olivLaw · US equity research
MarketAxess Holdings Inc. MKTX
Security Brokers, Dealers & Flotation Companies · SIC 6211 · Vertical: Security Brokers, Dealers & Flotation Companies (SIC 6211)
MarketAxess operates electronic trading platforms for fixed-income securities, serving about 2,100 institutional and broker-dealer clients, with commissions making up most of its revenue. In 2026 the company is in a transition period, marked by a merger agreement with Intercontinental Exchange and growing volumes in block and portfolio trading.
At the close of 04 Nov 2026, MarketAxess Holdings Inc. (MKTX) stock was 165.61 USD (−0.04% on the day), with market capitalisation 5.8 bn USD, P/E 19.5 on diluted EPS of 8.48 USD over the last 12 months, dividend yield 1.86%, beta -0.10, 52-week range 109.09–193.61 USD. Latest reported quarter (Q2 2026): revenue of 218.4 m USD (−0.5% YoY), net income of 68.1 m USD (−4.3% YoY), diluted EPS 1.93 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 74.7
- overbought (≥ 70)
- Bollinger (20, 2)
- 163.97 – 165.64
- in the upper half of the band · %B 0.98 · band width 1.0%
- SMA 50 / 200
- 163.93 / 155.30
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.70 / 0.76
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +1.0% | −1.1% | +2.1 pp | — |
| 3 months | +2.0% | −0.5% | +2.4 pp | — |
| 6 months | +11.3% | +4.4% | +6.9 pp | — |
| Year to date | −8.6% | +12.3% | −20.9 pp | — |
| 1 year | +2.7% | +13.5% | −10.9 pp | −16.4% |
| 3 years | −24.7% | +76.4% | −101.2 pp | +64.7% |
| 5 years | −57.4% | +63.7% | −121.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 206.7 m | 202.4 m | 208.6 m | 219.5 m | 208.8 m | 209.4 m | 233.4 m | 218.4 m |
| Operating income | 87.1 m | 80.0 m | 88.4 m | 91.9 m | 85.6 m | 76.0 m | 100.9 m | 89.9 m |
| Depreciation & amortisation | 18.7 m | 18.5 m | 18.2 m | 19.2 m | 19.7 m | 19.6 m | 19.2 m | 19.3 m |
| Interest expense | 346.0 k | 318.0 k | 213.0 k | 139.0 k | 171.0 k | 964.0 k | 2.9 m | 1.9 m |
| Pre-tax income | 92.9 m | 84.6 m | 96.2 m | 97.4 m | 93.6 m | 79.8 m | 103.9 m | 89.8 m |
| Income tax | 21.4 m | 19.5 m | 81.1 m | 26.2 m | 25.4 m | -12.6 m | 25.8 m | 21.4 m |
| Net income | 71.5 m | 65.1 m | 15.1 m | 71.1 m | 68.2 m | 92.2 m | 77.9 m | 68.1 m |
| Diluted EPS | 1.90 | 1.73 ≈ | 0.40 | 1.91 | 1.84 | 2.51 ≈ | 2.20 | 1.93 |
| Operating cash flow | 95.1 m ≈ | 176.2 m | 29.6 m | 103.7 m ≈ | 90.2 m ≈ | 158.6 m | -75.3 m | 26.8 m ≈ |
| Capex | 835.0 k ≈ | 215.0 k | 1.9 m | 1.2 m ≈ | 1.5 m ≈ | 3.6 m | 259.0 k | 649.0 k ≈ |
| Dividends paid | 27.7 m ≈ | 27.7 m | 29.5 m | 28.2 m ≈ | 29.4 m ≈ | 28.0 m | 28.4 m | 27.5 m ≈ |
| Share repurchases | 15.0 m ≈ | 16.8 m | 38.1 m | 36.7 m ≈ | 45.3 m ≈ | 300.0 m | 0 | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 5 percentile of its own 39-quarter history (min 13.4, median 47.4, max 72.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 435.6 m | 511.4 m | 689.1 m | 699.0 m | 718.3 m | 752.5 m | 817.1 m | 846.3 m |
| Revenue YoY | +9.6% | +17.4% | +34.8% | +1.4% | +2.8% | +4.8% | +8.6% | +3.6% |
| Net income | 172.9 m | 204.9 m | 299.4 m | 257.9 m | 250.2 m | 258.1 m | 274.2 m | 246.6 m |
| Net income YoY | +16.7% | +18.5% | +46.1% | −13.9% | −3.0% | +3.1% | +6.2% | −10.0% |
| Diluted EPS | 4.57 | 5.40 | 7.85 | 6.77 | 6.65 | 6.85 | 7.28 | 6.64 |
| Diluted EPS YoY | +17.5% | +18.2% | +45.4% | −13.8% | −1.8% | +3.0% | +6.3% | −8.8% |
| net % | 39.7% | 40.1% | 43.4% | 36.9% | 34.8% | 34.3% | 33.6% | 29.1% |
| Free cash flow | 188.0 m | 253.6 m | 389.5 m | 264.6 m | 276.1 m | 324.4 m | 375.3 m | 373.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 519.7 m USD
- Financial debt
- 220.0 m USD
- Net debt
- -299.7 m USD
- Equity
- 1.1 bn USD
- Total assets
- 1.9 bn USD
- Debt / equity
- 0.19x
- Current ratio
- unavailable
- ROE
- 19.5%
- ROA
- 13.2%
- FCF margin
- 44.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 689.1 m | 699.0 m | 718.3 m | 752.5 m | 817.1 m | 846.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Operating income | 374.7 m | 337.2 m | 326.9 m | 315.0 m | 340.9 m | 341.8 m | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | 36.0 m | 53.4 m | 61.4 m | 70.6 m | 73.8 m | 76.7 m | SEC (XBRL)· 24 Feb 2026verified |
| EBITDA | 410.7 m ≈ | 390.7 m ≈ | 388.3 m ≈ | 385.6 m ≈ | 414.7 m ≈ | 418.5 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Interest expense | 1.1 m | 842.0 k | 700.0 k | 2.0 m | 1.6 m | 1.5 m | SEC (XBRL)· 24 Feb 2026verified |
