Latest news with #MarketAxessHoldingsInc
Business Wire
06-08-2025
- Business
- Business Wire
MarketAxess Announces Trading Volume Statistics for July 2025
NEW YORK--(BUSINESS WIRE)--MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced trading volume and preliminary variable transaction fees per million ('FPM') for July 2025. 1 Select July 2025 Highlights* (See tables 1-1C and table 2) We delivered strong progress with our new initiatives across the client-initiated, portfolio trading and dealer-initiated channels that contributed to strong growth in total credit trading volumes. Client-Initiated Channel 9% growth in block trading ADV consisting of 3% growth in U.S. credit, 11% growth in emerging markets, and 54% growth in eurobonds. — Cumulative trading volume from our targeted block trading solution is now approximately $7.9 billion. Portfolio Trading Channel 32% increase in total portfolio trading ADV to $1.3 billion, with record emerging markets portfolio trading volume of $2.6 billion. Our estimated market share of U.S. credit portfolio trading was 15.6%, compared to 17.2% in the prior year. Dealer-Initiated Channel 33% increase in dealer-initiated ADV to $1.5 billion. July 2025 Variable Transaction Fees Per Million 1 (See table 1D) The slight decline in total credit FPM compared to the prior year was driven principally by protocol mix. The slight increase compared to June 2025 was driven principally by product mix, specifically the higher duration of bonds traded in U.S. high-grade on an increase in the weighted average years to maturity traded. The slight increase in total rates FPM year-over-year was driven by the impact of product mix, and the slight decrease month-over-month was also driven by the impact of product mix. *All comparisons versus July 2024. Table 1A: Market Trading ADV Month % Change Jul-25 Jun-25 Jul-24 MoM YoY MARKET ADV ($ millions) Credit U.S. High-Grade TRACE $ 36,188 $ 35,517 $ 32,830 2 % 10 % U.S. High-Yield TRACE 11,685 12,096 8,993 (3 ) 30 Total U.S. Credit TRACE 47,873 47,613 41,823 1 14 Municipal Bonds MSRB 10,837 10,234 6,660 6 63 Rates U.S. Government Bonds TRACE $ 924,223 $ 1,019,410 $ 870,327 (9 ) % 6 % Agency TRACE 3,213 2,729 3,279 18 (2 ) U.S. Trading Days 3 22 20 22 U.K. Trading Days 3 23 21 23 Expand Table 1B: Estimated Market Share Month Bps Change Jul-25 Jun-25 Jul-24 MoM YoY MKTX ESTIMATED MARKET SHARE (%) U.S. High-Grade % of U.S. High-Grade TRACE (incl. SD PT) 4 18.2 % 20.2 % 18.7 % (200 ) bps (50 ) bps % of U.S. High-Grade TRACE (excl. SD PT) 4 17.7 % 19.7 % 18.6 % (200 ) (90 ) U.S. High-Yield % of U.S. High-Yield TRACE (incl. SD PT) 4 12.6 % 13.0 % 13.1 % (40 ) bps (50 ) bps % of U.S. High-Yield TRACE (excl. SD PT) 4 11.5 % 12.4 % 12.5 % (90 ) (100 ) Other Credit Products % of Municipal Bonds MSRB 5.3 % 5.7 % 8.6 % (40 ) bps (330 ) bps Rates % of U.S. Government Bonds TRACE 2.3 % 2.5 % 2.5 % (20 ) bps (20 ) bps Expand Table 1C: Strategic Priorities ADV Month % Change Jul-25 Jun-25 Jul-24 MoM YoY STRATEGIC PRIORITIES ADV ($ millions) Client-Initiated Channel U.S. Credit Block Trading $ 2,435 $ 2,672 $ 2,353 (9 ) % 3 % Emerging Markets Block Trading 1,432 1,860 1,289 (23 ) 11 Eurobonds Block Trading 338 462 220 (27 ) 54 Portfolio Trading Channel Total MKTX Portfolio Trading $ 1,286 $ 1,193 $ 972 8 % 32 % Total MKTX U.S. Credit Portfolio Trading 990 874 766 13 29 Total U.S. Credit TRACE Portfolio Trading 6,349 5,640 4,445 13 43 Dealer-Initiated Channel Total Dealer Initiated (DRFQ & Mid-X) $ 1,508 $ 1,683 $ 1,138 (10 ) % 33 % Other Open Trading $ 4,224 $ 4,553 $ 3,658 (7 ) % 15 % AxessIQ 157 158 115 (1 ) 37 U.S. Trading Days 3 22 20 22 U.K. Trading Days 3 23 21 23 Expand Table 1D: Variable Transaction Fees Per Million (FPM) 1 Month % Change Jul-25 Jun-25 Jul-24 MoM YoY AVG. VARIABLE TRANS. FEE PER MILLION (FPM) Total Credit $ 140 $ 138 $ 143 1 % (2 ) % Total Rates 4.31 4.39 4.25 (2 ) 1 Expand 1 The FPM for total credit and total rates for July 2025 are preliminary and may be revised in subsequent updates and public filings. The Company undertakes no obligation to update any fee information in future press releases. 2 'Other Credit Products' includes municipal bonds, leveraged loans, convertible bonds and structured products. 3 The number of U.S. trading days is based on the SIFMA holiday recommendation calendar and the number of U.K. trading days is based primarily on the U.K. Bank holiday schedule. 