Fourth Quarter Financial
Highlights*
MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading
electronic trading platform for fixed-income securities, and the
provider of market data and post-trade services for the global
fixed-income markets, today announced results for the quarter ended
December 31, 2018.
“The fourth quarter was one of our best quarters
ever for year over year market share gains, as well as volume
growth in Open Trading™,” said Rick McVey, Chairman and CEO of
MarketAxess. “The liquidity pool provided by Open Trading was
increasingly valuable as credit spreads widened, leading to record
estimated transaction cost savings for our clients of $57 million
for the quarter. I am very happy to welcome Chris Concannon
to MarketAxess as our President and COO to kick off the new
year.”
Fourth Quarter
Results
Total revenues for the fourth quarter of 2018
increased 14.1% to $112.4 million, compared to $98.6 million for
the fourth quarter of 2017. Operating income was $54.0 million,
compared to $48.8 million for the fourth quarter of 2017, an
increase of 10.5%. Operating margin was 48.0%, compared to 49.6%
for the fourth quarter of 2017. Net income totaled $45.8
million, or $1.21 per share on a diluted basis, compared to $33.5
million, or $0.88 per share, for the fourth quarter of
2017.
Commission revenue for the fourth quarter of
2018 increased 15.3% to $101.4 million, compared to $88.0 million
for the fourth quarter of 2017. Variable transaction fees increased
17.0% to $76.6 million on total trading volume of $442.3 billion
for the fourth quarter of 2018, compared to variable transaction
fees of $65.4 million on total trading volume of $355.6 billion for
the fourth quarter of 2017. U.S. high-grade trading volume as a
percentage of FINRA’s high-grade TRACE trading volume increased to
an estimated 19.3% for the fourth quarter of 2018, compared to an
estimated 17.6% for the fourth quarter of 2017.
All other revenue increased 4.0% to $11.0
million, compared to $10.6 million for the fourth quarter of 2017,
principally due to higher information services revenue of $0.3
million and post-trade services revenue of $0.2 million.
Total expenses for the fourth quarter of 2018
increased 17.6% to $58.5 million, compared to $49.7 million for the
fourth quarter of 2017. The increase in total expenses was largely
due to higher employee compensation and benefit costs of $3.6
million, occupancy costs of $2.3 million, technology and
communication costs of $0.8 million, clearing costs of $0.8 million
and depreciation and amortization of $0.6 million. Occupancy costs
in the fourth quarter of 2018 include duplicate expense recognized
during the build-out phase of the Company’s new corporate offices
in New York. The duplicate expense had the effect of
increasing total expenses by $2.1 million and reducing diluted EPS
by $0.05.
Other income increased to $2.1 million in the
fourth quarter of 2018 from $0.5 million in the fourth quarter of
2017 due to a $0.9 million increase in investment income as a
result of higher investment balances and an increase in interest
rates.
The effective tax rate for the fourth quarter of
2018 was 18.3%, compared to 32.2% for the fourth quarter of
2017. The fourth quarter of 2018 income tax provision
reflected $1.9 million of excess tax benefits related to
share-based compensation awards. The fourth quarter of 2017
income tax provision includes a one-time tax charge totaling $11.7
million related to the enactment of the Tax Cuts and Jobs Act (the
“Tax Act”), which was signed into law in December 2017, offset by
excess tax benefits of $11.4 million related to a new share-based
compensation accounting standard (ASU 2016-09) adopted as of
January 1, 2017.
Full Year 2018 Results
Total revenues for the year ended December 31, 2018 increased
10.7% to a record $435.6 million, compared to $393.4 million for
2017. Operating income was a record $212.6 million, compared
to $199.6 million for 2017, an increase of 6.5%. Operating margin
was 48.8%, compared to 50.7% for 2017. Net income totaled
$172.9 million, or $4.57 per share on a diluted basis, compared to
$148.1 million, or $3.89 per share, for 2017.
Commission revenue for the year ended December
31, 2018 increased 10.0% to a record $390.8 million, compared to
$355.3 million for 2017. Variable transaction fees increased
5.1% to $293.9 million on total trading volume of $1.7 trillion,
compared to variable transaction fees of $279.8 million on total
trading volume of $1.5 trillion for 2017. U.S. high-grade
trading volume as a percentage of FINRA’s high-grade TRACE trading
volume increased to an estimated 18.1%, compared to an estimated
16.9% for 2017.
All other revenue increased 17.3% to $44.7
million in 2018, compared to $38.1 million for 2017. The increase
in all other revenue was principally due to higher post-trade
services revenue of $4.3 million and information services revenue
of $2.4 million.
