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 November 2025.¹

Select November 2025 Highlights* (See tables 1-1C and table 2)

Our new initiatives continued to show solid year-over-year progress across theclient-initiated, portfolio trading and dealer-initiated channels

Client-Initiated Channel

Portfolio Trading Channel

Dealer-Initiated Channel

November 2025 Variable Transaction Fees Per Million¹

*All comparisons versus November 2024 unless noted.

Table 1: MarketAxess ADV

Table 1A: Market ADV

Table 1B: Estimated Market Share

Table 1C: Strategic Priorities ADV²

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 atinvestor.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 atwww.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 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 Tradingwww.marketaxess.com @MarketAxess^®

Table 2: Trading Volume Detail

View source version on businesswire.com:https://www.businesswire.com/news/home/20251203126910/en/

	Month						% Change
	Nov-25		Oct-25		Nov-24		MoM				YoY
MKTX ADV ($ millions)
Credit
U.S. High-Grade	$	7,594	$	7,042	$	6,533		8		%		16		%
U.S. High-Grade (incl. SD PT)²		7,763		7,200		6,578		8				18
U.S. High-Yield		1,622		1,629		1,312		(0	)			24
U.S. High-Yield (incl. SD PT)²		1,791		1,873		1,346		(4	)			33
Emerging Markets		4,265		4,230		3,811		1				12
Eurobonds		2,741		2,486		2,001		10				37
Other Credit Products³		586		612		634		(4	)			(8	)
Municipal Bonds		585		612		631		(4	)			(7	)
Total MKTX Credit ADV (excl. SD PT)²	$	16,808	$	15,999	$	14,291		5				18
Rates
U.S. Government Bonds	$	22,966	$	23,295	$	29,325		(1	)	%		(22	)	%
Agencies and Other Government Bonds		715		724		1,329		(1	)			(46	)
Total MKTX Rates ADV	$	23,681	$	24,019	$	30,654		(1	)			(23	)
Total MKTX Trading ADV	$	40,489	$	40,018	$	44,945		1				(10	)
U.S. Trading Days⁴	18		22		19
U.K. Trading Days⁴	20		23		21

	Month						% Change
	Nov-25		Oct-25		Nov-24		MoM				YoY
MARKET ADV ($ millions)
Credit
U.S. High-Grade TRACE	$	41,114	$	38,818	$	36,296		6		%		13		%
U.S. High-Yield TRACE		12,279		12,428		10,692		(1	)			15
Total U.S. Credit TRACE		53,393		51,246		46,988		4				14
Municipal Bonds MSRB		9,457		10,003		9,456		(5	)			0
Rates
U.S. Government Bonds TRACE	$	1,091,150	$	998,318	$	1,010,226		9		%		8		%
Agency TRACE		3,449		3,724		4,172		(7	)			(17	)
U.S. Trading Days⁴	18		22		19
U.K. Trading Days⁴	20		23		21

	Month									Bps Change
	Nov-25			Oct-25			Nov-24			MoM		YoY
MKTX ESTIMATED MARKET SHARE (%)
U.S. High-Grade
% of U.S. High-Grade TRACE (incl. SD PT)²		18.9	%		18.5	%		18.1	%	+40	bps	+80	bps
% of U.S. High-Grade TRACE (excl. SD PT)²		18.5	%		18.1	%		18.0	%	+40		+50
U.S. High-Yield
% of U.S. High-Yield TRACE (incl. SD PT)²		14.6	%		15.1	%		12.6	%	(50)	bps	+200	bps
% of U.S. High-Yield TRACE (excl. SD PT)²		13.2	%		13.1	%		12.3	%	+10		+90
Other Credit Products
% of Municipal Bonds MSRB		6.2	%		6.1	%		6.7	%	+10	bps	(50)	bps
Rates
% of U.S. Government Bonds TRACE		2.1	%		2.3	%		2.9	%	(20)	bps	(80)	bps

