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MarketAxess (NASDAQ:MKTX) on Wednesday reported total credit average daily volume of $12.88B in March, a rise of 4% Y/Y, whereas complete credit score buying and selling quantity totaled $296.3B.
Shares of MarketAxess (MKTX), which gained ~38% YTD, slid over 12% on Wednesday.
“In March we generated report complete credit score buying and selling quantity of $296B, with robust will increase in ADV throughout high-yield, Eurobonds and municipals, pushed partly by continued robust ranges of estimated market share positive factors throughout most product areas,” mentioned CEO Chris Concannon. “Market volumes had been dampened by challenges within the banking sector, with U.S. company credit score ADV dropping 10% intra-month throughout the disaster interval.”
U.S. high-grade ADV grew 5% to $6.1B, whereas U.S. high-yield ADV elevated 14% to $1.8B. U.S. high-grade estimated market share was 19.9% (-60 bps Y/Y) and U.S. high-yield estimated market share was 18.9% (+380 bps Y/Y).
Rising markets ADV declined 16% to $2.7B, Eurobonds ADV elevated 25% to $1.8B and municipal bond ADV grew 36% to $401M.
Preliminary charges per million for complete credit score in March stood at ~$166, in step with ranges seen within the prior month.
Q1 complete credit score ADV reached a report $13.7B, up 14%, with complete commerce rely up 26%.
Earlier, MarketAxess (MKTX) credit score ADV climbed 25% Y/Y, buoyed by high-yield and high-grade.