Total expenses for the year ended December 31,
2018 increased 15.1% to $223.0 million, compared to $193.8 million
for 2017. The increase in total expenses was principally due
to higher occupancy costs of $8.1 million, employee compensation
and benefits costs of $6.8 million, depreciation and amortization
of $3.8 million, technology and communication costs of $3.8 million
and marketing and advertising costs of $2.4 million. Occupancy
costs in 2018 included duplicate expense recognized during the
build-out phase of the Company’s new corporate offices in New
York. The duplicate expense had the effect of increasing
total expenses by $7.3 million and reducing diluted EPS by
$0.15.
The effective tax rate for 2018 was 20.7%,
compared to 26.6% for 2017. The 2018 income tax provision
reflected $5.6 million of excess tax benefits related to
share-based compensation awards. The 2017 income tax
provision included $26.1 million of excess tax benefits related to
share-based compensation awards offset by the one-time tax charge
of $11.7 million related to the enactment of the Tax Act.
Dividend
The Company’s board of directors declared a 21%
increase in the quarterly cash dividend to $0.51 per share of
common stock outstanding, to be paid on February 27, 2019 to
stockholders of record as of the close of business on February 13,
2019.
Share
Repurchases
A total of 30,106 shares were repurchased in the
fourth quarter of 2018 at a cost of $6.2 million. In January
2019, the Board of Directors authorized a new two-year share
repurchase program for up to $100 million. The Company
expects the plan to commence in April 2019 following the expiration
of the current plan.
Balance Sheet
Data
As of December 31, 2018, total assets were
$695.5 million and included $486.4 million in cash, cash
equivalents and investments. Total stockholders’ equity as of
December 31, 2018 was $607.9 million.
Guidance for 2019
For 2019, the Company is providing the following
guidance:
- Expenses are expected to be in the range of $244.0 million to
$256.0 million.
- Capital expenditures are expected to be in the range of $25.0
million to $30.0 million.
- The Company’s overall effective tax rate is expected to be
between 20.5% to 22.5%, including the estimated impact of excess
tax benefits on share-based compensation awards.
Non-GAAP Financial Measures and
Other Items
To supplement the Company’s unaudited financial
statements presented in accordance with generally accepted
accounting principles (“GAAP”), the Company uses certain non-GAAP
measures of financial performance, including earnings before
interest, taxes, depreciation and amortization (“EBITDA”) and free
cash flow. The Company believes that these non-GAAP financial
measures, when taken into consideration with the corresponding GAAP
financial measures, are important in understanding the Company's
operating results and useful for period-to-period comparison
results. See the attached schedule at the end of this release
for a reconciliation of GAAP to non-GAAP financial
measures.
Webcast and Conference Call
Information
Richard M. McVey, chairman and chief executive
officer, and Antonio L. DeLise, chief financial officer, will host
a conference call to discuss the Company’s financial results and
outlook on Wednesday, January 30, 2019, at 10:00 a.m. Eastern time.
To access the conference call, please dial 855-425-4206 (U.S.) or
484-756-4249 (international). The Company will also host a live
audio Webcast of the conference call on the Investor Relations
section of the Company's website at
http://investor.marketaxess.com. A replay of the call will be made
available by dialing 855-859-2056 (U.S.) or 404-537-3406
(international) for one week after the announcement. The passcode
for replay callers is 4467811. The Webcast will also be archived on
http://investor.marketaxess.com for 90 days following the
announcement.
About MarketAxess
MarketAxess operates a leading electronic
trading platform that enables fixed-income market participants to
efficiently trade corporate bonds and other types of fixed-income
instruments using MarketAxess’ patented trading technology.
Over 1,500 institutional investor and broker-dealer firms are
active users of the MarketAxess trading platform, accessing global
liquidity in U.S. high-grade corporate bonds, emerging markets and
high-yield bonds, European bonds, U.S. agency bonds, municipal
bonds, credit default swaps and other fixed-income
securities. MarketAxess also offers a number of
trading-related products and services, including: market data to
assist clients with trading decisions; connectivity solutions that
facilitate straight-through processing; technology services to
optimize trading environments; and execution services for
exchange-traded fund managers and other clients. Through its
Trax® division, MarketAxess also offers a range of pre- and
post-trade services, including trade matching, regulatory
transaction reporting and market and reference data, across a range
of fixed-income products. Trax is the trading name of
Xtrakter Ltd., a MarketAxess group company.
