NEW YORK--(BUSINESS WIRE)--MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced the election of Douglas Cifu and Kenneth Schiciano to serve on the Company's Board of Directors, effective March 1, 2026. "We are pleased to welcome both Doug and Ken to our Board,†said Chris Concannon, CEO of MarketAxess. "I am confident they will each provide invaluable insight as we continue investing in next generation trading protocols a ...

Core Viewpoint - MarketAxess Holdings Inc. will announce its fourth quarter and full year 2025 financial results on February 6, 2026, before the market opens [1] Group 1: Financial Results Announcement - The announcement will be made via a press release [1] - The conference call will be hosted by CEO Chris Concannon and CFO Ilene Fiszel Bieler [1] - The call will provide a strategic update and discuss the company's financial results [1]

Core Viewpoint - Heartland Mid Cap Value Fund's fourth-quarter 2025 performance was negatively impacted by the underperformance of high-quality value stocks, while speculative and low-quality stocks gained attention, leading to widening valuation gaps [1]. Group 1: Fund Performance - The Fund's portfolio experienced a loss of 1.92% in the fourth quarter, compared to a 1.42% return from the Russell Midcap® Value Index [1]. - The underperformance of Quality Value holdings significantly affected the overall strategy performance during the quarter [1]. Group 2: MarketAxess Holdings Inc. - Heartland Mid Cap Value Fund initiated a new position in MarketAxess Holdings Inc. (NASDAQ:MKTX), which operates the largest electronic trading platform for corporate bonds in the U.S. [3]. - As of January 12, 2026, MarketAxess Holdings Inc. stock closed at $170.10 per share, with a one-month return of -5.22% and a 52-week loss of 21.48% [2]. - MarketAxess Holdings Inc. has a market capitalization of $6.356 billion [2].

Core Insights - MarketAxess Holdings Inc. reported a total trading average daily volume (ADV) of $37.9 billion in Q4 2025, reflecting an 8% year-over-year decrease, primarily due to declines in U.S. Government Bond Rates and other government bond rates [1][8] - Despite the overall decline in ADV, the electronic trading platform facilitated $958.5 billion in total credit trading volume, marking an 11% year-over-year growth [1][8] Trading Performance - Eurobonds and Emerging Markets credit businesses experienced significant growth, with ADV increasing by 20% and 15% year-over-year, respectively [2] - High-grade markets saw a 6% increase in ADV compared to the previous year, while rates trading in agency and other government bonds fell by 43%, and U.S. government bonds decreased by 16%, leading to an overall 17% decline in rates trading [2] Transaction Fees and Market Share - Total credit average variable transaction fees per million (FPM) declined by 8% year-over-year, while total rates FPM grew by 10% year-over-year [3] - MarketAxess' estimated market share of U.S. credit portfolio trading rose to 20.6%, up from 16.2% a year ago [3] Strategic Initiatives - The company is expanding its dealer-initiated and workflow tools, diversifying beyond core fixed-income trading through enhanced protocol solutions and electronic execution offerings [4] - In June 2025, MarketAxess launched the first fully electronic trading workflow for Indian Government Bonds accessible to Foreign Portfolio Investors, and now offers electronic access to the entire JP Morgan Global Bond Index – Emerging Markets [4] Peer Comparison - CME Group is expanding through global growth initiatives and product innovation, including the launch of Spot-Quoted XRP and SOL futures [5] - Intercontinental Exchange, Inc. is also expanding through strategic investments and technological innovations, with a focus on digitization in the U.S. residential mortgage industry [6] Valuation and Earnings Estimates - MarketAxess shares have declined by 21.9% over the past year, contrasting with the industry's growth of 37.7% [7] - The company trades at a forward price-to-earnings ratio of 21.32X, which is higher than the industry average, and carries a Value Score of D [10] - The Zacks Consensus Estimate for MarketAxess' Q4 2025 earnings indicates a 1.2% decline year-over-year, while the full-year earnings consensus predicts a 1.9% increase from the previous year [11]

