Record Total Credit ADV and Strong Growth in Total Rates ADV in Both Periods

Record Total Portfolio Trading ADV of $2.3 Billion in March, Up 48%

Record U.S. High-Grade, Emerging Markets, Eurobonds and Municipal Bonds ADV in 1Q26

Record Block Trading ADV Across U.S. High-Grade, Emerging Markets and Eurobonds in 1Q26

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 March 2026 and the first quarter ended March 31, 2026.¹

Trading Records for March 2026

Trading Records for First Quarter 2026

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

Our new initiatives continued to show progress year-over-year, with strong growth in the client-initiated and portfolio trading channels.

Client-Initiated Channel

• 23% growth in block trading ADV to $7.0 billion, with record U.S. credit block ADV of $4.1 billion (+19%), including record U.S. high-grade block ADV of $3.1 billion (+23%), as well as emerging markets block ADV of $2.3 billion (+34%) and eurobonds block ADV of $546 million (+7%).

Portfolio Trading Channel

• 48% increase in total portfolio trading ADV to a record $2.3 billion, including record U.S. high-grade ADV of $1.4 billion (+24%), record U.S. high-yield ADV of $487 million (+119%), emerging markets ADV of $114 million (+45%), and eurobonds ADV of $279 million (+135%).
• Our estimated market share of U.S. credit portfolio trading was 21.9%, compared to 20.1% in the prior year.

Dealer-Initiated Channel

• Dealer-initiated ADV of $2.1 billion declined 3% compared to the prior year. Total Mid-X trading volume was $5.4 billion, representing an increase of 112%.

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

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

*All comparisons versus March 2025 unless noted.

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

Client-Initiated Channel

• 35% growth in block trading ADV to $6.6 billion, with record U.S. credit block ADV of $3.8 billion (+27%), including record U.S. high-grade ADV of $2.8 billion (+31%), as well as record emerging markets ADV of $2.3 billion (+47%) and record eurobonds ADV of $591 million (+45%).

Portfolio Trading Channel

• 51% increase in total portfolio trading ADV to a record $1.9 billion including record U.S. high-grade ADV of $1.2 billion (+36%), record U.S. high-yield ADV of $390 million (+78%), record emerging markets ADV of $131 million (+69%), and eurobonds ADV of $258 million (+90%).
• Our estimated market share of U.S. credit portfolio trading was 19.8%, compared to 18.8% in the prior year.

Dealer-Initiated Channel

• Record dealer-initiated ADV of $1.9 billion increased 3% compared to the prior year. Total Mid-X trading volume was a record $17.5 billion, representing an increase of 163%.

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

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

*All comparisons versus first quarter 2025 unless noted.

Table 1: MarketAxess ADV

Table 1A: Market ADV

Table 1B: Estimated Market Share

Table 1C: Strategic Priorities ADV

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

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

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