Revenue and Trading Volume - In 2022, 89.3% of MarketAxess's revenues were derived from commissions for transactions executed on its platforms[14] - Total credit trading volume increased from approximately $1.7 trillion in 2018 to $2.9 trillion in 2022, with estimated market shares for U.S. high-grade and high-yield corporate bonds rising to 21.3% and 17.9%, respectively[18] - The average daily trading volume for Composite Corporate Bonds on MarketAxess platforms was approximately $9.4 billion in 2022, representing just 19.9% of the estimated addressable market of $47.5 billion[28] - For the year ended December 31, 2022, the average daily trading volume for U.S. high-grade bonds was $25.7 billion, an increase of 8.9% from $23.6 billion in 2021[35] - The average daily trading volume for emerging market debt was $20.8 billion, a slight increase of 2.0% from $20.4 billion in 2021[35] - MarketAxess executed approximately $939.6 billion in credit trading volume using Open Trading in 2022, which accounted for 35.9% of total eligible credit trading volume on its platforms[30] - MarketAxess executed $63.3 billion in corporate and municipal green bond trading volume globally in 2022, marking a 24.0% increase from 2021[72] Open Trading and Price Improvement - Open Trading generated an estimated $945.3 million in price improvement for clients in 2022, with $653.2 million from liquidity taker price improvement and $292.1 million from liquidity provider price improvement[20] - Approximately 35.9% of all eligible credit volume on the MarketAxess platform was executed via Open Trading protocols in 2022[45] - The company reported that Open Trading generated approximately $945.3 million of price improvement for clients in 2022[61] Client and Market Expansion - Revenues from international clients grew from 15.7% of total revenue in 2018 to 19.6% in 2022, with over 1,000 active international client firms[31] - The average daily trading volume in the EMEA, Latin America, and APAC regions on MarketAxess platforms increased from $1.8 billion in 2018 to $3.7 billion in 2022[31] - The company plans to leverage its Open Trading functionality to capture additional market share across core credit markets[39] Technology and Innovation - The company delivered approximately 710 unique new business and technical features to clients during the year ended December 31, 2022[26] - The proprietary pricing algorithm Composite+ generates near real-time prices for approximately 33,000 corporate and sovereign bonds, enhancing trading outcomes[58] - The technology team delivered approximately 710 unique new business and technical features to clients during the year ended December 31, 2022[65] - The company utilizes cloud technology to improve development velocity and enhance its technology platform, ensuring scalability and resiliency[65] Regulatory Environment and Compliance - The company is regulated by multiple authorities globally, including the FCA in the U.K. and ESMA in the E.U., which oversee its operations[90] - The MiFID II and MiFIR regulations introduced significant changes aimed at enhancing market transparency and efficiency, impacting the company's operations[95] - The SEC proposed rules to expand Regulation ATS and amend the definition of an "exchange" to include Communication Protocol Systems, affecting the company's trading protocols[89] - The company is subject to risks related to compliance with extensive regulations, which may affect trading volumes and increase operational costs[140] - Compliance with evolving data privacy regulations, such as GDPR, is critical, with potential penalties for non-compliance that could adversely affect the company's reputation and business[189] Competition and Market Risks - The company faces intense competition in the electronic fixed-income trading markets, which could reduce market share and harm financial performance[78] - The company competes with various electronic trading platforms, including Tradeweb and Bloomberg, in both credit and municipal markets[14] - The company faces substantial competition in the electronic financial services market, with competitors potentially offering lower costs and a wider range of trading solutions[143] - The company has experienced significant declines in trading volumes in the financial markets, which may continue to impact revenues and profitability during periods of low volatility or low trading volume[130] Workforce and Employee Engagement - As of December 31, 2022, MarketAxess had 744 employees, with a 10.1% increase in workforce compared to the previous year[110] - The global workforce composition was approximately 72.3% men and 27.7% women, with U.S. employees being 29.9% Asian, 5.2% Black or African American, and 7.6% Hispanic or Latinx[112] - MarketAxess increased its investment in employee learning and development in 2022, offering customized management training and leadership programs[116] - The overall employee engagement rate was measured at 81%, consistent with global averages for financial services[117] Financial Performance and Future Outlook - The company has experienced significant growth in trading volumes, revenues, and profitability in recent years, but future growth rates cannot be assured[149] - The introduction of new fee plans may not result in increased transaction volumes or revenues, and could potentially lead to reduced business from clients[150] - The company has experienced