Broadridge Financial Solutions, Inc. (NYSE:BR) said Friday it has agreed to acquire global trading technology provider CQG, expanding its futures and options platform.The firm said it will buy CQG to combine order management with advanced execution tools.CQG provides futures and options trading, execution management and market connectivity tools for institutional and professional traders.Under the agreement, Broadridge will add CQG’s execution systems, analytics and algorithmic trading capabilities to its p ...

Buy-now-pay-later company Affirm beat second quarter revenue expectations from Wall Street but offered what some analysts thought was conservative guidance. Affirm CEO Max Levchin joins Caroline Hyde and Ed Ludlow on “Bloomberg Tech.” -------- Like this video? Subscribe to Bloomberg Technology on YouTube: https://www.youtube.com/channel/UCrM7B7SL_g1edFOnmj-SDKg Watch the latest full episodes of "Bloomberg Technology" with Caroline Hyde and Ed Ludlow here: https://www.youtube.com/playlist?list=PLfAX25ZLrPGTy ...

Core Insights - The company returned a total of $474 million to investors through share repurchases and dividends, with a new capital return plan of $400 million announced, including a $300 million accelerated share repurchase (ASR) [1][22] - Record total revenue of $846 million was achieved in 2025, driven by significant growth in trading volumes and new initiatives, with a notable 29% increase in block trading average daily dollar volume (ADD) [2][3][10] - The company is focused on enhancing its technology and product roadmap to achieve its three-year targets, with a strong emphasis on execution in 2026 [3][26] Financial Performance - The company generated record free cash flow of $347 million in 2025, with total revenue outside of US credit growing by 10% while US credit revenue decreased by 2% [2][24] - Total commissions revenue increased by 4% to $181 million, with notable growth in US high yield and emerging markets [17][20] - Operating expenses increased by 8%, driven by higher consulting, technology, and employee compensation costs [21] Trading and Market Dynamics - Block trading in US credit, emerging markets, and Eurobonds now constitutes about one-third of total credit ADV, with significant growth observed in January 2026 [9][10] - The company reported a 33% increase in dealer-initiated ADV for the year, with a record $7 billion in total MIDEX trading volume [11] - Emerging markets showed strong growth, with a 50% year-over-year increase in January trading volume, indicating a substantial opportunity for further penetration [5][50] Strategic Initiatives - The company is enhancing its product offerings across multiple channels, including portfolio trading, block trading, and automation protocols, to capture market share and drive revenue growth [4][8][10] - The introduction of new trading solutions, such as the closing auction protocol, is aimed at increasing participation and liquidity in the market [72] - Investments in AI and data analytics are expected to enhance trading efficiency and client engagement, leveraging proprietary data for improved market insights [76][79] Future Outlook - The company anticipates mid-single-digit growth in total services revenue for 2026, with a focus on maintaining expense discipline while investing in technology and talent [24][25] - The effective tax rate is expected to be in the range of 24% to 26%, with capital expenditures projected between $65 million and $75 million [25] - The company remains confident in its ability to return to higher levels of revenue growth in US credit, supported by its three-year financial targets [26]

Financial Data and Key Metrics Changes - In 2025, the company generated record revenue of $846 million, reflecting a strong 10% growth in product areas outside US credit [6][7] - The company reported annual free cash flow generation of $347 million, with a disciplined approach to expense management, showing a 5% growth in non-GAAP expenses [8][18] - The diluted earnings per share for the fourth quarter were $2.51, or $1.68 per share excluding notable items [18] Business Line Data and Key Metrics Changes - Block trading ADV increased by 29% in 2025, with record block trading ADV in emerging markets [7][12] - Portfolio trading ADV saw a 48% increase to a record $1.4 billion, with significant growth in U.S. credit ADV and market share [12][13] - Dealer-initiated ADV grew by 33% for the year, with over $3 billion in trading volume in the new MIDX protocol [13][14] Market Data and Key Metrics Changes - In January 2026, total credit ADV reached record levels, driven by strong growth across all credit product areas, with emerging markets business ADV up 50% [9] - U.S. high-grade turnover increased by 95% in January, marking levels not seen since 2011 [9] - The estimated market share in U.S. high-yield portfolio trading increased by 270 basis points in 2025 [13][16] Company Strategy and Development Direction - The company is focused on enhancing its global network and liquidity through investments in multi-protocol solutions for both buy-side and sell-side [5][6] - A clear technology and product roadmap has been established to achieve three-year targets announced in December [6][25] - The company aims to return to higher levels of revenue growth in U.S. credit while maintaining strong growth outside of it [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to execute in 2026, emphasizing the importance of expense discipline and optimizing capital deployment [25] - The company is addressing U.S. credit market share challenges with a detailed plan embedded in its three-year targets [11][25] - The management highlighted the significant growth opportunities in emerging markets, where electronic trading penetration remains low [49][50] Other Important Information - The company returned a total of $474 million to investors through share repurchases and dividends in 2025 [8][22] - The effective tax rate was reported at a negative 15.8%, or a positive 23.4% excluding notable items [18][20] - The company announced an enhanced capital return plan of $400 million, including a $300 million accelerated share repurchase (ASR) [8][22] Q&A Session Summary Question: About block trading strength and market attack strategies - Management noted a 24% increase in block trading in 2025 and a 56% increase in January, attributing growth to investments in key initiatives and protocols [27][28] Question: On average fee rate in credit and competitive pricing pressures - Management acknowledged that fee per million has been impacted by product mix and protocol selection, with a focus on growing incremental revenue despite lower fees [36][37] Question: Update on emerging markets and competitive dynamics - Management highlighted strong growth in emerging markets, with electronic penetration still under 10%, indicating significant market opportunities [46][48] Question: Capital return strategy and share repurchases - Management confirmed plans to manage capital return carefully, with $205 million remaining on the share repurchase authorization and an increased dividend [61][62] Question: Electronification slowdown in U.S. credit and capital allocation - Management emphasized that investments in block solutions are yielding high returns across product sets, maintaining a focus on both U.S. credit and emerging markets [72][74] Question: AI ambitions and automation in client flows - Management discussed ongoing investments in AI to enhance productivity and leverage proprietary data for trading, indicating a growing dataset that supports future growth [80][81]

