Key Takeaways MarketAxess estimates 4Q25 ADV of $37.9B, down 8% year over year as rates trading volumes declined.Eurobonds and EM credit ADV rose 20% and 15%, lifting total credit trading to $958.5B, up 11%.U.S. credit portfolio trading share reached 20.6%, aided by new tools and workflows.MarketAxess Holdings Inc. (MKTX) recently announced that in the fourth quarter of 2025, it achieved a total trading average daily volume (ADV) of $37.9 billion, an 8% year-over-year decrease. Declines in U.S. Government B ...