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Reuters
12 hours ago
- Business
- Reuters
MarketAxess launches electronic trading platform for foreign investors in Indian debt
MUMBAI, June 17 (Reuters) - MarketAxess Holdings said on Tuesday it has launched electronic trading services for Indian government bonds, making it the first platform to give foreign investors direct access to the market. The platform will be interlinked with the Clearing Corporation of India's (CCIL) trading system NDS-Order Matching platform, allowing foreign investors to bid and offer securities directly along with local investors, the U.S.-based firm said. "We expect investors will start to use this platform soon. It will provide direct access to foreign investors and the post-trading tasks will be much more enhanced and efficient," Riad Chowdhury, head of Asia-Pacific at MarketAxess told Reuters. The CCIL did not reply to a Reuters email for comment. "The platform will ease pre-trade eligibility criteria for foreign investors and will speed up the post-trade process and regulatory requirements," Chowdhury said. MarketAxess also provides trading in 29 other emerging market bond markets, and has about 1400 clients using its platform. Chowdhury said that in his experience, electronic trading platforms help boost volumes, and this could be replicated for Indian bonds. "Some emerging markets do benefit from enhancement of trading abilities as clients are incentiveised to trade more because of the liquidity available. I do think clients who are seeking liquidity could enhance volume to an extent." Foreign investors are increasingly trading Indian government bonds since they became a part of JPMorgan's emerging market debt index in June 2024 and Bloomberg's Emerging Market Local Currency Index in January 2025. They have been large sellers of Indian bonds since April, but bought debt worth 1.2 trillion rupees ($13.98 billion) on a net basis under the Fully Accessible Route (FAR) from July to March, when the weighatage of Indian bonds increased to 10% in the JPMorgan index. Most bonds under FAR are part of global indexes. ($1 = 85.8180 Indian rupees)
Associated Press
06-06-2025
- Business
- Associated Press
Trumid Reports May Performance
Trumid (PRNewsfoto/Trumid) Published [hour]:[minute] [AMPM] [timezone], [monthFull] [day], [year] Electronic bond trading platform announces record buy-side platform engagement NEW YORK, June 6, 2025 /PRNewswire/ -- Trumid, a financial technology company and leading fixed income electronic trading platform, today announced trade volume and user participation highlights for May 2025. May Highlights: May marked another strong month of growth and deepening platform engagement, with record traded volume in Trumid RFQ and accelerating buy-side adoption across Trumid's list trading protocols. Reported Average Daily Volume (ADV) of $6.8B, up 30% year-over-year. A record number of buy-side traders traded daily on Trumid in May, with asset manager ADV up around 60%year-over-year, outpacing growth in overall Trumid volume. Trumid RFQ set another monthly record for volume and trade count, extending its 2025 streak of consecutive month-over-month growth. High response rates from Trumid's fully integrated RFQ responder network of major dealers and leading algorithmic liquidity providers drove protocol ADV and daily average trade count up 122% and 134% year-over-year, respectively. Around 70% more buy-side traders executed trades daily in Trumid RFQ compared to a year ago, with asset managers initiating a record number of lists during the month. Trumid's automated workflow and trade automation tools continued to deliver value for clients. 81% of eligible RFQ line items executed 'no touch' via Trumid AutoPilot™ for RFQ in May. Designed for efficient execution, Trumid AutoPilot leverages real-time, client-defined parameters to allow the platform to seamlessly execute trades on their behalf. About Trumid Trumid is a financial technology company and fixed income electronic trading platform focused on US dollar-denominated Investment Grade, High Yield, Distressed, and Emerging Market bonds. Trumid optimizes the credit trading experience by combining agile technology and market expertise, with a focus on product design. The result is a differentiated ecosystem of protocols and trading solutions delivered within one intuitive platform. Learn more at . © 2025 Trumid Holdings, LLC, and its affiliates. All rights reserved. Trumid Financial, LLC is a broker dealer registered with the U.S. Securities and Exchange Commission ('SEC') and is a member of FINRA and SIPC. Information included in this message does not constitute a trade confirmation or an offer or solicitation of an offer to buy/sell securities or any other products. There is no intention to offer products and services in countries or jurisdictions where such an offer would be unlawful under the relevant domestic law. View original content to download multimedia: SOURCE Trumid