MarketAxess maintains its headquarters in New
York and has offices in London, Boston, Chicago, Los Angeles,
Miami, Salt Lake City, San Francisco, São Paulo, Hong Kong and
Singapore. For more information, please visit
www.marketaxess.com.
Cautionary Note Regarding
Forward-Looking Statements
This press release may contain forward-looking
statements, including statements about the outlook and prospects
for Company and industry growth, as well as statements about the
Company’s future financial and operating performance. These
and other statements that relate to future results and events are
based on MarketAxess’ current expectations. The Company’s
actual results in future periods may differ materially from those
currently expected or desired because of a number of risks and
uncertainties, including: the volatility of financial services
markets generally; the level of trading volume transacted on the
MarketAxess platform; the absolute level and direction of interest
rates and the corresponding volatility in the corporate
fixed-income market; the level and intensity of competition in the
fixed-income electronic trading industry and the pricing pressures
that may result; the variability of our growth rate; the rapidly
evolving nature of the electronic financial services industry; our
ability to introduce new fee plans and our clients’ response; our
exposure to risks resulting from non-performance by counterparties
to transactions executed between our clients in which we act as an
intermediary in matched principal trades; our dependence on our
broker-dealer clients; the loss of any of our significant
institutional investor clients; our ability to develop new products
and offerings and the market’s acceptance of those products; the
effect of rapid market or technological changes on us and the users
of our technology; our ability to successfully maintain the
integrity of our trading platform and our response to system
failures, capacity constraints and business interruptions; our
vulnerability to cyber security risks; our ability to protect our
intellectual property rights or technology and defend against
intellectual property infringement or other claims; our ability to
enter into strategic alliances and to acquire other businesses and
successfully integrate them with our business; our ability to
comply with new laws, rules and regulations both domestically and
internationally; our ability to maintain effective compliance and
risk management methods; the strain of growth initiatives on
management and other resources; our future capital needs and our
ability to obtain capital when needed; limitations on our operating
flexibility contained in our credit agreement; and other
factors. The Company undertakes no obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise. More information about these and
other factors affecting MarketAxess’ business and prospects is
contained in MarketAxess’ periodic filings with the Securities and
Exchange Commission and can be accessed at
www.marketaxess.com.
Media and Investor Relations Contacts:
Tony DeLiseMarketAxess
Holdings Inc.+1-212-813-6017 |
|
William
McBrideRF|Binder+1-917-239-6726 |
|
|
|
Mary SedaratMarketAxess
Holdings Inc.+1-212-813-6226 |
|
|
MarketAxess Holdings
Inc.Consolidated Statements of
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
|
December 31, |
|
|
December 31, |
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
(In thousands, except per share
data) |
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions |
$ |
101,436 |
|
|
$ |
87,975 |
|
|
$ |
390,834 |
|
|
$ |
355,282 |
|
Information services |
|
7,057 |
|
|
|
6,793 |
|
|
|
28,227 |
|
|
|
25,806 |
|
Post-trade services |
|
3,675 |
|
|
|
3,467 |
|
|
|
15,346 |
|
|
|
11,090 |
|
Other |
|
276 |
|
|
|
325 |
|
|
|
1,158 |
|
|
|
1,244 |
|
Total revenues |
|
112,444 |
|
|
|
98,560 |
|
|
|
435,565 |
|
|
|
393,422 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employee