4 'SD PT' is defined as single-dealer portfolio trades. The Company is currently highlighting the impact of single-dealer portfolio trading volume on U.S. high-grade and U.S. high-yield trading volume and estimated market share, but will continue to exclude single-dealer portfolio trading activity from each product's aggregated trading volume and estimated market share and the total credit FPM calculation. Expand General Notes Regarding the Data Presented Reported MarketAxess volume in all product categories includes only fully electronic trading volume. MarketAxess trading volumes and the Financial Industry Regulatory Authority ('FINRA') Trade Reporting and Compliance Engine ('TRACE') reported volumes are available on the Company's website at Cautionary Note Regarding Forward-Looking Statements This press release may contain forward-looking statements, including statements about the outlook and prospects for the Company, market conditions and industry growth, as well as statements about the Company's future financial and operating performance. These and other statements that relate to future results and events are based on MarketAxess' current expectations. The Company's actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties, including: global economic, political and market factors; the level of trading volume transacted on the MarketAxess platform; the rapidly evolving nature of the electronic financial services industry; the level and intensity of competition in the fixed-income electronic trading industry and the pricing pressures that may result; the variability of our growth rate; our ability to introduce new fee plans and our clients' response; our ability to attract clients or adapt our technology and marketing strategy to new markets; risks related to our growing international operations; our dependence on our broker-dealer clients; the loss of any of our significant institutional investor clients; our exposure to risks resulting from non-performance by counterparties to transactions executed between our clients in which we act as an intermediary in matched principal trades; risks related to self-clearing; risks related to sanctions levied against states or individuals that could expose us to operational or regulatory risks; the effect of rapid market or technological changes on us and the users of our technology; issues related to the development and use of artificial intelligence; our dependence on third-party suppliers for key products and services; our ability to successfully maintain the integrity of our trading platform and our response to system failures, capacity constraints and business interruptions; the occurrence of design defects, errors, failures or delays with our platforms, products or services; our vulnerability to malicious cyber-attacks and attempted cybersecurity breaches; our actual or perceived failure to comply with privacy and data protection laws; our ability to protect our intellectual property rights or technology and defend against intellectual property infringement or other claims; our use of open-source software; our ability to enter into strategic alliances and to acquire other businesses and successfully integrate them with our business; our dependence on our management team and our ability to attract and retain talent; limitations on our flexibility because we operate in a highly regulated industry; the increasing government regulation of us and our clients; risks related to the divergence of U.K. and European Union legal and regulatory requirements following the U.K.'s exit from the European Union; our exposure to costs and penalties related to our extensive regulation; our risks of litigation and securities laws liability; our tax filing positions; the effects of climate change or other sustainability risks that could affect our operations or reputation; our future capital needs and our ability to obtain capital when needed; limitations on our operating flexibility contained in our credit agreement; our exposure to financial institutions by holding cash in excess of federally insured limits; and other factors. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. More information about these and other factors affecting MarketAxess' business and prospects is contained in MarketAxess' periodic filings with the Securities and Exchange Commission and can be accessed at About MarketAxess MarketAxess (Nasdaq: MKTX) operates a leading electronic trading platform that delivers greater trading efficiency, a diversified pool of liquidity and significant cost savings to institutional investors and broker-dealers across the global fixed-income markets. Approximately 2,100 firms leverage MarketAxess' patented technology to efficiently trade fixed-income securities. Our automated and algorithmic trading solutions, combined with our integrated and actionable data offerings, help our clients make faster, better-informed decisions on when and how to trade on our platform. MarketAxess' award-winning Open Trading ® marketplace is widely regarded as the preferred all-to-all trading solution in the global credit markets. Founded in 2000, MarketAxess connects a robust network of market participants through an advanced full trading lifecycle solution that includes automated trading solutions, intelligent data and index products and a range of post-trade services. Learn more at and on X @MarketAxess. Volume ADV Volume ADV Volume ADV Credit High-grade $ 140,560 $ 6,389 $ 133,981 $ 6,090 5 % 5 % High-yield 29,655 1,348 24,806 1,128 20 20 Emerging markets 82,843 3,766 69,452 3,157 19 19 Eurobonds 52,043 2,263 42,137 1,832 24 24 Other credit 12,669 576 12,847 584 (1 ) (1 ) Total credit trading 1 317,770 14,342 283,223 12,791 12 12 Rates U.S. government bonds 2 468,396 21,291 469,305 21,332 - - Agency and other government bonds 1 31,103 1,355 23,153 1,012 34 34 Total rates trading 499,499 22,646 492,458 22,344 1 1 Total trading $ 817,269 $ 36,988 $ 775,681 $ 35,135 5 5 Number of U.S. Trading Days 3 22 22 Number of U.K. Trading Days 4 23 23 Year-to-Date Ended July 31, In millions (unaudited) 2025 2024 % Change Volume ADV Volume ADV Volume ADV Credit High-grade $ 1,082,958 $ 7,469 $ 995,419 $ 6,818 9 % 10 % High-yield 224,549 1,549 194,433 1,332 15 16 Emerging markets 572,219 3,946 501,084 3,432 14 15 Eurobonds 360,833 2,471 299,252 2,036 21 21 Other credit 89,116 614 66,890 458 33 34 Total credit trading 1 2,329,675 16,049 2,057,078 14,076 13 14 Rates U.S. government bonds 2 3,957,369 27,292 2,752,018 18,849 44 45 Agency and other government bonds 1 184,553 1,264 103,285 703 79 80 Total rates trading 4,141,922 28,556 2,855,303 19,552 45 46 Total trading $ 6,471,597 $ 44,605 $ 4,912,381 $ 33,628 32 33 Number of U.S. Trading Days 3 145 146 Number of U.K. Trading Days 4 146 147 1 Consistent with FINRA TRACE reporting standards, both sides of trades are included in the Company's reported volumes when the Company executes trades on a matched principal basis between two counterparties. 2 Consistent with industry standards, U.S. government bond trades are single-counted. 3 The number of U.S. trading days is based on the SIFMA holiday recommendation calendar. 4 The number of U.K. trading days is based primarily on the U.K. Bank holiday schedule. 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Business Wire
05-08-2025
- Business
- Business Wire
MarketAxess Announces the Launch of Mid-X in US Credit
NEW YORK--(BUSINESS WIRE)--MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced multiple enhancements to its dealer-initiated protocols, including the launch of Mid-X in US Credit and enhancements to its Dealer RFQ protocol. Last year, MarketAxess successfully launched an enhanced Mid-X protocol, the firm's anonymous mid-point matching session, for emerging markets and eurobonds. Second quarter 2025 volumes from Mid-X matching sessions in emerging markets and eurobonds have increased 70% compared to the second quarter of 2024. Mid-X sessions are powered by CP+™, the AI powered real-time predictive pricing engine for Global Credit and Rates markets and will now include a new one-step submit and trade protocol. 'Today's market environment calls for easier access to liquidity, increased workflow efficiency and better tools for dealers to recycle risk generated by increased portfolio trading,' said Steve Tait, Head of US Dealer Execution Business at MarketAxess. 