※ Market Axess® Q3 2022 Conference Call and Webcast October 19, 2022 ※ Market Axess® Strategic Update Rick McVey, Chairman and CEO 2 3Q22 Strategic Update & Highlights¹ • Record composite corporate bond2 estimated market share of 20.6%, up 170 bps. • Record U.S. high-yield estimated market share of 19.3%, up from 15.3%, on 25% increase in ADV. Increase penetration in core credit products • +360 bps point increase in emerging markets estimated market share to 20.6%, on 8% increase in ADV (up 12% constant cur ...

[PART I — Financial Information](index=3&type=section&id=PART%20I%20%E2%80%94%20Financial%20Information) [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company's total assets increased to **$1.57 billion** as of June 30, 2022, from **$1.53 billion** at year-end 2021, while six-month revenues decreased to **$368.3 million** from **$371.8 million**, and net income fell to **$131.7 million** from **$147.7 million**, with operating cash flow at **$69.9 million** compared to **$73.6 million** Consolidated Statements of Financial Condition (Unaudited) | | June 30, 2022 (Millions USD) | December 31, 2021 (Millions USD) | | :--- | :--- | :--- | | **Total assets** | **$1,567.71** | **$1,530.45** | | **Total liabilities** | $566.91 | $489.14 | | **Total stockholders' equity** | $1,000.80 | $1,041.31 | Consolidated Statements of Operations (Unaudited) | | Three Months Ended June 30, 2022 (Millions USD) | Six Months Ended June 30, 2022 (Millions USD) | | :--- | :--- | :--- | | **Total revenues** | **$182.23** | **$368.29** | | **Operating income** | $84.79 | $172.89 | | **Net income** | $66.92 | $131.69 | | **Diluted EPS** | $1.78 | $3.49 | Consolidated Statements of Cash Flows (Unaudited) | | Six Months Ended June 30, 2022 (Millions USD) | Six Months Ended June 30, 2021 (Millions USD) | | :--- | :--- | :--- | | **Net cash provided by operating activities** | **$69.91** | **$73.57** | | **Net cash (used in) investing activities** | ($55.64) | ($43.35) | | **Net cash (used in) financing activities** | ($187.05) | ($92.77) | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed accounting policies and supplementary information on financial statement items, including regulatory capital, acquisitions, income taxes, and segment reporting, confirming the company operates as a single business segment - In May 2022, the Company invested **$34.4 million** to acquire a minority ownership stake in RFQ–hub Holdings LLC, which will be accounted for under the equity method[57](index=57&type=chunk) - The effective tax rate for the six months ended June 30, 2022, was **26.8%**, up from **21.4%** in the prior year period, partly due to a **$3.2 million** expense for a settlement with New York State tax authorities[61](index=61&type=chunk)[180](index=180&type=chunk) - The company repurchased **280,315 shares** of common stock for **$87.5 million** in the first six months of 2022, following the authorization of a new **$150.0 million** share repurchase program in January 2022[84](index=84&type=chunk) - The company operates as a single business segment, with the Americas contributing the majority of revenues (**$299.9 million** for the six months ended June 30, 2022), followed by Europe (**$58.5 million**) and Asia (**$9.8 million**)[85](index=85&type=chunk)[86](index=86&type=chunk) - As of June 30, 2022, the Company's regulated subsidiaries maintained aggregate net capital and financial resources that were **$477.8 million** in excess of the required levels of **$21.7 million**[47](index=47&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, highlighting key business trends and critical factors, noting Q2 2022 revenue growth from higher trading volumes, but profitability impacts from lower average fees and increased operating expenses, while maintaining a strong liquidity position [Critical Factors Affecting Our Industry and Our Company](index=24&type=section&id=Critical%20Factors%20Affecting%20Our%20Industry%20and%20Our%20Company) The company's performance is influenced by economic factors like interest rates and credit spreads, geopolitical events, the competitive landscape of electronic trading, an evolving regulatory environment, and the need for continuous technology