Expanding the Client Network
Improved Environment Driving Increased Client Cost Savings¹
HIGHLIGHTS
Median bid/ask spread reflected in Composite+TM for U.S.
high-grade has doubled since the beginning of 2022
$238 million in estimated cost savings ¹ via Open Trading;
$439 million in estimated cost savings¹ year-to-date
Average cost savings¹ per million of $1,030
Estimated cost savings ¹ for clients represented 1.5x MKTX total
credit revenue
• Record 1.6 million total credit trades executed, up from 1.3
million in the prior year
BID/ASK SPREAD
6
HG Bid/Ask Spread (in bps yield)
L
4
3
2
U.S. HIGH-GRADE AND U.S. HIGH-YIELD MEDIAN
5
3.7
3.5
3.3
3.3
2.7
4Q19
1Q20
5.4
U.S. High-Grade
U.S. High-Yield
0.6
3.5
2.8
2.4
2.0 1.9 2.1
2.8
4.0
1Q21
2Q21
3Q21
4Q21
1Q22
2022
0.5
0.4
0.3
HY Bid/Ask Spread (in $)
싱
0.1
In $ millions
OPEN TRADING AND TOTAL CREDIT TRADE COUNT
Q2 YoY Growth
OT Trade Count: 35%
Total Credit Trade Count: 22%
Total Credit Trade Count
Open Trading Trade Count
1,800
800
Total Credit Trade Count (in thousands)
1,600
700
1,400
1,200
1,000
600
500
800
600
400
200
400
300
200
OT Trade Count (in thousands)
1Q19
2Q19
3Q19
4Q19
1Q20
2Q20
3Q20
4Q20
1Q21
2Q21
3Q21
4Q21
1Q22
2Q22
OPEN TRADING COST SAVINGS¹ AND TOTAL
CREDIT REVENUE
350
Open Trading Transaction Cost Savings
Average OT Cost Savings per Million
300
250
200
150
100
50
1Q19
2Q19
Total Credit Revenue
Cost Savings
1.5x Total
Credit Revenue
1,500
Source: MarketAxess Composite+TM
Source: MarketAxess Composite+™
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®
3Q19
4Q19
1Q20
2Q20
3Q20
4Q20
1Q21
2Q21
3Q21
4Q21
1Q22
2Q22
22
22
1,000
Avg. Cost Savings per Million
500View entire presentation