MarketAxess has crossed $1 trillion in emerging‑market debt trading volume year‑to‑date, a milestone reached in November 2025, reflecting the platform’s rapid expansion across 30 local‑currency and more than 100 hard‑currency markets.
The jump is driven by a 16% rise in average daily volume to roughly $5 billion, with local‑currency markets up 18% and hard‑currency markets up 11%. Block trading volume grew 25% globally after the launch of the client‑initiated Targeted RFQ workflow, which has accelerated large‑size transactions.
MarketAxess now serves over 1,500 institutional clients worldwide and covers 100 % of the J.P. Morgan Global Bond Index – Emerging Markets (GBI‑EM) index, positioning the company to capture a larger share of the $150 trillion global fixed‑income market. The company’s Indian Government Bonds workflow, introduced in June 2025, further expands its reach into high‑yield emerging‑market issuers.
CEO Chris Concannon said the milestone “reflects our commitment to creating solutions that deliver real impact for dealers and investors” and highlighted confidence that the platform will continue to deepen liquidity and transparency as more countries join leading emerging‑market indices in 2026.
The achievement underscores MarketAxess’s strategy to transform emerging‑market debt trading from a fragmented, largely manual market into a fully electronic, transparent ecosystem, setting the stage for continued revenue growth and market share gains.
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