U.S. High-Grade Market Share Rebounds to 17.8%
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 04 2026
0mins
Select May highlights: Trading volumes across most products, as well as U.S. high-grade estimated market share, rebounded in May from April levels. U.S. high-grade estimated market share increased approximately 100 basis points to 17.8%, driven by improved estimated market share in the client-initiated channel on our platform. The company estimates that duplicate trade reports inflated U.S. high-grade TRACE volumes by up to 8% in May 2026. Adjusting for these duplicates, consistent with FINRA's recent proposal to suppress duplicate reporting, we believe our estimated U.S. high-grade market share would have been approximately 160 basis points higher, or approximately 19.5%, in May 2026. With the improvement in estimated market share in the client-initiated channel in U.S. high-grade compared to April, we also continued to make progress with block trading, portfolio trading and dealer-initiated protocols across the platform. Growth in these protocols was a key driver of the month-over-month decline in total credit FPM.
Trade with 70% Backtested Accuracy
Stop guessing "Should I Buy MKTX?" and start using high-conviction signals backed by rigorous historical data.
Sign up today to access powerful investing tools and make smarter, data-driven decisions.
Analyst Views on MKTX
Wall Street analysts forecast MKTX stock price to rise
8 Analyst Rating
3 Buy
4 Hold
1 Sell
Hold
Current: 119.900
Low
167.00
Averages
194.43
High
225.00
Current: 119.900
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 Launches TraX®Tape Data Solution Amid EU and UK Reforms
- Enhanced Data Transparency: MarketAxess has launched the TraX®Tape data solution to address challenges posed by UK and EU transparency reforms, providing a standardized market data feed that helps clients interpret trading activities more efficiently and confidently.
- Real-Time Insights: The solution aggregates data from a global network of dealers and clients, applying proprietary data cleansing processes refined over a decade, which enables market participants to make more informed trading decisions in a complex trading environment.
- Market Sentiment Indicators: TraX Tape offers directional indicators on each trade, enhancing transparency around market sentiment, while providing a consolidated view of global bond trading activity through a single connection, thereby improving usability and reducing operational burdens.
- Integrated Analytical Tools: The solution includes integrated analytics such as yield and spread calculations to support trading and execution analysis, further enhancing clients' competitiveness and trading efficiency in the global bond market.
See More
MarketAxess Shares Rise After Upgrade by BofA Securities
- Upgrade Impact: MarketAxess shares rose 3.6% in the afternoon session after BofA Securities upgraded the stock from Underperform to Neutral, indicating market optimism regarding the potential acceleration in e-trading.
- Increased Competition: This upgrade contrasts sharply with Rothschild Redburn's downgrade the previous day, which lowered its rating from Buy to Neutral, citing heightened competition from firms like Tradeweb and Trumid that threaten MarketAxess's previously dominant position in U.S. credit electronic trading.
- Stock Performance Analysis: Currently trading at $120.67, MarketAxess shares are up 3.7% from the previous close but have declined 32.4% since the beginning of the year, reflecting market concerns about its long-term outlook, particularly in the current interest rate environment.
- Investment Return Situation: Investors who purchased $1,000 worth of MarketAxess shares five years ago would now see their investment valued at only $265.38, indicating that the company has not met investor expectations over the past five years, highlighting the market challenges it faces.
See More
BofA Upgrades MarketAxess to Neutral Amid E-Trading Potential
- Rating Upgrade: BofA Securities raised MarketAxess's rating from Underperform to Neutral, reflecting optimism about the potential for e-trading acceleration, which contributed to a 1.88% increase in share price to $118.52 at Friday's market open.
- Market Share Decline: Although MarketAxess was a pioneer in corporate bond electronic trading, its market share has dropped from 57% to 33% over the past five years, indicating strong competition from new entrants like Tradeweb and Trumid, which may impact future growth.
- Valuation Concerns: BofA analysts noted that MarketAxess's valuation has fallen to an all-time low of 14x, down 50% year-over-year, and with headwinds easing, they see this as a constructive investment opportunity.
- Future Electronification: Despite a slowdown in electronification in recent years, analysts believe that the rise of artificial intelligence and electronic market makers will likely fuel a reacceleration in electronification, potentially providing new growth avenues for MarketAxess.
