		9,389		8,943		4				9

Rates
U.S. Government Bonds TRACE	$	1,205,789	$	1,192,395	$	999,242		1		%		21		%
Agency TRACE		2,980		4,332		5,144		(31	)			(42	)

U.S. Trading Days⁴	19		20		19
U.K. Trading Days⁴	20		21		20

Table 1B: Estimated Market Share

	Month									Bps Change
	Feb-26			Jan-26			Feb-25			MoM		YoY
MKTX ESTIMATED MARKET SHARE (%)
U.S. High-Grade
% of U.S. High-Grade TRACE²		16.7	%		17.6	%		17.8	%	(90)	bps	(110)	bps
U.S. High-Yield
% of U.S. High-Yield TRACE²		12.5	%		13.2	%		12.1	%	(70)	bps	+40	bps
Other Credit Products
% of Municipal Bonds MSRB		7.0	%		6.6	%		6.9	%	+40	bps	+10	bps
Rates
% of U.S. Government Bonds TRACE		2.3	%		2.3	%		2.7	%	-	bps	(40)	bps

Table 1C: Strategic Priorities ADV²

	Month						% Change
	Feb-26		Jan-26		Feb-25		MoM				YoY
STRATEGIC PRIORITIES ADV ($ millions)
Client-Initiated Channel
U.S. Credit Block Trading	$	3,422	$	3,667	$	2,625		(7	)	%		30		%
Emerging Markets Block Trading		2,027		2,536		1,657		(20	)			22
Eurobonds Block Trading		596		633		379		(6	)			57
Portfolio Trading Channel
Total MKTX Portfolio Trading	$	1,539	$	1,989	$	1,463		(23	)	%		5		%
Total MKTX U.S. Credit Portfolio Trading		1,148		1,583		1,217		(27	)			(6	)
Total U.S. Credit TRACE Portfolio Trading		7,352		7,582		5,877		(3	)			25
Dealer-Initiated Channel
Total Dealer Initiated (DRFQ & Mid-X)	$	1,833	$	1,777	$	1,861		3		%		(2	)	%
Other
Open Trading	$	5,404	$	5,317	$	4,600		2		%		17		%
AxessIQ		206		208		158		(1	)			30

U.S. Trading Days⁴	19		20		19
U.K. Trading Days⁴	20		21		20

Table 1D: Variable Transaction Fees Per Million (FPM)¹

	Month						% Change
	Feb-26		Jan-26		Feb-25		MoM				YoY
AVG. VARIABLE TRANS. FEE PER MILLION (FPM)
Total Credit	$	136	$	132	$	143		3		%		(5	)	%
Total Rates		4.56		5.18		4.29		(12	)			6

The FPM for total credit and total rates for February 2026 is preliminary and may be revised in subsequent updates and public filings. The Company undertakes no obligation to update any fee information in future press releases.

Effective with the release of our January 2026 trading volume statistics, the Company revised certain aspects of its reporting methodology for estimated market share to provide a more comprehensive view of platform activity and enhance comparability with industry peers. The Company now highlights estimated market share for U.S. high-grade and U.S. high-yield on an all-in basis, which includes single-dealer portfolio trading activity, and the Company will no longer report estimated market share on an "excluding single-dealer portfolio trading" basis. Single-dealer portfolio trading activity continues to be excluded from the "Total MKTX Credit ADV (excl. SD PT)" line in Table 1, the "Total Credit" FPM calculation in Table 1D and the "Total Credit Trading" line in Table 2. "SD PT" is defined as single-dealer portfolio trades. As used in Table 1 to highlight the effect of single dealer portfolio trading on U.S. high-grade and U.S. high yield ADVs, "SD PT" means single-dealer portfolio trades.

"Other Credit Products" includes municipal bonds, leveraged loans, convertible bonds and structured products.

⁴

The number of U.S. trading days is based on the SIFMA holiday recommendation calendar and the number of U.K. trading days is based primarily on the U.K. Bank holiday schedule.

General Notes Regarding the Data Presented

Reported MarketAxess volume in all product categories includes only fully electronic trading volume. MarketAxess trading volumes and the Financial Industry Regulatory Authority ("FINRA") Trade Reporting and Compliance Engine ("TRACE") reported volumes are available on the Company's website at investor.marketaxess.com/volume.