'By providing dealers with the level of support, tools and technology on par with what they are receiving from sales desks and inter-dealer brokers, we believe that we have been able to create a more inclusive trading environment where dealers feel increasingly comfortable engaging with our growing list of protocols and enhancements.' For more information on dealer offerings visit: Cautionary Note Regarding Forward-Looking Statements This press release may contain forward-looking statements, including statements about the outlook and prospects for the Company, market conditions and industry growth, as well as statements about the Company's future financial and operating performance. These and other statements that relate to future results and events are based on MarketAxess' current expectations. The Company's actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties, including: global economic, political and market factors; the level of trading volume transacted on the MarketAxess platform; the rapidly evolving nature of the electronic financial services industry; the level and intensity of competition in the fixed-income electronic trading industry and the pricing pressures that may result; the variability of our growth rate; our ability to introduce new fee plans and our clients' response; our ability to attract clients or adapt our technology and marketing strategy to new markets; risks related to our growing international operations; our dependence on our broker-dealer clients; the loss of any of our significant institutional investor clients; our exposure to risks resulting from non-performance by counterparties to transactions executed between our clients in which we act as an intermediary in matched principal trades; risks related to self-clearing; risks related to sanctions levied against states or individuals that could expose us to operational or regulatory risks; the effect of rapid market or technological changes on us and the users of our technology; issues related to the development and use of artificial intelligence; our dependence on third-party suppliers for key products and services; our ability to successfully maintain the integrity of our trading platform and our response to system failures, capacity constraints and business interruptions; the occurrence of design defects, errors, failures or delays with our platforms, products or services; our vulnerability to malicious cyber-attacks and attempted cybersecurity breaches; our actual or perceived failure to comply with privacy and data protection laws; our ability to protect our intellectual property rights or technology and defend against intellectual property infringement or other claims; our use of open-source software; our ability to enter into strategic alliances and to acquire other businesses and successfully integrate them with our business; our dependence on our management team and our ability to attract and retain talent; limitations on our flexibility because we operate in a highly regulated industry; the increasing government regulation of us and our clients; risks related to the divergence of U.K. and European Union legal and regulatory requirements following the U.K.'s exit from the European Union; our exposure to costs and penalties related to our extensive regulation; our risks of litigation and securities laws liability; our tax filing positions; the effects of climate change or other sustainability risks that could affect our operations or reputation; our future capital needs and our ability to obtain capital when needed; limitations on our operating flexibility contained in our credit agreement; our exposure to financial institutions by holding cash in excess of federally insured limits; and other factors. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. More information about these and other factors affecting MarketAxess' business and prospects is contained in MarketAxess' periodic filings with the Securities and Exchange Commission and can be accessed at About MarketAxess MarketAxess (Nasdaq: MKTX) operates a leading electronic trading platform that delivers greater trading efficiency, a diversified pool of liquidity and significant cost savings to institutional investors and broker-dealers across the global fixed-income markets. Approximately 2,100 firms leverage MarketAxess' patented technology to efficiently trade fixed-income securities. Our automated and algorithmic trading solutions, combined with our integrated and actionable data offerings, help our clients make faster, better-informed decisions on when and how to trade on our platform. MarketAxess' award-winning Open Trading® marketplace is widely regarded as the preferred all-to-all trading solution in the global credit markets. Founded in 2000, MarketAxess connects a robust network of market participants through an advanced full trading lifecycle solution that includes automated trading solutions, intelligent data and index products and a range of post-trade services. Learn more at and on X @MarketAxess.
