Core Insights - MarketAxess Holdings Inc. reported total revenues of $208.8 million for Q3 2025, reflecting a 1% increase compared to the previous year, which included an approximate $1.3 million increase due to foreign currency fluctuations [1] Financial Performance - Total commission revenue reached $180.2 million, consistent with previous performance [1]

Core Insights - MarketAxess Holdings Inc. is scheduled to report its third-quarter 2025 results on November 7, 2025, with earnings estimated at $1.69 per share and revenues of $206.42 million [1] Earnings Estimates - Third-quarter earnings estimates have been revised downward by 18 cents over the past 60 days, indicating an 11.1% decrease from the previous year [2] - The Zacks Consensus Estimate for quarterly revenues suggests a year-over-year decline of 0.1% [2] Full-Year Projections - For the full year 2025, the revenue estimate is $852.89 million, reflecting a 4.4% year-over-year increase, while the earnings per share estimate is $7.24, indicating a 0.6% decline year-over-year [3] Historical Performance - MarketAxess has a strong track record of exceeding earnings estimates, having beaten the consensus in each of the last four quarters with an average surprise of 3% [4] Earnings Prediction Model - The current model does not predict an earnings beat for MarketAxess, as it has an Earnings ESP of 0.00% and a Zacks Rank of 5 (Strong Sell) [5] Factors Influencing Q3 Results - Lower transaction fees and increased expenses may counterbalance gains from Eurobond and Emerging Markets trading growth [8] - The total trading volume is expected to decrease by 0.4% year-over-year, with U.S. high-grade trading volume projected to decline by 3% [9] Trading Volume Insights - Eurobonds trading volumes are estimated to grow by 16.6% year-over-year, while Emerging Markets are expected to see a 12.6% increase [10] Revenue and Fee Estimates - The consensus estimate for commissions is $178.6 million, indicating a 1% decline from the prior year, with a 7% year-over-year fall in average variable transaction fees per million [11] - Total expenses are projected to rise to approximately $126.4 million, reflecting a 5.6% year-over-year increase [12] Information Services Revenue - Higher information services revenues are anticipated, with a consensus estimate of $13.4 million, indicating a 3.5% rise from the previous year [13]

Core Insights - MarketAxess Holdings Inc. is launching Opening and Closing Auctions, a standardized market-wide auction protocol aimed at enhancing price discovery and providing unique liquidity for trading U.S. credit [1] Company Developments - The new auction protocol is designed to improve the trading environment for fixed income securities [1] - MarketAxess consulted a diverse group of buy-side and sell-side participants during the development of the Opening & Closing Auctions [1]

MarketAxess Holdings is seeking to bring a feature of fast-twitch equity markets to the relatively sedate $9 trillion universe of corporate bonds: the daily closing auction. https://t.co/8sM1sTNzio ...

Core Insights - MarketAxess Holdings Inc. is valued at $6.4 billion and operates an electronic trading platform for institutional investors and broker-dealer companies globally, focusing on liquidity, execution quality, and cost savings in fixed-income markets [1] Financial Performance - MarketAxess is expected to report a non-GAAP profit of $1.70 per share for Q3, a decrease of 10.5% from $1.90 in the same quarter last year, but has consistently surpassed Wall Street's bottom-line estimates for the past four quarters [2] - For the full fiscal year 2025, adjusted EPS is projected at $7.27, slightly down from $7.28 in fiscal 2024, with a forecasted increase of 9.9% to $7.99 per share in fiscal 2026 [3] Stock Performance - MKTX stock has declined by 40.8% over the past 52 weeks, underperforming the Financial Select Sector SPDR Fund's 10.9% gains and the S&P 500 Index's 14.8% returns during the same period [4] - Following the Q2 results announcement, MKTX stock prices fell by 10.1%, despite reporting a 12% increase in commissions revenues to $191.8 million and a 10.9% year-over-year revenue growth to $219.5 million, which exceeded expectations [5] Analyst Ratings - Analysts maintain a consensus "Moderate Buy" rating for MKTX, with 16 analysts providing insights: five "Strong Buys," one "Moderate Buy," nine "Holds," and one "Moderate Sell." The mean price target of $203 indicates an 18.8% upside potential from current levels [6]

