Core Insights - MarketAxess reported Q3 CY2025 results with revenue of $208.8 million, exceeding analyst expectations of $207.4 million, reflecting a 1% year-on-year growth [5] - Non-GAAP profit per share was $1.84, surpassing consensus estimates by 8.1% [5] Revenue and Profitability - Revenue of $208.8 million represented a 1% increase year-on-year, beating analyst estimates by 0.7% [5] - Adjusted EPS of $1.84 exceeded analyst expectations of $1.70 by 8.1% [5] - Adjusted EBITDA reached $107.6 million, with a margin of 51.5%, also above estimates [5] - Operating margin decreased to 41% from 42.6% in the same quarter last year [5] Market Performance and Strategy - Management attributed performance to growth in non-U.S. credit markets and new trading protocols [3][4] - CEO highlighted double-digit growth in international client activity and emerging markets, while U.S. credit segment faced challenges due to tight spreads and low volatility [3] - Future growth is expected from the adoption of new trading protocols, including portfolio and block trading, and a new closing auction for fixed income [3][7] Automation and Trading Trends - MarketAxess experienced rapid growth in automated trading, with trade counts and volumes increasing at nearly 30% CAGR [6] - Non-U.S. credit trading volumes grew at double-digit rates, with international clients now accounting for over a third of global credit trading [6] - Block trading average daily volume rose 10% in Q3 and 21% in October, with strong performance in emerging markets [6] New Initiatives - The introduction of a closing auction mechanism for fixed income aims to enhance end-of-day liquidity and standardize the closing process [7] - The launch of the Mid-X protocol has shown promising early results, with a daily matched volume of $2.7 billion [6]

Financial Performance - Revenues for the three months ended September 30, 2025, were $208,821,000, a 1.0% increase from $206,715,000 in the same period of 2024[169]. - Expenses increased by 3.0% to $123,242,000 in Q3 2025 from $119,660,000 in Q3 2024[169]. - Operating income decreased by 1.7% to $85,579,000 in Q3 2025 compared to $87,055,000 in Q3 2024[169]. - Net income for Q3 2025 was $68,273,000, down 4.5% from $71,489,000 in Q3 2024[169]. - Net income per common share (diluted) decreased by 3.2% to $1.84 in Q3 2025 from $1.90 in Q3 2024[169]. - Total revenues for the three months ended September 30, 2025, were $208,821,000, a 1.0% increase from $206,715,000 in 2024[170]. - Commission revenues decreased by $221,000, or 0.1%, to $180,171,000 for the three months ended September 30, 2025[170]. - Trading volumes for the three months ended September 30, 2025, totaled $2,488,457,000, a decrease of 4.1% from $2,595,888,000 in 2024[171]. - U.S. high-grade trading volume decreased by 6.7% to $419,703,000, while U.S. high-yield volume increased by 5.5% to $86,228,000[172]. - Net income for the nine months ended September 30, 2025, was $154,518,000, a decrease of 26.1% from $209,042,000 in 2024[182]. - Revenues for the nine months ended September 30, 2025, increased by $22.2 million, or 3.6%, to $636.9 million compared to $614.7 million in 2024[184]. - Commission revenues rose by $16.3 million, or 3.0%, to $553.3 million, with variable transaction fees increasing by $15.3 million, or 3.5%[185]. - Total trading volume for the nine months ended September 30, 2025, increased by $1.4 billion, or 20.8%, to $8.1 billion compared to $6.7 billion in 2024[186]. Expenses and Income - Total expenses for the three months ended September 30, 2025, were $123,242,000, a 3.0% increase from $119,660,000 in 2024[176]. - Employee compensation and benefits rose by $1.6 million, primarily due to higher salary costs from increased headcount[176]. - Provision for income taxes increased by $3,958,000, or 18.5%, to $25,366,000 for the three months ended September 30, 2025[180]. - Employee compensation and benefits increased by $10.7 million, or 6.0%, to $187.1 million due to higher salary costs and severance costs[191]. - Total expenses for the nine months ended September 30, 2025, increased by $17.2 million, or 4.9%, to $371.0 million compared to $353.8 million in 2024[191]. - The provision for income taxes increased by $65.8 million, or 98.3%, to $132.7 million, with an effective tax rate of 46.2%[195]. Cash Flow and Liquidity - Cash and cash equivalents totaled $630.6 million as of September 30, 2025, with investments primarily in investment-grade corporate bonds and U.S. Treasury securities[197]. - The company entered into a Credit Agreement in August 2023, providing $750.0 million in aggregate commitments, with $749.9 million available borrowing capacity as of September 30, 2025[198]. - Net cash provided by operating activities for the nine months ended September 30, 2025, was $223.5 million, an increase of 6.9% compared to $209.0 million in 