MarketAxess Holdings Inc. reported its trading volume and preliminary variable transaction fees per million (FPM) for September and the third quarter of 2025, highlighting several new records and strong year-over-year growth in key product areas. The company set a new record for U.S. credit portfolio trading average daily volume $(ADV)$ and market share during September, despite historic levels of new issuance in U.S. credit that dampened its estimated market share for the month. MarketAxess also achieved its single highest credit trading volume day ever on the platform on the last trading day of September. In emerging markets and eurobonds, combined ADV grew by 9% year-over-year in September, supported by a 13% increase in emerging markets hard currency trading ADV, which reached record levels. Additionally, block trading ADV in emerging markets and eurobonds rose by 35% and 41%, respectively, driven by new initiatives in the client-initiated channel. The platform also recorded a new high in U.S. high-yield market share for portfolio trading, reaching 25.9%. For the third quarter, U.S. high-grade credit ADV was $6.56 billion, down 7% year-over-year and 15% quarter-over-quarter. The company attributed growth in new trading channels and technology modernization as key drivers behind the improvements in emerging markets, eurobonds, and U.S. credit trading activity. Total rates FPM was in line with the prior year, with the quarter-over-quarter increase attributed to product mix.