Core Insights - MarketAxess Holdings Inc. reported strong trading volume and variable transaction fees for December 2025 and the fourth quarter, indicating robust growth across various trading channels [1][2]. Trading Volume Highlights - The total trading volume for December 2025 reached $33.57 billion, a decrease of 17% compared to November 2025 but an increase of 5% year-over-year [8][16]. - The average daily volume (ADV) for total credit trading was $13.55 billion, reflecting a 10% increase year-over-year [16]. - U.S. high-grade credit ADV was $6.84 billion, up 6% year-over-year, while U.S. high-yield credit ADV increased to $1.54 billion, also up 15% year-over-year [16][18]. Client-Initiated Channel - The client-initiated channel saw a 29% growth in block trading ADV, with notable increases in U.S. credit (+21%), emerging markets (+41%), and eurobonds (+43%) [3][7]. - The estimated market share for U.S. credit portfolio trading reached a record 20.6%, up from 16.2% in the previous year [7]. Portfolio Trading Channel - Portfolio trading ADV increased by 41% to a record $1.5 billion, with U.S. high-yield portfolio trading ADV reaching $368 million and emerging markets portfolio trading ADV at $118 million [7][12]. - The increase in market share for U.S. high-yield portfolio trading was driven by a record estimated market share of 27.7% in December 2025 [7]. Dealer-Initiated Channel - Dealer-initiated ADV rose by 32% to $1.8 billion, with a 20% increase in Dealer RFQ ADV and an impressive 185% increase in Mid-X ADV [4][12]. - The Mid-X protocol in U.S. credit surpassed $3.0 billion in trading volume in December 2025 [4]. Variable Transaction Fees - The average variable transaction fee per million (FPM) for total credit was $138, remaining flat month-over-month but down 8% year-over-year [5][12]. - The total rates FPM increased to 4.79, reflecting a 12% increase year-over-year [12]. Market Share Insights - The estimated market share for U.S. high-grade credit was 19.3%, showing a slight increase from the previous month [10]. - The market share for U.S. high-yield credit increased to 15.7%, up 110 basis points year-over-year [11].

Core Insights - MarketAxess Holdings Inc. (MKTX) is positioned for growth due to increasing trading volumes, strategic acquisitions, partnerships, and a strong financial position that supports expansion and shareholder returns [2][3] Financial Performance - MKTX's market capitalization stands at $6.8 billion, with a Zacks Rank of 3 (Hold) [3] - The Zacks Consensus Estimate for MKTX's 2025 earnings is $7.42 per share, reflecting a 1.9% year-over-year increase, while revenue estimates are at $852.4 million, indicating a 4.3% rise [4] - MKTX has consistently beaten earnings estimates over the past four quarters, with an average surprise of 4.1% [4] Growth Drivers - The company is experiencing rising commission revenues due to a 10% year-over-year increase in credit trading volume and a 3% growth in commission-based revenues in the first nine months of 2025 [5] - MKTX is expanding its market reach through targeted acquisitions and partnerships, investing in technology modernization and product innovation [6] - The rollout of new trading protocols and enhancements to core infrastructure are key components of MKTX's strategy to improve trading activities [7] Financial Position - As of the third quarter of 2025, MKTX holds $473.3 million in cash and cash equivalents, with minimal operating lease liabilities of $66.9 million [8] - The net cash generated from operations in the first nine months totaled $223.5 million, a 6.9% increase year-over-year, allowing for reinvestment, share repurchases, and dividend payments [8] - From the start of 2025 through October, MKTX repurchased shares worth $120 million [8] Expense Management - Total expenses increased by 5% year-over-year in the first nine months of 2025, with ongoing investments expected to contribute to rising expenses [11] - MKTX estimates total expenses for 2025 to be between $505 million and $525 million [11] Valuation Metrics - MKTX's forward 12-month P/E ratio is 22.77X, which is higher than the industry average of 15.34X [12] - The company's dividend yield is 1.7%, below the industry average of 1.8% [12]

Core Insights - MarketAxess Holdings Inc. has achieved a significant milestone by surpassing $1 trillion in emerging markets trading volume in 2025, reflecting cumulative activity across hard and local currency bond markets [1][9] Company Performance - The company operates in 30 local currency markets and over 100 hard currency markets, serving more than 1,500 institutional clients across approximately 90 global markets [2] - MarketAxess reported a record average daily volume (ADV) in emerging markets trading of around $5 billion, which is an increase of about 16% year over year, driven by growth in both local and hard currency volumes [3][9] - The launch of a fully electronic workflow for Indian Government Bonds in June 2025 allows MarketAxess to cover the entire J.P. Morgan GBI-EM Index, enhancing its position in the EM debt market [2][4] Market Position and Strategy - The achievement of the $1 trillion trading volume indicates that MarketAxess has significantly scaled its EM business in a traditionally fragmented market, enhancing liquidity and transparency for institutional traders [4] - The company is expanding its dealer business and rolling out tools for sell-side traders, diversifying beyond core fixed-income trading [5] Industry Context - Competitors like CME Group and Intercontinental Exchange, Inc. are also expanding their operations, with CME focusing on international growth and new product rollouts, while ICE is investing in sustainability and data services [6][7] Valuation and Earnings Estimates - MarketAxess shares have declined by 21.8% over the past year, contrasting with the industry's growth of 38.8% [8] - The company trades at a forward price-to-earnings ratio of 22.93X, which is higher than the industry average, and has a Value Score of D [11] - The Zacks Consensus Estimate for MarketAxess' 2025 earnings suggests a 1.7% increase year over year, with a further 7.5% increase projected for 2026 [12]