Associated Press
07-05-2025
- Business
- Associated Press
MarketAxess Reports First Quarter 2025 Financial Results
PRESS RELEASE: Paid Content from Business Wire. The AP news staff was not involved in its creation. Published [hour]:[minute] [AMPM] [timezone], [monthFull] [day], [year] NEW YORK--(BUSINESS WIRE)--May 7, 2025-- MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced financial results for the first quarter ended March 31, 2025. 1Q25 select financial and operational highlights* Total revenues of $208.6 million , including a decrease of approximately $0.3 million from the impact of foreign currency fluctuations, decreased 1% compared to the prior year. 2% decline in total commission revenue driven by 3% decline in total credit commissions, partially offset by 34% increase in total rates commission revenue. Record emerging markets (+6%) and record eurobonds (+5%) commission revenue helped to partially offset 7% decline in U.S. credit commission revenue. Record services revenue (combined information, post-trade and technology services revenue) of $27 million , up 7%. , including a decrease of approximately from the impact of foreign currency fluctuations, decreased compared to the prior year. Record ADV achieved across strategic priority related protocols and workflow tools, including: Emerging markets and eurobonds block trading ADV, up 22% and 68% , respectively. Total portfolio trading ADV of $1.3 billion , up 78% . Dealer RFQ ADV of $1.8 billion , up 40% . Open Trading ADV of $4.8 billion , up 8% . ADV achieved across strategic priority related protocols and workflow tools, including: Total expenses of $120.2 million , up 2% , including a decrease of approximately $0.3 million from the impact of foreign currency fluctuations. , up , including a decrease of approximately from the impact of foreign currency fluctuations. Effective tax rate of 84.3% . 1 The effective tax rate excluding notable items 1 was 27.2% . . The effective tax rate excluding notable items 1 was . Diluted earnings-per-share ('EPS') of $0.40 on net income of $15.1 million ; EPS of $1.87 on net income of $70.0 million , each excluding notable items. 1 *All comparisons versus 1Q24 Chris Concannon, CEO of MarketAxess, commented : 'We generated record daily volumes across most of our product areas in the first quarter, including record portfolio trading ADV and record block trading ADV across both emerging markets and eurobonds. During 1Q25 and continuing in early 2Q25, we have been encouraged by the performance of our platform and protocols as our clients have navigated the ongoing credit market volatility. Open Trading activity reached record levels in 1Q25, and we continue to see higher levels of velocity. We believe that MarketAxess' platform is well-positioned in this environment. Looking ahead, we expect the new capabilities launched with our targeted block solution and enhancements to portfolio trading should help drive higher levels of market share in U.S. credit in the coming quarters.' Table 1: 1Q25 select financial results Quarter % Change 1Q25 4Q24 1Q24 YoY QoQ $ in millions, except per share data (unaudited) Revenues $ 209 $ 202 $ 210 (1 ) % 3 % Operating Income 88 80 93 (4 ) 11 Net Income 15 65 73 (79 ) (77 ) Diluted EPS 0.40 1.73 1.92 (79 ) (77 ) Net Income Margin 7.2 % 32.2 % 34.5 % (79 ) (78 ) EBITDA 2 107 97 109 (2 ) 11 EBITDA Margin 2 51.5 % 47.8 % 51.9 % (1 ) 8 1Q25 overview of results Table 1A: Notable items Quarter 1Q25 4Q24 1Q24 $ in millions, except per share data (unaudited) Reserve for uncertain tax positions related to prior periods 54.9 - - EPS impact 1.47 - - Notable items 1 Reserve for uncertain tax positions of approximately $54.9 million taken related to prior periods. The Company established a reserve in 1Q25 following a NY state tax court's issuance of an opinion that impacted the Company's uncertain tax positions. The Company was not a party to the case, but its historical tax filing position was not supported by the Court's decision. Commission revenue Table 1B: 1Q25 variable transaction fees per million (FPM) Quarter % Change 1Q25 4Q24 1Q24 YoY QoQ AVG. VARIABLE TRANS. FEE PER MILLION (FPM) Total Credit $ 139 $ 150 $ 154 (10 ) % (7 ) % Total Rates 4.20 4.31 4.79 (12 ) (3 ) Credit Total credit commission revenue of $169.1 million (including $33.3 million in fixed-distribution fees) decreased $5.7 million , or 3% , compared to $174.8 million (including $33.3 million in fixed-distribution fees) in the prior year, but increased 4% from 4Q24 levels. A 