In its upcoming report, MarketAxess (MKTX) is predicted by Wall Street analysts to post quarterly earnings of $1.85 per share, reflecting a decline of 5.6% compared to the same period last year. Revenues are forecasted to be $210.94 million, representing a year-over-year increase of 3.8%.The current level reflects a downward revision of 0.2% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial p ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Form 10-K For the fiscal year ended December 31, 2023 (Mark One) ☐ 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 of incorporation) (IRS ...

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) Commission File Number 001-34091 MARKETAXESS HOLDINGS INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incor ...

MarketAxess Holdings, Inc. (NASDAQ:MKTX) Q3 2023 Earnings Conference Call October 25, 2023 10:00 AM ET Company Participants Stephen Davidson - Head of Investor Relations Chris Concannon - Chief Executive Officer Richard Schiffman - Global Head of Trading Solutions Christopher Gerosa - Chief Financial Officer Conference Call Participants Christopher Allen - Citigroup Patrick Moley - Piper Sandler Alex Kramm - UBS Benjamin Budish - Barclays Capital Daniel Fannon - Jefferies Brian Bedell - Deutsche Bank Simon ...

July 20, 2023 | --- | --- | --- | |---------------------------------------------------------------------------------------------------|-------|-------| | | | | | | | | | Strategic Update and Outlook: Driving Better Trading Outcomes for Clients ❖ Chris Concannon, CEO | | | | --- | --- | |----------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------| | | | ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 Washington, D.C. 20549 FORM 10-Q 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. | | Trading | | | --- | --- | --- | | Title of each class | Symbol | Name of each exchange on whi ...

Financial Data and Key Metrics Changes - The company generated revenue of $180 million for the quarter, with year-to-date revenue of $383 million, representing a 4% increase compared to the prior year [27][33] - Earnings per share (EPS) was reported at $1.59, with net income of $60 million [27][155] - Total commission revenue decreased by 3% in the quarter, while year-to-date figures are running 3% above prior year levels [10][33] - Record information services revenue reached $12 million, up 24% year-over-year, driven by a strong pipeline of new contracts [33] Business Line Data and Key Metrics Changes - Notional volumes in high-grade and high-yield ETFs decreased by 19% and 33% respectively, reflecting reduced trading activity due to lower volatility [6][10] - Auto-X trade volume now represents a record 10% of total credit volume, with trade count at a record 23% of total credit trades [105] - The adoption of automated tools continues to grow, with a record 146 active client firms leveraging automation tools [153] Market Data and Key Metrics Changes - Active client firms trading on the platform reached a record 2,083, with 51% being international clients [7][132] - Eurobond trade volume achieved a record, with a 31% share in Open Trading [133] - Trading volume from hedge fund and private bank clients increased by 36% year-over-year, now representing 17% of total credit volume [132] Company Strategy and Development Direction - The company is focusing on innovation through the launch of proprietary data solutions and the Adaptive Auto-X algorithm to enhance trading outcomes for clients [4][5] - The new trading platform integrates unique data products and various trading protocols, aimed at improving client workflows and trading efficiency [129][130] - The company is optimistic about the fixed income market, anticipating increased inflows as the Fed potentially halts rate hikes [50][145] Management's Comments on Operating Environment and Future Outlook - Management noted that the current low volatility environment has impacted trading activity but expressed confidence in the long-term strategy and growth potential [27][150] - The company is excited about the potential for fixed income investments, especially with the anticipated end to rate hikes [50][145] - Management highlighted the importance of regulatory developments, such as T+1 processing, which could favor electronic trading [53][82] Other Important Information - The company paid out approximately $107 million in quarterly dividends to shareholders [116] - The balance sheet remains solid with cash and investments totaling $506 million and no outstanding debt [156] - The total addressable market has expanded to $7 billion, reflecting significant growth opportunities [151] Q&A Session All Questions and Answers Question: Can you provide insights on the performance of Adaptive Auto-X? - Management indicated that Adaptive Auto-X is in early stages with positive early indications, allowing clients to submit larger parent orders that break into smaller child orders across various protocols [137][138] Question: What are the recent trends in the high-grade business? - Management acknowledged challenges in high-grade market share due to lower volatility and competitive impacts, but noted a year-over-year growth of 13% in portfolio trading [111][150] Question: How is the company interfacing with retail demand? - The company is well-positioned to support retail market growth, particularly through separately managed accounts (SMA) and the Axess IQ platform designed for private wealth firms [91][99]

