How do the preliminary variable transaction fees per million (FPM) for July compare to the same period in the previous year?

Answer

The press release you referenced states that MarketAxex Holdings (MKTX) announced “trading volume and preliminary variable transaction fees per million (FPM) for July 2025,” and it points readers to Tables 1‑1C and Table 2 for the detailed figures. However, the excerpt you provided does not include the actual FPM numbers for either July 2025 or July 2024, so a direct comparison cannot be made from the information at hand.

What we can infer from the release

Why the comparison isn’t possible right now

• Missing numeric values: The specific FPM values for July 2025 and July 2024 are not quoted in the summary you posted.
• No percentage change or commentary: The release does not include a statement such as “FPM increased X% year‑over‑year” or “FPM decreased Y basis points,” which would have allowed a qualitative answer.

How to obtain the needed figures

1. Open the full MarketAxess press release (usually available on Business Wire, the company’s investor‑relations site, or the MKTX newsroom).
   
2. Locate Table 1‑1C and Table 2 – these tables list the “Preliminary Variable Transaction Fees per Million (FPM)” for each month, including July 2025 and the historical July 2024 data.
   
3. Extract the two numbers:
   
   • July 2025 FPM (the current period)
     
   • July 2024 FPM (the prior‑year period)
     
4. Calculate the change (if you need a quantitative comparison):
   

[
\text{Year‑over‑Year Change (\%)} = \frac{\text{July 2025 FPM} - \text{July 2024 FPM}}{\text{July 2024 FPM}} \times 100
]

Or, if you prefer a basis‑point (bps) change:

[
\text{Change (bps)} = \frac{\text{July 2025 FPM} - \text{July 2024 FPM}}{\text{July 2024 FPM}} \times 10{,}000
]

Example (illustrative only)

If the full release showed, for instance:

• July 2025 FPM = 12.5 bps
  
• July 2024 FPM = 11.0 bps
  

Then the year‑over‑year increase would be:

[
\frac{12.5 - 11.0}{11.0} \times 100 = 13.6\%
]

or a 136‑basis‑point increase relative to the prior year.

Note: The numbers above are hypothetical and are provided only to show how you would compute the comparison once you have the actual data.

Bottom line

• Current excerpt lacks the specific FPM values, so we cannot directly answer how July 2025’s preliminary variable transaction fees per million compare to July 2024.
  
• To complete the analysis, retrieve the full press release and read Table 1‑1C and Table 2 for the exact figures, then calculate the year‑over‑year change using the formula provided.

If you can share the actual numbers from those tables, I’ll gladly perform the comparison and give you a precise, data‑driven answer.