investment - Operating conditions improved in Q2 2022 with widening credit spreads, increased volatility, and higher U.S. high-grade market volumes, though a rise in corporate bond yields negatively affected average variable transaction fees due to lower bond duration[96](index=96&type=chunk) - The SEC has proposed rules to expand Regulation ATS to government securities and amend the definition of an "exchange," which is expected to require the company to operate all its trading protocols in compliance with Regulation ATS[105](index=105&type=chunk) - Automated trading volumes grew **39.0%** year-over-year to **$57.6 billion** in Q2 2022, and the use of dealer algorithms also increased, with **5.7 million** algorithmic responses, up **22.8%** from Q2 2021[110](index=110&type=chunk) [Results of Operations](index=29&type=section&id=Results%20of%20Operations) For Q2 2022, revenues increased **3.3%** to **$182.2 million**, while net income slightly decreased to **$66.9 million**; for the first six months of 2022, revenues decreased **0.9%** to **$368.3 million**, and net income fell **10.9%** to **$131.7 million**, primarily due to higher operating expenses and a higher effective tax rate Q2 2022 vs Q2 2021 Financial Summary | | Three Months Ended June 30, 2022 (Millions USD) | Three Months Ended June 30, 2021 (Millions USD) | % Change | | :--- | :--- | :--- | :--- | | **Revenues** | **$182.23** | **$176.33** | **3.3%** | | **Operating income** | $84.79 | $87.18 | (2.7)% | | **Net income** | $66.92 | $67.29 | (0.5)% | H1 2022 vs H1 2021 Financial Summary | | Six Months Ended June 30, 2022 (Millions USD) | Six Months Ended June 30, 2021 (Millions USD) | % Change | | :--- | :--- | :--- | :--- | | **Revenues** | **$368.29** | **$371.80** | **(0.9)%** | | **Operating income** | $172.89 | $190.65 | (9.3)% | | **Net income** | $131.69 | $147.75 | (10.9)% | - The average variable transaction fee per million for U.S. high-grade bonds decreased **17.7%** in Q2 2022 and **16.0%** in H1 2022 compared to the same periods in 2021, primarily due to a decrease in the duration of bonds traded on the platforms[148](index=148&type=chunk)[169](index=169&type=chunk) - Total expenses for H1 2022 increased by **7.9%** to **$195.4 million**, driven by higher employee compensation and benefits (**+$4.4 million**), depreciation and amortization (**+$5.5 million**), and technology and communications (**+$4.1 million**)[173](index=173&type=chunk) [Liquidity and Capital Resources](index=37&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with **$324.8 million** in cash and investments as of June 30, 2022, supported by undrawn credit facilities, with significant cash uses including share repurchases, dividends, and strategic investments - As of June 30, 2022, the company had cash, cash equivalents, and investments totaling **$324.8 million**[181](index=181&type=chunk) - The company has a **$500.0 million** revolving credit facility and a **$200.0 million** collateralized agreement, both of which were undrawn as of June 30, 2022[182](index=182&type=chunk)[183](index=183&type=chunk) Cash Flow Summary (Six Months Ended June 30) | | 2022 (Millions USD) | 2021 (Millions USD) | | :--- | :--- | :--- | | **Net cash provided by operating activities** | **$69.91** | **$73.57** | | Net cash (used in) investing activities | $(55.64) | $(43.35) | | Net cash (used in) financing activities | $(187.05) | $(92.77) | - The company's regulated subsidiaries held aggregate excess net capital of **$477.8 million** over the required levels of **$21.7 million**[191](index=191&type=chunk) [Non-GAAP Financial Measures](index=39&type=section&id=Non-GAAP%20Financial%20Measures) The company utilizes non-GAAP measures such as EBITDA, EBITDA margin, and free cash flow to offer additional perspectives on its operational profitability and cash generation capabilities, with EBITDA at **$210.9 million** and free cash flow at **$96.8 million** for the six months ended June 30, 2022 EBITDA Reconciliation (Six Months Ended June 30) | | 2022 (Millions USD) | 2021 (Millions USD) | | :--- | :--- | :--- | | **Net income** | **$131.69** | **$147.75** | | Interest expense | 0.51 | 0.36 | | Provision for income taxes | 48.31 | 40.11 | | Depreciation