US electronic credit activity rebounded sharply in January. On FINRA’s TRACE tape, the combined US investment-grade (IG) and high-yield (HY) average daily volume (ADV) reached US$64.3 billion, up 52.7% month-on-month (MoM) from December’s US$42.1 billion and 27.8% higher than in January 2025.
Across our HY and IG electronic panel (MarketAxess, Tradeweb and Trumid), aggregate ADV rose to US$29 billion, up 45.9% MoM and 28.1% YoY. Trumid reported record ADV of US$9.9 billion, up 102% MoM and 43.5% YoY; This was the first time Trumid reported an overall volume ADV higher than incumbent listed competitors MarketAxess and Tradeweb in US electronic credit trading. MarketAxess reported US$9.7 billion ADV, up 30.5% MoM and 18.4% YoY; and Tradeweb said it traded US$9.4 billion ADV, up 24.5% MoM and 24.7% YoY.
As a reminder, we also provide a market-assessed pure electronic trading numbers for Trumid by adjusting its numbers down 40% to US$5.9 billion.
MarketAxess
MarketAxess’s US high-grade ADV (excluding single-dealer portfolio trading) rose to US$8.1 billion in January, up 34% MoM and 17% YoY. US high-yield ADV (excluding single-dealer portfolio trading, PT) increased to US$1.6 billion, up 14% MoM and 24% YoY, taking HY+IG to US$9.7 billion and implying 15.1% of TRACE HY+IG market share for the month.
Across its broader credit franchise, MarketAxess said total credit ADV reached a record US$18.6 billion (excluding single-dealer PT), up 37% MoM and 28% YoY.
Chris Concannon, CEO of MarketAxess, said: “In January, we delivered 28% growth year-over-year in total credit on record ADV of $18.6 billion.”
The platform also flagged record emerging-markets ADV of US$5.5 billion and strong protocol momentum, with total Market Axess portfolio-trading ADV rising to US$2 billion, up 29% MoM and 126% YoY. Preliminary total-credit variable transaction fees per million showed further contraction at US$132, down 4% MoM and down 6% YoY.
Tradeweb
Tradeweb reported fully electronic US credit ADV of US$9.4 billion in January, up 24.4% YoY. The firm said US credit volumes were supported by increased client adoption of protocols including request for quote (RFQ) and portfolio trading (PT).
The firm reported capturing 17.5% share of fully electronic US investment grade TRACE and 7.1% share of US high yield TRACE activity. It also highlighted record European credit volumes, with European credit ADV up 44.0% YoY to US$3.5 billion, and said cash-credit PT ADV increased 53% YoY with non competitive PT ADV up 49% YoY. Separately, Tradeweb highlighted that January 2026 total trading volume reached a record US$65.5 trillion, with record ADV of US$3.1 trillion, up 26.2% YoY.
On our HY+IG panel tally, Tradeweb’s US credit ADV increased 24.5% MoM to US$9.4 billion, implying 14.6% share of TRACE HY+IG for the month.
Trumid
Trumid reported record January ADV of US$9.9 billion, up 44% year-over-year and 101% month-over-month.
The firm said it materially outpaced TRACE reported year-over-year market-wide volume growth of 28%.
Mike Sobel, Co-CEO and President of Trumid, said: “January saw record overall platform market share, volume, and engagement, driven by broad-based adoption across Trumid RFQ, Portfolio Trading, Swarms, and Attributed Trading.”
The firm highlighted record RFQ activity, stating that “Broad buy- and sell-side participation resulted in a record $1.4B in RFQ ADV.”
It also pointed to a sharp acceleration in list-based trading, with combined Trumid RFQ and Trumid PT ADV up 130% YoY.
A recent report on US electronic credit trading, Coalition Greenwich analysts said, “Trumid’s portfolio trading is well loved by many on the buy side, while its grey-market trading and attributed trading solutions (ATS) are both unique strengths.”
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