MarketAxess posts record trading volumes across multiple channels in Q1

MarketAxess Holdings Inc. (NASDAQ: MKTX) reported trading volume data and preliminary variable transaction fees for March and the first quarter ended March 31, 2026, according to a company statement.

The electronic trading platform operator achieved record trading volumes across several categories during the first quarter. Total portfolio trading average daily volume increased 51% to $1.9 billion compared to the prior year period. The company reported record performance in U.S. high-grade portfolio trading at $1.2 billion, representing a 36% increase year-over-year.

Block trading volumes also showed growth, with average daily volume rising 35% to $6.6 billion in the first quarter. U.S. credit block trading reached a record $3.8 billion, up 27% from the same period in 2025. Emerging markets block trading averaged $2.3 billion daily, marking a 47% increase.

The company's estimated market share of U.S. credit portfolio trading reached 19.8% in the first quarter, compared to 18.8% in the prior year period. Mid-X trading volume totaled $17.5 billion for the quarter, representing a 163% increase.

For March alone, portfolio trading average daily volume increased 48% to $2.3 billion compared to March 2025. Block trading volumes averaged $7.0 billion daily, up 23% year-over-year.

Variable transaction fees per million for total credit declined year-over-year due to product and protocol mix changes, though this was partially offset by higher duration bonds traded in U.S. high-grade securities. The company attributed month-over-month and quarter-over-quarter fee changes primarily to product and client mix variations.

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