Key Takeaways Total ADV in 3Q25 fell 4% YoY, driven by weaker U.S. High-Grade Credit and government bond rates.Eurobond and Emerging markets credit ADV grew 16% and 14% YoY, highlighting diversification benefits.MKTX down 25.7% YTD, trades at a forward P/E of 20.78X and Q3 earnings are expected to decline 2.6%.MarketAxess Holdings Inc. (MKTX) recently announced that in the third quarter of 2025, it achieved a total trading average daily volume (ADV) of $38.8 billion, a 4% year-over-year decrease. Declines i ...