Market Share Rise

April 2026 trading data revealed a 21 % YoY decline in total credit trading volume to $331 billion, amid a return to low volatility and tighter credit spreads. Despite the volume drop, MarketAxess’s estimated market share in U.S. high‑grade portfolio trading rose to 20.2 % from 19.6 % the previous year. Variable transaction fees per million (FPM) for total credit fell to $134 from $138, while rates FPM climbed to $4.31 from $3.76. Duplicate trade reports inflated U.S. high‑grade TRACE volumes by up to 8 %, which would have increased the company’s estimated market share by approximately 160 basis points. The firm highlighted progress in its client‑initiated, portfolio‑trading, and dealer‑initiated channels, noting that its automated and algorithmic trading solutions, combined with integrated data offerings, enable faster, better‑informed execution decisions. Nonetheless, the firm’s ability to capture a larger share of the high‑grade portfolio market—up 0.6 percentage points—demonstrates resilience in a low‑volatility environment, while the rise in rates transaction fees indicates a successful pivot to higher‑margin instruments.