Yahoo
16-07-2025
- Business
- Yahoo
MarketAxess Holdings Earnings Preview: What to Expect
MarketAxess Holdings Inc. (MKTX), headquartered in New York, operates an electronic trading platform for institutional investors and broker-dealer companies worldwide. Valued at $8.1 billion by market cap, the company develops technology that delivers price discovery and trade execution services to institutional and broker-dealer clients. The leading electronic trading platform is expected to announce its fiscal second-quarter earnings for 2025 on Tuesday, Aug. 5. Ahead of the event, analysts expect MKTX to report a profit of $1.94 per share on a diluted basis, up 12.8% from $1.72 per share in the year-ago quarter. The company has consistently surpassed Wall Street's EPS estimates in its last four quarterly reports. Dear Nvidia Stock Fans, Mark Your Calendars for July 16 How to Buy Tesla for a 13% Discount, or Achieve a 26% Annual Return Retirement Ready: 3 Dividend Stocks to Set and Forget Tired of missing midday reversals? The FREE Barchart Brief newsletter keeps you in the know. Sign up now! For the full year, analysts expect MKTX to report EPS of $7.51, representing a 3.2% increase from $7.28 in fiscal 2024. Similarly, its EPS is expected to rise 12.5% year over year to $8.45 in fiscal 2026. MKTX stock has underperformed the S&P 500 Index's ($SPX) 10.9% gains over the past 52 weeks, with shares down 2.3% during this period. Similarly, it underperformed the Financial Select Sector SPDR Fund's (XLF) 20.1% gains over the same time frame. MKTX's underperformance is primarily due to higher expenses and a decrease in credit variable commission revenues. Additionally, the decline in credit variable transaction fees was also a contributing factor, partially influenced by fluctuations in foreign currencies. On May 7, MKTX shares closed down marginally after reporting its Q1 results. Its adjusted EPS of $1.87 exceeded Wall Street's expectations of $1.82. The company's revenue was $208.6 million, falling short of Wall Street forecasts of $210.6 million. Analysts' consensus opinion on MKTX stock is reasonably bullish, with a 'Moderate Buy' rating overall. Out of 14 analysts covering the stock, four advise a 'Strong Buy' rating, one suggests a 'Moderate Buy,' eight give a 'Hold,' and one recommends a 'Moderate Sell.' MKTX's average analyst price target is $235.08, indicating a potential upside of 9.6% from the current levels. On the date of publication, Neha Panjwani did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
07-07-2025
- Business
- Business Wire
MarketAxess Announces Trading Volume Statistics for June and Second Quarter 2025
NEW YORK--(BUSINESS WIRE)--MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced trading volume and preliminary variable transaction fees per million ('FPM') for June 2025 and the second quarter ended June 30, 2025. 1 Select Second Quarter Trading Records Total trading average daily volume ('ADV') of $49.0 billion Total credit ADV of $16.8 billion U.S. high-grade ADV of $7.8 billion Emerging markets ADV of $4.0 billion Eurobonds ADV of $2.7 billion Municipal bonds ADV of $643 million Total portfolio trading ADV of $1.5 billion Total Open Trading ADV of $5.0 billion Total rates ADV of $32.2 billion Expand Select Second Quarter 2025 Highlights* (See tables 1-1C and table 2) The MarketAxess platform's strong year-over-year volume growth continued in June as volatility moderated through the quarter. We delivered strong progress with our new initiatives across the client-initiated, portfolio trading and dealer-initiated channels that contributed to the record level of trading volumes across most products in the second quarter of 2025. Client-Initiated Channel Strong growth in block trading ADV with record ADV across U.S. credit block trading increasing 37%, emerging markets increasing 27%, and eurobonds increasing 100%. Block trading in emerging markets and eurobonds both benefitted from the launch of our targeted block solution in late 2024, which has generated cumulative trading volume of approximately $2.0 billion and $3.8 billion, respectively, since launch. Clients continued to leverage our algos in U.S. government bond trading, helping to drive a 57% increase in ADV to $30.8 billion with estimated market share of 2.6%. Portfolio Trading Channel Estimated market share of U.S. credit portfolio trading was 17.5%, compared to 15.1% in the prior year. 2 Dealer-Initiated Channel Dealer-initiated