MarketAxess Holdings Inc. announced its trading volume statistics for November 2025. The company reported continued year-over-year progress across its client-initiated, portfolio trading, and dealer-initiated channels. Notably, block trading average daily volume $(ADV)$ in the client-initiated channel grew by 46%, with U.S. credit increasing by 34%, emerging markets by 61%, and eurobonds by 83%. MarketAxess also introduced a new Closing Auctions protocol, described as the first standardized market-wide auction protocol in fixed-income. The company's estimated market share for U.S. High-Grade bonds, including single-dealer portfolio trades, was 18.9% in November 2025, up from 18.5% in October 2025 and 18.1% in November 2024. Excluding single-dealer portfolio trades, the market share was 18.5%, compared to 18.1% in October 2025 and 18.0% in November 2024. All reported MarketAxess volumes cover only fully electronic trading activity.