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MarketAxess Holdings Inc., the leading electronic, multi-dealer to client platform for U.S. and European high-grade corporate and emerging markets bond trading, today reported record first quarter electronic trading volume of $75.0 billion, a 160% increase compared to $28.9 billion for the same period one year ago. First quarter volume increased 19% over fourth quarter 2003 volume of $63.2 billion.
Total U.S. high-grade corporate volume for the first quarter reached $45.0 billion, a 114% increase over volume of $21.0 billion in the first quarter of 2003. U.S. High-grade corporate volume increased 2% over fourth quarter 2003 trading volume of $44.0 billion.
European trading volume for the first quarter reached $23.6 billion, a 448% increase over volume of $4.3 billion in the first quarter of 2003, and a 91% increase over fourth quarter 2003 volume of $12.3 billion.
Richard M. McVey, chief executive officer, stated, “This was another milestone quarter for MarketAxess as we continued to execute our strategy to provide the leading global electronic trading platform for fixed-income securities. The MarketAxess trading system provides an efficient technology solution that connects broker-dealers and institutional investors and enables them to communicate and trade more efficiently. Record volumes on both the U.S. and European platforms demonstrate the value we deliver to our institutional and broker-dealer clients.”