[PART I — Financial Information](index=3&type=section&id=PART%20I%20%E2%80%94%20Financial%20Information) [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The unaudited consolidated financial statements for Q1 2023 show increased revenues, net income, and total assets, with positive cash flow from operations driven by working capital changes [Consolidated Statements of Financial Condition](index=3&type=section&id=Consolidated%20Statements%20of%20Financial%20Condition) Total assets increased slightly to **$1.63 billion** as of March 31, 2023, while total liabilities decreased, leading to an increase in stockholders' equity to **$1.12 billion** Consolidated Balance Sheet Highlights (As of March 31, 2023 vs. December 31, 2022) | Account | March 31, 2023 (In thousands) | December 31, 2022 (In thousands) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $332,780 | $430,746 | | Receivables from broker-dealers, clearing organizations and customers | $558,254 | $476,335 | | Total assets | $1,628,462 | $1,607,775 | | **Liabilities & Equity** | | | | Accrued employee compensation | $24,735 | $56,302 | | Total liabilities | $506,930 | $526,682 | | Total stockholders' equity | $1,121,532 | $1,081,093 | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) Total revenues increased **9.2%** to **$203.2 million** in Q1 2023, driving net income up **13.7%** to **$73.6 million** and diluted EPS to **$1.96** Q1 2023 vs. Q1 2022 Performance Summary | Metric | Three Months Ended March 31, 2023 (In thousands) | Three Months Ended March 31, 2022 (In thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Total revenues | $203,169 | $186,057 | +9.2% | | Commissions | $181,991 | $166,113 | +9.6% | | Total expenses | $107,813 | $97,953 | +10.1% | | Operating income | $95,356 | $88,104 | +8.2% | | Net income | $73,628 | $64,769 | +13.7% | | Diluted EPS | $1.96 | $1.71 | +14.6% | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities significantly improved to **$7.5 million** in Q1 2023, while cash used in investing activities increased and cash used in financing activities decreased due to no share repurchases Cash Flow Summary (Q1 2023 vs. Q1 2022) | Cash Flow Activity | Three Months Ended March 31, 2023 (In thousands) | Three Months Ended March 31, 2022 (In thousands) | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $7,527 | $(23,730) | | Net cash (used in) investing activities | $(32,754) | $(10,821) | | Net cash (used in) financing activities | $(48,142) | $(86,467) | | Net decrease in cash and cash equivalents | $(70,024) | $(125,374) | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide details on accounting policies, revenue breakdown, credit facilities, geographic revenue, and confirm the company operates as a single business segment Commission Revenue by Fee Type (Q1 2023 vs. Q1 2022) | Fee Type | Q1 2023 (In thousands) | Q1 2022 (In thousands) | | :--- | :--- | :--- | | Variable transaction fees | $147,228 | $134,873 | | Distribution fees and unused minimum fees | $34,763 | $31,240 | | **Total commissions** | **$181,991** | **$166,113** | - The company has a **$500.0 million** three-year revolving credit facility maturing in October 2024. As of March 31, 2023, there were no borrowings outstanding[84](index=84&type=chunk)[86](index=86&type=chunk) - The company operates as a single business segment. For Q1 2023, revenues from the Americas were **$161.6 million**, Europe **$36.7 million**, and Asia **$4.9 million**[102](index=102&type=chunk)[103](index=103&type=chunk) - The company's effective tax rate for Q1 2023 was **25.0%**, down from **28.4%** in Q1 2022. The prior year's rate included a **$3.2 million** expense related to a settlement with New York State[73](index=73&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes Q1 2023 revenue growth to increased trading volumes and market share, despite lower credit transaction fees, while expenses rose due to compensation and technology costs, maintaining a strong liquidity position [Critical Factors Affecting Our Industry and Our Company](index=28&type=section&id=Critical%20Factors%20Affecting%20Our%20Industry%20and%20Our%20Company) The company's performance is shaped by economic improvements, intense competition, evolving regulatory changes like proposed SEC rules and T+1 settlement, and growing demand for automated trading solutions - Operating conditions improved in Q1 2023, with wider credit spreads and a **19.9%** increase in U.S. high-grade market volumes (TRACE) compared to Q1 2022[112](index=112&type=chunk) - The banking sector dislocation in March 2023 negatively impacted U.S. high-grade volumes as electronic trading of distressed bonds decreased[112](index=112&type=chunk) - Proposed SEC rules are expected to require the company to operate all trading protocols in compliance with Regulation ATS and could subject parts of the business to Regulation SCI[120](index=120&type=chunk) - Automated trading solutions are seeing continued growth. Auto-X RFQ trading volumes rose to **$68.7 billion** in Q1 2023, a **39.2%** increase from Q1 2022[125](index=125&type=chunk) [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Q1 2023 total revenues increased **9.2%** to **$203.2 million**, driven by higher commission revenue from increased credit trading volume, while expenses rose **10.1%** due to compensation and technology costs, and the effective tax rate decreased Total Trading Volume by Product (in millions) | Product | Q1 2023 | Q1 2022 | % Change | | :--- | :--- | :--- | :--- | | High-grade | $392,715 | $342,093 | +14.8% | | High-yield | $122,873 | $100,826 | +21.9% | | Emerging markets | $191,841 | $189,740 | +1.1% | | Eurobonds | $118,366 | $94,077 | +25.8% | | **Total credit** | **$854,478** | **$745,811** | **+14.6%** | | **Total rates** | **$1,518,353** | **$1,581,234** | **-4.0%** | Average Variable Transaction Fee Per Million | Product | Q1 2023 | Q1 2022 | % Change | | :--- | :--- | :--- | :--- | | Credit | $164.98 | $172.54 | -4.4% | | Rates | $4.12 | $3.92 | +5.1% | - Employee compensation and benefits increased by **$4.6 million** (**9.5%**) due to higher headcount[166](index=166&type=chunk) - Technology and communications expenses increased by **$2.8 million** (**23.0%**), primarily due to higher software subscription and data center hosting costs[168](index=168&type=chunk) [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with **$439.5 million** in cash and investments, an undrawn **$500 million** credit facility, and **$100.0 million** remaining in its share repurchase program - As of March 31, 2023, the company had cash and cash equivalents and investments of **$439.5 million**[174](index=174&type=chunk) - The company has a **$500.0 million** revolving credit facility, with no borrowings outstanding, and **$450.0 million** in uncommitted borrowing capacity for its U.S. broker-dealer subsidiary[175](index=175&type=chunk)[176](index=176&type=chunk) - The company's regulated subsidiaries held aggregate net capital and financial resources of **$541.0 million** in excess of the required **$29.0 million**[183](index=183&type=chunk) - As of March 31, 2023, **$100.0 million** remained available under the share repurchase program authorized in January 2022. No shares were repurchased under the program in Q1 2023[190](index=190&type=chunk)[99](index=99&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market, interest rate, foreign currency, and credit risks, with potential impacts on interest income and revenue from currency fluctuations, managed through established policies - A hypothetical **100 basis point** change in interest rates would impact annual interest income by approximately **$5.0 million**[197](index=197&type=chunk) - For the twelve months ended March 31, 2023, **14.7%** of revenue and **26.0%** of expenses were denominated in currencies other than the U.S. dollar. A hypothetical **10%** change in the U.S. dollar would impact revenue by **$10.8 million** and operating expenses by **$10.4 million**[201](index=201&type=chunk) - The company is exposed to credit risk as a matched principal trading counterparty and manages this through policies, procedures, and automated controls[204](index=204&type=chunk)[205](index=205&type=chunk) [Item 4. Controls and Procedures](index=42&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2023, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that as of March 31, 2023, the company's disclosure controls and procedures were effective[209](index=209&type=chunk) - No material changes to the internal control over financial reporting were identified during the quarter ended March 31, 2023[210](index=210&type=chunk) [PART II — Other Information](index=43&type=section&id=PART%20II%20%E2%80%94%20Other%20Information) [Item 1. Legal Proceedings](index=43&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine legal and regulatory matters, with no expected material adverse impact on its financial position - The company states that the outcome of its outstanding legal matters is not expected to have a material adverse impact on its financial position[213](index=213&type=chunk) [Item 1A. Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors have been reported since the most recent Form 10-K - No material changes to risk factors were reported since the 2022 Form 10-K[214](index=214&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=43&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase shares under its program in Q1 2023, but repurchased shares for tax withholding, with **$100.0 million** remaining in the program - No shares were repurchased under the company's share repurchase program during Q1 2023[216](index=216&type=chunk) - As of March 31, 2023, the company had **$100.0 million** of remaining capacity under its share repurchase program authorized in January 2022[217](index=217&type=chunk) [Item 6. Exhibits](index=45&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including employment agreements, credit agreement amendments, and CEO/CFO certifications

MarketAxess Holdings Inc. (NASDAQ:MKTX) Q1 2023 Earnings Conference Call April 26, 2023 10:00 AM ET Company Participants Steve Davidson ??? Head-Investor Relations Chris Concannon ??? Chief Executive Officer Chris Gerosa ??? Chief Financial Officer Rick McVey ??? Founder and Executive Chairman Conference Call Participants Rich Repetto ??? Piper Sandler Chris Allen ??? Citi Kyle Voigt ??? KBW Alex Blostein ??? Goldman Sachs Brian Bedell ??? Deutsche Bank Daniel Fannon ??? Jefferies Simon Clinch ??? Atlantic ...

Q1 2023 Conference Call and Webcast ※ Market Axess® 1Q23 Results* – Executing Our Growth Strategy (in $ millions, except EPS data) Operating Margin 46.9% ※ Market Axess® April 26, 2023 2 Revenue | --- | --- | |---------------|--------| | NI 1 & EBITDA | 2 | | +14% | $73.6 | | +5% | $110.5 | Key Themes • Record revenues up 9%, (+11% ex. FX) including impact of 4% decline in total credit fee per million on lower duration of bonds traded in U.S. high-grade. • Strong estimated market share gains across most pro ...