• Second highest level of quarterly revenue and total credit trading volume; record total trading volume.
• 19.1% estimated market share of combined U.S. high-grade and high-yield markets.
• Record: Emerging markets ADV, up 5%.
• Record: International trading volume represented 32% of total credit volume.
• Record: Total active clients, up 5%.
Expand into new products
• Record: U.S. Treasury Live Markets all-to-all order book ADV, up 37%.
• Record: Municipal bond ADV, up 205% (up 32% excluding MuniBrokers ADV).
• Record: Emerging markets local markets trading volume, up 22%.
• Launched MKTX 400 Index and Axess All® Prints real-time European fixed income trade tape.
Expand trading protocols & leverage the Open Trading®
Network
• Market conditions continue to improve-higher rates with wider credit spreads & higher spread volatility.
• Over $200 million in estimated cost savings², up 57% from 4Q21 levels.
• Record: Portfolio Trading volume.
• Record: Live Markets volume in both U.S. Treasuries and corporate bonds.
• Record: Trade automation - trading volume, trade count and active clients.
Grow our business through geographic diversification
• Record: Total active international clients, up 8%.
• Record: Total Asia active clients, up 19%.
• Record: Total active international investor client traders, up 8%, and dealer traders, up 10%.
1. All period comparisons are 1Q22 vs. 1Q21 unless otherwise noted.
2. Estimated liquidity taker cost savings is defined as the difference between the winning price and the best disclosed dealer cover price. Estimated liquidity provider cost savings is defined as the difference between the winning price and then current Composite+ bid or offer level (offer if the provider is buying, bid if provider is selling) at the time of the inquiry.
Market Conditions and U.S. Credit
LIQUID U.S. CORPORATE INDEX (LUCI)
Benchmark Spreads*
210
Source: Credit Suisse Global Credit Strategy *Data based on quarterly average
COMBINED ESTIMATED U.S. HIGH-GRADE AND U.S. HIGH-YIELD MARKET SHARE
22%EstimatedMarketShare
20%
18%
16%
14%
12%
10%
8%
6%
4%
1Q22
10 YEAR & 2 YEAR TREASURY YIELD & MKTX U.S HIGH-GRADE WEIGHTED AVG. YEARS TO MATURITY
2Y TSY
3.0%
1Q12
3Q12
1Q13
3Q13
1Q14
3Q14
1Q15
3Q15
1Q16
3Q16
1Q17
3Q17
1Q18
3Q18
1Q19
3Q19
1Q20
3Q20
1Q21
3Q21
TreasuryYield
Source: Federal Reserve
10Y TSY
2.5% 2.0% 1.5%
1.0% 0.5%
--
2Q22QTD
1Q19
2Q19
3Q19
4Q19
1Q20
2Q20
Note: Data based on quarterly averageWeighted Avg. Years to Maturity
3Q20
4Q20
1Q21
2Q21
3Q21
4Q21
1Q22
11.0
10.5
10.0
9.5
9.0
8.5
8.0
7.5
WeightedAvg.YearstoMaturity
7.0
Expanding the Client Network
HIGHLIGHTS
• Record active clients of 1,913
2,100
• Record active international clients of 975
1,900
• Record Asia active clients, up 19%, representing over 50% of the
1,700
increase in active international clients
1,500
1,300
• Record international investor client traders (2,916, up 8%) and record international dealer traders (2,248, up 10%)
• A total of nearly 1,000 firms utilizing our European post-trade regulatory reporting services, up from 440 clients at the end of 2020
• 92% of credit trading on the platform was executed by institutional clients.
ACTIVE CLIENT FIRMS
Active Domestic FirmsActive Intl. Firms
ActiveFirms
1,100
900
700
500
300
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19
1Q20
2Q20
3Q20
4Q20
1Q21
2Q21
3Q21
4Q21
1Q22
ACTIVE ASIA CLIENTS
250
ActiveFirms
200
150
100
50
--
1Q18
ACTIVE INVESTOR AND DEALER TRADERS
ActiveTraders
12,000 10,000 8,000 6,000 4,000 2,000
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19
1Q20
2Q20
3Q20
4Q20
1Q21
2Q21
3Q21
4Q21
1Q22
--
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19
=Investor Traders (Intl.)=Investor Traders (Dom.)
1Q20
2Q20
3Q20
4Q20
1Q21
2Q21
3Q21
4Q21
1Q22
=Dealer Traders (Intl.)=Dealer Traders (Dom.)
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MarketAxess Holdings Inc. published this content on 20 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 April 2022 13:54:03 UTC.
MarketAxess Holdings Inc. specializes in operating an online bond trading platform. Net sales by type of income break down as follows:
- revenues from monthly trading commissions (88.8%);
- revenues from regulatory transaction matching and notification services (5.6%);
- revenues from financial information services (5.5%);
- other (0.1%).
At the end of 2021, the group had USD 2,624.8 billion in bond transactions and more than 1,900 active users (institutional investors and brokerage firms).
Net sales are distributed geographically as follows: Americas (81.4%), Europe (15.7%) and Asia (2.9%).
MARKETAXESS HOLDINGS INC. 