Financial Data and Key Metrics Changes - In 2025, the company generated record revenue of $846 million, reflecting a strong 10% growth in product areas outside U.S. credit [6][7] - The company reported annual free cash flow generation of $347 million, with a disciplined approach to expense management resulting in a 5% growth in non-GAAP expenses [8][21] - The diluted earnings per share for the fourth quarter were $2.51, or $1.68 per share excluding notable items [18] Business Line Data and Key Metrics Changes - Block trading ADV increased by 29%, with record block trading ADV in emerging markets [7][12] - U.S. high-yield portfolio trading market share increased by 270 basis points in 2025, with a 126% increase in total portfolio trading ADV in January 2026 [13] - Dealer-initiated ADV grew by 33% for the year, with over $3 billion in trading volume in the new Mid-X protocol [13][15] Market Data and Key Metrics Changes - In January, total credit ADV reached record levels, driven by strong growth across all credit product areas, with emerging markets business ADV up 50% [9] - U.S. high-grade turnover increased by 95% in January, marking levels not seen since approximately 2011 [9] - The company’s estimated market share in U.S. high-yield portfolio trading increased significantly in the second half of 2025 [16] Company Strategy and Development Direction - The company is focused on enhancing its global network and liquidity through investments in multi-protocol solutions for both buy-side and sell-side [5] - A clear technology and product roadmap has been established to achieve three-year targets announced in December [6] - The company aims to capture the expanding e-trading opportunity, particularly in the block market, which remains under-penetrated [17][70] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to higher levels of revenue growth in U.S. credit, supported by new initiatives and strategic investments [25] - The company is optimistic about the growth potential in emerging markets, with electronic penetration still low [49] - Management acknowledged the need to address U.S. credit market share while highlighting the positive trends in other areas [11][25] Other Important Information - The company returned a total of $474 million to investors through share repurchases and dividends in 2025 [8][22] - The board of directors welcomed two new members with extensive fintech experience [10] - The company expects total services revenue to grow in the mid-single-digit percentage range in 2026 [23] Q&A Session Summary Question: About block trading strength and market dynamics - Management noted a 24% increase in block trading in 2025 and a 56% increase in January, attributing growth to investments in key initiatives and protocols [27][28] Question: On average fee rate in credit and competitive pressures - Management discussed the impact of product mix and protocol selection on fee per million, indicating that while fee rates may decline, overall revenue growth remains a priority [36][39] Question: Update on emerging markets and competitive dynamics - Management highlighted strong growth in emerging markets, with electronic penetration still low, presenting a significant opportunity [46][49] Question: Capital return strategy and share repurchases - Management confirmed ongoing capital return plans, including a recent increase in dividends and remaining authorization for share repurchases [61][62] Question: Electronification slowdown in U.S. credit and capital allocation - Management emphasized the importance of investing in block solutions across product sets, indicating high returns on such investments [73][75] Question: AI ambitions and automation potential - Management discussed ongoing investments in AI and the potential for automating client flows, emphasizing the growing bond market driven by AI funding needs [81][82]

