Key Takeaways MKTX surpassed $1 trillion in EM trading volume in 2025 across hard and local currency bonds.MKTX now covers the full J.P. Morgan GBI-EM Index after launching electronic trading for IGBs.It posted record EM ADV near $5B, up 16% YoY, driven by growth across multiple trading channels.MarketAxess Holdings Inc. (MKTX) just revealed a major milestone: it has surpassed $1 trillion in emerging markets (EM) trading volume so far in 2025. This huge figure reflects cumulative activity across both hard c ...

Core Insights - MarketAxess Holdings Inc. (MKTX) has announced medium-term financial objectives and plans for shareholder value return through share repurchases [1] Financial Targets - MarketAxess aims for average annual total revenue growth of 8-9% and an average annual improvement in operating margin of 75-125 basis points from 2026 to 2028 [2][10] - The targets are based on a stable business portfolio and projected average annual growth rates of approximately 6% in composite credit market average daily volume (ADV) and around 5% in U.S. government bond TRACE market ADV [3] Technology and Client Experience - Management's confidence in sustained technology investments is expected to enhance trading protocols and workflow tools, leading to improved client experience and revenue growth [4] Share Repurchase Program - The board has approved an additional share repurchase program of up to $400 million, adding to the existing unused capacity of $105 million, resulting in a total repurchase capacity of $505 million [5][10] - Of this total, $300 million is designated for an Accelerated Share Repurchase (ASR) agreement with JPMorgan Chase Bank, with an initial share value of approximately $240 million expected [6] - The ASR will be financed through $80 million from cash reserves and $220 million from borrowings, leaving $205 million for future repurchases at the company's discretion [7] Financial Position - MarketAxess maintains a strong financial position with cash and cash equivalents of $473.3 million as of September 30, 2025, and a 6.9% increase in net cash from operations year-over-year [8]

Core Insights - MarketAxess is a leading global electronic trading platform focused on credit markets, emphasizing automation and data utilization in fixed income trading [2] Company Overview - The firm is driving automation across the fixed income trading ecosystem through new protocols and enhanced data usage [2] - Customer expansion is a key strategy for MarketAxess as it continues to grow in the industry [2] Leadership - Chris Concannon serves as the CEO of MarketAxess, while Ilene Fiszel Bieler holds the position of CFO [1]

MarketAxess Conference Summary Company Overview - **Company**: MarketAxess (NasdaqGS:MKTX) - **Industry**: Electronic trading platform specializing in credit markets - **Date of Conference**: December 09, 2025 Key Points and Arguments MarketAxess Advantages - MarketAxess has a significant global network with over 2,100 institutional investors and dealers, and 13,000 active traders, having added 250 active traders in 2025 [4][5] - The company boasts a differentiated liquidity model with over 1,000 unique liquidity providers, including ETF market makers and large institutional investors [5] - Data competitive advantage includes pre-trade analytics and trading data powered by AI, with $8.9 trillion of inquiries in 2025, a 14% increase from 2024 [6][7] Financial Targets and Shareholder Returns - MarketAxess announced a commitment to an average annual revenue growth rate of 8-9% and an average annual margin expansion of 75-125 basis points from 2026 to 2028 [10][11] - The company increased its share repurchase plan to $505 million, with $300 million allocated for accelerated share repurchase [11] Growth in Non-U.S. and U.S. Credit Businesses - 50% of top-line revenue is growing at a 15% CAGR, with emerging markets and Eurobonds contributing significantly [12][13] - The U.S. credit business faced challenges from macroeconomic factors and underinvestment, but plans are in place to reignite growth [8][21] Innovations and New Products - The recently launched Closing Auction protocol aims to cater to the growing indexation of the fixed-income market, with expectations of significant liquidity at the close of trading [18][19] - The auction solution was developed with input from major buy-side investors, indicating strong interest and potential for future growth [38][39] Competitive Landscape - MarketAxess is focused on maintaining competitive pricing in portfolio trading and dealer-to-dealer spaces, with stable fees and a strategic approach to global protocols [32][34] - The company is confident in sustaining revenue growth in emerging markets despite increased competition, due to prior investments in portfolio trading and dealer-to-dealer solutions [30][31] Data Revenue and Market Dynamics - Data revenue is expected to grow as it powers trading solutions, with a focus on making products more attractive and sticky for clients [23][24] - The company is strategically pricing data products to ensure broad distribution while maintaining value [22] Operational Efficiency - MarketAxess has made strides in productivity and efficiency, with a focus on streamlining workflows and leveraging AI for coding and testing [26][27] - The company aims to control expense growth while pursuing top-line revenue increases [28] Additional Important Insights - The company is in a multi-year investment phase for the Closing Auction product, with broader rollout planned for Q1 2026 [39] - Feedback from the buy-side indicates a strong desire for liquidity at the close, which the auction aims to provide [42] This summary encapsulates the key insights from the MarketAxess conference, highlighting the company's strategic advantages, financial targets, growth initiatives, and innovations in the electronic trading space.

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Goldman Sachs 2025 Financial Services Conference Chris Concannon, CEO Ilene Fiszel Bieler, CFO The MarketAxess advantage Liquidity e m o s t a c t i v e f i x e d i n c o m e l i q u i d i t y p r o v i d PROPRIETARY TRADING DATA & ANALYTICS DEEP & DIFFERENTIATED LIQUIDITY1 1,000+ unique liquidity providers on Open Trading ("OT") 22% of OT trading volume responded to by non-dealers; 33% of OT trading volume initiated by dealers GLOBAL NETWORK1 2,100+ global investors & dealers ~13,000 active traders 1,000+ ...

Core Insights - MarketAxess Holdings Inc. has announced medium-term financial targets for the company [1] - The Board of Directors has authorized a share repurchase program of up to $400 million [1] - This new authorization is in addition to the remaining capacity of $105 million for share repurchase [1]

Core Viewpoint - MarketAxess Holdings Inc. has announced medium-term financial targets and a share repurchase authorization of up to $400 million, indicating a strong commitment to returning value to shareholders and confidence in future growth [1] Financial Targets - The company has set new medium-term financial targets, although specific figures were not disclosed in the announcement [1] Share Repurchase - The Board of Directors has authorized the repurchase of up to $400 million of additional shares, which is in addition to the $105 million remaining from a previous authorization [1]

We came across a bullish thesis on MarketAxess Holdings Inc. on The Diversified Fins Analyst’s Substack by Collin Cook. In this article, we will summarize the bulls’ thesis on MKTX. MarketAxess Holdings Inc.'s share was trading at $159.99 as of December 1st. MKTX’s trailing and forward P/E were 27.19 and 19.38, respectively according to Yahoo Finance. AtlasClear (ATCH) Soars 23% as Wall Street Veteran Returns to Board Source: Pixabay At the Barclays Financial Services Conference on September 9, CEO Chri ...

Core Insights - MarketAxess Holdings Inc. reported trading volume and preliminary variable transaction fees per million for November 2025, indicating solid year-over-year progress in various trading channels [1] Group 1: Trading Performance - The company highlighted strong year-over-year growth in client-initiated, portfolio trading, and dealer-initiated channels [1]