US electronic credit activity accelerated in September as primary-market heavy issuance spilled into secondary trading. On FINRA’s TRACE tape, combined US investment-grade and high-yield average daily volume (ADV) reached US$57.8 billion, up 29.5% month on month (MoM) and 3% year on year (YoY). Across our HY+IG electronic panel (MarketAxess, Tradeweb and Trumid), aggregate ADV rose to US$25.9 billion, up 29.9% MoM and 2.4% YoY.
Trumid reported a market beating performance in electronic credit trading growth at 39.3% MoM at US$8.5bn versus US$8.8bn and US$ 8.6bn for MarketAxess and Tradeweb respectively.
MarketAxess electronic credit ADV remained narrowly in front at US$8.82 billion, rising 23.1% MoM but 10.4% lower than in September 2024. That equates to 15.3% market share of TRACE high yield (HY) HY plus investment grade (IG) for the month.
The firm said: “Despite historic levels of new issuance in US credit in September, which dampened our estimated market share in the month, we set a new record for US credit portfolio trading ADV and market share”
It also highlighted record U.S. high-yield portfolio trading market share of 25.9%. Management added that the platform had its single highest credit trading volume day ever on the last trading day of September. Preliminary total-credit fee per million printed at US$140 (versus US$142 in August and US$150 in September 2024).
Tradeweb followed closely at US$8.57 billion, up 28.5% MoM and flat YoY according to our tally but down 0.9% YoY according to Tradeweb: for a 14.8% share of TRACE HY and IG.
The company said it “captured 18% and 7.2% share of fully electronic US high grade and US high yield TRACE” respectively. It flagged that cash-credit portfolio-trading ADV decreased 12.6% YoY and that non-comp PT fell 35.9% YoY, noting that PT carries a relatively lower fee per million as compared to the broader cash credit average.
On a brighter note, the firm pointed out that its municipal bonds ADV was up 35.3% YoY to US$521 mm.
It said: “Municipal bonds reported strong growth across the retail and institutional platforms, outpacing the broader market, which was up 17.7%3 YoY”
Trumid posted a record electronic credit ADV for the platform at US$8.5 billion, up 39.3% MoM and 25% YoY, lifting its implied share of TRACE HY+IG to 14.7% and putting it within US$319 million of MarketAxess and just US$68 million behind Tradeweb.
Mike Sobel, CEO at Trumid said: “September was our strongest month yet and a reflection of the depth and resilience of our network. Client activity reached historic highs across our full suite of trading protocols, spanning both new issue and secondary trading.”
The firm highlighted its protocol momentum with combined Trumid RFQ and PT volumes up 81% and automation with 88% of eligible RFQ line items executed fully no touch.
With new-issue activity surging, Trumid said it “handled an average of 42% of all secondary trading in the first two days after issuance.”
Trumid does not break out its ADV in it its press release skewing any comparison to Tradeweb and MarketAxess.
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