FIMSAC

October 5, 2020
2

40%

60%

80%

100%

120%

140%

160%

180%

200%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

All Top 1000 CUSIPs by Volume

Investment Grade Turnover

Source: MarketAxess Research

Trailing Twelve Months Turnover %
3

0

2

4

6

8

10

12

14

16

18

20

1/5/20

1/12/201/19/201/26/20

2/2/202/9/20

2/16/202/23/20

3/1/203/8/20

3/15/203/22/203/29/20

4/5/20

4/12/204/19/204/26/20

5/3/20

5/10/205/17/205/24/205/31/20

6/7/20

6/14/206/21/206/28/20

7/5/20

7/12/207/19/207/26/20

8/2/208/9/20

8/16/208/23/208/30/20

9/6/20

9/13/209/20/20

Investment Grade Bid/Ask Spreads

Yield (bps)

Source: MarketAxess Research
4

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

1/5/20

1/12/201/19/201/26/20

2/2/202/9/20

2/16/202/23/20

3/1/203/8/20

3/15/203/22/203/29/20

4/5/20

4/12/204/19/204/26/20

5/3/20

5/10/205/17/205/24/205/31/20

6/7/20

6/14/206/21/206/28/20

7/5/20

7/12/207/19/207/26/20

8/2/208/9/20

8/16/208/23/208/30/20

9/6/20

9/13/209/20/20

High Yield Bid/Ask Spreads

Price

Source: MarketAxess Research
5

US Corporate Bonds – Percentage Traded Electronically

Note: Includes fully electronic trading that is institutional or retail, and dealer-to-customer or dealer-to-dealer.

Source: Greenwich Associates

29% 29%

25%

26%

29%

31% 31%

32%

16%

17%

16% 16%

18%

21%

22% 22%

0%

5%

10%

15%

20%

25%

30%

35%

Jan - 2020 Feb - 2020 Mar - 2020 Apr - 2020 May - 2020 Jun - 2020 Jul - 2020 Aug - 2020

Investment Grade High Yield
6

20.0%

22.0%

24.0%

26.0%

28.0%

30.0%

32.0%

34.0%

36.0%

38.0%

 -

 500

 1,000

 1,500

 2,000

 2,500

 3,000

 3,500

Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20

Open Trading ADV % of Volume

Open Trading – All to All Trading on MarketAxess

(ADV $mil)

Note: Includes Investment Grade and High Yield
7

0

20

40

60

80

100

120

Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20

Liquidity Taker Cost Savings Liquidity Provider Cost Savings

Open Trading Cost Savings

($mil)

Source: MarketAxess Research

Note: 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 if buying, bid if provider is selling) at the time of the inquiry.
8

High Yield ETF Share Trading

(mil)

Source: CSI; includes HYG, JNK, SHYG, SJNK, HYLB

 -

 200

 400

 600

 800

 1,000

 1,200

 1,400

 1,600

 1,800

 2,000

Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20

Disclosures

©2020 MarketAxess Holding Inc. (the "Company"). MarketAxess Corporation and LiquidityEdge LLC are members of FINRA and SIPC. MarketAxess 

Canada Company is a member of IIROC. MarketAxess Europe Limited (04017160), MarketAxess Capital Limited (09777893), and Xtrakter Limited 

(01917944) are incorporated in England and Wales, and each authorised and regulated by the Financial Conduct Authority. MarketAxess NL B.V. 

(69592888) and Trax NL B.V. (69597774) are incorporated in the Netherlands, and each licensed by the Autoriteit Financiale Markten. MarketAxess 

Singapore Pte. Limited is recognised by the Monetary Authority of Singapore. MarketAxess is a trading name of the aforementioned entities. Trax is a 

trading name of Xtrakter Limited and Trax NL B.V.

This information is for institutional investor use only, does not constitute investment advice and may not be redistributed without the prior written 

consent of the Company or its subsidiaries. Under no circumstances may this information be distributed to retail investors.

To the fullest extent permitted by applicable law, all warranties and representations are disclaimed. All information presented herein is considered to 

be accurate at the time of writing, provided "as is" with no express or implied representations or warranties—including without limitation in relation 

to fitness for purpose, accuracy, or completeness of contents—and is only intended to provide an overview of the subject matter and not an 

exhaustive treatment thereof Whilst sources of information are believed to be reliable, MarketAxess does not independently verify information 

obtained from third party sources Any information presented is not intended to represent an offer or solicitation of any financial instrument.

Proprietary and confidential information of the Company—all forms of copying prohibited. Further information on MarketAxess can be found on our 

website at marketaxess.com.