Cautionary Note Regarding Forward-Looking Statements

This press release may contain forward-looking statements, including statements about the outlook and prospects for the Company, market conditions and industry growth, as well as statements about the Company's future financial and operating performance. These and other statements that relate to future results and events are based on MarketAxess' current expectations. The Company's actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties, including: global economic, political and market factors; the level of trading volume transacted on the MarketAxess platform; the rapidly evolving nature of the electronic financial services industry; the level and intensity of competition in the fixed-income electronic trading industry and the pricing pressures that may result; the variability of our growth rate; our ability to introduce new fee plans and our clients' response; our ability to attract clients or adapt our technology and marketing strategy to new markets; risks related to our growing international operations; our dependence on our broker-dealer clients; the loss of any of our significant institutional investor clients; our exposure to risks resulting from non-performance by counterparties to transactions executed between our clients in which we act as an intermediary in matched principal trades; risks related to self-clearing; risks related to sanctions levied against states or individuals that could expose us to operational or regulatory risks; the effect of rapid market or technological changes on us and the users of our technology; issues related to the development and use of artificial intelligence; our dependence on third-party suppliers for key products and services; our ability to successfully maintain the integrity of our trading platform and our response to system failures, capacity constraints and business interruptions; the occurrence of design defects, errors, failures or delays with our platforms, products or services; our vulnerability to malicious cyber-attacks and attempted cybersecurity breaches; our actual or perceived failure to comply with privacy and data protection laws; our ability to protect our intellectual property rights or technology and defend against intellectual property infringement or other claims; our use of open-source software; our ability to enter into strategic alliances and to acquire other businesses and successfully integrate them with our business; our dependence on our management team and our ability to attract and retain talent; limitations on our flexibility because we operate in a highly regulated industry; the increasing government regulation of us and our clients; risks related to the divergence of U.K. and European Union legal and regulatory requirements following the U.K.'s exit from the European Union; our exposure to costs and penalties related to our extensive regulation; our risks of litigation and securities laws liability; our tax filing positions; the effects of climate change or other sustainability risks that could affect our operations or reputation; our future capital needs and our ability to obtain capital when needed; limitations on our operating flexibility contained in our credit agreement; our exposure to financial institutions by holding cash in excess of federally insured limits; and other factors. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. More information about these and other factors affecting MarketAxess' business and prospects is contained in MarketAxess' periodic filings with the Securities and Exchange Commission and can be accessed at www.marketaxess.com.

About MarketAxess

MarketAxess (NASDAQ:MKTX) operates a leading electronic trading platform that delivers greater trading efficiency, a diversified pool of liquidity and significant cost savings to institutional investors and broker-dealers across the global fixed-income and other markets. Approximately 2,100 firms leverage MarketAxess' patented technology to efficiently trade fixed-income securities. Our automated and algorithmic trading solutions, combined with our integrated and actionable data offerings, help our clients make faster, better-informed decisions on when and how to trade on our platform. MarketAxess' award-winning Open Trading® marketplace is widely regarded as the preferred all-to-all trading solution in the global credit markets. Founded in 2000, MarketAxess connects a robust network of market participants through an advanced full trading lifecycle solution that includes automated trading solutions, intelligent data and index products and a range of post-trade services. Learn more at www.marketaxess.com and on X @MarketAxess.

Table 2: Trading Volume Detail

	Month Ended February 28,
In millions (unaudited)	2026				2025				% Change
	Volume		ADV		Volume		ADV		Volume				ADV
Credit
High-grade	$	147,796	$	7,779	$	134,161	$	7,061		10		%		10		%
High-yield		28,114		1,480		27,320		1,438		3				3
Emerging markets		88,288		4,647		78,000		4,105		13				13
Eurobonds		53,480		2,674		45,440		2,272		18				18
Other credit		12,939		681		11,718		617		10				10
Total credit trading¹		330,617		17,261		296,639		15,493		11				11
Rates
U.S. government bonds²		522,677		27,509		511,116		26,901		2				2
Agency and other government bonds¹		18,393		923		19,243		969		(4	)			(5	)
Total rates trading		541,070		28,432		530,359		27,870		2				2
Total trading	$	871,687	$	45,693	$	826,998	$	43,363		5				5
Number of U.S. Trading Days³				19				19
Number of U.K. Trading Days⁴				20				20

	Year-to-Date Ended February 28,
In millions (unaudited)	2026				2025				% Change
	Volume		ADV		Volume		ADV		Volume				ADV
Credit
High-grade	$	310,005	$	7,949	$	279,313	$	6,983		11		%		14		%
High-yield		59,954		1,537		54,278		1,357		10				13
Emerging markets		197,657		5,068		154,402		3,860		28				31
Eurobonds		112,347		2,740		91,647		2,182		23				26
Other credit		25,343		650		23,051		576		10				13
Total credit trading¹		705,306		17,944		602,691		14,958		17				20
Rates
U.S. government bonds²		1,076,813		27,611		1,001,968		25,049		7				10
Agency and other government bonds¹		47,571		1,163		42,924		1,027		11				13
Total rates trading		1,124,384		28,774		1,044,892		26,076		8				10
Total trading	$	1,829,690	$	46,718	$	1,647,583	$	41,034		11				14
Number of U.S. Trading Days³				39				40
Number of U.K. Trading Days⁴				41				42

¹	Consistent with FINRA TRACE reporting standards, both sides of trades are included in the Company's reported volumes when the Company executes trades on a matched principal basis between two counterparties.
²	Consistent with industry standards, U.S. government bond trades are single-counted.
³	The number of U.S. trading days is based on the SIFMA holiday recommendation calendar.
⁴	The number of U.K. trading days is based primarily on the U.K. Bank holiday schedule.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260304935030/en/

INVESTOR RELATIONS

Stephen Davidson

MarketAxess Holdings Inc.

+1 212 813 6313

sdavidson2@marketaxess.com

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Marisha Mistry

MarketAxess Holdings Inc.

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MarketAxess Announces Trading Volume Statistics for February 2026