7% decline in U.S. credit commission revenue, principally due to lower total credit variable transaction fee per million ('FPM') and lower estimated market share, was partially offset by a 6% increase in emerging markets and Eurobonds commission revenue, as well as a 6% increase in municipal bonds commission revenue, reflecting continued strong product and geographic diversification. The decline in 1Q25 total credit FPM both year-over-year and quarter-over-quarter was due principally to product mix. Rates Total rates commission revenue of $7.0 million increased $1.8 million , or 34%, compared to the prior year. Total rates ADV of $27.0 billion increased 53% compared to the prior year, but decreased 1% compared to 4Q24. The decrease in 1Q25 total rates FPM compared to the prior year and the prior quarter was driven by the impact of product mix. Other Total other commission revenue of $5.2 million , which consists of Pragma-related commission revenue, increased 8% driven by higher equities commissions. Services revenue Record services revenue of $27.2 million increased $1.8 million , or 7% , compared to the prior year, driven principally by a 9% increase in information services revenue. Information services Information services revenue of $12.9 million increased $1.0 million , or 9% , compared to the prior year. The increase was principally driven by net new data contract revenue. Post-trade services Post-trade services revenue of $11.1 million increased $0.4 million , or 3% , compared to the prior year mainly due to net new contract revenue, partially offset by a decrease of $0.2 million from the impact of foreign currency fluctuations. Technology services Total technology services revenue of $3.2 million increased $0.4 million , or 14% , compared to the prior year. The increase was driven by higher Pragma-related license and connectivity fees. Expenses Total expenses of $120.2 million increased 2% from the prior year, including a decrease of $0.3 million from the impact of foreign currency fluctuations. Non-operating Other income (expense): Other income was $7.8 million , up from $4.2 million in the prior year. The increase was driven by higher interest income earned on our cash and investments, unrealized gains on our U.S. treasury investments compared to unrealized losses in the prior year, and lower foreign exchange losses compared to the prior period. Other income was , up from in the prior year. The increase was driven by higher interest income earned on our cash and investments, unrealized gains on our U.S. treasury investments compared to unrealized losses in the prior year, and lower foreign exchange losses compared to the prior period. Tax rate: The effective tax rate was 84.3% , up from 24.9% in the prior year. The effective tax rate excluding notable items 1 was 27.2% . Capital The Company had $642.1 million in cash, cash equivalents, corporate bond investments and U.S. Treasury investments as of March 31, 2025 , down from $698.6 million as of December 31, 2024 . There were no outstanding borrowings under the Company's credit facility. in cash, cash equivalents, corporate bond investments and U.S. Treasury investments as of , down from as of . There were no outstanding borrowings under the Company's credit facility. A total of 250,792 shares were repurchased year-to-date through April 2025 at a cost of $51.7 million , including 187,905 shares repurchased during the first quarter at a cost of $38.1 million . As of April 30, 2025 , a total of $173.4 million remained under the Board of Directors' share repurchase authorization. shares were repurchased year-to-date through April 2025 at a cost of , including shares repurchased during the first quarter at a cost of . As of , a total of remained under the Board of Directors' share repurchase authorization. The Board declared a quarterly cash dividend of $0.76 per share, payable on June 4, 2025 to stockholders of record as of the close of business on May 21, 2025 . Other Employee headcount was 870 as of March 31, 2025 , consistent with March 31, 2024 , but down from 891 as of December 31, 2024 . Guidance Due to the reserve noted above, the GAAP-basis effective tax rate for full year 2025 is now expected to be between 41.0% and 42.0% , assuming no material changes in applicable tax laws; the effective tax rate excluding notable items 1 is expected to be between 26.0% and 27.0% . Previously, the GAAP-basis effective tax rate stated guidance range was between 23.5% and 24.5% . 1 See Table 1A in this release for a listing of notable items. Results excluding notable items are non-GAAP financial measures. Refer to 'Non-GAAP financial measures and other items' for a discussion of these non-GAAP financial measures. 