and amortization | 30.41 | 24.88 | | **EBITDA** | **$210.92** | **$213.09** | | **EBITDA margin** | **57.3%** | **57.3%** | Free Cash Flow Reconciliation (Six Months Ended June 30) | | 2022 (Millions USD) | 2021 (Millions USD) | | :--- | :--- | :--- | | **Net cash provided by operating activities** | **$69.91** | **$73.57** | | Less: Purchases of furniture, equipment, etc. | $(2.68) | $(9.81) | | Less: Capitalization of software development costs | $(18.56) | $(16.46) | | Exclude: Other items | 48.17 | 72.34 | | **Free Cash Flow** | **$96.83** | **$119.64** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to general market risk, interest rate risk on its cash and investments, foreign currency exchange rate risk from international operations, credit risk as a matched principal counterparty, and concentration risk with cash deposits at major global banks - A hypothetical **10%** increase or decrease in the U.S. dollar against other currencies would have impacted annual revenue by approximately **$11.9 million** and operating expenses by approximately **$10.8 million** over the last twelve months[207](index=207&type=chunk) - The company is exposed to credit and performance risk as a matched principal trading counterparty, particularly as the volume of anonymous Open Trading transactions increases[208](index=208&type=chunk)[209](index=209&type=chunk) - Cash and cash equivalents are primarily maintained at three major global banks, creating a concentration of credit risk[211](index=211&type=chunk) [Item 4. Controls and Procedures](index=42&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2022, with no material changes to internal control over financial reporting identified during the quarter - The CEO and CFO concluded that disclosure controls and procedures are effective to ensure timely and accurate reporting as required by the SEC[212](index=212&type=chunk) - No material changes in internal control over financial reporting were identified during the quarter ended June 30, 2022[213](index=213&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) In the normal course of business, the company is involved in various lawsuits and regulatory examinations, but management does not expect the outcome of these matters to have a material adverse impact on the company's financial position - The outcome of outstanding legal matters is not expected to have a material adverse impact on the Company's financial position, though the ultimate exposure cannot be determined[216](index=216&type=chunk) [Item 1A. Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes in the company's risk factors from those disclosed in its Annual Report on Form 10-K for the year ended December 31, 2021 - No material changes in risk factors from the most recent Form 10-K have been reported[217](index=217&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) During Q2 2022, the company repurchased **180,145 shares** of common stock for an average price of **$272.95** per share under a new **$150.0 million** share repurchase program authorized in January 2022, with approximately **$100.0 million** remaining available as of June 30, 2022 Issuer Purchases of Equity Securities (Q2 2022) | Period | Total Number of Shares Purchased | Average Price Paid per Share (USD) | Approximate Dollar Value of Shares That May Yet Be Purchased (Millions USD) | | :--- | :--- | :--- | :--- | | April 2022 | 112,645 | $277.49 | $117.84 | | May 2022 | 67,500 | $265.38 | $100.02 | | June 2022 | — | — | $100.02 | | **Total** | **180,145** | **$272.95** | | - In January 2022, the Board of Directors authorized a new share repurchase program for up to **$150.0 million**[220](index=220&type=chunk) [Other Items (Items 3-6)](index=44&type=section&id=Other%20Items%20(Items%203-6)) The company reports no defaults upon senior securities, no mine safety disclosures, and no other material information to disclose under Item 5, with Item 6 listing the exhibits filed with the Form 10-Q, including certifications and XBRL data files - The company reported no defaults on senior securities, no mine safety disclosures, and no other information under Item 5[221](index=221&type=chunk)[222](index=222&type=chunk)[223](index=223&type=chunk)

