Turbulent markets are proving to be a boon for MarketAxess (MKTX - Get Report) , with shares of the electronic trading platform operator taking off after the company kicked off the fall with a big jump in volume.
MarketAxess's stock price rose 5.3% to $335.61 on Thursday after its platform used for trading fixed-income securities reported a nearly 29% surge in volume for September from the same month a year ago.
MarketAxess reported trading volume of $176.1 billion for September, up from $136.6 billion in September 2018. U.S. high-grade volume led the way, accounting for $88.7 billion in volume, followed by $83.9 billion in other credit volume and $3.5 billion in liquid products volume, the company said.
The platform also saw a significant increase in trading on a monthly basis, rising 1.9% from August to September. U.S. high-grade volume led the way, with a 4.1% increase, followed by a 1% rise in other credit volume.
MarketAxess has been steadily generating ever greater revenue since 2005 through a mix of alliances, acquisitions and organic growth, increasing 14.6% from 2012-2018, according to Zacks Investment Service.
The company has an estimated 85% of the "electronic market share in U.S. high-grade and high-yield bond trading," according to Zacks.
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