significant decreases in overall market volumes in the fixed-income markets, which could harm its business and profitability[138] Acquisitions and Investments - The company has made acquisitions in the past, including LiquidityEdge in 2019, Deutsche Börse's regulatory reporting business in 2020, and MuniBrokers in 2021[194] - The company announced a significant minority investment in RFQ-hub in 2022 to enhance its capabilities[197] Operational Risks - The company is exposed to operational risks due to self-clearing of bond transactions, which may lead to inefficiencies and increased expenses[167] - The integrity and capacity of the company's electronic trading platforms are essential for providing reliable service to clients, with potential disruptions leading to a material adverse effect on business[177] - The company faces risks from systems failures, cyber-attacks, and operational disruptions that could harm its reputation and lead to financial losses[185]

Financial Data and Key Metrics Changes - The company reported an 8% revenue growth for Q4 2022, marking the best fourth quarter ever, driven by record market share gains across most products [114][118] - EBITDA grew by 10% and EPS increased by 15% for the year, contributing to the 14th consecutive year of record annual revenue [5][118] - Total commission revenue increased by 9%, with credit commission revenue driven by record increases in estimated market share [15][136] Business Line Data and Key Metrics Changes - Automated trading volume reached a record $62 billion, with no-touch trades totaling 383,000, reflecting strong adoption of automation tools [112][148] - Portfolio trading volume in Q4 was $31 billion, up 135% year-over-year, with an estimated 31% share of the electronic portfolio trading market [135] - The Auto-X solution accounted for 20% of total trade count and 8% of credit trading volume, indicating increased adoption [12] Market Data and Key Metrics Changes - TRACE investment grade bond volumes increased by 23% in Q4 compared to the previous year, with ticket counts growing by 93% [107] - The market is seeing a shift towards fixed income ETFs, with over 70% of flows into fixed income going to ETFs, indicating a growing demand for electronic trading solutions [50][161] - The company noted a record 38% of credit volume executed through Open Trading, contributing to market share gains [6][99] Company Strategy and Development Direction - The company is focused on expanding its leadership position in global credit, with strategic initiatives aimed at enhancing trading and data capabilities [128][99] - The launch of Adaptive Auto-X is expected to provide algorithmic workflows for clients, enhancing liquidity access [113] - The company plans to continue investing in new product areas and geographical expansion, anticipating favorable conditions for e-trading and data revenue growth [128][99] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the fixed income market environment improving, with expectations for increased trading volumes in high-yield and emerging markets [121][130] - The company is monitoring inflation and interest rate trends, which could impact trading volumes, but remains positive about the outlook for 2023 [21][164] - The transition to a new CEO is seen as a strategic move to capitalize on growth opportunities ahead [7][110] Other Important Information - The company reported cash and investments of $515 million with no outstanding debt, indicating a strong balance sheet [137] - The effective tax rate for 2023 is expected to be in the range of 25% to 26%, with CapEx projected between $52 million and $58 million [138] - The company is exploring M&A opportunities in the FinTech space, particularly targeting smaller firms facing capital challenges [77][88] Q&A Session Summary Question: What could derail the outlook on volumes? - Management acknowledged that while the current outlook is positive, unexpected market changes could impact volumes, similar to past commodity market behaviors [142] Question: How do seasonal effects impact market share? - Management noted that market share typically declines in January due to seasonal issuance patterns, but remains optimistic about overall activity levels [143] Question: What is the outlook for high-grade and high-yield markets? - Management indicated that high-grade markets are seeing record activity levels, while high-yield markets are expected to improve as conditions stabilize [146][150] Question: How does the company view pricing flexibility in Open Trading? - Management expressed confidence in the current pricing dynamics and the potential for positive pricing opportunities as market behaviors evolve [152] Question: What are the growth expectations for ETFs and SMA accounts? - Management highlighted the growing demand for fixed income ETFs and SMA accounts, which are expected to drive automation and trading activity [161][162]

Key Themes Source: Corporate bond index duration data sourced from Bloomberg U.S. Corporate Bond Index; U.S. Dollar index data sourced from FactSet. ※ Market Axess® +8% (+10% ex. FX) +8% $100.2 +7% • Financial results include impact of lower duration on U.S. high-grade fee plan; trends improving with corporate bond index duration now 6% above the lows in October 2022. • Higher estimated market volumes and favorable backdrop for fixed income creating attractive operating environment for our model in 2023. 4 ...