ADV increased 40% to $1.8 billion, including record levels of eurobonds activity. Second Quarter 2025 Variable Transaction Fees Per Million 1 (See table 1D) The decline in total credit FPM compared to the prior year was driven principally by protocol mix. The slight decline compared to 1Q25 was driven principally by protocol mix. The decline in total rates FPM both quarter-over-quarter and year-over-year was driven by the impact of product mix. *All comparisons versus second quarter 2024 unless noted. Table 1: MarketAxess ADV 3 Table 1A: Market ADV Table 1B: Estimated Market Share 5 Month % Change Quarter Bps Change Jun-25 May-25 Jun-24 MoM YoY 2Q25 1Q25 2Q24 QoQ YoY MKTX ESTIMATED MARKET SHARE (%) U.S. High-Grade % of U.S. High-Grade TRACE (incl. SD PT) 5 20.2 % 19.9 % 20.2 % +30 bps – bps 19.8 % 18.6 % 19.2 % +120 bps +60 bps % of U.S. High-Grade TRACE (excl. SD PT) 5 19.7 % 19.3 % 19.9 % +40 bps (20 ) bps 19.4 % 18.0 % 18.7 % +140 bps +70 bps U.S. High-Yield % of U.S. High-Yield TRACE (incl. SD PT) 5 13.0 % 12.4 % 14.1 % +60 bps (110 ) bps 13.2 % 12.4 % 13.8 % +80 bps (60 ) bps % of U.S. High-Yield TRACE (excl. SD PT) 5 12.4 % 12.2 % 13.9 % +20 bps (150 ) bps 12.7 % 11.9 % 13.5 % +80 bps (80 ) bps Other Credit Products % of Municipal Bonds MSRB 5.7 % 5.9 % 7.8 % (20 ) bps (210 ) bps 5.4 % 6.4 % 7.4 % (100 ) bps (200 ) bps Rates % of U.S. Government Bonds TRACE 2.5 % 2.6 % 2.4 % (10 ) bps +10 bps 2.6 % 2.6 % 2.3 % – bps +30 bps Expand Table 1C: Strategic Priorities ADV 2 Month % Change Quarter % Change Jun-25 May-25 Jun-24 MoM YoY 2Q25 1Q25 2Q24 QoQ YoY STRATEGIC PRIORITIES ADV ($ millions) Client-Initiated Channel U.S. Credit Block Trading $ 2,672 $ 3,070 $ 2,292 (13 ) % 17 % $ 3,172 $ 2,942 $ 2,322 8 % 37 % Emerging Markets Block Trading 1,860 1,451 1,469 28 27 1,626 1,562 1,283 4 27 Eurobonds Block Trading 462 637 235 (27 ) 97 529 407 265 30 100 Portfolio Trading Channel Total MKTX Portfolio Trading 2 $ 1,193 $ 1,455 $ 868 (18 ) % 37 % $ 1,481 $ 1,284 $ 875 15 % 69 % Total MKTX U.S. Credit Portfolio Trading 2 874 1,013 685 (14 ) 28 1,112 1,070 724 4 54 Dealer-Initiated Channel Total Dealer Initiated (DRFQ & Mid-X) $ 1,683 $ 1,781 $ 1,365 (6 ) % 23 % $ 1,795 $ 1,856 $ 1,283 (3 ) % 40 % Other Open Trading $ 4,553 $ 4,777 $ 3,960 (5 ) % 15 % $ 5,030 $ 4,769 $ 3,951 5 % 27 % AxessIQ 158 189 140 (16 ) 13 176 159 134 11 31 U.S. Trading Days 4 20 21 19 62 61 63 U.K. Trading Days 4 21 19 20 60 63 61 Expand Table 1D: Variable Transaction Fees Per Million (FPM) 1 1 The FPM for total credit and total rates for June 2025 and second quarter 2025 are preliminary and may be revised in subsequent updates and public filings. The Company undertakes no obligation to update any fee information in future press releases. 2 Due to variances in how portfolio trading market participants utilized the portfolio trading TRACE 'flag,' the Company previously used its own internal methodology for calculating portfolio trading as an estimated percentage of TRACE volume and the Company's estimated market share. Starting in June 2024, the Company utilized the portfolio trading TRACE flag in its reported portfolio trading TRACE volume and the Company's portfolio trading estimated market share. 3 'Other Credit Products' includes municipal bonds, leveraged loans, convertible bonds and structured products. 4 The number of U.S. trading days is based on the SIFMA holiday recommendation calendar and the number of U.K. trading days is based primarily on the U.K. Bank holiday schedule. 5 'SD PT' is defined as single-dealer portfolio trades. The Company is currently highlighting the impact of single-dealer portfolio trading volume on U.S. high-grade and U.S. high-yield trading volume and estimated market share, but will continue to exclude single-dealer portfolio trading activity from each product's aggregated trading volume and estimated market share and the total credit FPM calculation. Expand General Notes Regarding the Data Presented Reported MarketAxess volume in all product categories includes only fully electronic trading volume. MarketAxess trading volumes and the Financial Industry Regulatory Authority ('FINRA') Trade Reporting and Compliance Engine ('TRACE') reported volumes are available on the Company's website at Cautionary Note Regarding Forward-Looking Statements This press release may contain forward-looking statements, including statements about the outlook and prospects for the Company, market conditions and industry