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 May 2026.¹

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

Trading volumes across most products, as well as U.S. high-grade estimated market share, rebounded in May from April levels. U.S. high-grade estimated market share increased approximately 100 basis points to 17.8%, driven by improved estimated market share in the client-initiated channel on our platform.

The Company estimates that duplicate trade reports inflated U.S. high-grade TRACE volumes by up to 8% in May 2026. Adjusting for these duplicates, consistent with FINRA's recent proposal to suppress duplicate reporting, we believe our estimated U.S. high-grade market share would have been approximately 160 basis points higher, or approximately 19.5%, in May 2026.

With the improvement in estimated market share in the client-initiated channel in U.S. high-grade compared to April, we also continued to make progress with block trading, portfolio trading and dealer-initiated protocols across the platform. Growth in these protocols was a key driver of the month-over-month decline in total credit FPM.

Client-Initiated Channel

17% increase in block trading ADV to $6.0 billion, with U.S. credit block ADV of $3.5 billion, up 14%, compared to a 16% increase in TRACE U.S. credit block ADV. Emerging markets block ADV of $2.0 billion increased 35% and eurobonds block ADV of $549 million decreased 14%.

Portfolio Trading Channel

47% increase in total portfolio trading ADV to $2.1 billion, including record U.S. high-grade ADV of $1.4 billion up 68%, U.S. high-yield ADV of $412 million, up 172% and emerging markets ADV of $160 million, up 105%.
22.0% estimated market share of U.S. credit portfolio trading, compared to 16.8% in the prior year.

Dealer-Initiated Channel

Dealer-initiated ADV of $1.8 billion was down slightly from the prior year. Record levels of emerging markets ADV (+35%) and eurobonds ADV (+35%) were offset by declines in U.S. high-grade ADV. Total Mid-X trading volume was a record $7.0 billion, representing an increase of 119%.

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

The year-over-year and month-over-month declines in total credit FPM were driven by product and protocol mix.
The year-over-year and month-over-month increases in total rates FPM were driven by the impact of protocol mix.

*All comparisons versus May 2025 unless noted. Client-initiated block trading ADV may include some portfolio trading activity.

Table 1: MarketAxess ADV

	Month							% Change
		May-26		Apr-26		May-25		MoM				YoY
MKTX ADV ($ millions)
Credit
U.S. High-Grade (incl. SD PT)²		$	8,405	$	7,202	$	7,899		17		%		6		%
U.S. High-Grade (excl. SD PT)²			7,728		6,802		7,649		14				1
U.S. High-Yield (incl. SD PT)²			1,755		1,852		1,628		(5	)			8
U.S. High-Yield (excl. SD PT)²			1,547		1,541		1,602		0				(3	)
Emerging Markets			4,284		4,374		3,615		(2	)			19
Eurobonds			2,758		2,549		2,870		8				(4	)
Other Credit Products³			680		621		612		10				11
Municipal Bonds			680		621		611		10				11
Total MKTX Credit ADV (excl. SD PT)²		$	16,997	$	15,887	$	16,348		7				4
Rates
U.S. Government Bonds		$	26,045	$	23,338	$	28,293		12		%		(8	)	%
Agencies and Other Government Bonds			2,194		2,394		1,589		(8	)			38
Total MKTX Rates ADV		$	28,239	$	25,732	$	29,882		10				(5	)
Total MKTX Trading ADV		$	45,236	$	41,619	$	46,230		9				(2	)

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

Table 1A: Market ADV

	Month							% Change
		May-26		Apr-26		May-25		MoM				YoY
MARKET ADV ($ millions)
Credit
U.S. High-Grade TRACE		$	47,102	$	42,891	$	39,652		10		%		19		%
U.S. High-Yield TRACE			12,593		13,603		13,171		(7	)			(4	)
Total U.S. Credit TRACE			59,695		56,494		52,823		6				13
Municipal Bonds MSRB			9,783		10,090		10,306		(3	)			(5	)

Rates
U.S. Government Bonds TRACE		$	1,265,590	$	1,078,186	$	1,106,252		17		%		14		%
Agency TRACE			2,695		2,785		4,032		(3	)			(33	)

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

Table 1B: Estimated Market Share

	Month											Bps Change
		May-26				Apr-26			May-25			MoM		YoY
MKTX ESTIMATED MARKET SHARE (%)
U.S. High-Grade
% of U.S. High-Grade TRACE^2,5			17.8	%	^2,5		16.8	%		19.9	%	+100	bps	(210)	bps
U.S. High-Yield
% of U.S. High-Yield TRACE²			13.9	%	²		13.6	%		12.4	%	+30	bps	+150	bps
Other Credit Products
% of Municipal Bonds MSRB			6.9	%			6.2	%		5.9	%	+70	bps	+100	bps
Rates
% of U.S. Government Bonds TRACE			2.1	%			2.2	%		2.6	%	(10)	bps	(50)	bps

