Which specific new initiatives drove the noted growth in the client‑initiated, portfolio trading, and dealer‑initiated channels?

Based on the excerpt you provided, MarketAxess highlighted that “new initiatives” across three of its primary trading channels—client‑initiated, portfolio‑trading, and dealer‑initiated—were a key factor in the strong growth reported for July 2025. However, the brief you shared does not list the specific programs, tools, or product enhancements that constitute those initiatives. The passage ends abruptly after noting “strong progress with our new initiatives… that contributed to strong growth in total credi…,” without naming or describing the individual initiatives themselves.

What this means for your question

Conclusion

• The news release confirms that new initiatives in all three channels helped drive the July 2025 growth, but it does not specify what those initiatives are.
• Without additional details from the full press release (e.g., a “Highlights” table, a “New Initiatives” section, or a management commentary), we cannot name the particular projects, platform features, or strategic moves that were responsible for the growth in each channel.

If you have access to the complete press release (including the referenced tables 1‑1C and 2) or any supplemental commentary from MarketAxess, those sections would likely enumerate the specific initiatives (e.g., new order‑type offerings, enhanced analytics tools, expanded dealer connectivity, portfolio‑trading algorithms, etc.). With that additional information, we could provide a precise, item‑by‑item answer.