Summary of MarketAxess (MKTX) Conference Call Company Overview - **Company**: MarketAxess (MKTX) - **Industry**: Electronic fixed income trading venue, primarily focused on credit markets, with expansion into new geographies and asset classes [3][3] Key Points and Arguments Strategic Focus Areas - **Execution of Strategy**: Emphasis on providing the right metrics, data, and analytics to enhance business execution [11][11] - **Capital Deployment**: Increased share repurchase authorization leading to $60 million in buybacks in 2025 compared to $24 million in 2024 [14][14][15][15] - **Expense Management**: Focus on good corporate hygiene and expense discipline, including partnerships with technology firms like Pragma to enhance efficiency [16][18] Market Conditions and Performance - **Volatility and Volume Trends**: - April saw high volatility with CVIX at 56 for high grade and 390 for high yield, normalizing to 33 and 190 respectively in May [20][20][24][24] - Elevated trading volumes sustained through May, driven by increased velocity in the market [22][23] - **Market Share**: - High grade market share increased to 19.9% in May from 19.4% in April, indicating growth in investment grade trading [30][34] - Portfolio trading market share has grown to over 20%, with ongoing enhancements to maintain competitiveness [57][60] Innovations and Technology - **Automation and Algorithms**: Introduction of automation tools like AutoX and adaptive algorithms (ADX) to enhance trading efficiency, with 250 clients onboarded [43][45] - **Block Trading Protocols**: Successful early adoption in emerging markets (EM) and Eurobonds, with significant volume increases (116% in Eurobonds and 24% in EM) [49][49] - **Portfolio Trading Enhancements**: Completion of feature set for portfolio trading, focusing on net hedging and benchmark capabilities [59][60] Emerging Markets (EM) Focus - **Growth in EM**: EM is now the largest business segment, with significant contributions from countries like Mexico, Brazil, and South Korea. Year-to-date volumes are up 14% [82][86][89] - **Local vs. Hard Currency**: Hard currency trading constitutes 60% of the EM business, with local currency trading representing 40%, indicating potential for growth in local markets [86][86] Competitive Landscape and Pricing - **Pricing Stability**: Pricing within traditional RFQ and open trading has remained steady, with fluctuations attributed to macroeconomic factors rather than pricing pressure [97][99] - **Protocol Mix**: New protocols like portfolio trading come with lower fee captures, but present opportunities for incremental revenue growth [100][102] Additional Important Insights - **Talent Acquisition**: Ongoing recruitment of key personnel to enhance product development and client solutions, indicating a commitment to innovation and market responsiveness [66][70] - **Client-Centric Approach**: Continuous engagement with clients to understand their needs and enhance service offerings, particularly in the block trading and portfolio trading spaces [50][56][60] This summary encapsulates the critical insights and developments discussed during the MarketAxess conference call, highlighting the company's strategic focus, market performance, technological innovations, and competitive positioning.

Financial Data and Key Metrics Changes - The preliminary report indicates that more than 88% of the total number of shares outstanding and entitled to vote were present at the meeting, constituting a quorum [6] - MarketAxess stock price has significantly decreased from $6.00 in February 2020 to $217, indicating a long-term slump [11][12] Business Line Data and Key Metrics Changes - No specific data on individual business lines was provided during the meeting [0] Market Data and Key Metrics Changes - No specific market data or key metrics changes were discussed during the meeting [0] Company Strategy and Development Direction and Industry Competition - The board of directors recommended against a stockholder proposal aimed at allowing all shareholders to call for a special shareholder meeting, citing reasons in the proxy statement [14][17] - The proposal was presented as a means to incentivize a turnaround for MarketAxess, which has been experiencing a long-term slump [11][12] Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during the meeting [0] Other Important Information - The meeting included the election of 11 directors and the ratification of PricewaterhouseCoopers as the independent registered public accounting firm for the fiscal year ended December 31, 2025 [7][17] - The compensation of the company's named executive officers was approved by advisory vote [17] Q&A Session All Questions and Answers Question: Does MarketAxess have a retirement age for directors? - The board has adopted corporate governance guidelines and reviews director tenure annually, but has not established a retirement age or term limits [15][16]

MarketAxess Holdings Inc. (MKTX) recently acquired a majority stake in RFQ-hub Holdings LLC, a global request-for-quote (RFQ) platform that facilitates trading in ETFs, derivatives, and structured products. The platform supports both listed and over-the-counter (OTC) trades across multiple asset classes. MKTX now holds around a 90% controlling stake in the platform.The remaining ownership stays with original consortium members like Virtu Financial, Inc. (VIRT) , BlackRock, Inc. (BLK) , Citadel Securities, F ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-34091 MARKETAXESS HOLDINGS INC. (Exact name of registrant as specified in its charter) Delaware 52-2230784 (State or other juris ...