Table 1C: Strategic Priorities ADV

	Month							% Change
		May-26		Apr-26		May-25		MoM			YoY
STRATEGIC PRIORITIES ADV ($ millions)
Client-Initiated Channel
U.S. Credit Block Trading		$	3,509	$	2,981	$	3,070		18	%		14		%
Emerging Markets Block Trading			1,952		1,784		1,451		9			35
Eurobonds Block Trading			549		376		637		46			(14	)
Portfolio Trading Channel
Total MKTX Portfolio Trading		$	2,140	$	1,739	$	1,455		23	%		47		%
Total MKTX U.S. Credit Portfolio Trading			1,858		1,453		1,013		28			83
Total U.S. Credit TRACE Portfolio Trading			8,458		7,207		6,041		17			40
Dealer-Initiated Channel
Total Dealer Initiated (DRFQ & Mid-X)		$	1,765	$	1,706	$	1,781		3	%		(1	)	%
Other
Open Trading		$	5,208	$	4,944	$	4,777		5	%		9		%
AxessIQ			190		173		189		10			1

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

*Client-initiated channel activity may include some portfolio trading channel activity.

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

	Month							% Change
		May-26		Apr-26		May-25		MoM				YoY
AVG. VARIABLE TRANS. FEE PER MILLION (FPM)
Total Credit		$	128	$	134	$	138		(4	)	%		(7	)	%
Total Rates			4.35		4.31		4.06		1				7

¹	The FPM for total credit and total rates for May 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.
²	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.
³	"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.
5	The Company estimates that duplicate reports increased reported monthly TRACE volumes by up to 8% of U.S. high-grade TRACE in May 2026. Adjusting for these duplicates, consistent with FINRA's recent proposal to suppress duplicate reporting, the Company believes its estimated U.S. high-grade market share would have been approximately 160 basis points higher in May 2026.

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 MarketAxess Holdings Inc. (the "Company" or "MarketAxess"), 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; our dependence on third-party suppliers for key products and services; 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; risks related to sanctions levied against states or individuals that could expose us to operational or regulatory risks; the effects of climate change or other sustainability risks that could affect our operations or reputation; 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 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; limitations on our flexibility because we operate in a highly regulated industry; the increasing government regulation of us and our clients; our exposure to costs and penalties related to our extensive regulation; our risks of litigation and securities laws liability; our tax filing positions; 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 Volumne Detail

	Month Ended May 31,
In millions (unaudited)	2026					2025					% Change
		Volume		ADV			Volume		ADV			Volume				ADV
Credit
High-grade		$	154,558	$	7,728		$	160,636	$	7,649			(4	)	%		1		%
High-yield			30,944		1,547			33,636		1,602			(8	)			(3	)
Emerging markets			85,672		4,284			75,925		3,615			13				19
Eurobonds			52,403		2,758			54,538		2,870			(4	)			(4	)
Other credit			13,597		680			12,850		612			6				11
Total credit trading¹			337,174		16,997			337,585		16,348			-				4
Rates
U.S. government bonds²			520,902		26,045			594,163		28,293			(12	)			(8	)
Agency and other government bonds¹			41,755		2,194			30,329		1,589			38				38
Total rates trading			562,657		28,239			624,492		29,882			(10	)			(5	)
Total trading		$	899,831	$	45,236		$	962,077	$	46,230			(6	)			(2	)
Number of U.S. Trading Days³					20					21
Number of U.K. Trading Days⁴					19					19

	Year-to-Date Ended May 31,
In millions (unaudited)		2026					2025					% Change
		Volume		ADV			Volume		ADV			Volume				ADV
Credit
High-grade		$	808,893	$	7,930		$	802,448	$	7,791			1		%		2		%
High-yield			163,705		1,605			164,952		1,601			(1	)			-
Emerging markets			489,455		4,799			405,938		3,941			21				22
Eurobonds			281,546		2,760			258,158		2,531			9				9
Other credit			66,836		655			64,848		630			3				4
Total credit trading¹			1,810,435		17,749			1,696,344		16,494			7				8
Rates
U.S. government bonds²			2,811,146		27,560			2,972,889		28,863			(5	)			(5	)
Agency and other government bonds¹			196,315		1,925			119,090		1,167			65				65
Total rates trading			3,007,461		29,485			3,091,979		30,030			(3	)			(2	)
Total trading		$	4,817,896	$	47,234		$	4,788,323	$	46,524			1				2
Number of U.S. Trading Days³					102					103
Number of U.K. Trading Days⁴					102					102

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.

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INVESTOR RELATIONS

Stephen Davidson

MarketAxess Holdings Inc.

+1 212 813 6313

sdavidson2@marketaxess.com

MEDIA RELATIONS

Marisha Mistry

MarketAxess Holdings Inc.

+1 917 267 1232

mmistry@marketaxess.com

MarketAxess Announces Trading Volume Statistics for May 2026