2 EBITDA and EBITDA margin are non-GAAP financial measures. Refer to 'Non-GAAP financial measures and other items' for a discussion of these non-GAAP financial measures. Non-GAAP financial measures and other items To supplement the Company's unaudited financial statements presented in accordance with generally accepted accounting principles ('GAAP'), the Company uses certain non-GAAP financial measures, including earnings before interest, taxes, depreciation and amortization ('EBITDA'), EBITDA margin and free cash flow. From time to time, we present selected GAAP-basis financial results, excluding notable items. Notable items are revenues, expenses, other income (expense) and tax related items that are non-recurring and outside of the Company's normal course of business or other notables, such as acquisition and restructuring charges or gains/losses on sales (collectively, 'notable items'). We define EBITDA margin as EBITDA divided by revenues. We define free cash flow as net cash provided by/(used in) operating activities excluding the net change in trading investments and net change in securities failed-to-deliver and securities failed-to-receive from broker-dealers, clearing organizations and customers, less expenditures for furniture, equipment and leasehold improvements and capitalized software development costs. Non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures determined in conformity with GAAP. The Company believes that these non-GAAP financial measures, when taken into consideration with the corresponding GAAP financial measures, provide additional information regarding the Company's operating results because they assist both investors and management in analyzing and evaluating the performance of our business. Please refer to Tables 6, 7 & 8 for a reconciliation of: (i) GAAP net income, EPS and the effective tax rate to net income, EPS and the effective tax rate, each excluding notable items; (ii) GAAP net income to EBITDA and GAAP net income margin to EBITDA margin; and (iii) GAAP net cash provided by/(used in) operating activities to free cash flow, in each case, the most directly comparable GAAP measure. Webcast and conference call information Chris Concannon, Chief Executive Officer and Ilene Fiszel Bieler, Chief Financial Officer will host a conference call to discuss the Company's financial results and outlook on Wednesday, May 7, 2025 at 10:00 a.m. ET. To access the conference call, please dial 646-307-1963 (U.S./International) and use the ID 1832176. The Company will also host a live audio Webcast of the conference call on the Investor Relations section of the Company's website at . The Webcast will be archived on for 90 days following the announcement. 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: Consolidated Statements of Operations Three Months Ended March 31, In thousands, except per share data (unaudited) 2025 2024 % Change Revenues Commissions $ 181,343 $ 184,873 (2 ) % Information services 12,904 11,881 9 Post-trade services 11,088 10,730 3 Technology services 3,241 2,834 14 Total revenues 208,576 210,318 (1 ) Expenses Employee compensation and benefits 61,916 61,264 1 Depreciation and amortization 18,236 18,200 — Technology and communications 18,048 17,051 6 Professional and consulting fees 6,410 6,395 — Occupancy 3,622 3,425 6 Marketing and advertising 2,061 1,833 12 Clearing costs 4,185 4,911 (15 ) General and administrative 5,716 4,739 21 Total expenses 120,194 117,818 2 Operating income 88,382 92,500 (4 ) Other income (expense) Interest income 7,169 5,973 20 Interest expense (213 ) (316 ) (33 ) Equity in earnings of unconsolidated affiliate 289 370 (22 ) Other, net 527 (1,810 ) NM Total other income (expense) 7,772 4,217 84 Income before income taxes 96,154 96,717 (1 ) Provision for income taxes 81,089 24,102 236 Net income $ 15,065 $ 72,615 (79 ) Per Share Data: Net income per common share Basic $ 0.40 $ 1.92 Diluted $ 0.40 $ 1.92 Cash dividends declared per common share $ 0.76 $ 0.74 Weighted-average common shares: Basic 37,388 37,740 Diluted 37,456 37,790 NM - not meaningful Table 3: Commission Revenue Detail In thousands, except fee per million data Three Months Ended March 31, (unaudited) 2025 2024 % Change Variable transaction fees Credit $ 135,840 $ 141,504 (4 ) % Rates 6,919 5,166 34 Other 5,232 4,849 8 Total variable transaction fees 147,991 151,519 (2 ) Fixed distribution fees Credit 33,265 33,288 — Rates 87 66 32 Total fixed distribution fees 33,352 33,354 — Total commission revenue $ 181,343 $ 184,873 (2 ) Average variable transaction fee per million Credit $ 139 $ 154 (10 ) % Rates 4.20 4.79 (12 ) Table 4: Trading Volume Detail* Three Months Ended March 31, In millions (unaudited) 2025 2024 % Change Volume ADV Volume ADV Volume ADV Credit High-grade $ 461,308 $ 7,562 $ 455,998 $ 7,475 1 % 1 % High-yield 89,997 1,475 85,379 1,400 5 5 Emerging markets 240,285 3,939 221,427 3,630 9 9 Eurobonds 147,917 2,348 128,849 2,045 15 15 Other credit 36,482 598 26,335 432 39 38 Total credit trading 975,989 15,922 917,988 14,982 6 6 Rates U.S. government bonds 1,582,081 25,936 1,045,796 17,144 51 51 Agency and other government bonds 65,825 1,047 31,626 506 108 107 Total rates trading 1,647,906 26,983 1,077,422 17,650 53 53 Total trading $ 2,623,895 $ 42,905 $ 1,995,410 $ 32,632 31 31 Number of U.S. Trading Days 1 61 61 Number of U.K. Trading Days 2 63 63 1 The number of U.S. trading days is based on the SIFMA holiday recommendation calendar. 