See More
U.S. Stocks Decline Following Jobs Report
- Rising Bond Yields: The 10-year Treasury yield surpassed 4.5% and the 30-year yield exceeded 5%, creating significant mark-to-market pressure on bond portfolios at asset managers, particularly impacting firms like Blackstone, KKR, and Ares by complicating the economics of long-duration deals.
- Private Credit Challenges: The increase in the 30-year yield raises the hurdle rate for new private credit and infrastructure fund deployments, posing greater challenges for these firms in capital allocation and potentially slowing their investment pipelines, which could adversely affect future revenue growth.
- M&A Activity Slowdown: The shift in CME FedWatch towards pricing rate hike risks has pressured M&A and IPO activities, and while SpaceX's $1.77 trillion valuation stands out, one transaction cannot offset the sector-wide rate repricing effects.
- SoFi Stock Volatility: SoFi's shares have dropped 41.9% year-to-date, trading at $15.94, which is 50.5% below its 52-week high of $32.21, indicating market concerns about its future prospects while also highlighting potential buying opportunities for high-quality stocks amidst volatility.
See More
MarketAxess Reports Rebound in May 2026 Trading Volumes
- Market Share Recovery: In May 2026, the estimated market share for U.S. high-grade bonds increased from 16.8% in April to 17.8%, a rise of approximately 100 basis points, indicating improvements in the client-initiated trading channel that are expected to enhance the company's competitive position in the fixed-income market.
- Volume Growth: Total trading volume reached a record $7.0 billion in May, representing a 119% increase from the previous month, with U.S. high-grade bond trading volume at $8.405 billion, up 6% year-over-year, reflecting strong market demand recovery.
- Block Trading Surge: The average daily volume (ADV) for client-initiated block trading rose 17% to $6.0 billion, with U.S. credit block ADV reaching $3.5 billion, a 14% increase compared to last year, demonstrating a growing preference for large trades among clients.
- Portfolio Trading Innovation: The portfolio trading channel saw a 47% increase in ADV to $2.1 billion, including a record $1.4 billion in U.S. high-grade ADV, up 68%, indicating successful implementation of diversified trading strategies.
See More
Sone Capital Increases Stake in MarketAxess by 149,611 Shares
- Stake Increase: Sone Capital Management increased its position in MarketAxess by 149,611 shares during Q1 2026, bringing its total stake to 159,966 shares valued at $26.39 million, indicating strong confidence in the company's future.
- Asset Allocation Insight: This increase accounts for 2.22% of Sone Capital's 13F reportable assets, highlighting MarketAxess's significance and attractiveness in the fixed-income market.
- Market Performance Overview: As of May 14, 2026, MarketAxess shares were priced at $140.51, down 32.3% year-over-year, underperforming the S&P 500 by 59.55 percentage points, reflecting increasing competitive pressures in the market.
- Growth Potential: MarketAxess reported a 12% revenue growth in Q1, reaching a record $233.4 million, indicating a rising frequency of use in complex institutional trading, which may further solidify its market position.
See More
MarketAxess Launches TraX®Tape Data Solution Amid EU and UK Reforms
- Enhanced Data Transparency: MarketAxess has launched the TraX®Tape data solution to address challenges posed by UK and EU transparency reforms, providing a standardized market data feed that helps clients interpret trading activities more efficiently and confidently.
- Real-Time Insights: The solution aggregates data from a global network of dealers and clients, applying proprietary data cleansing processes refined over a decade, which enables market participants to make more informed trading decisions in a complex trading environment.
- Market Sentiment Indicators: TraX Tape offers directional indicators on each trade, enhancing transparency around market sentiment, while providing a consolidated view of global bond trading activity through a single connection, thereby improving usability and reducing operational burdens.
- Integrated Analytical Tools: The solution includes integrated analytics such as yield and spread calculations to support trading and execution analysis, further enhancing clients' competitiveness and trading efficiency in the global bond market.
See More
MarketAxess Shares Rise After Upgrade by BofA Securities
- Upgrade Impact: MarketAxess shares rose 3.6% in the afternoon session after BofA Securities upgraded the stock from Underperform to Neutral, indicating market optimism regarding the potential acceleration in e-trading.
- Increased Competition: This upgrade contrasts sharply with Rothschild Redburn's downgrade the previous day, which lowered its rating from Buy to Neutral, citing heightened competition from firms like Tradeweb and Trumid that threaten MarketAxess's previously dominant position in U.S. credit electronic trading.
