MarketAxess Reports Record Q4 Trading Volume with 29% Growth in Client-Initiated Trades
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 07 2026
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Source: Newsfilter
- Client-Initiated Trading Growth: MarketAxess reported a 29% year-over-year increase in average daily volume (ADV) for client-initiated trades in Q4 2025, with U.S. credit trading up 21% and emerging markets trading soaring 41%, indicating robust performance and rising client demand in the fixed-income market.
- Portfolio Trading Innovation: Total portfolio trading ADV reached a record $1.5 billion, with U.S. high-yield portfolio trading hitting $368 million and emerging markets portfolio trading at $118 million, showcasing the company's success in diversifying trading strategies.
- Dealer-Initiated Trading Surge: Dealer-initiated ADV increased by 32% to $1.8 billion, driven by a 20% rise in Dealer RFQ ADV and an astonishing 185% increase in Mid-X ADV, reflecting the company's growing market share and influence in dealer trading.
- Market Share Breakthrough: The estimated market share for U.S. credit portfolio trading reached a record 20.6%, up from 16.2% year-over-year, highlighting the company's strengthening leadership position in a competitive market.
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Analyst Views on MKTX
Wall Street analysts forecast MKTX stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for MKTX is 194.43 USD with a low forecast of 167.00 USD and a high forecast of 225.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
8 Analyst Rating
3 Buy
4 Hold
1 Sell
Hold
Current: 168.560
Low
167.00
Averages
194.43
High
225.00
Current: 168.560
Low
167.00
Averages
194.43
High
225.00
About MKTX
MarketAxess Holdings Inc. operates electronic trading platforms. The Company offers end-to-end trading solutions, including the operation of electronic platforms for the trading of fixed-income and other securities and related data, analytics compliance tools, post-trade services, automated trading services and technology services. The Company provides an Open Trading marketplace which offers an all-to-all trading solution in the global credit markets, creating a liquidity pool for a range of credit market participants. It leverages its diverse set of trading protocols, automated and algorithmic trading solutions, intelligent data and index products and a range of post-trade services to provide an end-to-end trading solution to its robust network of platform participants. The Company also provides several integrated and actionable data offerings, including CP+ and Axess All, to assist clients. Its RFQ-hub platform is a bilateral multi-asset and multi-dealer request for quote platform.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
MarketAxess Elects New Board Members
- New Board Members: MarketAxess announced the election of Douglas Cifu and Kenneth Schiciano to its Board of Directors effective March 1, 2026, with Cifu bringing extensive fintech and regulatory expertise from his role as co-founder of Virtu Financial, while Schiciano has over 30 years of private equity experience focused on infrastructure and fintech investments.
- Strategic Importance: The addition of Cifu and Schiciano is seen by CEO Chris Concannon as a way to enhance the company's innovative capabilities in fixed-income trading, as both will provide invaluable insights into investments in next-generation trading protocols and data-driven solutions.
- Educational Background: Cifu holds a J.D. from Columbia Law School and a magna cum laude B.A. from Columbia University, while Schiciano has a Master of Science in Management from MIT, a Master of Science in Electrical Engineering from Stanford, and a Bachelor of Science in Electrical Engineering and Computer Science from Duke University, showcasing their strong academic foundations in their respective fields.
- Market Position: As a leading electronic trading platform serving approximately 2,100 institutional investors, MarketAxess is committed to enhancing trading efficiency and liquidity, and the addition of Cifu and Schiciano is expected to further bolster the company's market leadership.
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MarketAxess (MKTX) to Announce Q4 and FY 2025 Financial Results on February 6, 2026
- Earnings Release Schedule: MarketAxess will issue its Q4 and FY 2025 financial results on February 6, 2026, before market open, providing crucial performance data and market trend analysis for investors.
- Executive Conference Call: CEO Chris Concannon and CFO Ilene Fiszel Bieler will host a conference call at 10:00 AM ET on the same day to discuss financial results and future outlook, enhancing investor understanding of the company's strategy.
- Conference Call Access: Investors can dial +1-800-715-9871 (U.S.) or +1-646-307-1963 (International) using ID 1832176 to participate, ensuring timely access to the latest company updates.
- Webcast and Archive: The call will be available via live audio webcast on the company's website and archived for 90 days post-announcement, allowing investors who cannot attend live to review the meeting content and improve information transparency.
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