2024[202]. - Net cash used in investing activities increased by $4.7 million primarily due to cash outflows for the 2025 RFQ-hub Acquisition[203]. - Net cash used in financing activities increased by $67.5 million, mainly due to higher repurchases of common stock[203]. - As of September 30, 2025, subsidiaries maintained aggregate net capital and financial resources of $603.4 million, exceeding the required levels of $43.3 million[206]. Market and Trading Environment - In the first nine months of 2025, U.S. high-grade and U.S. high-yield market average daily volume increased by 9.0% and 21.0%, respectively, compared to the prior year[124]. - The global fixed-income securities industry is characterized by high competition, with increasing demand for portfolio trading workflows impacting market share[130]. - Estimated market volumes of emerging markets and eurobonds increased significantly compared to the prior year, indicating growth opportunities[124]. - The company anticipates future changes in average fees per million due to fluctuations in yield and trading protocols[145]. - The company expects an increase in transactions where it acts as a matched principal, which may elevate credit risk exposure[227]. - The company has implemented policies and automated controls to manage credit risk, although there is no assurance of their effectiveness[228]. Technology and Innovation - The roll-out of Targeted RFQ, an AI-driven dealer selection tool, is ongoing, enhancing trading efficiency[136]. - The company is focused on enhancing its electronic trading platforms to meet the evolving needs of clients and respond to technological advances[136]. - Cybersecurity investments are ongoing to strengthen infrastructure, although no material cybersecurity incidents have occurred in the past three years[137]. Shareholder Returns - A quarterly cash dividend of $0.76 per share was approved, payable on December 3, 2025, to stockholders of record as of November 19, 2025[213]. - The 2022 Repurchase Program was exhausted in Q1 2025, with $105.0 million remaining under the 2024 Repurchase Program as of September 30, 2025[212]. Foreign Currency and Risk Management - Approximately 17.2% of revenues and 28.9% of expenses were denominated in currencies other than the U.S. dollar, with a hypothetical 10% change in the U.S. dollar affecting revenue by $14.4 million and expenses by $14.3 million[225]. - The notional amount of foreign currency forward contracts was $67.7 million as of September 30, 2025, used to hedge foreign exchange risks[230].

Core Insights - MarketAxess Holdings Inc. reported Q3 2025 earnings per share of $1.84, exceeding the Zacks Consensus Estimate by 8.9%, but down from $1.90 a year ago [1][9] - Total revenues increased by 1% year over year to $208.8 million, also beating the consensus mark by 1.2% [1][9] Revenue Breakdown - Commission revenues were $180.2 million, slightly down from $180.4 million in the prior-year quarter, but above the Zacks Consensus Estimate by 0.9% [3] - Information services revenues rose 6% year over year to $13.8 million, beating the consensus mark by 2.7% [3] - Post-trade services revenues increased by 9% year over year to $11.3 million, while technology services revenues surged 20% year over year to $3.6 million [3] Expense Analysis - Total expenses rose 3% year over year to $123.2 million, driven by higher employee compensation, technology, communication, and consulting fees [4] - The total expenses were lower than the estimate of $126.4 million [4] Trading Volume Insights - High-grade trading volume was $419.7 billion, down 7% year over year, missing the Zacks Consensus Estimate by 3.7% [5] - High-yield trading volume increased by 5% year over year to $86.2 billion, with average daily volume (ADV) also rising by 5% to $1.7 billion [6] - Emerging markets trading volume rose 14% year over year to $243.4 billion, with ADV also increasing by 14% to $3.8 billion [6] Financial Position - As of September 30, 2025, MarketAxess had cash and cash equivalents of $473.3 million, down from $544.5 million at the end of 2024 [8] - Total assets increased to $2 billion from $1.8 billion at the end of 2024 [8] Cash Flow and Capital Deployment - Net cash from operations was $90.2 million, down from $95.1 million a year ago, while free cash flow increased to $111.8 million from $86.3 million [10] - The company repurchased shares worth $45.3 million in the quarter, with a total of $120 million repurchased year-to-date [11] 2025 Outlook - Service revenues are expected to see mid-single-digit growth, with total expenses projected between $505 million and $525 million for 2025 [12]