| Pre-tax income | 374.4 m | 333.9 m | 338.3 m | 332.7 m | 360.5 m | 367.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | 75.0 m | 76.0 m | 88.1 m | 74.6 m | 86.4 m | 120.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Net income | 299.4 m | 257.9 m | 250.2 m | 258.1 m | 274.2 m | 246.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | 7.85 | 6.77 | 6.65 | 6.85 | 7.28 | 6.64 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 38.1 m | 38.1 m | 37.6 m | 37.7 m | 37.7 m | 37.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividend per share | 2.40 | 2.64 | 2.80 | 2.88 | 2.96 | 3.04 | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 460.9 m | 506.7 m | 430.7 m | 451.3 m | 544.5 m | 519.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | 85.2 m | 96.1 m | 100.3 m | 102.7 m | 107.3 m | 112.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Goodwill | 147.4 m | 154.8 m | 154.8 m | 236.7 m | 236.7 m | 283.7 m | SEC (XBRL)· 24 Feb 2026verified |
| Intangibles (excl. goodwill) | 95.4 m | 116.4 m | 98.1 m | 119.1 m | 98.1 m | 110.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 1.3 bn | 1.5 bn | 1.6 bn | 2.0 bn | 1.8 bn | 1.9 bn | SEC (XBRL)· 24 Feb 2026verified |
| Short-term debt | — | — | — | — | 0 | 220.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Total liabilities | 376.4 m | 489.1 m | 526.7 m | 722.1 m | 400.6 m | 776.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 955.1 m † | 1.0 bn † | 1.1 bn † | 1.3 bn † | 1.4 bn † | 1.1 bn † | SEC (XBRL)· 24 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 404.5 m | 282.1 m | 289.2 m | 333.8 m | 385.2 m | 382.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Capex | 15.0 m | 17.5 m | 13.1 m | 9.3 m | 9.9 m | 8.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | 389.5 m ≈ | 264.6 m ≈ | 276.1 m ≈ | 324.4 m ≈ | 375.3 m ≈ | 373.9 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | 68.9 m | -67.7 m | -86.3 m | -155.3 m | -86.9 m | -96.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | -145.1 m | -189.8 m | -242.4 m | -147.1 m | -201.4 m | -332.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividends paid | 90.6 m | 99.8 m | 105.9 m | 109.7 m | 112.7 m | 115.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Share repurchases | 16.1 m | 63.2 m | 87.5 m | 0 | 75.5 m | 420.0 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 53 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 5.8 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet100
- Growth23
- Quality53
- Returns95
- Valuation29
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 39.95 – 206.53 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)80.66 – 121.14 (Mid 96.41)WACC 9.2% · starting FCFF 199.2 m USD · terminal value share of EV 73%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 32.6%
- Peers: EV/EBITDA92.06 – 206.53 (Mid 176.63)3 companies used · median multiple 14.1x · quartiles 7.2x – 16.6xBLK, COHN, MIAX
- Peers: P/E88.65 – 160.35 (Mid 124.60)17 companies used · median multiple 14.7x · quartiles 10.4x – 18.9xBLK, COHN, ETOR, HOOD, IBKR, JEF, MIAX, MS, OPY, PIPR, RJF, SCHW, SEIC, SF, TIGR, VIRT, WT
- Dividend discount (DDM)39.95 – 53.72 (Mid 45.82)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 53/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 26.6% | 40 (vs peers) | 11% |
| Net margin · Quality | 35.2% | 81 (vs peers) | 7% |
| FCF conversion · Quality | 63.4% | 48 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 5.6% | 47 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | -0.1% | 0 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | -0.3x | 100 (on a fixed band) | 11% |
| Interest coverage · Balance sheet | 59.9x | 100 (on a fixed band) | 7% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 19.5x | 32 (vs peers) | 11% |
| EV/EBITDA · Valuation | 13.2x | 16 (on a fixed band) | 11% |
| FCF yield · Valuation | 3.3% | 42 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 7.9% | 100 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 58.4% | 88 (on a fixed band) | 4% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth23/100 · 2/2 factors with a value
- Quality53/100 · 3/3 factors with a value
- Returns95/100 · 2/2 factors with a value
- Valuation29/100 · 3/3 factors with a value
Memo
MARKETAXESS HOLDINGS INC (MKTX). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 846.3 m USD in 2025; YoY growth 3.6%; net margin 35.2%; ROE 23.3%; net debt/EBITDA -0.3x.