compensation and benefits |
|
27,802 |
|
|
|
24,225 |
|
|
|
109,117 |
|
|
|
102,313 |
|
Depreciation and amortization |
|
5,848 |
|
|
|
5,208 |
|
|
|
23,080 |
|
|
|
19,274 |
|
Technology and communications |
|
6,415 |
|
|
|
5,606 |
|
|
|
23,866 |
|
|
|
20,048 |
|
Professional and consulting fees |
|
5,353 |
|
|
|
5,455 |
|
|
|
21,521 |
|
|
|
19,367 |
|
Occupancy |
|
3,844 |
|
|
|
1,504 |
|
|
|
14,176 |
|
|
|
6,125 |
|
Marketing
and advertising |
|
3,534 |
|
|
|
3,005 |
|
|
|
12,114 |
|
|
|
9,762 |
|
Clearing
costs |
|
2,257 |
|
|
|
1,477 |
|
|
|
7,754 |
|
|
|
5,797 |
|
General
and administrative |
|
3,426 |
|
|
|
3,243 |
|
|
|
11,353 |
|
|
|
11,121 |
|
Total expenses |
|
58,479 |
|
|
|
49,723 |
|
|
|
222,981 |
|
|
|
193,807 |
|
Operating
income |
|
53,965 |
|
|
|
48,837 |
|
|
|
212,584 |
|
|
|
199,615 |
|
Other income
(expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment income |
|
1,926 |
|
|
|
1,068 |
|
|
|
6,112 |
|
|
|
3,619 |
|
Other,
net |
|
175 |
|
|
|
(534 |
) |
|
|
(610 |
) |
|
|
(1,466 |
) |
Total other income |
|
2,101 |
|
|
|
534 |
|
|
|
5,502 |
|
|
|
2,153 |
|
Income before
income taxes |
|
56,066 |
|
|
|
49,371 |
|
|
|
218,086 |
|
|
|
201,768 |
|
Provision for income
taxes |
|
10,235 |
|
|
|
15,898 |
|
|
|
45,234 |
|
|
|
53,679 |
|
Net
income |
$ |
45,831 |
|
|
$ |
33,473 |
|
|
$ |
172,852 |
|
|
$ |
148,089 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
1.24 |
|
|
$ |
0.91 |
|
|
$ |
4.68 |
|
|
$ |
4.02 |
|
Diluted |
$ |
1.21 |
|
|
$ |
0.88 |
|
|
$ |
4.57 |
|
|
$ |
3.89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
dividends declared per common share |
$ |
0.42 |
|
|
$ |
0.33 |
|
|
$ |
1.68 |
|
|
$ |
1.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
36,978 |
|
|
|
36,887 |
|
|
|
36,958 |
|
|
|
36,864 |
|
Diluted |
|
37,845 |
|
|
|
37,943 |
|
|
|
37,855 |
|
|
|
38,038 |
|
MarketAxess Holdings
Inc.Commission Revenue Details |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
|
December 31, |
|
|
December 31, |
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Commissions Revenue |
|
|
(In thousands) |
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction Fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
high-grade |
$ |
37,089 |
|
|
$ |
34,623 |
|
|
$ |
144,642 |
|
|
$ |
137,034 |
|
Other
credit 1 |
|
38,868 |
|
|
|
30,271 |
|
|
|
147,148 |
|
|
|
140,492 |
|
Liquid
products 2 |
|
593 |
|
|
|
531 |
|
|
|
2,146 |
|
|
|
2,277 |
|
Total
transaction fees |
|
76,550 |
|
|
|
65,425 |
|
|
|
293,936 |
|
|
|
279,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution Fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
high-grade |
|
18,615 |
|
|
|
16,724 |
|
|
|
72,135 |
|
|
|
64,709 |
|
Other
credit1 |
|
6,110 |
|
|
|
5,648 |
|
|
|
24,077 |
|
|
|
10,154 |
|
Liquid
products2,3 |
|
161 |
|
|
|
178 |
|
|
|
686 |
|
|
|
616 |
|
Total
distribution fees |
|
24,886 |
|
|
|
22,550 |
|
|
|
96,898 |
|
|
|
75,479 |
|
Total commissions |
$ |
101,436 |
|
|
$ |
87,975 |
|
|
$ |
390,834 |
|
|
$ |
355,282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Variable Transaction Fee Per
Million |
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. high-grade -
fixed-rate |
$ |
161 |
|
|
$ |
177 |
|
|
$ |
161 |
|
|
$ |
170 |
|
U.S. high-grade -
floating-rate |
|
70 |
|
|
|
73 |
|
|
|
87 |
|
|
|
65 |
|
Total
U.S. high-grade |
|
154 |
|
|
|
172 |
|
|
|
156 |
|
|
|
166 |
|
Other credit |
|
208 |
|
|
|
213 |
|
|
|
201 |
|
|
|
242 |
|
Liquid products |
|
41 |
|
|
|
42 |
|
|
|
40 |
|
|
|
43 |
|
Total |
|
173 |
|
|
|
184 |
|
|
|
172 |
|
|
|
192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Other
credit includes high-yield, emerging markets, Eurobonds and
municipal bonds. |
|
2 Liquid
products includes U.S. agencies and European government bonds. |
|
|
|
|
|
MarketAxess Holdings
Inc.Consolidated Condensed Balance Sheet
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
December 31, 2018 |
|
|
December 31, 2017 |
|
|
(In thousands) |