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Financial Data and Key Metrics Changes - Revenue for the third quarter was $209 million, reflecting a slight increase from the prior year, with a 1% growth overall [5][18] - Revenue growth outside of U.S. credit was strong at 10% [5] - Diluted earnings per share were reported at $1.84 [18] - Total commission revenue remained flat compared to the prior year, while services revenue increased by 9% to a record $29 million [18][19] - Total expenses increased by 3%, driven mainly by higher employee compensation and technology costs [21][22] Business Line Data and Key Metrics Changes - Total credit commission revenue was $165 million, down 2% year-over-year, with a 9% decline in U.S. high-grade and flat growth in U.S. high-yield [20] - Block trading ADV across U.S. credit, emerging markets, and Eurobonds increased by 10% in Q3 and 21% in October [7][8] - Portfolio trading ADV increased by 20%, with a record in U.S. high-yield ADV [8][12] - Dealer-initiated ADV was $1.7 billion year-to-date, representing a 34% increase [12] Market Data and Key Metrics Changes - 36% of global credit trading volume is now driven by clients outside of North America, up from 29% in 2020 [10] - U.S. high-yield ADV growth in October was strong, up 9% [9] - The average size of non-block trades is decreasing, while the average block size is increasing, with blocks greater than or equal to $5 million representing approximately 45% of trade volume in U.S. high-grade [13][14] Company Strategy and Development Direction - The company is focused on providing a protocol-agnostic platform that utilizes data and analytics to assist clients in choosing the appropriate trading protocol [5][6] - Investments are being made in technology transformation and new protocols to address competitive challenges, particularly in U.S. credit [17][35] - The launch of a new protocol for closing auctions in the fixed income market is aimed at providing an end-of-day liquidity solution [8][9][44] Management's Comments on Operating Environment and Future Outlook - Management noted a return to more challenging market conditions and historic levels of new issues in September, impacting revenue growth in U.S. credit [5][6] - There is optimism about the potential for higher levels of revenue growth in the coming quarters due to ongoing investments in technology and new initiatives [17][25] - The current macro environment shows signs of increased volatility, which could enhance the attractiveness of the company's all-to-all liquidity solutions [62] Other Important Information - The company generated $385 million in free cash flow over the trailing 12 months and repurchased 595,000 shares year-to-date for a total of $120 million [23] - The effective tax rate increased to 27.1%, reflecting an increased accrual for uncertain tax positions [19] Q&A Session Summary Question: On the MIDEX U.S. launch and overall share gains - Management discussed the early success of the MIDEX launch and plans to increase the number of sessions, emphasizing the importance of dealer relationships [28][30] - Concerns about overall growth and market share in U.S. credit were acknowledged, with a focus on technology investments to address competitive dynamics [33][34] Question: About the closing auctions and market share - Management highlighted the significant investment in the closing auction project, which aims to support the growing indexation of the fixed income market [41][42] - The closing auction is designed to provide a clearing price for trades, differentiating it from existing mid-market matching sessions [43][44] Question: On U.S. block trading and dealer liquidity - Management expressed optimism about block trading as a major opportunity, noting growth rates and upcoming changes to enhance dealer liquidity [52][54] Question: On the macro environment and growth potential - Management acknowledged the challenges posed by lower credit spreads and volatility but noted recent signs of increased activity and potential for growth [59][61] Question: On the mix of volumes in credit and trade sizes - Management explained the trends of increasing block sizes and decreasing smaller trades, attributing this to portfolio trading and SMA growth [76][78]

Financial Data and Key Metrics Changes - Revenue for the third quarter was $209 million, reflecting a slight increase from the prior year, with a 1% growth overall [5][19] - Revenue growth outside of U.S. credit was strong at 10%, while U.S. credit revenue growth faced challenges [5][19] - Diluted earnings per share were reported at $1.84 [19] Business Line Data and Key Metrics Changes - Total commission revenue remained flat compared to the prior year, while services revenue increased by 9% to a record $29 million [19] - Information services revenue rose by 6% to $14 million, and technology services revenue increased by 20% to $4 million [20] - Total block trading ADV was approximately $5 billion year-to-date, up 23% across U.S. credit, emerging markets, and Eurobonds [12] Market Data and Key Metrics Changes - U.S. credit trading volume