MarketAxess’ third quarter report revealed a 34% increase in total trading volume, as overall revenues rose 22% compared to the same period last year.
Transaction fees on total trading volumes of $322 billion on its fixed income platform in the third quarter this year were up 35% compared to last year, totalling $65 million.
Overall revenues at MarketAxess increased 22% from $74 million in the third quarter last year, to $90 million in the third quarter this year.
Other revenue consisting of post-trade services and technology products declined slightly from $9 million in the third quarter last year, to $8.8 million.
“The decrease in all other revenue was principally due to the unfavourable impact of the stronger US dollar totalling $1 million offset by higher data revenue,” MarketAxess said.
Chief executive officer, Rick McVey, explained the firm is “seeing strong momentum in European fixed income and emerging market debt trading.
“Open Trading participation among dealers and investors is growing rapidly, driving an important new source of market liquidity into global credit markets,” he added.