Trading US credit
on MarketAxess
34% of all IG traded
volume was executed via OT
34 %
We estimate that Open Trading
has returned approximately
$165mm
in additional investment profits
– real alpha – into our clients’
and dealers’ portfolios
Maximize your price improvement
Our data scientists review trading data outcomes closely to ensure
that you know where and how you can optimize your trading
strategy and maximize your price improvement.
PRICING AND DATA
Total IG price improvement
(spread & yield)
$34.4 mm
Hybrids (price) improvement
$2.7mm
SPREAD $32.3mm
$0.12 avg/bond
$0.24 avg/bond
YIELD
PRICE
$2.1mm
$0.05 avg/bond
Feel confident about prices,
however you trade.
Are you a liquidity taker or
a liquidity provider?
You decide.
The bigger the block, the longer
the duration, the more you save.
©2025 MarketAxess Holdings Inc. (the "Company"). MarketAxess Corporation is a member of FINRA and SIPC. MarketAxess Canada Company is a member of
the Canadian Investment Regulatory Organization (CIRO). MarketAxess Europe Limited (04017160), MarketAxess Capital Limited (09777893), and MarketAxess
Post-Trade Limited (01917944) are incorporated in England and Wales, and are each authorised and regulated by the Financial Conduct Authority. MarketAxess NL
B.V. (69592888) is incorporated in the Netherlands and is authorised and regulated by the Autoriteit Financiële Markten. MarketAxess Post-Trade B.V. (69597774)
is incorporated in the Netherlands and is supervised by the European Securities and Markets Authority. MarketAxess Singapore Pte. Limited (201702319R) is
incorporated in Singapore and recognised by the Monetary Authority of Singapore. MarketAxess is a trading name of the aforementioned entities. To the fullest
extent permitted by applicable law, all warranties and representations are disclaimed. All information presented herein is considered to be accurate at the time
of writing, provided "as is" with no express or implied representations or warranties—including without limitation in relation to fitness for purpose, accuracy, or
completeness of contents. Whilst sources of information are believed to be reliable, MarketAxess does not independently verify information obtained from third
party sources. Any information presented is not intended to represent an offer or solicitation of any financial instrument. For the purposes of clients accessing
MarketAxess services from EU27 countries, this information is provided by MarketAxess NL B.V. and /or MarketAxess Post-Trade B.V., as appropriate. This
information is for institutional investor use only, does not constitute investment advice and may not be redistributed without the prior written consent of the
Company or its subsidiaries. Under no circumstances may this information be distributed to retail investors. Proprietary and confidential information of the
Company—all forms of copying prohibited. Further information on MarketAxess can be found on our website at marketaxess.com.
LIQUIDITY DEPTH AND BREADTH
Join the world’s largest electronic
marketplace for US IG debt
Get ahead with
all-to-all trading
Achieve superior execution across a broad
range of securities. Unlock deeper liquidity
than either direct to dealer or in competition.
Trade your way
From lots to blocks:
You can trade how you want and
when you want, in all sizes from
$100K to $100 mm
Minimize market impact for block trading
using a range of different protocols.
Blocks accounted for
26% of IG volume on MKTX
PROTOCOL DIVERSITY
Record hybrid
market share
13.1%
Record liquidity
DEALER PRICES BACK
11.9mm
10.3 avg responses
per inquiry
All numbers are as of Q2 2025
It’s never been simpler to find
the other side of the trade
Deeper
liquidity,
better
prices
BE WHERE
THE ACTION IS
World’s largest and
most competitive market
for US credit trading
19%
total market share
$481.09bn
(+19% YoY)
in total trade volume
on MarketAxess
34% of all IG traded
volume was executed via OT
34 %
We estimate that Open Trading
has returned approximately
$165mm
in additional investment profits
– real alpha – into our clients’
and dealers’ portfolios
Maximize your price improvement
Our data scientists review trading data outcomes closely to ensure
that you know where and how you can optimize your trading
strategy and maximize your price improvement.
PRICING AND DATA
Total IG price improvement
(spread & yield)
$34.4 mm
Hybrids (price) improvement
$2.7mm
SPREAD $32.3mm
$0.12 avg/bond
$0.24 avg/bond
YIELD
PRICE
$2.1mm
$0.05 avg/bond
Feel confident about prices,
however you trade.
Are you a liquidity taker or
a liquidity provider?
You decide.
The bigger the block, the longer
the duration, the more you save.
©2025 MarketAxess Holdings Inc. (the "Company"). MarketAxess Corporation is a member of FINRA and SIPC. MarketAxess Canada Company is a member of
the Canadian Investment Regulatory Organization (CIRO). MarketAxess Europe Limited (04017160), MarketAxess Capital Limited (09777893), and MarketAxess
Post-Trade Limited (01917944) are incorporated in England and Wales, and are each authorised and regulated by the Financial Conduct Authority. MarketAxess NL
B.V. (69592888) is incorporated in the Netherlands and is authorised and regulated by the Autoriteit Financiële Markten. MarketAxess Post-Trade B.V. (69597774)
is incorporated in the Netherlands and is supervised by the European Securities and Markets Authority. MarketAxess Singapore Pte. Limited (201702319R) is
incorporated in Singapore and recognised by the Monetary Authority of Singapore. MarketAxess is a trading name of the aforementioned entities. To the fullest
extent permitted by applicable law, all warranties and representations are disclaimed. All information presented herein is considered to be accurate at the time
of writing, provided "as is" with no express or implied representations or warranties—including without limitation in relation to fitness for purpose, accuracy, or
completeness of contents. Whilst sources of information are believed to be reliable, MarketAxess does not independently verify information obtained from third
party sources. Any information presented is not intended to represent an offer or solicitation of any financial instrument. For the purposes of clients accessing
MarketAxess services from EU27 countries, this information is provided by MarketAxess NL B.V. and /or MarketAxess Post-Trade B.V., as appropriate. This
information is for institutional investor use only, does not constitute investment advice and may not be redistributed without the prior written consent of the
Company or its subsidiaries. Under no circumstances may this information be distributed to retail investors. Proprietary and confidential information of the
Company—all forms of copying prohibited. Further information on MarketAxess can be found on our website at marketaxess.com.
LIQUIDITY DEPTH AND BREADTH
Join the world’s largest electronic
marketplace for US IG debt
Get ahead with
all-to-all trading
Achieve superior execution across a broad
range of securities. Unlock deeper liquidity
than either direct to dealer or in competition.
Trade your way
From lots to blocks:
You can trade how you want and
when you want, in all sizes from
$100K to $100 mm
Minimize market impact for block trading
using a range of different protocols.
Blocks accounted for
26% of IG volume on MKTX
PROTOCOL DIVERSITY
Record hybrid
market share
13.1%
Record liquidity
DEALER PRICES BACK
11.9mm
10.3 avg responses
per inquiry
All numbers are as of Q2 2025
It’s never been simpler to find
the other side of the trade
Deeper
liquidity,
better
prices
BE WHERE
THE ACTION IS
World’s largest and
most competitive market
for US credit trading
19%
total market share
$481.09bn
(+19% YoY)
in total trade volume