grew at a 4% CAGR in North America, while other credit products experienced double-digit growth [10] - 36% of global credit trading volume is now driven by clients outside of North America, up from 29% in 2020 [10] - In October, total portfolio trading ADV was up 25%, and market share in U.S. credit portfolio trading increased by 300 basis points [8] Company Strategy and Development Direction - The company is focused on providing a protocol-agnostic platform that utilizes data and analytics to assist clients in choosing the appropriate trading protocol [5][6] - Investments are being made in technology transformation, portfolio trading, dealer-to-dealer business, and automation tools to enhance competitive positioning [33][34] - The introduction of closing auctions to the fixed income market is aimed at providing an end-of-day liquidity solution [9][41] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by limited volatility and tight spreads, impacting revenue growth in U.S. credit [5][6] - There is optimism regarding the potential for higher levels of growth due to ongoing investments in technology and new initiatives [18][36] - Recent increases in volatility and spreads in November are seen as positive indicators for future performance [61][62] Other Important Information - The effective tax rate increased to 27.1%, reflecting a higher accrual for uncertain tax positions [20] - The company generated $385 million in free cash flow over the trailing 12 months and repurchased 595,000 shares year-to-date for a total of $120 million [23] Q&A Session Summary Question: On the Mid-X U.S. launch and overall share gains - Management discussed the early success of the Mid-X launch and its relationship with portfolio trading, emphasizing the need for additional dealer participation [28][30] - Concerns about overall market share growth were acknowledged, with a commitment to faster technology enhancements to address competition [32][33] Question: About the closing auctions and market share - Management highlighted the significant investment in closing auctions, which are designed to support the growing indexation of the fixed income market [41][44] - The potential for closing auctions to capture a portion of the $150 trillion global fixed income market was discussed [43][44] Question: On U.S. block trading and dealer liquidity - Management noted that block trading presents a significant opportunity, with growth rates improving in recent months [52][53] - The importance of content and dealer partnerships in driving block trading success was emphasized [54] Question: On the macro environment and growth strategies - Management acknowledged the challenges of low volatility and tight spreads but expressed optimism about recent increases in activity [61][62] - The strategy of being protocol agnostic was reiterated as a key to navigating different market conditions [71][72] Question: On the mix of volumes in credit and trade sizes - Management explained the trend of smaller trades becoming smaller and larger trades becoming larger, attributing this to portfolio trading and SMA growth [77][78] - The expectation that larger trades will continue to be broken into smaller trades was discussed [80][81]

Financial Data and Key Metrics Changes - Revenue for the third quarter was $209 million, reflecting a slight increase from the prior year, with a 1% growth overall [16] - Total commission revenue remained flat compared to the prior year, while services revenue increased by 9% to a record $29 million [16][17] - The effective tax rate rose to 27.1%, up from 23% in the prior year, due to increased accrual for uncertain tax positions [17] Business Line Data and Key Metrics Changes - U.S. credit commission revenue decreased by 2% to $165 million, with strong growth in emerging markets (11%) and Eurobonds (9%) offsetting declines in U.S. high-grade (9%) and flat growth in U.S. high-yield [18] - Block trading ADV across U.S. credit, emerging markets, and Eurobonds increased by 23% year-to-date, with cumulative block trading volume reaching approximately $12 billion [11] - Portfolio trading ADV year-to-date is running 50% above the prior year, with U.S. credit portfolio trading market share over 18%, up 210 basis points [11] Market Data and Key Metrics Changes - 36% of global credit trading volume is now driven by clients outside of North America, up from 29% in 2020 [9] - In October, U.S. high-yield ADV growth was strong at 9%, despite a tough comparison to the prior year due to heightened activity before the U.S. presidential election [8] - The average size of non-block trades is decreasing, while the average block size is increasing, with blocks greater than or equal to $5 million representing approximately 45% of trade volume in U.S. high-grade [12] Company Strategy and Development Direction - The company is focused on providing a