Core Insights - MarketAxess Holdings Inc. achieved over $1 trillion in total credit trading volume in Q2 2025, marking a historic milestone for the company with a 20% year-over-year increase [1][9] - The rates trading business also reached a new high of $2 trillion in total volume for the quarter, reflecting a 55% increase from the previous year [1][9] Trading Performance - High-yield and Eurobonds credit businesses experienced 25% year-over-year growth [2] - Emerging markets saw a 20% increase in average daily volume (ADV) compared to the same period last year [2] - Agency and other government bonds in rates trading surged by 81%, while U.S. government bonds grew by 54% [2] Transaction Fees - Total credit average transaction fees per million (FPM) declined by 7% year-over-year due to protocol mix [3] - Total rates FPM fell by 12% as a result of changes in product mix [3] Market Demand - The total trading ADV was recorded at $49 billion, up 43% year-over-year, indicating strong demand for MarketAxess's electronic trading services [4] - The estimated market share of U.S. credit portfolio trading increased to 17.5%, up from 15.1% a year ago [4] Strategic Developments - MarketAxess is diversifying beyond core fixed-income trading, including acquiring a majority stake in RFQ-hub Holdings LLC [5] - The company launched the first fully electronic trading workflow for Indian Government Bonds accessible to Foreign Portfolio Investors [5] Peer Comparison - CME Group is set to launch CME FX Tape+, aiming to provide an unbiased view of the FX market [6] - Intercontinental Exchange acquired the American Financial Exchange to complement its global index business and mortgage technology network [7] Valuation and Estimates - MarketAxess shares have declined by 1.8% year-to-date, contrasting with the industry's growth of 21.1% [8] - The forward price-to-earnings ratio for MarketAxess is 27.86X, higher than the industry average [11] - The Zacks Consensus Estimate for Q2 2025 earnings suggests an 11.1% year-over-year rise, with a full-year earnings prediction of a 2.9% increase [12]

Market Overview - In 2025, markets are experiencing high volatility, with NASDAQ and S&P 500 indices reaching all-time highs despite uncertain economic indicators [1][2] - Analysts anticipate clearer monetary and tariff policies in the second half of the year, along with solid earnings reports, particularly in the tech sector driven by AI [2] Company Insights - **CME Group**: - Operates the largest derivatives marketplace, benefiting from increased trading volumes in volatile markets [5] - Stock has risen over 40% in the last 12 months and over 18% in 2025, showing signs of recovery after a pullback [6][7] - **Goldman Sachs**: - A leading global investment bank that thrives in volatile markets, generating revenue from expanded bid-ask spreads and increased trading activity [9][10] - Stock is up 23.8% in 2025, with bullish momentum but potential for a short-term pullback [11] - **MarketAxess**: - Operates an electronic trading platform for corporate bonds, expected to benefit from increased trading volumes as credit market volatility rises [13][14] - Stock is down 1.5% in 2025 but has shown a 3.1% increase in the last three months, indicating a potential breakout [15][16]

Core Insights - MarketAxess Holdings Inc. (MKTX) has launched the first fully electronic trading workflow for Indian Government Bonds (IGBs) accessible to Foreign Portfolio Investors (FPIs), enhancing global investor access to IGBs on a platform that already includes 29 local currency bond markets [1][9] - The connection to India's Negotiated Dealing System — Order Matching (NDS-OM) platform through the Clearing Corporation of India allows MKTX to streamline the entire trading process from pre-trade allocation to post-trade reporting [2][9] - The previous manual trading processes and regulatory challenges have been mitigated by this electronic