Financial Data and Key Metrics Changes - Third quarter revenue was $172 million, up 6% year-over-year, driven by strong trading volume and record market share gains, but negatively impacted by lower duration of U.S. high-grade bonds and a strengthening U.S. dollar [30][31] - Excluding foreign currency fluctuations, revenues would have increased approximately 9% [31] - Total commission revenue increased 7%, with growth in total credit and total rates commission revenue driven by healthy increases in trading volume and estimated market share [34] Business Line Data and Key Metrics Changes - Record trading volume in municipal bonds and portfolio trading, with portfolio trading volume reaching $25 billion in Q3 [26] - Automated trading volume increased to $52 billion, reflecting continued strong adoption during heightened volatility [23] - Open Trading price improvement generated $260 million in estimated transaction cost savings for clients, double the savings from the previous year [21] Market Data and Key Metrics Changes - Emerging markets trading volume grew 8% during the quarter, with local markets' trading volume increasing 33% on a reported basis [27] - U.S. Treasuries saw an increase in active client firms trading on the platform, from 122 to 226 year-over-year [10] - Investment-grade bond indices were down 22% year-to-date, reflecting significant market volatility [12] Company Strategy and Development Direction - The company continues to execute its growth strategy, focusing on expanding market share across various products and enhancing its competitive position in the institutional client e-trading space [41][42] - The leadership position in global credit is expanding beyond U.S. high-grade bonds, with record market share in high yield and municipal bonds [7] - The company is leveraging its global client network and technology to grow share in existing products and add new product areas [17] Management's Comments on Operating Environment and Future Outlook - Management believes that higher bond yields create a better investing and trading environment, despite current volatility [13] - The expectation is that volatility will remain high in 2023, which may favor the company's trading model [87] - The company anticipates that the demand for automation in trading will continue to grow, driven by clients' needs for efficient trading solutions [96] Other Important Information - The effective tax rate was 24.8%, with expectations for the full year to be at the upper end of the previously stated range of 24% to 26% [33] - The company paid out $26 million in quarterly dividends and repurchased 280,000 shares for a total of $88 million year-to-date [39][90] - Cash and investments as of September 30 were $352 million, with trailing 12-month free cash flow of $239 million [38] Q&A Session Summary Question: What is driving the market share gains in U.S. high yield? - Management indicated that liquidity conditions are challenging, leading clients to rely on the all-to-all trading model for diversified sources of liquidity and price improvement [45][46] Question: What is the impact of proposed SEC regulations on central clearing? - Management believes that central clearing will benefit the market overall, but the implementation is still a year or two away [48][51] Question: How did fee per million progress during the quarter? - Fee capture was stable for total credit, with slight pressure from high-grade due to movements in bond yields and years to maturity [56][58] Question: What is the outlook for high-grade trading activity? - Management noted that high-grade market volumes are holding up well despite volatility, but outflows from bond funds are impacting activity [65][66] Question: What enhancements have been made to data and analytics capabilities? - The company has rolled out additional products for its CP+ offering and is seeing growing demand for portfolio construction data [68][71] Question: What are the investment priorities for the cash position? - The company plans to invest in the platform, consider opportunistic M&A, and return capital to shareholders through dividends and repurchases [96][97]

※ 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 ...