The UK cemented its position as the global epicenter for FX and OTC interest rate derivatives in April 2025, posting $4.745 trillion and $4.32 trillion in average daily turnover, respectively. Despite intense competition, London’s share of global trading remained near historic highs, supported by deep liquidity, electronic infrastructure, and overlapping time zones.Headline Numbers Signal MomentumThe Bank for International Settlements’ Triennial Survey, coordinated across 52 jurisdictions and compiled local ...

9月26日，由上海报业集团指导、财联社主办、上海资产管理协会提供专业指导的"2025上海 全球金融·资管年会"在上海陆家嘴成功召开。Tradeweb（萃达万博）亚太区产品管理主管马 克・贝利（Mark Bailey）出席活动并发表主旨演讲。 "我们最宝贵的资产是网络效应。"贝利阐释道，随着更多客户入驻Tradeweb平台，市场流动 性持续深化；流动性的提升又推动执行效率优化，进而吸引更多客户加入，形成自我强化的良 性循环。这种模式在亚太市场实现了深度落地——通过与当地监管机构、基础设施提供商及客 户的紧密合作，Tradeweb将全球标准与区域需求精准结合，成为本地机构电子交易转型的重 要伙伴。 技术赋能交易全流程，数据与AI开启智能新纪元 这位走访过20多个国家、与全球百强资管机构均有深度交流的行业专家，以"全球资产管理中 的AI与数据驱动型场外电子交易"为核心，系统解析了电子交易的发展逻辑、行业价值及中国 市场的战略意义，强调Tradeweb将以技术创新与本土化合作助力中国资本市场国际化。 全球资管格局生变，电子交易成破局关键 当前资管行业正经历深刻变革，行业集中度显著——全球约50%的资产管理规模集中在 ...

法新社8月27日报道，根据西非货币联盟银行委员会2024年度报告数据显示，西非货币联盟 （UMOA）的电子货币机构（EME）业务持续增长，过去三年收入大幅增加，从1729亿西非法郎（约 合3亿美元）增至2913亿西非法郎（约合5亿美元），主要得益于科特迪瓦（占市场份额的36.2%）、贝 宁（21.7%）和马里（22.6%）交易量的激增。这种势头表明，新兴市场银行处理的交易越来越多，电 子交易市场也越来越活跃。尽管如此，这些电子货币机构仍难以实现盈利，主要因为绝大多数账户仍处 在观望状态，对线上服务的使用程度仍然有限。 （原标题：西非货币联盟电子货币机构营业额持续增长） ...

Financial Data and Key Metrics Changes - The company achieved record revenues of $513 million, representing a 26.7% year-over-year increase on a reported basis and a 24.7% increase on a constant currency basis [26][28] - Adjusted EBITDA margin increased by 83 basis points to 54.2% compared to the previous year [28] - Free cash flow reached approximately $952 million for the trailing twelve months [35] Business Line Data and Key Metrics Changes - The rates business produced record revenue driven by organic growth across swaps, global government bonds, and mortgages [8] - Credit revenues increased significantly, with double-digit growth in credit derivatives and municipal bonds [15] - Equities revenue grew by 50% year-over-year, led by the global ETF and equity derivatives business [8] - Money markets revenue growth was supported by the addition of ICD and record quarterly revenues across global repos [8] Market Data and Key Metrics Changes - International business revenue grew by 41% year-over-year, with strong performance in emerging markets (EM) and Asia-Pacific (APAC) [7][21] - U.S. Treasury market share declined to 22% year-over-year, attributed to a shift towards voice-centric trades [12] - Global swaps revenues grew over 45% year-over-year, with international swaps achieving record revenues growing over 55% [21][23] Company Strategy and Development Direction - The company is focused on expanding its electronic trading capabilities and enhancing client engagement through innovative solutions [6][39] - Continued investment in digital assets and emerging markets credit is a strategic priority [20][36] - The company aims to deepen penetration in the U.S. credit market while expanding its international footprint [20][100] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving double-digit revenue growth for 2025, driven by strong client engagement and market dynamics [5][35] - The company noted that recent market volatility has reinforced the value of electronic trading [24] - Management highlighted the importance of adapting to client needs and enhancing trading workflows [39][55] Other Important Information - The company declared a quarterly dividend of $0.12 per Class A and Class B shares, up 20% year-over-year [35] - Adjusted expenses increased by 24% on a reported basis, reflecting investments in technology and client relationship development [32] Q&A Session Summary Question: Market share trends in U.S. Treasuries - Management acknowledged a decline in market share due to a shift towards voice trading and highlighted efforts to address this through innovative protocols [43][49] Question: Client reaction to new buy-side fees in high yield - Management reported an increase in institutional high yield share post-implementation of buy-side fees, indicating positive client reception [61][64] Question: Progress in cross-selling additional products through ICD - Management noted high client retention and modest revenue growth, with ongoing efforts to expand product offerings and client reach [72][80] Question: Fee per million dynamics in the rates business - Management expressed optimism about maintaining or modestly growing fee per million in swaps, driven by higher-priced products and protocols [84][86] Question: Growth opportunities in international markets - Management highlighted strong growth in international revenue, particularly in Europe and Asia, with a focus on expanding product offerings [96][100] Question: Impact of stablecoins and digital assets on the market - Management is bullish on digital assets and sees stablecoins as potential game changers, exploring tokenized versions based on client demand [107]