execution, making it easier for global institutions to participate in the Indian debt market [3] Market Position and Growth - This strategic move strengthens MarketAxess' leadership in the emerging markets (EM) bond sector, with a reported 9% year-over-year growth in EM trading volume in Q1 2025, reaching an average daily volume (ADV) of $3.9 billion [4][9] - The inclusion of India in MKTX's offerings is expected to further enhance trading volume as global investors seek high-yield, stable emerging markets [5] Stock Performance - Over the past year, MKTX shares have increased by 14.3%, which is below the industry's growth of 28.6% [6]

Summary of MarketAxess (MKTX) Conference Call Company Overview - **Company**: MarketAxess (MKTX) - **Industry**: Electronic fixed income trading venue, primarily focused on credit markets, with expansion into new geographies and asset classes [3][3] Key Points and Arguments Strategic Focus Areas - **Execution of Strategy**: Emphasis on providing the right metrics, data, and analytics to enhance business execution [11][11] - **Capital Deployment**: Increased share repurchase authorization leading to $60 million in buybacks in 2025 compared to $24 million in 2024 [14][14][15][15] - **Expense Management**: Focus on good corporate hygiene and expense discipline, including partnerships with technology firms like Pragma to enhance efficiency [16][18] Market Conditions and Performance - **Volatility and Volume Trends**: - April saw high volatility with CVIX at 56 for high grade and 390 for high yield, normalizing to 33 and 190 respectively in May [20][20][24][24] - Elevated trading volumes sustained through May, driven by increased velocity in the market [22][23] - **Market Share**: - High grade market share increased to 19.9% in May from 19.4% in April, indicating growth in investment grade trading [30][34] - Portfolio trading market share has grown to over 20%, with ongoing enhancements to maintain competitiveness [57][60] Innovations and Technology - **Automation and Algorithms**: Introduction of automation tools like AutoX and adaptive algorithms (ADX) to enhance trading efficiency, with 250 clients onboarded [43][45] - **Block Trading Protocols**: Successful early adoption in emerging markets (EM) and Eurobonds, with significant volume increases (116% in Eurobonds and 24% in EM) [49][49] - **Portfolio Trading Enhancements**: Completion of feature set for portfolio trading, focusing on net hedging and benchmark capabilities [59][60] Emerging Markets (EM) Focus - **Growth in EM**: EM is now the largest business segment, with significant contributions from countries like Mexico, Brazil, and South Korea. Year-to-date volumes are up 14% [82][86][89] - **Local vs. Hard Currency**: Hard currency trading constitutes 60% of the EM business, with local currency trading representing 40%, indicating potential for growth in local markets [86][86] Competitive Landscape and Pricing - **Pricing Stability**: Pricing within traditional RFQ and open trading has remained steady, with fluctuations attributed to macroeconomic factors rather than pricing pressure [97][99] - **Protocol Mix**: New protocols like portfolio trading come with lower fee captures, but present opportunities for incremental revenue growth [100][102] Additional Important Insights - **Talent Acquisition**: Ongoing recruitment of key personnel to enhance product development and client solutions, indicating a commitment to innovation and market responsiveness [66][70] - **Client-Centric Approach**: Continuous engagement with clients to understand their needs and enhance service offerings, particularly in the block trading and portfolio trading spaces [50][56][60] This summary encapsulates the critical insights and developments discussed during the MarketAxess conference call, highlighting the company's strategic focus, market performance, technological innovations, and competitive positioning.