protocol-agnostic platform that utilizes data and analytics to assist clients in choosing the appropriate trading protocol [4][5] - Investments are being made in technology transformation, portfolio trading, dealer-to-dealer business, and automation tools to enhance competitive positioning [27][28] - The introduction of closing auctions to the fixed income market is aimed at providing an end-of-day liquidity solution and improving market organization [6][7] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by limited volatility and tight spreads, impacting revenue growth in U.S. credit [5][15] - There is optimism regarding the potential for higher revenue growth in the coming quarters due to ongoing investments and technology enhancements [16][21] - The current market environment is showing signs of increased volatility, which could enhance the attractiveness of the company's all-to-all liquidity solutions [45][46] Other Important Information - The company generated $385 million in free cash flow over the trailing 12 months and repurchased 595,000 shares year-to-date for a total of $120 million [20] - Total operating expenses increased by only 3%, driven by higher employee compensation and technology costs, while headcount rose by 2% [19] Q&A Session Summary Question: Can you talk about the pipeline to add additional dealers for MIDEX and how it's interacting with portfolio trading? - The MIDEX solution is seeing good early volumes, and plans are in place to increase the number of sessions to enhance dealer participation [24][25] Question: What actions are being taken to deliver faster technology enhancements and address competition? - The company is investing in multiple technology areas to address competitive dynamics and enhance overall service offerings [27][28] Question: Can you provide insights on the closing auctions and their potential impact on market share? - The closing auction is designed to support the growing indexation of the fixed income market, with significant partnerships established to enhance liquidity [33][34] Question: How does the company plan to grow in a low-volatility environment? - The strategy includes focusing on portfolio trading and dealer-to-dealer initiatives, which are expected to perform well even in low-volatility conditions [50][51] Question: What are the expectations for the block trading market and its growth? - The block market is seen as a significant opportunity, with recent growth rates indicating positive momentum, particularly in U.S. investment-grade [41][42]

Financial Performance - Revenue increased by 1% to $209 million in 3Q25, with 10% growth outside U S credit[3] - Services revenue increased by 9% to a record $29 million[3] - Earnings per share declined by 3% to $1 84[3] - TTM free cash flow generation was $385 million[3] Operational Updates - ADV across credit products (ex U S credit) increased by 14%[3] - Client-Initiated Channel: Block trading ADV grew by 10%, including 20% growth in emerging markets and 58% growth in eurobonds[3] - Portfolio Trading Channel: Total portfolio trading ADV increased by 20% to $1 4 billion, with U S credit portfolio trading ADV reaching a record $1 1 billion, representing a 16% increase, with U S high-yield estimated market share of 22 6%[3] - Dealer-Initiated Channel: Dealer-initiated ADV increased by 18%[3] Expense & Capital Management - Expenses increased by 3%[5] - Total cash, cash equivalents, corporate bond and U S Treasury investments amounted to $631 million as of September 30, 2025[5] - The company repurchased 595K shares for $120 million year-to-date through October 2025, including 239K shares repurchased in 3Q25 for $45 million[5] Global Credit Trading - Growth in global credit trading volume by client location shows a 4% increase in U S Credit Products and a 14% increase in Other Credit Products[14] - North America accounts for 64% and Rest of World for 36% of global credit trading volume by client location YTD 3Q 2025[15] New Initiatives Driving Growth - Client-Initiated Channel: Block Trading ADV grew by 23% to $332 billion[22] - Portfolio Trading Channel: Trading ADV increased by 50% to $1 719 billion[22] - Dealer-Initiated Channel: Trading ADV grew by 34% to $1 379 billion[22] - Automation: Total Credit Trading Volume increased by 19% to $1 090 billion[22]

Group 1: Earnings Performance - MarketAxess reported quarterly earnings of $1.84 per share, exceeding the Zacks Consensus Estimate of $1.69 per share, but down from $1.90 per share a year ago, representing an earnings surprise of +8.88% [1] - The company posted revenues of $208.82 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.17%, compared to $206.71 million in the same quarter last year [2] Group 2: Stock Performance and Outlook - MarketAxess shares have declined approximately 26.7% since the beginning of the year, contrasting with the S&P 500's gain of 14.3% [3] - The current consensus EPS estimate for the upcoming quarter is $1.75 on revenues of $214.94 million, and for the current fiscal year, it is $7.24 on revenues of $852.89 million [7] Group 3: Industry Context - The Financial - Investment Bank industry, to which MarketAxess belongs, is currently ranked in the top 11% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

