MarketAxess Sees U.S. High-Grade Market Share Rebound in May 2026 — MarketAxess Holdings Inc.

Event summary

MarketAxess reported a 100 basis point increase in U.S. high-grade estimated market share to 17.8% in May 2026, rebounding from April levels.
Duplicate trade reports inflated U.S. high-grade TRACE volumes by up to 8%, which, if adjusted, would have increased MarketAxess' estimated market share to approximately 19.5%.
Block trading ADV increased by 17% to $6.0 billion, with significant growth in emerging markets block trading ADV up by 35%.
Portfolio trading ADV surged by 47% to $2.1 billion, including a record U.S. high-grade ADV increase of 68%.
Total credit FPM declined year-over-year and month-over-month due to product and protocol mix.

The big picture

MarketAxess' May 2026 trading volume statistics highlight a strategic rebound in U.S. high-grade market share, driven by improved client-initiated channel performance and significant growth in block and portfolio trading. The company's ability to navigate regulatory adjustments and sustain protocol-driven efficiencies will be critical in maintaining its competitive edge in the electronic trading platform space. The broader industry trend towards electronic trading and regulatory oversight continues to shape MarketAxess' operational dynamics and market positioning.

What we're watching

Regulatory Adjustments: How FINRA's proposal to suppress duplicate reporting will impact MarketAxess' market share calculations and trading volume metrics.
Protocol Mix Impact: Whether the continued growth in block trading, portfolio trading, and dealer-initiated protocols will sustain the decline in total credit FPM.
Market Share Sustainability: The pace at which MarketAxess can maintain its rebounded U.S. high-grade market share amid competitive pressures and regulatory changes.