Summary of MarketAxess Conference Call Company Overview - **Company**: MarketAxess - **Participants**: Chris Concannon (CEO), Ilene Bieler (CFO), Alex Kramm (Managing Director - Equity Research) Key Industry Insights - **Market Focus**: The company is focused on regaining market share in the U.S. credit business, with significant investments in technology made in 2024 aimed at execution in 2025 [5][7] - **Trading Channels**: MarketAxess operates through three main channels: client to dealer, portfolio trading, and dealer to dealer [8][12] - **Market Trends**: Electronic trading is increasing turnover in the market, with portfolio trading contributing significantly to this growth [13][43] Core Business Strategies - **Investment in Technology**: The company has made substantial investments in technology to enhance trading tools and analytics, which are expected to yield results in 2025 [7][10] - **Client to Dealer Channel**: MarketAxess has a dominant RFQ platform for corporate bonds in the U.S., with a focus on improving liquidity for clients [8][9] - **Portfolio Trading**: The company is targeting the block trading market, which represents a significant growth opportunity, as it is largely still conducted via phone and chat [19][20][45] - **Dealer to Dealer Solutions**: A new mid-market solution is expected to launch in Q2, aimed at providing dealers with efficient liquidity options [17][18][32] Financial Performance and Market Share - **Market Share Goals**: The company aims to capture a larger share of the block trading market, which is estimated to be 50% of the total market [19][20] - **Performance Metrics**: The portfolio trading tool has seen over $1 billion in bond blocks traded, indicating strong performance [16] - **Fee Structure**: The company is not currently facing significant price competition in its core offerings, focusing instead on enhancing features and functionality [77][80] Macro Market Conditions - **Market Environment**: The current low volatility and tight spreads are challenging for the business, but the company is well-positioned to benefit from increased volatility and wider spreads [60][61] - **Electronic Trading Growth**: The macro environment is favorable for electronic trading, with attractive yields and a growing fixed income market [41][42] Emerging Markets - **Growth in EM**: MarketAxess is a leading player in the emerging markets (EM) space, with a focus on converting manual trading to electronic trading [54][58] - **Market Share in EM**: The company is experiencing growth in market share in EM, with electronic adoption still under 5% of the total market [59] Automation and Future Outlook - **Automation Trends**: The company is investing in automation, with expectations that 2025 will see significant advancements in this area [48][51] - **Long-term Vision**: The CEO expressed optimism about the future of electronic trading, predicting that as traders become accustomed to electronic platforms, adoption will continue to grow [46][47] Expense Management - **Investment Strategy**: The company has maintained a disciplined approach to investment, focusing on targeted areas that will yield the highest returns [88][89] - **CapEx Plans**: MarketAxess plans to invest $65 million to $70 million in capital expenditures, primarily for software and development [86][91] Conclusion - MarketAxess is strategically positioned to capitalize on growth opportunities in electronic trading, particularly in the block trading and emerging markets. The company is focused on enhancing its technology and trading solutions while managing expenses effectively to drive future growth.