Expanding the Client Network
Trading Automation Continues to Grow
HIGHLIGHTS
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Continued growth in trade automation despite increase in volatility
Record $57.6 billion in Auto-X volume in 2Q22, up 39% from 2Q21
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Record 305,000 trades completed using automated execution, up from
218,000 trades in 2Q21, representing an increase of 40%
Auto-X represented 19% of credit trade count and 8% of credit trading
volume in 2Q22
30% of automation trades are now "no-touch"
Active automation firms, up 26%; increasing adoption in Europe
5.7 million algo responses in 2Q22, up 23% from 2Q211
EUROBONDS AUTO-X VOLUME AND COUNT
Q2 YoY Growth
Trade Volume: 53%
Trade Count: 50%
Trade Volume
-Trade Count
Volume (in $ billions)
14
12
10
3-Year CAGR
Trade Volume: 56%
Trade Count: 50%
86
4
2
20
15
10
252525
40
35
30
Trade Count (in thousands)
1Q19
2Q19
3Q19
4Q19
1Q20
2Q20
1. Algorithmic response for U.S. high-grade and U.S. high-yield spread-based trades only.
3Q20
4Q20
1Q21
2Q21
3Q21
4Q21
1Q22
2Q22
Volume (in $ billions)
10
1Q19
AUTO-X TRADE VOLUME AND COUNT
Trade Volume
Trade Count
70
60
3-Year CAGR
Trade Volume: 44%
50
Trade Count: 43%
40
30
20
1Q20
2Q20
3Q20
4Q20
TOTAL ALGO TRADES AND RESPONSES¹
Response Count (in thousands)
Response Count
3-Year CAGR
Trade Count: 25%
6,000
Response Count: 32%
5,000
4,000
3,000
2,000
1,000
Trade Count
1Q19
2Q19
3Q19
4Q19
1Q20
2Q20
3Q20
4Q20
1Q21
2Q21
3Q21
4Q21
1Q22
zzoz
X Market Axess® 13
1Q21
Q2 YoY Growth
Response Count: 23%
Trade Count: 15%
450
400
350
300
250
200
150
100
50
Trade Count (in thousands)
Q2 YoY Growth
Trade Volume: 39%
Trade Count: 40%
350
300
250
200
150
100
50
Trade Count (in thousands)View entire presentation