MarketAxess Holdings Inc. (MKTX) reported first-quarter 2025 earnings per share of $1.87, which outpaced the Zacks Consensus Estimate by 2.8%. However, the bottom line decreased 2.6% year over year from $1.92 per share. (See the Zacks Earnings Calendar to stay ahead of market-making news.)Total revenues declined 0.8% year over year to $208.6 million. The top line also missed the consensus mark by 1%.The better-than-expected first-quarter earnings benefited from higher trading volumes due to heightened marke ...

MarketAxess (MKTX) Q1 2025 Earnings Call May 07, 2025 10:00 AM ET Company Participants Stephen Davidson - Head - Investor RelationsChristopher Concannon - CEOIlene Fiszel Bieler - Chief Financial OfficerChristopher Allen - Managing DirectorAlex Kramm - Managing Director - Equity ResearchKyle Voigt - Managing Director - Equity ResearchChristopher O'Brien - Equity Research AVP - Brokers, Exchanges, & Asset ManagersBrian Bedell - Director Conference Call Participants Michael Cyprys - AnalystAlex Blostein - Ana ...

MarketAxess (MKTX) Q1 2025 Earnings Call May 07, 2025 10:00 AM ET Speaker0 Ladies and gentlemen, thank you for standing by. Welcome to the MarketAxess First Quarter twenty twenty five Earnings Conference Call. As a reminder, this conference call is being recorded on 05/07/2025. I would now like to turn the call over to Steve Davidson, Head of Investor Relations at MarketAxess. Please go ahead, sir. Speaker1 Good morning, and welcome to the MarketAxess first quarter twenty twenty five earnings conference cal ...

Core Insights - MarketAxess reported revenue of $208.58 million for the quarter ended March 2025, a decrease of 0.8% year-over-year, with EPS at $1.87 compared to $1.92 in the same quarter last year [1] - The reported revenue fell short of the Zacks Consensus Estimate of $210.63 million, resulting in a surprise of -0.97%, while the EPS exceeded the consensus estimate of $1.82 by +2.75% [1] Financial Performance Metrics - Average Variable Transaction Fee Per Million - Credit was $139, below the five-analyst average estimate of $143.75 [4] - Average Daily Volume - Total reached $42.91 billion, surpassing the five-analyst average estimate of $40.74 billion [4] - Average Daily Volume - Total credit trading was $15.92 billion, slightly below the estimated $16.04 billion [4] - Average Daily Volume - Total rates trading was $26.98 billion, exceeding the five-analyst average estimate of $24.70 billion [4] - Revenues from Information services were $12.90 million, slightly below the estimate of $12.99 million, but represented an increase of +8.6% year-over-year [4] - Revenues from Commissions totaled $181.34 million, compared to the average estimate of $185.39 million, reflecting a -1.9% change year-over-year [4] - Revenues from Technology services were $3.24 million, slightly below the estimate of $3.29 million, with a year-over-year increase of +14.4% [4] - Revenues from Post-trade services were $11.09 million, compared to the average estimate of $11.14 million, representing a +3.3% change year-over-year [4] - Total commission revenue from variable transaction fees - Rates was $6.92 million, exceeding the four-analyst average estimate of $6.71 million, with a year-over-year change of +33.9% [4] - Total commission revenue from variable transaction fees - Credit was $135.84 million, below the estimated $139.51 million, reflecting a -4% change year-over-year [4] - Total commission revenue from fixed distribution fees was $33.35 million, slightly above the four-analyst average estimate of $32.36 million, with no change year-over-year [4] Stock Performance - MarketAxess shares returned +11% over the past month, outperforming the Zacks S&P 500 composite's +10.6% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Update on our strategy & trading businesses 2 1Q25 highlights¹ | | • | Revenue of $209 million compared to $210 million in the prior year | | --- | --- | --- | | | • | Record commission revenue in emerging markets, up 6%, eurobonds, up 5%, and municipal bonds, up 6% | | FINANCIAL | • | 34% increase in total rates commission revenue | | PERFORMANCE | • | Services2 revenue growth of 7% | | | • | Earnings per share of $0.40; $1.87 excluding notable items3 | | | • $344 | in TTM free cash flow4 million generatio ...

MarketAxess (MKTX) came out with quarterly earnings of $1.87 per share, beating the Zacks Consensus Estimate of $1.82 per share. This compares to earnings of $1.92 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 2.75%. A quarter ago, it was expected that this operator of bond trading platforms would post earnings of $1.70 per share when it actually produced earnings of $1.73, delivering a surprise of 1.76%. Over the last four ...