Core Insights - MarketAxess Holdings Inc. (MKTX) has announced medium-term financial objectives and plans for shareholder value return through share repurchases [1] Financial Targets - MarketAxess aims for average annual total revenue growth of 8-9% and an average annual improvement in operating margin of 75-125 basis points from 2026 to 2028 [2][10] - The targets are based on a stable business portfolio and projected average annual growth rates of approximately 6% in composite credit market average daily volume (ADV) and around 5% in U.S. government bond TRACE market ADV [3] Technology and Client Experience - Management's confidence in sustained technology investments is expected to enhance trading protocols and workflow tools, leading to improved client experience and revenue growth [4] Share Repurchase Program - The board has approved an additional share repurchase program of up to $400 million, adding to the existing unused capacity of $105 million, resulting in a total repurchase capacity of $505 million [5][10] - Of this total, $300 million is designated for an Accelerated Share Repurchase (ASR) agreement with JPMorgan Chase Bank, with an initial share value of approximately $240 million expected [6] - The ASR will be financed through $80 million from cash reserves and $220 million from borrowings, leaving $205 million for future repurchases at the company's discretion [7] Financial Position - MarketAxess maintains a strong financial position with cash and cash equivalents of $473.3 million as of September 30, 2025, and a 6.9% increase in net cash from operations year-over-year [8]

Core Insights - MarketAxess is a leading global electronic trading platform focused on credit markets, emphasizing automation and data utilization in fixed income trading [2] Company Overview - The firm is driving automation across the fixed income trading ecosystem through new protocols and enhanced data usage [2] - Customer expansion is a key strategy for MarketAxess as it continues to grow in the industry [2] Leadership - Chris Concannon serves as the CEO of MarketAxess, while Ilene Fiszel Bieler holds the position of CFO [1]

MarketAxess Conference Summary Company Overview - **Company**: MarketAxess (NasdaqGS:MKTX) - **Industry**: Electronic trading platform specializing in credit markets - **Date of Conference**: December 09, 2025 Key Points and Arguments MarketAxess Advantages - MarketAxess has a significant global network with over 2,100 institutional investors and dealers, and 13,000 active traders, having added 250 active traders in 2025 [4][5] - The company boasts a differentiated liquidity model with over 1,000 unique liquidity providers, including ETF market makers and large institutional investors [5] - Data competitive advantage includes pre-trade analytics and trading data powered by AI, with $8.9 trillion of inquiries in 2025, a 14% increase from 2024 [6][7] Financial Targets and Shareholder Returns - MarketAxess announced a commitment to an average annual revenue growth rate of 8-9% and an average annual margin expansion of 75-125 basis points from 2026 to 2028 [10][11] - The company increased its share repurchase plan to $505 million, with $300 million allocated for accelerated share repurchase [11] Growth in Non-U.S. and U.S. Credit Businesses - 50% of top-line revenue is growing at a 15% CAGR, with emerging markets and Eurobonds contributing significantly [12][13] - The U.S. credit business faced challenges from macroeconomic factors and underinvestment, but plans are in place to reignite growth [8][21] Innovations and New Products - The recently launched Closing Auction protocol aims to cater to the growing indexation of the fixed-income market, with expectations of significant liquidity at the close of trading [18][19] - The auction solution was developed with input from major buy-side investors, indicating strong interest and potential for future growth [38][39] Competitive Landscape - MarketAxess is focused on maintaining competitive pricing in portfolio trading and dealer-to-dealer spaces, with stable fees and a strategic approach to global protocols [32][34] - The company is confident in sustaining revenue growth in emerging markets despite increased competition, due to prior investments in portfolio trading and dealer-to-dealer solutions [30][31] Data Revenue and Market Dynamics - Data revenue is expected to grow as it powers trading solutions, with a focus on making products more attractive and sticky for clients [23][24] - The company is strategically pricing data products to ensure broad distribution while maintaining value [22] Operational Efficiency - MarketAxess has made strides in productivity and efficiency, with a focus on streamlining workflows and leveraging AI for coding and testing [26][27] - The company aims to control expense growth while pursuing top-line revenue increases [28] Additional Important Insights - The company is in a multi-year investment phase for the Closing Auction product, with broader rollout planned for Q1 2026 [39] - Feedback from the buy-side indicates a strong desire for liquidity at the close, which the auction aims to provide [42] This summary encapsulates the key insights from the MarketAxess conference, highlighting the company's strategic advantages, financial targets, growth initiatives, and innovations in the electronic trading space.