Trading Records for Second Quarter 2026
Select June 2026 Highlights* (See tables 1-1C and table 2)
Total credit trading volumes showed continued strength in June relative to May levels, and U.S. high-grade estimated market share increasedapproximately 10 basis points to 17.9%, driven by improvement in the client-initiated channel. U.S. high-yield estimated market share increased to 14.9%, up 190 basis points from the prior year and up 100 basis points sequentially.
The Company estimates that duplicate trade reports inflated U.S. high-grade TRACE volumes by up to 8% in June 2026. Adjusting for these duplicates, consistent with FINRA’s recent proposal to suppress duplicate reporting, we believe our estimated U.S. high-grade market share would have been approximately 150 basis points higher, or approximately 19.4%, in June 2026.
We also continued to make progress with block trading, portfolio trading,and dealer-initiated protocols across the platform.
Client-Initiated Channel
- 33% increase in block trading ADV to $6.6 billion, with U.S. credit block ADV of $3.8 billion, up 40%,compared to a 28% increase in TRACE U.S. credit block ADV. Emerging markets block ADV of $2.3 billion increased 25% and eurobonds block ADV of $578 million increased 25%.
Portfolio Trading Channel
- 71% increase in total portfolio trading ADV to $2.0 billion, includingU.S. high-grade ADV of $1.3 billion up 105% and U.S. high-yield ADV of $461 million,up 98%.
- 19.7% estimated market share of U.S. credit portfolio trading,compared to 15.5% in the prior year.
Dealer-Initiated Channel
- Dealer-initiated ADV of $1.8 billion was up 4% from the prior year. Record levels of municipal bonds ADV (+98%), eurobonds ADV (+71%), and emerging markets ADV(+40%)werepartiallyoffset by a decline in U.S. high-grade ADV.Total Mid-X trading volume wasa record $9.8 billion, representing an increase of 192%.
June 2026 Variable Transaction Fees Per Million1 (See table 1D)
- The year-over-year decline in total credit FPM was driven by protocol mix and the impact of an increase in block trading, which is generally a lower FPM activity.The month-over-month decline in total credit FPM was largely driven by the lower duration of bonds traded in U.S. high-grade and protocol mix.
- The year-over-year and month-over-month increases in total rates FPM were driven by the impact of protocol mix.
*All comparisons versus June 2025 unless noted. Client-initiated block trading ADV may include some portfolio trading activity.
Select Second Quarter 2026 Highlights* (See tables 1-1C and table 2)
U.S. high-yield, portfolio trading and international credit products remained key contributors to performance during the quarter given relatively lower industry activity and reduced market volatility.
Client-Initiated Channel
- 11% increase in block trading ADV to $5.9 billion, with U.S. credit block ADV of $3.4 billion, up 8%,compared to a 12% increase in TRACE U.S. credit block ADV. Emerging markets block ADV of $2.0 billion increased 24% and eurobonds block ADV of $503 million decreased 5%.
Portfolio Trading Channel
- 33% increase in total portfolio trading ADV to a record $2.0 billion, including record U.S. high-grade ADV of $1.2 billion up 41%, record U.S. high-yield ADV of $459 million,up 93% andemerging markets ADV of $118 million, up 44%.
- 20.6% estimated market share of U.S. credit portfolio trading,compared to 17.5% in the prior year.
Dealer-Initiated Channel
- Dealer-initiated ADV of $1.7 billion was down 3% from the prior year. Record levels of eurobonds ADV (+43%), municipal bonds ADV (+36%), and emerging markets ADV (+29%) wereoffset by declines in U.S. high-grade and U.S. high-yield ADVs.Total Mid-X trading volume wasa record $23.6 billion, representing an increase of 156%.
Second Quarter 2026 Variable Transaction Fees Per Million1 (See table 1D)
- The year-over-year decline in total credit FPM was driven by protocol and product mix, as well as lower duration of bonds traded in U.S. high-grade. The quarter-over-quarter decline in total credit FPM was largely driven by lower duration.
- The year-over-year and quarter-over-quarter increases in total rates FPM were driven by the impact of protocol mix.