Financial Performance - Total revenues for Q3 2025 were $208.8 million, a 1% increase year-over-year, including approximately $3.5 million from RFQ-hub and a $1.3 million increase from foreign currency fluctuations[10]. - Net income for Q3 2025 was $68 million, a 4% decrease from the previous quarter and a 4% decrease year-over-year[7]. - Diluted earnings per share (EPS) for Q3 2025 was $1.84, down 3% compared to Q3 2024[8]. - Record services revenue reached $28.7 million, a 9% increase year-over-year[15]. - Total revenues for Q3 2025 reached $208.82 million, a slight increase of 1% compared to $206.71 million in Q3 2024[30]. - Commission revenue for Q3 2025 was $180.17 million, showing a marginal decrease of less than 1% from $180.39 million in Q3 2024[31]. - Operating income for Q3 2025 was $85.58 million, a decrease of 2% from $87.06 million in Q3 2024[30]. - Net income available for common stockholders in Q3 2025 was $68.18 million, down 5% from $71.49 million in Q3 2024[30]. - EBITDA for Q3 2025 was $107,622 thousand, compared to $105,018 thousand in Q3 2024, reflecting a slight increase[36]. Expenses and Costs - Total expenses for Q3 2025 were $123.2 million, a 3% increase from the prior year, including $2.9 million in RFQ-hub expenses[19]. - Total credit commission revenue decreased by $3.5 million, or 2%, compared to the prior year, driven by a 7% decrease in U.S. credit commission revenue[12]. - Employee compensation and benefits expenses increased by 3% to $59.98 million in Q3 2025, compared to $58.43 million in Q3 2024[30]. - The company reported a provision for income taxes of $25.37 million in Q3 2025, an increase of 18% from $21.41 million in Q3 2024[30]. - The effective tax rate increased to 27.1% from 23.0% in the prior year, primarily due to increased accruals for uncertain tax positions[22]. Trading and Volume - U.S. credit portfolio trading average daily volume (ADV) increased 43% year-to-date compared to full-year 2024, with market share rising approximately 210 basis points[5]. - Block trading ADV in U.S. credit is 19% above full-year 2024 levels, with a 10% growth in the client-initiated channel[5]. - Total trading volume for Q3 2025 was $2,488,457 million, a decrease of 4% compared to Q3 2024's $2,595,888 million[32]. - Total credit trading volume increased by 3% in Q3 2025 to $932,426 million from $905,290 million in Q3 2024[32]. - U.S. government bonds trading volume decreased by 9% in Q3 2025 to $1,480,317 million compared to $1,619,337 million in Q3 2024[32]. - High-yield credit trading volume increased by 5% in Q3 2025 to $86,228 million from $81,761 million in Q3 2024[32]. Shareholder Actions - The company repurchased 239,026 shares at a cost of $45.3 million during Q3 2025, with a total of $105 million remaining under the share repurchase authorization[22]. - Cash dividends declared per common share increased to $0.76 in Q3 2025, up from $0.74 in Q3 2024[30]. Assets and Liabilities - Total assets as of September 30, 2025, were $2,013,908 thousand, an increase from $1,789,216 thousand as of December 31, 2024[34]. - Total liabilities increased to $623,725 thousand as of September 30, 2025, from $400,556 thousand as of December 31, 2024[34]. - Total stockholders' equity as of September 30, 2025, was $1,378,450 thousand, a slight decrease from $1,388,660 thousand as of December 31, 2024[34]. Cash Flow - Net cash provided by operating activities for Q3 2025 was $90,164,000, a decrease from $103,714,000 in Q2 2025 and $95,089,000 in Q3 2024[38]. - Free cash flow for Q3 2025 was $111,776,000, slightly down from $112,985,000 in Q2 2025 but up from $86,285,000 in Q3 2024[38]. - Year-to-date (YTD) free cash flow for 2025 reached $271,828,000, compared to $214,816,000 in YTD 2024, indicating a 26.5% increase[38]. Other Financial Metrics - The average variable transaction fee per million for credit decreased by 6% to $140 in Q3 2025, compared to $149 in Q3 2024[31]. - The net change in trading investments for Q3 2025 was $264,000, contrasting with a negative change of $(66,000) in Q2 2025[38]. - The net change in fail-to deliver/receive from broker-dealers, clearing organizations, and customers was $34,338,000 in Q3 2025, up from $22,053,000 in Q2 2025[38]. - Purchases of furniture, equipment, and leasehold improvements totaled $(1,496,000) in Q3 2025, compared to $(1,206,000) in Q2 2025[38]. - Capitalization of software development costs was $(11,494,000) in Q3 2025, consistent with $(11,510,000) in Q2 2025[38].