Financial Data and Key Metrics Changes - The preliminary report indicates that more than 88% of the total number of shares outstanding and entitled to vote were present at the meeting, constituting a quorum [6] - MarketAxess stock price has significantly decreased from $6.00 in February 2020 to $217, indicating a long-term slump [11][12] Business Line Data and Key Metrics Changes - No specific data on individual business lines was provided during the meeting [0] Market Data and Key Metrics Changes - No specific market data or key metrics changes were discussed during the meeting [0] Company Strategy and Development Direction and Industry Competition - The board of directors recommended against a stockholder proposal aimed at allowing all shareholders to call for a special shareholder meeting, citing reasons in the proxy statement [14][17] - The proposal was presented as a means to incentivize a turnaround for MarketAxess, which has been experiencing a long-term slump [11][12] Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during the meeting [0] Other Important Information - The meeting included the election of 11 directors and the ratification of PricewaterhouseCoopers as the independent registered public accounting firm for the fiscal year ended December 31, 2025 [7][17] - The compensation of the company's named executive officers was approved by advisory vote [17] Q&A Session All Questions and Answers Question: Does MarketAxess have a retirement age for directors? - The board has adopted corporate governance guidelines and reviews director tenure annually, but has not established a retirement age or term limits [15][16]

Core Viewpoint - MarketAxess Holdings Inc. has acquired a majority stake in RFQ-hub Holdings LLC, enhancing its position in the ETF and derivatives market through this strategic move [1][2][4]. Group 1: Acquisition Details - MarketAxess now holds approximately a 90% controlling stake in RFQ-hub, which is a global request-for-quote platform for trading ETFs, derivatives, and structured products [1]. - The remaining ownership is retained by original consortium members including Virtu Financial, BlackRock, Citadel Securities, Flow Traders, and Jane Street Capital, who will continue to collaborate with MarketAxess [2]. Group 2: Strategic Implications - This acquisition is expected to broaden MarketAxess' multi-asset capabilities, allowing it to better serve clients managing credit risk and bond liquidity through ETF and derivative tools [3]. - Gaining majority control is likely to provide MarketAxess with more direct influence over RFQ-hub's operations and revenue streams, aligning with its long-term strategy to diversify beyond core fixed-income trading [4]. Group 3: Market Context - MarketAxess has been focusing on accelerating growth in the fixed income space, as evidenced by its recent strategic data partnership with S&P Global Market Intelligence aimed at enhancing transparency and operational efficiency [6]. - Despite the acquisition, MarketAxess shares have declined 6.7% year-to-date, contrasting with an 8.3% increase in the industry, indicating challenges in the current market environment [7].

[PART I — Financial Information](index=4&type=section&id=PART%20I%20%E2%80%94%20Financial%20Information) [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) The unaudited consolidated financial statements for Q1 2025 show net income decreased to **$15.1 million** from **$72.6 million**, driven by a higher tax provision, with total assets growing to **$1.88 billion** [Consolidated Statements of Financial Condition](index=4&type=section&id=Consolidated%20Statements%20of%20Financial%20Condition) As of March 31, 2025, total assets increased to **$1.88 billion** from **$1.79 billion**, while total liabilities rose to **$530.8 million**, leading to a decrease in stockholders' equity to **$1.35 billion** Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$1,878,096** | **$1,789,216** | | Cash and cash equivalents | $486,224 | $544,478 | | Receivables from broker-dealers, etc. | $493,613 | $357,728 | | **Total Liabilities** | **$530,783** | **$400,556** | | Payables to broker-dealers, etc. | $318,866 | $218,845 | | Income and other tax liabilities | $80,987 | $3,683 | | **Total Stockholders' Equity** | **$1,347,313** | **$1,388,660** | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) For Q1 2025, total revenues slightly decreased to **$208.6 million**, while expenses rose, and a significant **$81.1 million** tax provision led to net income falling to **$15.1 million** and diluted EPS to **$0.40** Q1 2025 vs. Q1 2024 Statement of Operations (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Revenues | $208,576 | $210,318 | | Commissions | $181,343 | $184,873 | | Total Expenses | $120,194 | $117,818 | | Operating Income | $88,382 | $92,500 | | Provision for Income Taxes | $81,089 | $24,102 | | **Net Income** | **$15,065** | **$72,615** | | **Diluted EPS** | **$0.40** | **$1.92** | | Cash dividends declared per share | $0.76 | $0.74 | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2025, net cash from operations improved to **$29.6 million**, while investing activities used **$17.1 million** and financing activities used **$77.1 million**, resulting in a **$56.0 million** decrease in cash Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Net cash provided by/(used in) operating activities | $29,629 | $(4,949) | | Net cash (used in) investing activities | $(17,148) | $(15,830) | | Net cash (used in) financing activities | $(77,066) | $(52,543) | | **Net decrease in cash and cash equivalents** | **$(56,005)** | **$(76,508)** | [Notes to Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, revenue sources, regulatory capital, a **$56.3 million** provision for unrecognized tax benefits, **$38.1 million** in share repurchases, and the planned acquisition of RFQ-hub Holdings LLC - The company operates electronic trading platforms for global fixed-income markets, serving approximately **2,100 institutional investor and broker-dealer firms**[26](index=26&type=chunk) Commission Revenue Breakdown (Q1 2025, in thousands) | Commission Type | Amount | | :--- | :--- | | Variable transaction fees | $147,991 | | Distribution fees and unused minimum fees | $33,352 | | **Total Commissions** | **$181,343** | - The provision for income taxes for Q1 2025 includes a charge of **$56.3 million** (**$54.9 million** for prior periods and **$1.4 million** for the current period) for unrecognized tax benefits following a New York state tax court decision. This increased the effective tax rate for the quarter to **84.3%**[82](index=82&type=chunk)[83](index=83&type=chunk) - The company repurchased **187,905 shares** of common stock for **$38.1 million** during the quarter. As of March 31, 2025, **$187.0 million** remained available under the 2024 Repurchase Program[106](index=106&type=chunk) - On April 19, 2024, the Company agreed to acquire a controlling interest in RFQ–hub Holdings LLC for approximately **$37.9 million** in cash, subject to regulatory approvals[78](index=78&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2025 results, noting a **0.8%** revenue decrease to **$208.6 million** and a **$56.3 million** tax provision that reduced net income to **$15.1 million**, while highlighting strong liquidity and strategic technology investments [Critical Factors Affecting Our Industry and Our Company](index=33&type=section&id=Critical%20Factors%20Affecting%20Our%20Industry%20and%20Our%20Company) Company performance is influenced by economic factors, intensifying competition, and evolving regulations, including new SEC proposals and EU's DORA, while technology investments like X-Pro platform remain key - In Q1 2025, U.S. high-grade and high-yield market average daily volumes increased by **8.4%** and **14.1%** year-over-year, respectively, but credit spreads and volatility remained at relatively low levels[120](index=120&type=chunk) - Competition has heightened in portfolio trading, where increased client use of competitor platforms could decrease MarketAxess's market share[125](index=125&type=chunk) - The company faces an evolving regulatory landscape, including proposed SEC rules to expand Regulation ATS to government securities and mandate central clearing for U.S. Treasuries, as well as the EU's Digital Operational Resilience Act (DORA)[127](index=127&type=chunk)[129](index=129&type=chunk) [Results of Operations](index=42&type=section&id=Results%20of%20Operations) In Q1 2025, total revenues decreased **0.8%** to **$208.6 million**, expenses rose **2.0%**, and a **236.4%** surge in tax provision to **$81.1 million** caused net income to fall **79.3%** to **$15.1 million** Q1 2025 vs Q1 2024 Financial Summary ($ in thousands) | Metric | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $208,576 | $210,318 | (0.8)% | | Total Expenses | $120,194 | $117,818 | 2.0% | | Operating Income | $88,382 | $92,500 | (4.5)% | | Provision for Income Taxes | $81,089 | $24,102 | 236.4% | | Net Income | $15,065 | $72,615 | (79.3)% | - Total credit trading volume increased **6.3%** to **$976.0 billion**, while the average variable transaction fee per million for credit decreased **9.7%** to **$139.18**, mainly due to product and protocol mix-shift[166](index=166&type=chunk)[167](index=167&type=chunk)[169](index=169&type=chunk) - The company's estimated market share of U.S. high-grade volume decreased to **18.0%** from **19.3%** year-over-year, and its U.S. high-yield market share decreased to **11.9%** from **12.9%** year-over-year[168](index=168&type=chunk) [Liquidity and Capital Resources](index=46&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$642.1 million** in cash and investments, **$749.9 million** available credit, and **$552.1 million** in excess regulatory capital, funding share repurchases and a planned **$37.9 million** acquisition - As of March 31, 2025, the company had **$749.9 million** in available borrowing capacity under its **$750.0 million** revolving credit facility[179](index=179&type=chunk) - Net cash used in financing activities increased by **$24.5 million** year-over-year, primarily due to higher repurchases of common stock[185](index=185&type=chunk) - The company's subsidiaries maintained aggregate net capital and financial resources that were **$552.1 million** in excess of the required levels of **$36.6 million**[188](index=188&type=chunk) - The company plans to acquire a controlling interest in RFQ–hub Holdings LLC for approximately **$37.9 million** in cash[196](index=196&type=chunk) [Non-GAAP Financial Measures](index=49&type=section&id=Non-GAAP%20Financial%20Measures) The company presents non-GAAP measures, showing Q1 2025 adjusted net income of **$70.0 million** and diluted EPS of **$1.87** (excluding a **$54.9 million** tax reserve), with EBITDA at **$107.4 million** and free cash flow at **$47.1 million** GAAP to Non-GAAP Reconciliation (Q1 2025) | Metric | GAAP-basis | Notable Items | Non-GAAP basis | | :--- | :--- | :--- | :--- | | Net Income (in thousands) | $15,065 | $54,939 | $70,004 | | Diluted EPS | $0.40 | $1.47 | $1.87 | | Effective Tax Rate | 84.3% | (57.1)% | 27.2% | EBITDA and Free Cash Flow (Q1 2025, in thousands) | Metric | Amount | | :--- | :--- | | EBITDA | $107,434 | | EBITDA Margin | 51.5% | | Free Cash Flow | $47,067 | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=51&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from **$155.9 million** in investments, interest rate risk on **$644.5 million** cash, foreign currency risk on **16.1%** of revenues and **25.8%** of expenses, and credit risk from matched principal trading - A hypothetical **100 basis point** change in interest rates would impact annual interest income by approximately **$6.4 million** and change the fair value of its available-for-sale and trading securities portfolios by **$1.0 million** and **$2.1 million**, respectively[203](index=203&type=chunk)[204](index=204&type=chunk)[205](index=205&type=chunk) - Approximately **16.1%** of revenues and **25.8%** of expenses were denominated in currencies other than the U.S. dollar over the last twelve months, primarily the British Pound Sterling[207](index=207&type=chunk) - The company is exposed to credit risk as a matched principal trading counterparty and has policies and controls in place to manage this risk[209](index=209&type=chunk)[210](index=210&type=chunk) [Item 4. Controls and Procedures](index=53&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during the quarter - Based on an evaluation as of March 31, 2025, the CEO and CFO concluded that the company's disclosure controls and procedures are effective[213](index=213&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[214](index=214&type=chunk) [PART II — Other Information](index=54&type=section&id=PART%20II%20%E2%80%94%20Other%20Information) [Item 1. Legal Proceedings](index=54&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal and regulatory proceedings, but their outcome is not expected to have a material adverse impact on its financial position - The outcome of outstanding legal matters is not expected to have a material adverse impact on the Company's financial position[217](index=217&type=chunk) [Item 1A. Risk Factors](index=54&type=section&id=Item%201A.%20Risk%20Factors) No material changes in risk factors have been reported from the most recent Annual Report on Form 10-K - No material changes in risk factors from the most recent Form 10-K have been reported[218](index=218&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=54&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q1 2025, the company repurchased **234,293 shares** of common stock, including **187,905 shares** under repurchase programs, with **$187.0 million** remaining available under the 2024 program Issuer Purchases of Equity Securities (Q1 2025) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Jan 2025 | 45,548 | $218.88 | | Feb 2025 | 104,840 | $193.21 | | Mar 2025 | 83,905 | $207.10 | | **Total** | **234,293** | **$203.17** | - Of the total shares repurchased, **187,905** were part of the company's Repurchase Programs. As of