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
Cash and
cash equivalents |
$ |
246,322 |
|
|
$ |
167,014 |
|
Investments, at fair value |
|
240,105 |
|
|
|
239,521 |
|
Accounts
receivable, net |
|
57,535 |
|
|
|
52,636 |
|
All other
assets |
|
151,577 |
|
|
|
122,061 |
|
Total assets |
$ |
695,539 |
|
|
$ |
581,232 |
|
|
|
|
|
|
|
|
|
Liabilities and
stockholders' equity |
|
|
|
|
|
|
|
Total
liabilities |
$ |
87,661 |
|
|
$ |
66,464 |
|
Total
stockholders' equity |
|
607,878 |
|
|
|
514,768 |
|
Total liabilities and stockholders' equity |
$ |
695,539 |
|
|
$ |
581,232 |
|
|
|
|
|
|
|
|
|
MarketAxess Holdings
Inc.Reconciliation of Non-GAAP Financial
Measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
|
December 31, |
|
|
December 31, |
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Before Interest, Taxes, Depreciation
and Amortization |
|
|
(In thousands) |
|
|
(unaudited) |
|
Net
income |
$ |
45,831 |
|
|
$ |
33,473 |
|
|
$ |
172,852 |
|
|
$ |
148,089 |
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Provision
for income taxes |
|
10,235 |
|
|
|
15,898 |
|
|
|
45,234 |
|
|
|
53,679 |
|
Depreciation and amortization |
|
5,848 |
|
|
|
5,208 |
|
|
|
23,080 |
|
|
|
19,274 |
|
Earnings before
interest, taxes, depreciation and
amortization |
$ |
61,914 |
|
|
$ |
54,579 |
|
|
$ |
241,166 |
|
|
$ |
221,042 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free Cash Flow |
|
|
(In thousands) |
|
|
(unaudited) |
|
Cash flow from
operating activities |
$ |
70,105 |
|
|
$ |
46,452 |
|
|
$ |
223,917 |
|
|
$ |
168,035 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
purchases (sales) of corporate debt trading investments |
|
5,815 |
|
|
|
25,419 |
|
|
|
(856 |
) |
|
|
17,081 |
|
Purchases
of furniture, equipment and leasehold improvements |
|
(11,847 |
) |
|
|
(4,841 |
) |
|
|
(35,668 |
) |
|
|
(12,086 |
) |
Capitalization of software development costs |
|
(2,754 |
) |
|
|
(3,377 |
) |
|
|
(11,925 |
) |
|
|
(13,471 |
) |
Free cash
flow |
$ |
61,319 |
|
|
$ |
63,653 |
|
|
$ |
175,468 |
|
|
$ |
159,559 |
|
MarketAxess Holdings
Inc.Volume Statistics* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, |
|
|
Twelve Months Ended
December 31, |
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Trading Volume |
|
|
(In millions) |
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. high-grade -
fixed-rate |
$ |
223,737 |
|
|
$ |
191,411 |
|
|
$ |
867,518 |
|
|
$ |
791,194 |
|
U.S. high-grade -
floating-rate |
|
16,915 |
|
|
|
9,815 |
|
|
|
60,654 |
|
|
|
33,839 |
|
Total
U.S. high-grade |
|
240,652 |
|
|
|
201,226 |
|
|
|
928,172 |
|
|
|
825,033 |
|
Other credit |
|
187,274 |
|
|
|
141,857 |
|
|
|
731,888 |
|
|
|
579,912 |
|
Liquid products |
|
14,345 |
|
|
|
12,543 |
|
|
|
53,479 |
|
|
|
53,383 |
|
Total |
$ |
442,271 |
|
|
$ |
355,626 |
|
|
$ |
1,713,539 |
|
|
$ |
1,458,328 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Daily Volume |
|
|
(In millions) |
|
|
(unaudited) |
|
U.S. high-grade |
$ |
3,945 |
|
|
$ |
3,246 |
|
|
$ |
3,728 |
|
|
$ |
3,300 |
|
Other credit |
|
3,037 |
|
|
|
2,281 |
|
|
|
2,929 |
|
|
|
2,316 |
|
Liquid products |
|
234 |
|
|
|
202 |
|
|
|
214 |
|
|
|
213 |
|
Total |
$ |
7,216 |
|
|
$ |
5,729 |
|
|
$ |
6,871 |
|
|
$ |
5,829 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of U.S. Trading
Days 1 |
|
61 |
|
|
|
62 |
|
|
|
249 |
|
|
|
250 |
|
Number of U.K. Trading
Days 2 |
|
64 |
|
|
|
63 |
|
|
|
253 |
|
|
|
252 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 The
number of U.S. trading days is based on the SIFMA holiday
recommendation calendar. |
|
2 The
number of U.K. trading days is based on the U.K. Bank holiday
schedule. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Consistent with FINRA TRACE reporting standards, both sides of
trades are included in the Company's reported volumes when the |
|
Company executes trades on a matched principal basis between
two counterparties. |
|
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