Expanding the Client Network
2. Leverage our client network to promote Open TradingⓇ
protocols
OPEN TRADING HIGHLIGHTS
• Over 38,000 orders and $21 billion in notional value available through Open
Trading on average per day in 2Q22, up 32% and 33%, respectively
Estimated system-wide cost savings of $161 million for liquidity takers and
$77 million for liquidity providers¹ in 2Q22 (total of $238 million); YTD $439
million in cost savings
• Record 1,748 number of unique client firms executed a trade with MKTX
• 976 firms provided liquidity in the quarter
LIVE MARKETS
•
•
Rates - U.S. Treasuries Live Markets trading volume, up 57% from 2Q21;
unique 160 participants, up 18%
Credit -$3.5 billion in credit trading volume in 1H22; 171 client firms
trading
U.S. TREASURY ADV
UNIQUE OPEN TRADING FIRMS
Number of Firms
1,900
1,700
1,500
1,300
1,100
900
700
1Q19
2Q19
3Q19
4Q19
1Q20
2Q20
3Q20
4Q20
1Q21
2Q21
3Q21
4Q21
1Q22
2Q22
Volume (in $ billions)
30
Q2 Estimated
Market Share
25
$23
3.7%
$19
20
$18
$15
15
$14 $14
$13
$12
10
5
$25
$23
1Q20 2Q20 3Q20
4Q20 1Q21
2Q21 3Q21 4Q21 1Q22 2Q22
400
350
RECORD MUNICIPAL ADV
Q2 Estimated
Market Share
3.9%
$371
Volume (in $ billions)
300
$288 $194
250
$164
200
150
100
$94 $96
$107
$75
$85
$177
$53 $51 $44
$124
50
1Q20 2Q20 3Q20 4Q20 1Q21
2Q21
3Q21
4Q21 1Q22 2Q22
= addition of MuniBrokers
1. Estimated liquidity taker cost savings is defined as the difference between the winning price and the best disclosed dealer cover price. Estimated liquidity provider
cost savings is defined as the difference between the winning price and then current Composite+ bid or offer level (offer if the provider is buying, bid if provider is
selling) at the time of the inquiry.
X Market Axess®View entire presentation