US electronic credit trading volumes fell off a cliff in April for Tradeweb and MarketAxess, with average daily volumes (ADV) falling by 14.5% and 24% respectively. Trumid, on the other hand, saw an increase of 1% month-on-month (MoM).
FINRA’s TRACE tape showed a 15% decline MoM to US$60 billion across combined high yield (HY) and investment grade (IG) ADV.
We also provide market-assessed, pure electronic trading numbers for Trumid, which represent 60% of its reported ADV.
MarketAxess
At MarketAxess, excluding single-dealer portfolio trading, US HY ADV was down 16% MoM and 22% YoY to US$1.5 billion. US IG ADV was down 26% MoM and 21% YoY to US$6.8 billion.
The company stated that lower market volatility and tighter credit spreads compared to April 2025 are the reason for its reduced volumes this year.
Combined ADV of US$8.3 billion suggest that the firm took a 14% market share of TRACE in April.
“The company estimates that duplicate trade reports inflated US high-grade TRACE volumes by up to 8% in April 2026. Adjusting for these duplicates, consistent with FINRA’s recent proposal to suppress duplicate reporting, we believe our estimated US high-grade market share would have been approximately 160 basis points higher in April 2026,” MarketAxess commented in its results.
Elsewhere, Eurobonds dipped 15% MoM and 8% YoY to US$2.5 billion. Although emerging markets ADV fell by 16% MoM, its US$4.4 billion result in April marked a 2% increase YoY.
In portfolio trading (PT), MarketAxess reported a 3% YoY decline, and a 23% MoM drop, to US$1.7 billion ADV. Within this, US IG ADV was down 14% to US$1 billion, somewhat tempered by a 52% increase in HY ADV to US$501 million.
Across emerging markets PT, ADV was up 33% to US$110 million, MarketAxess stated. Eurobonds PT ADV fell 34% to US$174 million.
Tradeweb
Tradeweb saw fully electronic US HY ADV rise 7% MoM and 4.7% YoY to US$1.3 billion, while US IG ADV was down 17.4% MoM and up 3.74% YoY to US$7.8 billion. The total US$9.1 billion translates to 15% of TRACE volumes.
“US credit volumes were driven by continued client adoption of trading protocols, most notably in Request-for-Quote (RFQ), Portfolio Trading (PT), and Tradeweb AllTrade,” it stated.
The firm’s US$2.9 billion ADV in European credit represented a 9.3% monthly decline, but a 7.2% YoY increase.
Trumid
Trumid reported US$10.2 billion ADV in April, up 34% YoY and 1% MoM. It states that its overall market share has increased by 32% YoY.
The firm reported that ADV on its RFQ and PT protocols were up 44% YoY, with a third more buy-side traders executing on the platforms daily. ADV on the RFQ protocol rose 118% YoY, it added, while PT saw a record US$6 billion trading day at the end of April.
Trumid also noted the success of its Smart Voice platform, stating that US$1 billion in ADV was processed by the service over the month.
READ MORE: Trumid brings automation to credit voice trading
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