- Stock Performance Analysis: Currently trading at $120.67, MarketAxess shares are up 3.7% from the previous close but have declined 32.4% since the beginning of the year, reflecting market concerns about its long-term outlook, particularly in the current interest rate environment.
- Investment Return Situation: Investors who purchased $1,000 worth of MarketAxess shares five years ago would now see their investment valued at only $265.38, indicating that the company has not met investor expectations over the past five years, highlighting the market challenges it faces.
See More
BofA Upgrades MarketAxess to Neutral Amid E-Trading Potential
- Rating Upgrade: BofA Securities raised MarketAxess's rating from Underperform to Neutral, reflecting optimism about the potential for e-trading acceleration, which contributed to a 1.88% increase in share price to $118.52 at Friday's market open.
- Market Share Decline: Although MarketAxess was a pioneer in corporate bond electronic trading, its market share has dropped from 57% to 33% over the past five years, indicating strong competition from new entrants like Tradeweb and Trumid, which may impact future growth.
- Valuation Concerns: BofA analysts noted that MarketAxess's valuation has fallen to an all-time low of 14x, down 50% year-over-year, and with headwinds easing, they see this as a constructive investment opportunity.
- Future Electronification: Despite a slowdown in electronification in recent years, analysts believe that the rise of artificial intelligence and electronic market makers will likely fuel a reacceleration in electronification, potentially providing new growth avenues for MarketAxess.
See More
U.S. Stocks Decline Following Jobs Report
- Rising Bond Yields: The 10-year Treasury yield surpassed 4.5% and the 30-year yield exceeded 5%, creating significant mark-to-market pressure on bond portfolios at asset managers, particularly impacting firms like Blackstone, KKR, and Ares by complicating the economics of long-duration deals.
- Private Credit Challenges: The increase in the 30-year yield raises the hurdle rate for new private credit and infrastructure fund deployments, posing greater challenges for these firms in capital allocation and potentially slowing their investment pipelines, which could adversely affect future revenue growth.
- M&A Activity Slowdown: The shift in CME FedWatch towards pricing rate hike risks has pressured M&A and IPO activities, and while SpaceX's $1.77 trillion valuation stands out, one transaction cannot offset the sector-wide rate repricing effects.
- SoFi Stock Volatility: SoFi's shares have dropped 41.9% year-to-date, trading at $15.94, which is 50.5% below its 52-week high of $32.21, indicating market concerns about its future prospects while also highlighting potential buying opportunities for high-quality stocks amidst volatility.
See More
MarketAxess Reports Rebound in May 2026 Trading Volumes
- Market Share Recovery: In May 2026, the estimated market share for U.S. high-grade bonds increased from 16.8% in April to 17.8%, a rise of approximately 100 basis points, indicating improvements in the client-initiated trading channel that are expected to enhance the company's competitive position in the fixed-income market.
- Volume Growth: Total trading volume reached a record $7.0 billion in May, representing a 119% increase from the previous month, with U.S. high-grade bond trading volume at $8.405 billion, up 6% year-over-year, reflecting strong market demand recovery.
- Block Trading Surge: The average daily volume (ADV) for client-initiated block trading rose 17% to $6.0 billion, with U.S. credit block ADV reaching $3.5 billion, a 14% increase compared to last year, demonstrating a growing preference for large trades among clients.
- Portfolio Trading Innovation: The portfolio trading channel saw a 47% increase in ADV to $2.1 billion, including a record $1.4 billion in U.S. high-grade ADV, up 68%, indicating successful implementation of diversified trading strategies.
See More
Sone Capital Increases Stake in MarketAxess by 149,611 Shares
- Stake Increase: Sone Capital Management increased its position in MarketAxess by 149,611 shares during Q1 2026, bringing its total stake to 159,966 shares valued at $26.39 million, indicating strong confidence in the company's future.
- Asset Allocation Insight: This increase accounts for 2.22% of Sone Capital's 13F reportable assets, highlighting MarketAxess's significance and attractiveness in the fixed-income market.
- Market Performance Overview: As of May 14, 2026, MarketAxess shares were priced at $140.51, down 32.3% year-over-year, underperforming the S&P 500 by 59.55 percentage points, reflecting increasing competitive pressures in the market.
- Growth Potential: MarketAxess reported a 12% revenue growth in Q1, reaching a record $233.4 million, indicating a rising frequency of use in complex institutional trading, which may further solidify its market position.
See More
