MarketAxess tops US$1tn in emerging markets trading volume
24 December 2025 New York
Image: wpw/adobe.stock.com
MarketAxess has surpassed US$1 trillion in traded volume in emerging markets (EM) debt during 2025, marking a record year for the electronic fixed income trading platform.
The milestone reflects strong growth across both hard and local currency EM markets.
Activity is also accelerating across electronic trading protocols, with Request for Market (RFM) volumes in local markets climbing 34 per cent, while dealer request-for-quote (RFQ) activity increases 36 per cent, underlining growing dealer and investor adoption of electronic workflows in EM debt.
MarketAxess operates across more than 30 local currency bond markets and over 100 hard currency bond markets, supporting institutional clients in around 90 countries.
Following the June 2025 launch of a fully electronic workflow for Indian government bonds, the platform now covers 100 per cent of the J.P. Morgan GBI-EM Index, a widely followed benchmark for local currency emerging market debt.
Chris Concannon, CEO at MarketAxess, says crossing the US$1 trillion threshold highlights the firm鈥檚 focus on liquidity and transparency in EM markets.
He adds that further index inclusion expected in 2026 positions the platform to support continued growth in the asset class.
Dan Burke, global head of emerging markets at MarketAxess, says: 鈥淲e are consistently innovating and developing trading protocols that give international investors access to dynamic debt markets.
鈥淥ur goal is to deliver solutions that not only drive global capital flows into emerging markets but also increase efficiency and drive better execution outcomes for all market participants.鈥�
The milestone reflects strong growth across both hard and local currency EM markets.
Activity is also accelerating across electronic trading protocols, with Request for Market (RFM) volumes in local markets climbing 34 per cent, while dealer request-for-quote (RFQ) activity increases 36 per cent, underlining growing dealer and investor adoption of electronic workflows in EM debt.
MarketAxess operates across more than 30 local currency bond markets and over 100 hard currency bond markets, supporting institutional clients in around 90 countries.
Following the June 2025 launch of a fully electronic workflow for Indian government bonds, the platform now covers 100 per cent of the J.P. Morgan GBI-EM Index, a widely followed benchmark for local currency emerging market debt.
Chris Concannon, CEO at MarketAxess, says crossing the US$1 trillion threshold highlights the firm鈥檚 focus on liquidity and transparency in EM markets.
He adds that further index inclusion expected in 2026 positions the platform to support continued growth in the asset class.
Dan Burke, global head of emerging markets at MarketAxess, says: 鈥淲e are consistently innovating and developing trading protocols that give international investors access to dynamic debt markets.
鈥淥ur goal is to deliver solutions that not only drive global capital flows into emerging markets but also increase efficiency and drive better execution outcomes for all market participants.鈥�
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