Financial Data and Key Metrics Changes - In 2025, the company generated record revenue of $846 million, reflecting a strong 10% growth in product areas outside US credit [5] - Record total revenue was supported by record total ADV, leading to record commission revenue and services revenue, resulting in annual free cash flow generation of $347 million [5][19] - The company reported a 3.5% revenue growth to $209 million in Q4 2025, with diluted earnings per share of $2.51 [16] Business Line Data and Key Metrics Changes - Block trading ADV increased by 29% in 2025, with record block trading ADV in emerging markets [5] - U.S. credit portfolio trading market share increased by 270 basis points in 2025, with a 126% increase in total portfolio trading ADV in January 2026 [11] - Dealer-initiated ADV grew by 33% for the year, with over $3 billion in trading volume in the new MIDX protocol [11] Market Data and Key Metrics Changes - In January 2026, total credit ADV reached record levels, driven by a 50% increase in emerging markets [7] - U.S. high-grade turnover increased by 95% in January, marking levels not seen since 2011 [7] - The company’s estimated market share in U.S. high-yield portfolio trading increased significantly in the second half of 2025 [13] Company Strategy and Development Direction - The company aims to enhance its market access advantage through investments in technology and product development, focusing on multi-protocol solutions [4] - A clear three-year plan has been established to achieve growth targets, with a focus on executing new initiatives in 2026 [5] - The company is addressing U.S. credit market share challenges with a detailed plan embedded in its three-year targets [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to higher levels of revenue growth in U.S. credit, supported by ongoing investments and strategic initiatives [23] - The company is optimistic about capturing expanding e-trading opportunities, particularly in the block market [15] - Management noted that while electronification in U.S. credit has plateaued, there remains significant growth potential in emerging markets [70] Other Important Information - The company returned a total of $474 million to investors through share repurchases and dividends in 2025 [19] - The board of directors welcomed two new members with extensive fintech experience [8] - The company plans to invest $65 million to $75 million in capital expenditures for technology enhancements in 2026 [22] Q&A Session Summary Question: Strength in block trading - Management highlighted a 24% increase in block trading in 2025 and a 56% increase in January 2026, driven by various protocols and increased liquidity [25][26] Question: Average fee rate in credit - Management discussed the impact of protocol mix and market conditions on fee per million, emphasizing the importance of growing incremental revenue despite lower fees [34][35] Question: Update on emerging markets - Management noted significant growth in emerging markets, with a record ADV of over $5 billion in January 2026, and highlighted the low electronic penetration as a major opportunity [46][47] Question: Capital return strategy - Management confirmed ongoing capital return plans, including share repurchases and increased dividends, while also focusing on debt repayment [61][62] Question: Electronification slowdown in U.S. credit - Management expressed confidence in the potential for re-acceleration in electronification, particularly in the block market, and discussed ongoing investments in technology [66][70] Question: Artificial intelligence ambitions - Management outlined plans to leverage AI for increased productivity and transparency in trading, emphasizing the growing dataset as a key asset [80][82]

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters. Max has launched Max Private, a suite of private banking and lending capabilities for large RIAs and high-growth advisory firms. The new enterprise product suite provides bespoke lending capabilities, including private mortgage lending, securities-based lending, art loans, yacht loans and trust banking services. Max Private also offers cash optimization services with FDIC insurance coverage up t ...

Core Insights - MarketAxess reported revenue of $209.41 million for the quarter ended December 2025, a year-over-year increase of 3.5% [1] - The EPS for the same period was $1.68, down from $1.73 a year ago, with a surprise of +1.45% compared to the consensus estimate of $1.66 [1] Financial Performance - The reported revenue fell short of the Zacks Consensus Estimate of $212.7 million, resulting in a surprise of -1.55% [1] - Average Variable Transaction Fee Per Million for Credit was $138.00, slightly below the average estimate of $138.67 [4] - Total Average Daily Volume was $37.89 billion, compared to the average estimate of $39.35 billion [4] Revenue Breakdown - Commissions revenue was $181.34 million, compared to the average estimate of $183 million, reflecting a year-over-year change of +3.8% [4] - Post-trade services revenue was $11.03 million, slightly below the average estimate of $11.36 million, with a year-over-year change of +0.5% [4] - Information services revenue was $13.45 million, compared to the average estimate of $13.95 million, representing a year-over-year change of +2.3% [4] Commission Revenue Details - Total variable transaction fees for Rates were $6.7 million, below the average estimate of $6.84 million, showing a year-over-year decline of -7.8% [4] - Total variable transaction fees for Credit were $132.36 million, compared to the average estimate of $134.06 million, reflecting a year-over-year increase of +2.3% [4] - Total fixed distribution fees were $32.9 million, slightly below the average estimate of $33.97 million, with no year-over-year change [4] Stock Performance - MarketAxess shares returned -5.2% over the past month, while the Zacks S&P 500 composite changed by -1.5% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

The buy now pay later firm known as a firm delivering a quarterly earnings beat 30% increase in sales. Company also investing in new AI tools for merchants. I hear the stocks down.That's about as that's stupid. Anyway, here's what we're going to do. I'm a little judgmental there.Uh we got first on CNBC a firm co-founder and CEO Max Lein. Max, it's always great to see you. >> Great to see you.>> Terrific. Okay. So, Max, how did your uh we believe in nosing your big nothing or zero APR event do.How many peopl ...

4Q & FY 2025 Earnings Conference Call February 6, 2026 Update on our strategy & business | • Record revenue of $846 million; | 10% growth in revenue outside U.S. credit | | --- | --- | | • Record total ADV, record commission revenue and record services revenue2 FINANCIAL | | | PERFORMANCE • $6.64 earnings per share; $7.39 per share, or 2% increase, excluding notable items3 | | | • Record $347 million in free cash flow4 generation • 10% increase in total credit ADV, 16% growth in credit ADV outside U.S. cred ...