US electronic credit activity cooled into year-end. On FINRA’s TRACE tape, combined US investment-grade (IG) and high-yield (HY) average daily volume (ADV) was US$42.6 billion in December, down 20.2% month on month (MoM) and up 10.3% year on year (YoY). 2025 saw electronic credit ADV trading grow from US$12 trillion in 2024 to US$13.3 trillion in 2025, or up 10.8%.
Within our fully electronic HY+IG panel, MarketAxess printed US$7.43 billion (−19.3% MoM, +4.1% YoY), Tradeweb US$7.50 billion (−11.8% MoM, +8.1% YoY) and Trumid reported US$4.9 billion (−38.8% MoM, +14% YoY).
MarketAxess
MarketAxess’ US investment grade ex-single-dealer portfolio trading (SD PT) ADV was US$6.04 billion and US high-yield (ex-SD PT) ADV US$1.39 billion in December, taking HY+IG to US$7.43 billion. That implies 17.4% of TRACE HY+IG for the month. The firm said its estimated US high grade share (ex-SD PT) rose 10 bps MoM to 18.6% (−90 bps YoY) and US HY share (ex-SD PT) rose 60 bps MoM to 13.8% (−90 bps YoY). Total credit fee per million (FPM) was US$138, flat MoM and −7% YoY. The firm said its strategic channels evolution remained constructive and highlighted US credit portfolio trading ADV was US$1.2 billion in December (+20% MoM, +45% YoY).
Tradeweb
Tradeweb reported fully electronic US credit ADV of US$7.5 billion in December, up 8.1% YoY (−11.8% MoM from November’s US$8.5 billion) taking the lead of electronic credit platform trading in the last month of 2025. The company said it captured a record 20.5% share of fully electronic US high-grade TRACE and 8.0% of US high-yield TRACE. It noted that cash-credit PT ADV was down 1% YoY and non-competitive PT down 37% YoY. The firm reiterated that PT carries a lower FPM than broader other protocols. On our HY+IG basis, Tradeweb’s December run-rate implies c.17.6% of TRACE HY+IG.
Trumid
Trumid’s release cited December ADV of US$4.9 billion, up 14% YoY but down 38.8% MoM. The firm highlighted that its combined request for quote and portfolio trading protocols’ ADV were up 80% YoY. It also said its full year ADV was up 24% YoY at US$7 billion, outpacing rival and the broader Trace tape.
As in prior months, we also present a ‘market-assessed’ fully electronic figure that excludes presumed processed flow: applying the same −40% adjustment implies about US$2.9 billion of fully electronic ADV in December.
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