January 2018: MarketAxess reports record electronic trading volumes

MARKETAXESS REPORTS RECORD ELECTRONIC TRADING VOLUMES.

By Flora McFarlane.

MarketAxess, electronic trading platform for fixed income securities, has reported that January was a record month for daily and monthly trading volumes, which it artttributes in part to MiFID II trade reporting.

The trading platform, which also provides market data and post-trade services for fixed income markets, saw a total trading volume of US$14.9 billion on January 31.

Average daily trading volume in January was up to US$7.3 billion, an increase of 22% on the previous year and beating March 2017’s record of US$6.7 billion.

In addition to the record total trading volume posted on January 31st, the last day of January also posted records in high grade, high yield, emerging market and open trading.

Kevin McPherson, MarketAxess

US$7.8 billion was traded in high grade, while high yield and emerging markets recorded trading volumes of US$1.3 billion and US$3.5 billion, respectively, while open trading volume hit US$1.9 billion.

MarketAxess has attributed the record-breaking volumes to the changes that have come about under MiFID II. MiFID II’s post-trade transparency requirements have seen firms looking to third-party providers to facilitate meeting requirements.

Kevin McPherson, global head of sales, said: “Our growing global client network and the initial effects of MiFID II trade reporting rules were among the drivers of the high level of electronic trading activity in the month.”

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