March 31, 2025, the 2022 program was exhausted and **$187.0 million** remained under the 2024 program[220](index=220&type=chunk)[221](index=221&type=chunk) [Item 3. Defaults Upon Senior Securities](index=55&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported - None[222](index=222&type=chunk) [Item 4. Mine Safety Disclosures](index=55&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - Not applicable[223](index=223&type=chunk) [Item 5. Other Information](index=55&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during Q1 2025 - No director or officer adopted or terminated a Rule 10b5-1 trading plan in Q1 2025[224](index=224&type=chunk) [Item 6. Exhibits](index=56&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including executive compensation agreements, equity plans, and CEO/CFO certifications - Exhibits filed include consulting agreements, forms of restricted stock unit and stock option agreements, and CEO/CFO certifications[225](index=225&type=chunk)

Core Insights - MarketAxess Holdings Inc. reported first-quarter 2025 earnings per share of $1.87, exceeding the Zacks Consensus Estimate by 2.8%, but down 2.6% year over year from $1.92 [1] - Total revenues decreased by 0.8% year over year to $208.6 million, missing the consensus mark by 1% [1] Financial Performance - Commission revenues were $181.3 million, down 2% year over year, and fell short of the Zacks Consensus Estimate of $185.4 million [3] - Information services revenues increased by 9% year over year to $12.9 million, but missed the consensus mark of $13 million [4] - Post-trade services revenues rose 3% year over year to $11.1 million, also falling short of the consensus mark by 0.4% [4] - Total expenses increased by 2% year over year to $120.2 million, driven by higher employee compensation and benefits, technology, and marketing expenses, but were lower than the estimate of $128.1 million [5] - Operating income declined 4% year over year to $88.4 million, but exceeded the estimate of $87 million [5] - EBITDA fell 1.7% year over year to $107.4 million, with the EBITDA margin deteriorating by 40 basis points to 51.5% [5] Trading Volumes - High-grade trading volume was $461.3 billion, up 1% year over year, surpassing the Zacks Consensus Estimate of $460.7 billion [6] - High-yield trading volume increased by 5% year over year to $90 billion [6] - Other credit trading volume rose 39% year over year to $36.5 billion [7] - Total credit trading volume grew 6% year over year to $976 billion, with total credit average daily volume (ADV) rising 6% to $15.9 billion [8] Balance Sheet and Cash Flow - As of March 31, 2025, cash and cash equivalents were $486.2 million, down from $544.5 million at the end of 2024 [10] - Total assets increased to $1.9 billion from $1.8 billion at the end of 2024 [10] - MarketAxess generated $29.6 million of net cash from operations, improving from a net cash used in operations of $5 million in the prior year [11] - Free cash flow advanced 52.2% year over year to $47.1 million [11] Capital Deployment - The company repurchased shares worth $38.1 million in the quarter, with a total of $51.7 million repurchased by April 2025 [12] - A remaining capacity of $173.4 million is available under the authorized repurchase program as of April 30, 2025 [12] - A quarterly cash dividend of 76 cents per share was declared, payable on June 4, 2025 [12] 2025 Outlook - Services revenues are expected to see mid-single-digit growth [13] - Total expenses are estimated to be between $505 million and $525 million for 2025 [13] - Capital expenditure is projected to be between $65 million and $70 million, with an effective tax rate expected between 26% and 27% [13]

MarketAxess (MKTX) Q1 2025 Earnings Call May 07, 2025 10:00 AM ET Company Participants Stephen Davidson - Head - Investor RelationsChristopher Concannon - CEOIlene Fiszel Bieler - Chief Financial OfficerChristopher Allen - Managing DirectorAlex Kramm - Managing Director - Equity ResearchKyle Voigt - Managing Director - Equity ResearchChristopher O'Brien - Equity Research AVP - Brokers, Exchanges, & Asset ManagersBrian Bedell - Director Conference Call Participants Michael Cyprys - AnalystAlex Blostein - Ana ...

MarketAxess (MKTX) Q1 2025 Earnings Call May 07, 2025 10:00 AM ET Speaker0 Ladies and gentlemen, thank you for standing by. Welcome to the MarketAxess First Quarter twenty twenty five Earnings Conference Call. As a reminder, this conference call is being recorded on 05/07/2025. I would now like to turn the call over to Steve Davidson, Head of Investor Relations at MarketAxess. Please go ahead, sir. Speaker1 Good morning, and welcome to the MarketAxess first quarter twenty twenty five earnings conference cal ...