Core Insights - MarketAxess Holdings Inc. (MKTX) reported a total trading average daily volume (ADV) of $38.8 billion in Q3 2025, reflecting a 4% year-over-year decrease due to declines in U.S. High-Grade Credit and U.S. Government Bonds [1][9] - The electronic trading platform facilitated over $932.4 billion in total credit trading volume during the same period [1] Trading Performance - Eurobonds and Emerging markets credit businesses experienced significant growth, with ADV increasing by 16% and 14% year-over-year, respectively, driven by new client-initiated and dealer-initiated trading initiatives [2] - High-grade markets saw a 7% decrease in ADV compared to the previous year, while agency and other government bonds experienced a 6% growth in ADV, with U.S. government bonds declining by 9%, leading to an overall 8% decrease in total rates trading [3] Transaction Fees and Market Share - Total credit average variable transaction fees per million (FPM) declined by 6% year-over-year due to protocol mix, while total rates fees remained stable [4] - MarketAxess' estimated market share of U.S. credit portfolio trading decreased to 19.1%, down from 20% a year ago [4] Strategic Initiatives - The company is expanding its dealer business and rolling out new tools for sell-side traders, diversifying beyond core fixed-income trading [5] - In June 2025, MarketAxess launched the first fully electronic trading workflow for Indian Government Bonds, accessible to Foreign Portfolio Investors [5] Peer Comparison - CME Group is expanding through global growth and product innovation, planning to offer 24/7 trading for cryptocurrency futures and options [6] - Intercontinental Exchange, Inc. (ICE) is focusing on sustainability and emerging markets, with plans to launch ICE GreenTrac targeting global carbon markets [7] Valuation and Earnings Estimates - MarketAxess shares have declined by 25.7% year-to-date, contrasting with the industry's growth of 28.3% [8][9] - The company trades at a forward price-to-earnings ratio of 20.78X, which is higher than the industry average, and carries a Value Score of D [11] - The Zacks Consensus Estimate for Q3 2025 earnings indicates a 2.6% decline year-over-year, while the full-year earnings consensus predicts a 2.2% increase [12]

Core Insights - MarketAxess Holdings Inc. reported trading volume and preliminary variable transaction fees per million for September 2025 and the third quarter ended September 30, 2025 [1] - The CEO of MarketAxess, Chris Concannon, noted that despite historic levels of new issuance in U.S. credit in September, which affected the company's estimated market share, a new record was set [1] Trading Volume - The trading volume for September 2025 was impacted by high levels of new issuance in the U.S. credit market [1] - The company continues to operate a leading electronic trading platform for fixed-income securities [1] Transaction Fees - Preliminary variable transaction fees per million were announced for the third quarter, indicating ongoing activity in the fixed-income trading space [1] - The specific figures for transaction fees were not detailed in the announcement [1]

Core Insights - The financial sector is experiencing a trend of oversold stocks, presenting potential buying opportunities for undervalued companies [1][2] Group 1: Oversold Stocks - KKR & Co Inc has an RSI value of 27.2, with shares closing at $124.63 after a 2.2% decline [8] - MarketAxess Holdings Inc also has an RSI value of 27.2, with shares closing at $169.59 after a 0.7% decline [8] - Apollo Global Management has an RSI value of 29.9, with shares closing at $127.23 after a 2.1% decline [8] Group 2: Upcoming Financial Results - KKR & Co is set to release its Q3 financial results on November 7, 2025 [8] - Apollo Global Management will release its Q3 financial results on November 4, 2025 [8] Group 3: Analyst Ratings - Morgan Stanley analyst maintained an Overweight rating for MarketAxess, lowering the price target from $274 to $253 [8]

Core Insights - The financial sector is experiencing a trend of oversold stocks, presenting potential buying opportunities for undervalued companies [1] - The Relative Strength Index (RSI) is a key indicator used to identify oversold conditions, with a value below 30 indicating potential undervaluation [1] Company Summaries - **KKR & Co Inc (NYSE:KKR)**: - Scheduled to release Q3 financial results on Nov. 7, 2025, before market opens - Stock has decreased approximately 8% over the past five days, with a 52-week low of $86.15 - Current RSI value is 27.2, with shares closing at $124.63, down 2.2% [3][8] - **MarketAxess Holdings Inc (NASDAQ:MKTX)**: - Morgan Stanley analyst maintained an Overweight rating but reduced the price target from $274 to $253 - Stock has fallen around 5% in the last five days, with a 52-week low of $168.74 - Current RSI value is 27.2, with shares closing at $169.59, down 0.7% [4][8] - **Apollo Global Management (NYSE:APO)**: - Expected to announce Q3 financial results on Nov. 4, 2025, before market opens - Stock has decreased about 7% over the past five days, with a 52-week low of $102.58 - Current RSI value is 29.9, with shares closing at $127.23, down 2.1% [5][8]

Core Viewpoint - BGC Group is currently viewed as a better value opportunity compared to MarketAxess based on various financial metrics and analyst outlooks [1][7]. Valuation Metrics - BGC Group has a forward P/E ratio of 7.85, significantly lower than MarketAxess's forward P/E of 22.84 [5]. - BGC's PEG ratio stands at 0.37, indicating a more favorable valuation relative to its expected EPS growth, while MarketAxess has a PEG ratio of 3.31 [5]. - The P/B ratio for BGC is 3.97, compared to MarketAxess's P/B of 4.62, suggesting BGC is more attractively valued in terms of market value versus book value [6]. Analyst Outlook - BGC Group holds a Zacks Rank of 2 (Buy), indicating stronger earnings estimate revision activity, while MarketAxess has a Zacks Rank of 3 (Hold) [3]. - The improving analyst outlook for BGC suggests a more favorable investment environment compared to MarketAxess [3][7]. Value Grades - BGC Group has achieved a Value grade of A, while MarketAxess has a Value grade of D, reflecting the differences in their valuation metrics [6].