2 The number of U.K. trading days is based on the U.K. Bank holiday schedule. *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. Consistent with industry standards, U.S. government bond trades are single-counted. Table 5: Consolidated Condensed Balance Sheet Data As of In thousands (unaudited) March 31, 2025 December 31, 2024 Assets Cash and cash equivalents $ 486,224 $ 544,478 Cash segregated under federal regulations 47,514 47,107 Investments, at fair value 166,113 165,260 Accounts receivable, net 109,171 91,845 Receivables from broker-dealers, clearing organizations and customers 493,613 357,728 Goodwill 236,706 236,706 Intangible assets, net of accumulated amortization 94,430 98,078 Furniture, equipment, leasehold improvements and capitalized software, net 107,858 107,298 Operating lease right-of-use assets 56,624 58,132 Prepaid expenses and other assets 79,843 82,584 Total assets $ 1,878,096 $ 1,789,216 Liabilities and stockholders' equity Liabilities Accrued employee compensation $ 30,912 $ 68,054 Payables to broker-dealers, clearing organizations and customers 318,866 218,845 Income and other tax liabilities 80,987 3,683 Accounts payable, accrued expenses and other liabilities 29,215 37,320 Operating lease liabilities 70,803 72,654 Total liabilities 530,783 400,556 Stockholders' equity Common stock 123 123 Additional paid-in capital 348,708 350,701 Treasury stock (370,342 ) (333,369 ) Retained earnings 1,392,279 1,405,904 Accumulated other comprehensive loss (23,455 ) (34,699 ) Total stockholders' equity 1,347,313 1,388,660 Total liabilities and stockholders' equity $ 1,878,096 $ 1,789,216 Table 6: Reconciliation of Notable Items $ in thousands, except per share data (unaudited) 1Q 2025 4Q 2024 1Q 2024 Net income, GAAP-basis $ 15,065 $ 65,139 $ 72,615 Exclude: Notable items Reserve for uncertain tax positions related to prior periods 54,939 — — Net income, excluding notable items $ 70,004 $ 65,139 $ 72,615 Diluted EPS, GAAP-basis $ 0.40 $ 1.73 $ 1.92 Notable items as reconciled above 1.47 — — Diluted EPS, excluding notable items $ 1.87 $ 1.73 $ 1.92 Effective tax rate, GAAP-basis 84.3 % 23.0 % 24.9 % Notable items as reconciled above (57.1 ) — — Effective tax rate, excluding notable items 27.2 % 23.0 % 24.9 % Table 7: Reconciliation of Net Income to EBITDA and Net Income Margin to EBITDA Margin In thousands (unaudited) 1Q 2025 4Q 2024 1Q 2024 Net income $ 15,065 $ 65,139 $ 72,615 Add back: Interest income (7,169 ) (6,719 ) (5,973 ) Interest expense 213 318 316 Provision for income taxes 81,089 19,456 24,102 Depreciation and amortization 18,236 18,540 18,200 EBITDA $ 107,434 $ 96,734 $ 109,260 Net income margin 1 7.2 % 32.2 % 34.5 % Add back: Interest income (3.4 ) (3.3 ) (2.8 ) Interest expense 0.1 0.2 0.2 Provision for income taxes 38.9 9.5 11.4 Depreciation and amortization 8.7 9.2 8.6 EBITDA margin 2 51.5 % 47.8 % 51.9 % Table 8: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow In thousands (unaudited) 1Q 2025 4Q 2024 1Q 2024 Net cash (used in)/provided by operating activities $ 29,629 $ 176,248 $ (4,949 ) Exclude: Net change in trading investments — — (255 ) Exclude: Net change in fail-to-deliver/receive from broker-dealers, clearing organizations and customers 34,399 (51,833 ) 51,288 Less: Purchases of furniture, equipment and leasehold improvements (1,930 ) (215 ) (1,197 ) Less: Capitalization of software development costs (15,031 ) (10,833 ) (13,963 ) Free cash flow $ 47,067 $ 113,367 $ 30,924 1 Net income margin is derived by dividing net income by total revenues for the applicable period. 2 EBITDA margin is derived by dividing EBITDA by total revenues for the applicable period. View source version on CONTACT: INVESTOR RELATIONS Stephen Davidson MarketAxess Holdings Inc. +1 212 813 6313 [email protected] RELATIONS Marisha Mistry MarketAxess Holdings Inc. +1 917 267 1232 [email protected] KEYWORD: UNITED STATES NORTH AMERICA NEW YORK INDUSTRY KEYWORD: FINTECH PROFESSIONAL SERVICES FINANCE SOURCE: MarketAxess Holdings Inc. Copyright Business Wire 2025. PUB: 05/07/2025 06:30 AM/DISC: 05/07/2025 06:29 AM
