MarketAxess Reports Mixed February 2026 Trading Volumes Amid Geopolitical Uncertainty
Event summary
- MarketAxess reported a 4% month-over-month decline in total credit average daily volume (ADV) to $17.3 billion in February 2026, despite a 20% year-to-date growth in total credit ADV.
- Total credit fees per million (FPM) increased 3% month-over-month but declined 5% year-over-year, driven by product and protocol mix.
- U.S. high-grade market share dropped to 16.7% in February 2026, impacted by strong new issuance and decreased portfolio trading activity.
- Block trading ADV grew 30% year-over-year across U.S. credit, emerging markets, and eurobonds.
- Portfolio trading ADV increased 5% year-over-year to $1.5 billion, but market share fell to 15.6% from 20.7% in the prior year.
The big picture
MarketAxess's February 2026 trading volumes reflect broader industry trends of fluctuating portfolio trading activity and geopolitical-driven market volatility. The company's strategic focus on block trading and electronic trading platforms positions it within the evolving fixed-income market, where electronic trading efficiency and liquidity pooling remain critical. The decline in market share highlights the competitive pressures in the sector, particularly from new issuance and varying client trading behaviors.
What we're watching
- Market Volatility
- Whether recent geopolitical events and strong new issuance will sustain higher trading velocity in global credit markets.
- Portfolio Trading
- The pace at which portfolio trading activity rebounds after recent fluctuations.
- Fee Structure
- How product and protocol mix will continue to impact transaction fees per million.
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