MarketAxess Holdings Inc. (NASDAQ:MKTX) Q2 2022 Earnings Conference Call July 20, 2022 10:00 AM ET Company Participants Stephen Davidson - Head of Investor Relations Richard McVey - Chairman and CEO Chris Concannon - President and Chief Operating Officer Chris Gerosa - Chief Financial Officer Conference Call Participants Richard Repetto - Piper Sandler & Co. Kyle Voigt - Keefe, Bruyette & Woods, Inc. Gautam Sawant - Credit Suisse AG Patrick O'Shaughnessy - Raymond James & Associates, Inc. Daniel Fannon - Je ...

※ Market Axess® Q2 2022 Conference Call and Webcast July 20, 2022 ※ Market Axess® Strategic Update Rick McVey, Chairman and CEO 2 2Q22 Strategic Update & Highlights¹ • Record total credit trading volume; record composite corporate bond2 estimated market share of 20.2%. • Record combined U.S. high‐grade and U.S. high‐yield estimated market share, of 20.9%, up from 19.1%. Increase penetration in • Record U.S. high‐yield estimated market share of 17.3%, up from 14.3%. core credit products • Record emerging mar ...

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, 2022 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) | | Trading | | | --- | --- | --- | | Tit ...

MarketAxess Holdings Inc. (NASDAQ:MKTX) Q1 2022 Earnings Conference Call April 20, 2022 10:00 AM ET Company Participants Stephen Davidson - Head of Investor Relations Richard McVey - Chairman and Chief Executive Officer Chris Concannon - President and Chief Operating Officer Christopher Gerosa - Chief Financial Officer Conference Call Participants Richard Repetto - Piper Sandler & Co. Brian Bedell - Deutsche Bank AG Kyle Voigt - Keefe, Bruyette & Woods, Inc. Sean Horgan - Rosenblatt Securities Inc. Gautam S ...

※ Market Axess® Q1 2022 Conference Call and Webcast April 20, 2022 ※ Market Axess® Strategic Update ❖Rick McVey, Chairman and CEO 2 1Q22 Strategic Update & Highlights¹ | --- | --- | |------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to None Commission File Number 001-34091 MARKETAXESS HOLDINGS INC. (Exact name of registrant as specified in its charter) Delaware 52-2230784 (State of incorporation) ...

INVESTOR PRESENTATION 1st Quarter 2022 Forward Looking Statements This presentation may contain forward‐looking statements, including statements about the outlook and prospects for Company 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 o ...

Financial Data and Key Metrics Changes - MarketAxess reported fourth quarter revenue of $165 million, a 4% decrease from the prior year, attributed to a 6% decline in credit trading volume and lower fee capture [30][31] - Full year 2021 marked the 13th consecutive year of record revenues, with a 2-year compound growth rate for revenue at 17% and operating income at 16% [13][14] - Fourth quarter EBITDA was $86.3 million, and diluted EPS was $1.37 [32] Business Line Data and Key Metrics Changes - U.S. government bond volume reached a record of $4.1 trillion in 2021, with significant dealer and investor participation [11] - Municipal bond trading grew 42% to $6.6 billion in the fourth quarter, with MuniBrokers integration completed [25] - Open Trading facilitated over $15 billion in notional value daily, with nearly 1,700 firms active in the network [21] Market Data and Key Metrics Changes - Market conditions in 2021 were challenging due to historically low credit spreads and volatility, leading to a year-over-year decline in total credit market volumes [15] - Estimated market share for U.S. high-grade and high-yield is running similar to Q1 last year, while TRACE market volumes are down about 17% [17] - Emerging market share is running well above last year, with estimated volumes down about 7% [17] Company Strategy and Development Direction - The company aims to be the 1 portfolio trading provider in 2022, expanding its foundation for growth in new product areas [10] - Investments in geographic and product diversification are yielding a 24% 2-year compound revenue growth in areas outside the core U.S. corporate bond business [14] - The company is focused on enhancing its trading protocols and expanding its electronic trading solutions to capture a larger market share [23] Management's Comments on Operating Environment and Future Outlook - Management anticipates a return to more normal levels of interest rates and bond market volatility in the coming quarters [16] - The company believes that the extended period of quantitative easing has led to low volatility, which is expected to change with central banks preparing for rate increases [16] - Management expressed confidence in the future growth of electronic trading in fixed income markets, projecting that electronic market share could exceed 50% [18] Other Important Information - The company completed the acquisition of Regulatory Reporting Hub, driving post-trade services revenue to $9.4 million, up 43% year-over-year [26] - A new $150 million share repurchase program was authorized by the Board of Directors, following the exhaustion of a previous $100 million program [37] - The effective tax rate for the fourth quarter was 27.1%, with a full year effective tax rate of 22.8% [32] Q&A Session Summary Question: Expense guidance variability based on revenue changes - Management indicated that variable expenses are roughly 18% to 20% of the total expense base, allowing for adjustments based on market conditions [46][47] Question: Update on all-to-all trading for munis and rates - The all-to-all solution for munis constitutes about 46% of the muni business, with ongoing rollout for U.S. treasuries [48][49] Question: Electronifying securitized markets - Management acknowledged low electronification levels in securitized markets but sees potential for future product expansion [52] Question: Investment spend and headcount growth - Investments will focus on talent, trading system enhancements, and geographical expansion, with no items tabled for 2023 [55][56] Question: Buyback authorization and M&A outlook - The capital management strategy prioritizes investments in the trading platform while seeking opportunistic M&A opportunities [60][61] Question: Non-transactional revenue outlook - Information services are expected to continue double-digit growth, driven by new product launches [63][64] Question: Portfolio trading market evolution - Management aims to be 1 in portfolio trading, with expectations of increased demand as market volatility rises [73][74] Question: Treasury market structure and regulatory changes - Regulatory focus on the U.S. treasury market is expected to remain favorable for all-to-all trading solutions [104][105]