Block Trading Surges 46% and Portfolio ADV Jumps 47%: MarketAxess November Volumes Signal Shifting Fixed-Income Landscape
New Protocols and Record Block Activity Highlight a Month of Acceleration
MarketAxess Holdings (NASDAQ: MKTX) delivered standout results for November 2025, marked by robust advances in its key strategic channels. With the recent introduction of its standardized Closing Auctions protocol and new highs in block trading volumes, the company is signaling a potential shift in how fixed-income assets are being traded across institutional desks.
November saw the average daily volume (ADV) for block trading jump an impressive 46% year-over-year, driven by outsized gains in U.S. credit (+34%), emerging markets (+61%), and eurobonds (+83%). Cumulative volume from targeted block trading solutions has now hit $12 billion—a noteworthy acceleration in this trading style, which favors efficiency and size for institutional players.
Portfolio and Dealer-Initiated Trading Channels Drive Double-Digit Gains
Growth wasn’t limited to block trading. Portfolio trading ADV soared 47% compared to last year, landing at $1.4 billion in November, while U.S. credit portfolio trading saw an even bigger 55% gain. These surges pushed MarketAxess' estimated market share of U.S. credit portfolio trading to 17.6%, up from 13.5% in November 2024.
Dealer-initiated activity, encompassing both dealer request-for-quote (DRFQ) and Mid-X protocols, advanced 32% year-over-year, underlining growing dealer appetite for electronic trading workflows.
| Channel | ADV (Nov 2025, $mn) | ADV YoY Change | Key Drivers |
|---|---|---|---|
| Block Trading (Client-Initiated) | 3,245 | +34% (U.S. Credit) +61% (EM) +83% (Eurobonds) |
Size, liquidity, new protocols |
| Portfolio Trading | 1,364 | +47% | US Credit Portfolio ADV +55% Market Share to 17.6% |
| Dealer-Initiated | 1,916 | +32% | Mid-X ADV +153%, DRFQ ADV +21% |
Market Share Increases as Institutional Activity Consolidates on Platform
MarketAxess continued to outpace industry market share benchmarks in multiple product areas. Notably, estimated share of U.S. high-grade TRACE trading rose to 18.9% (including single-dealer portfolio trades), up 80 basis points year-over-year. The platform also grew its presence in U.S. high-yield trading, with market share climbing to 14.6% from 12.6% in the previous year, though slightly down versus October 2025.
Even as overall fixed-income rates trading volumes (such as U.S. government bonds) pulled back from last year's highs, MarketAxess maintained a dominant position in electronic trading solutions, capturing new flows from block and portfolio protocols.
| Product | Estimated Market Share (Nov 2025) | YoY Change |
|---|---|---|
| U.S. High-Grade (inc. SD PT) | 18.9% | +0.80% |
| U.S. High-Yield (inc. SD PT) | 14.6% | +2.00% |
| Municipal Bonds | 6.2% | -0.50% |
Fee Metrics Remain Resilient Despite Protocol Shifts
The average variable transaction fee per million (FPM) for total credit in November was $139, a modest 5% decline from the prior year. This was attributed to shifts in protocol mix, partially offset by higher bond duration in U.S. high-grade activity. Total rates FPM rose to $4.52, reflecting a favorable product mix both year-over-year and sequentially from October.
| Metric | Nov 2025 | YoY Change |
|---|---|---|
| Total Credit FPM | $139 | -5% |
| Total Rates FPM | $4.52 | +11% |
Key Takeaway: Digital Trading Strategies Are Taking Hold
MarketAxess' November numbers present a compelling case for the growing dominance of digital and protocol-driven trading strategies in fixed income. The firm’s accelerated block and portfolio trading—combined with steadily increasing market share—show institutional adoption of electronic platforms continues to gain momentum. Investors and industry watchers may want to focus on whether these gains represent a cyclical upswing or signal a longer-term shift toward more data-driven, technology-enabled bond trading across global markets.
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