	Month						% Change
	Nov-25		Oct-25		Nov-24		MoM				YoY
STRATEGIC PRIORITIES ADV ($ millions)
Client-Initiated Channel
U.S. Credit Block Trading	$	3,245	$	2,968	$	2,419		9		%		34	%
Emerging Markets Block Trading		1,954		1,661		1,211		18				61
Eurobonds Block Trading		532		453		291		17				83
Portfolio Trading Channel
Total MKTX Portfolio Trading	$	1,364	$	1,536	$	928		(11	)	%		47	%
Total MKTX U.S. Credit Portfolio Trading		1,003		1,209		648		(17	)			55
Total U.S. Credit TRACE Portfolio Trading		5,685		5,798		4,813		(2	)			18
Dealer-Initiated Channel
Total Dealer Initiated (DRFQ & Mid-X)	$	1,916	$	1,773	$	1,455		8		%		32	%
Other
Open Trading	$	5,370	$	5,134	$	4,274		5		%		26	%
AxessIQ		170		162		147		5				16
U.S. Trading Days⁴	18		22		19
U.K. Trading Days⁴	20		23		21

	Month						% Change
	Nov-25		Oct-25		Nov-24		MoM				YoY
AVG. VARIABLE TRANS. FEE PER MILLION (FPM)
Total Credit	$	139	$	140	$	146		(1	)	%		(5	)	%
Total Rates		4.52		4.28		4.07		6				11

¹	The FPM for total credit and total rates for November 2025 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	“SD PT” is defined as single-dealer portfolio trades. The Company is currently highlighting the impact of single-dealer portfolio trading volume on U.S. high-grade and U.S. high-yield trading volume and estimated market share, but will continue to exclude single-dealer portfolio trading activity from each product’s aggregated trading volume and estimated market share and the total credit FPM calculation.
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.

	Month Ended November 30,
In millions (unaudited)	2025				2024				% Change
	Volume		ADV		Volume		ADV		Volume				ADV
Credit
High-grade	$	136,689	$	7,594	$	124,135	$	6,533		10		%		16		%
High-yield		29,192		1,622		24,927		1,312		17				24
Emerging markets		76,765		4,265		72,402		3,811		6				12
Eurobonds		54,818		2,741		42,017		2,001		30				37
Other credit		10,552		586		12,051		634		(12	)			(8	)
Total credit trading¹		308,016		16,808		275,532		14,291		12				18
Rates
U.S. government bonds²		413,380		22,966		557,175		29,325		(26	)			(22	)
Agency and other government bonds¹		14,145		715		27,710		1,329		(49	)			(46	)
Total rates trading		427,525		23,681		584,885		30,654		(27	)			(23	)
Total trading	$	735,541	$	40,489	$	860,417	$	44,945		(15	)			(10	)
Number of U.S. Trading Days³				18				19
Number of U.K. Trading Days⁴				20				21

	Year-to-Date Ended November 30,
In millions (unaudited)	2025				2024				% Change
	Volume		ADV		Volume		ADV		Volume			ADV
Credit
High-grade	$	1,653,714	$	7,285	$	1,586,941	$	6,930		4	%		5	%
High-yield		346,162		1,525		309,163		1,350		12			13
Emerging markets		902,568		3,976		799,172		3,490		13			14
Eurobonds		563,561		2,440		475,713		2,042		18			19
Other credit		140,802		620		122,175		533		15			16
Total credit trading¹		3,606,807		15,846		3,293,164		14,345		10			10
Rates
U.S. government bonds²		5,895,166		25,970		5,117,615		22,348		15			16
Agency and other government bonds¹		259,864		1,127		207,200		891		25			26
Total rates trading		6,155,030		27,097		5,324,815		23,239		16			17
Total trading	$	9,761,837	$	42,943	$	8,617,979	$	37,584		13			14
Number of U.S. Trading Days³				227				229
Number of U.K. Trading Days⁴				231				233

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.

.46%(+34%)(+61%)(+83%)targeted block trading solution$12 billion

increase in U.S. credit portfolio trading ADV.47%$1.4 billion55%
Our estimated market share of U.S. credit portfolio trading was17.6%13.5%

increase in Mid-X ADV.32%$1.9 billion21%153%

The decline in total credit FPM compared to the prior year was driven principally byprotocol mix,higher duration of bonds traded in U.S. high-gradeprincipally by protocol mixhigher duration of bonds traded in U.S. high-grade
The increase in total rates FPM year-over-year and month-over-month was driven by the impact of product mix.