MARKETAXESS HOLDINGS INC

MarketAxess Holdings Inc. (NASDAQ: MKTX) operates leading electronic trading platforms that connect approximately 2,100 institutional investor and broker-dealer clients across global fixed-income and other markets. The company's website is www.marketaxess.com.

Founded in 2000, MarketAxess has pioneered electronic trading in fixed-income securities, transforming a market historically dominated by telephone-based bilateral trading between institutional investors and broker-dealers. The company's core offering, Open Trading®, is an award-winning all-to-all marketplace that creates an anonymous liquidity pool connecting market participants across a broad range of fixed-income products. This protocol allows approximately 1,800 firms to interact in an all-to-all trading environment, significantly expanding potential counterparties and enabling price discovery improvements.

The company's revenue streams consist primarily of commissions from transactions executed on its platforms, which represented 86.8% of revenues in 2025, supplemented by information services (6.3%), post-trade services (5.3%), and technology services (1.6%). MarketAxess offers trading solutions across credit products including U.S. high-grade and high-yield bonds, emerging market debt, eurobonds, and municipal bonds, as well as rates products including U.S. government bonds and European government bonds. The company also provides automated and algorithmic trading solutions, proprietary data analytics powered by its AI-driven pricing engine CP+, post-trade matching and regulatory reporting services, and execution management systems.

The company maintains a global presence with clients based in approximately 90 countries and over 1,000 active international client firms. International revenues represented 32.8% of total revenues for 2025. MarketAxess employs approximately 370 full-time technology professionals and maintains a team-based sales organization covering clients globally.

Notable acquisitions expanding the company's capabilities include Pragma LLC in 2023, which added automated and algorithmic trading solutions for equities and foreign exchange, and a majority stake in RFQ-hub Holdings LLC in 2025, a bilateral multi-asset and multi-dealer RFQ platform for ETF and derivatives markets. The company's competitive advantages include its deep liquidity pool, network effects, proprietary technology platform X-Pro, and integrated suite of pre- and post-trade services.