growth, as well as statements about the Company's future financial and operating performance. These and other statements that relate to future results and events are based on MarketAxess' current expectations. The Company's actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties, including: global economic, political and market factors; the level of trading volume transacted on the MarketAxess platform; the rapidly evolving nature of the electronic financial services industry; the level and intensity of competition in the fixed-income electronic trading industry and the pricing pressures that may result; the variability of our growth rate; our ability to introduce new fee plans and our clients' response; our ability to attract clients or adapt our technology and marketing strategy to new markets; risks related to our growing international operations; our dependence on our broker-dealer clients; the loss of any of our significant institutional investor clients; our exposure to risks resulting from non-performance by counterparties to transactions executed between our clients in which we act as an intermediary in matched principal trades; risks related to self-clearing; risks related to sanctions levied against states or individuals that could expose us to operational or regulatory risks; the effect of rapid market or technological changes on us and the users of our technology; issues related to the development and use of artificial intelligence; our dependence on third-party suppliers for key products and services; our ability to successfully maintain the integrity of our trading platform and our response to system failures, capacity constraints and business interruptions; the occurrence of design defects, errors, failures or delays with our platforms, products or services; our vulnerability to malicious cyber-attacks and attempted cybersecurity breaches; our actual or perceived failure to comply with privacy and data protection laws; our ability to protect our intellectual property rights or technology and defend against intellectual property infringement or other claims; our use of open-source software; our ability to enter into strategic alliances and to acquire other businesses and successfully integrate them with our business; our dependence on our management team and our ability to attract and retain talent; limitations on our flexibility because we operate in a highly regulated industry; the increasing government regulation of us and our clients; risks related to the divergence of U.K. and European Union legal and regulatory requirements following the U.K.'s exit from the European Union; our exposure to costs and penalties related to our extensive regulation; our risks of litigation and securities laws liability; our tax filing positions; the effects of climate change or other sustainability risks that could affect our operations or reputation; our future capital needs and our ability to obtain capital when needed; limitations on our operating flexibility contained in our credit agreement; our exposure to financial institutions by holding cash in excess of federally insured limits; and other factors. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. More information about these and other factors affecting MarketAxess' business and prospects is contained in MarketAxess' periodic filings with the Securities and Exchange Commission and can be accessed at About MarketAxess MarketAxess (Nasdaq: MKTX) operates a leading electronic trading platform that delivers greater trading efficiency, a diversified pool of liquidity and significant cost savings to institutional investors and broker-dealers across the global fixed-income markets. Approximately 2,100 firms leverage MarketAxess' patented technology to efficiently trade fixed-income securities. Our automated and algorithmic trading solutions, combined with our integrated and actionable data offerings, help our clients make faster, better-informed decisions on when and how to trade on our platform. MarketAxess' award-winning Open Trading® marketplace is widely regarded as the preferred all-to-all trading solution in the global credit markets. Founded in 2000, MarketAxess connects a robust network of market participants through an advanced full trading lifecycle solution that includes automated trading solutions, intelligent data and index products and a range of post-trade services. Learn more at and on X @MarketAxess. Table 2: Trading Volume Detail (continued) Year-to-Date Ended June 30, In millions (unaudited) 2025 2024 % Change Volume ADV Volume ADV Volume ADV Credit High-grade $ 942,398 $ 7,662 $ 861,438 $ 6,947 9 % 10 % High-yield 194,894 1,585 169,627 1,368 15 16 Emerging markets 489,376 3,979 431,632 3,481 13 14 Eurobonds 308,790 2,510 257,115 2,074 20 21 Other credit 76,447 621 59,705 481 28 29 Total credit trading 1 2,011,905 16,357 1,779,517 14,351 13 14 Rates U.S. government bonds 2 3,488,973 28,366 2,282,713 18,409 53 54 Agency and other government bonds 1 153,450 1,248 80,132 646 91 93 Total rates trading 3,642,423 29,614 2,362,845 19,055 54 55 Total trading $ 5,654,328 $ 45,971 $ 4,142,362 $ 33,406 37 38 Number of U.S. Trading Days 3 123 124 Number of U.K. Trading Days 4 123 124 1 Consistent with FINRA TRACE reporting standards, both sides of trades are included in the Company's reported volumes when the Company executes trades on a matched principal basis between two counterparties. 2 Consistent with industry standards, U.S. government bond trades are single-counted. 3 The number of U.S. trading days is based on the SIFMA holiday recommendation calendar. 4 The number of U.K. trading days is based primarily on the U.K. Bank holiday schedule. 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Yahoo
24-06-2025
- Business
- Yahoo
MarketAxess Holdings Inc. (MKTX): A Bull Case Theory
We came across a bullish thesis on MarketAxess Holdings Inc. (MKTX) on DIY Investor's Substack. In this article, we will summarize the bulls' thesis on MKTX. MarketAxess Holdings Inc. (MKTX)'s share was trading at $224.44 as of 10th June. MKTX's trailing and forward P/E were 38.76 and 29.41 respectively according to Yahoo Finance. A close-up of a computer monitor, showing the interface of a financial trading platform. MarketAxess Holdings (MKTX) is a dominant force in electronic fixed income trading, specializing in credit products such as U.S. investment-grade, high-yield, Eurobonds, and emerging market debt, with expansion into Treasuries and municipal bonds through strategic acquisitions like LiquidityEdge and MuniBrokers. The company has also diversified into regulatory services via the Regulatory Reporting Hub. Historically treated as a GARP stock, MKTX traded around 30 P/E with 33% growth post-GFC, peaking at a stretched 73 P/E in 2020. Today, it trades at a more grounded 30 P/E with expected 12% annual growth over the next three years, pricing in solid yet reasonable expectations. Based on consensus EPS estimates for 2025 and 2026, the stock's fair value is $243—an 8% premium to the current price of $223, offering a 15% annual return if valuation holds steady. Morningstar echoes this with a $260 fair value, citing a wide moat, exemplary management, and high uncertainty. MKTX's economic moat stems from strong network effects, embedded client workflows, proprietary trading protocols, and an unmatched dealer-client ecosystem supporting its Open Trading platform. Its specialization in illiquid and fragmented markets gives it efficient scale, while high operating leverage fuels ongoing R&D without sacrificing margins. Despite some risks, primarily transaction volume volatility and reliance on variable fees- its global reach and countercyclical traits provide balance. Capital allocation has been disciplined, with $540M in cash, no long-term debt, and prudent buybacks. Selective M&A and consistent investment in machine learning and trading protocols show a forward-looking strategy. Overall, MKTX presents a resilient, moaty business with attractive upside. Previously, we covered a bullish thesis on Robinhood (HOOD) from Chit Chat Stocks, which acknowledged the platform's controversial reputation while emphasizing its explosive asset growth and under-monetized user base as drivers of long-term upside. In contrast, DIY Investor's thesis on MarketAxess (MKTX) champions a more conventional compounder—a moaty, capital-efficient platform with embedded workflows, steady growth, and network effects—offering a fundamentally sound, lower-volatility path to long-term returns. MarketAxess Holdings Inc. (MKTX) is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 47 hedge fund portfolios held MKTX at the end of the first quarter which was 45 in the previous quarter. While we acknowledge the risk and potential of MKTX as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock. Disclosure: None. This article was originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
