This is the
High Yield Market
Deeper liquidity.
Higher quality data.
Better performance.
High Yield Market
Deeper liquidity.
Higher quality data.
Better performance.
2025’s high yield market was defined by one reality: exceptionally compressed
spreads with zero margin for error. The credit view that got you here isn’t
enough anymore. Capturing alpha now depends on accessing deep liquidity
pools others can’t see, executing with precision when every cent matters,
and having pre-trade pricing that reveals where true value sits.
That’s the new edge in High Yield.
As the largest U.S. high yield marketplace, MarketAxess connects you to
over 2,000 clients and dealers—giving you more responses, tighter spreads,
and better execution on every trade.
Deeper liquidity. Better execution. Real performance.
Depth of liquidity matters
$1.5B
MarketAxess
HY ADV
$377B
MarketAxess
HY Volume
7+ Average number
of responses
7.6 HY average number
of responses
2 of 7 average number
of anonymous OT responses
3 of 7 trades won by
anonymous OT responses
$0.03 savings per incremental
OT response vs CP+™
MarketAxess analysis shows that each incremental
response back provided on average 3 cents of price
benefit vs CP+ estimate.
Open Trading
Advantage
1
The largest electronic marketplace for US High Yield
trading with over 40% market share.
30%+ market share in HY TRACE
($250k-$1M trades).
Industry leading 7+ responses per HY inquiry.
spreads with zero margin for error. The credit view that got you here isn’t
enough anymore. Capturing alpha now depends on accessing deep liquidity
pools others can’t see, executing with precision when every cent matters,
and having pre-trade pricing that reveals where true value sits.
That’s the new edge in High Yield.
As the largest U.S. high yield marketplace, MarketAxess connects you to
over 2,000 clients and dealers—giving you more responses, tighter spreads,
and better execution on every trade.
Deeper liquidity. Better execution. Real performance.
Depth of liquidity matters
$1.5B
MarketAxess
HY ADV
$377B
MarketAxess
HY Volume
7+ Average number
of responses
7.6 HY average number
of responses
2 of 7 average number
of anonymous OT responses
3 of 7 trades won by
anonymous OT responses
$0.03 savings per incremental
OT response vs CP+™
MarketAxess analysis shows that each incremental
response back provided on average 3 cents of price
benefit vs CP+ estimate.
Open Trading
Advantage
1
The largest electronic marketplace for US High Yield
trading with over 40% market share.
30%+ market share in HY TRACE
($250k-$1M trades).
Industry leading 7+ responses per HY inquiry.