The estimated value range is 84.66–140.75 USD per share (median of 4 methods, agreement: medium); assumptions are illustrative. Against the central value of 110.51 USD, the price of 165.61 USD leaves a potential of -33.3% (value / price − 1) and a margin of safety of -49.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 53/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 35.2%
- Net debt / EBITDA: -0.3x
- Interest coverage: 59.9x
- Shareholder yield (distributions): 7.9%
- Payout ratio (FCF): 58.4%
What contradicts it
- EPS CAGR 3Y: -0.1%
- EV/EBITDA: 13.2x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Current ratio.
Versus the vertical median
Security Brokers, Dealers & Flotation Companies (SIC 6211) · same industry (4-digit SIC) · compared with 29 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MSMorgan Stanley | 304.6 bn | 15.6 | 18.0% | — | unavailable | +14% / +144% |
| BLKBlackRock, Inc. | 189.7 bn | 28.1 | 12.2% | 24.2% | +89.3% | +17% / +63% |
| SCHWSchwab Charles Corp | 161.5 bn | 16.8 | 20.3% | 38.8% | +22.0% | +1% / +52% |
| RJFRaymond James Financial, Inc. | 32.4 bn | 14.7 | 18.5% | 13.6% | +6.6% | +8% / +60% |
| SEICSei Investments Company | 12.9 bn | 18.9 | 28.9% | 28.1% | +8.1% | +34% / +85% |
| FRHCFreedom Holding Corp. | 11.9 bn | 73.8 | 11.2% | 6.5% | +9.3% | +42% / +129% |
| JEFJefferies Financial Group Inc. | 10.5 bn | 11.5 | 8.6% | 7.5% | +2.9% | −11% / +44% |
| MKTXMarketaxess Holdings Inc | 5.8 bn | 19.5 | 23.3% | 35.2% | +3.6% | +3% / −25% |
| SFStifel Financial Corp | 5.1 bn | 5.2 | 16.5% | 14.6% | +6.7% | −10% / +79% |
| IBKRInteractive Brokers Group, Inc. | 5.0 bn | 17.1 | 91.3% | 179.4% | +23.4% | +20% / +300% |
| PIPRPiper Sandler Companies | 5.0 bn | 6.0 | 23.6% | 14.5% | +24.3% | −16% / +82% |
| MIAXMiami International Holdings, Inc. | 3.5 bn | 12.5 | 28.9% | 19.8% | +19.6% | −23% / unavailable |
| WTWisdomTree, Inc. | 3.0 bn | 38.2 | 18.7% | 13.3% | +15.4% | +81% / +208% |
| JSMNavient Holdings, Inc. | 1.5 bn | — | -2.0% | — | −15.6% | −21% / −19% |
| MTCMmtec, Inc. | 534.8 m | — | -272.7% | -6,944.3% | −56.8% | +97% / −42% |
| SIEBSiebert Financial Corp. | 75.2 m | — | -1.3% | -1.1% | +12.3% | −43% / −3% |
| DOMHDominari Holdings Inc. | 39.8 m | — | -315.4% | -51.6% | +487.0% | −65% / −28% |
| LGHLLion Group Holding Ltd. | 34.3 m | — | -27.4% | -52.8% | unavailable | −100% / −100% |
| COHNCohen & Co Inc. | 33.0 m | 1.9 | 33.3% | 5.6% | +246.2% | −33% / +66% |
| AXGSolowin Holdings, Ltd. | 26.5 m | — | -88.9% | -47.4% | +895.0% | −53% / −38% |
| GLXYGalaxy Digital Inc. | 1.4 k | — | -16.7% | -0.5% | +41.8% | −47% / unavailable |
| VIRTVirtu Financial, Inc. | — | 8.7 | 33.6% | 13.5% | +26.2% | +48% / +195% |
| NMRNomura America Finance, LLC | — | — | — | — | +12.7% | +29% / +138% |
| ETOReToro Group Ltd. | — | 10.4 | 1.4% | 1.6% | +9.5% | −43% / unavailable |
| OPYOppenheimer Holdings Inc. | — | 12.4 | 9.1% | 4.9% | +14.4% | +35% / +131% |
1- and 3-year price returns: for MKTX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 101.58 Total return -37% · Per year -37% | 179.49 Total return 10% · Per year 10% | 270.24 Total return 66% · Per year 66% |
| 3 years | 100.81 Total return -35% · Per year -13% | 200.23 Total return 27% · Per year 8% | 330.67 Total return 108% · Per year 28% |
| 5 years | 100.05 Total return -32% · Per year -7% | 223.35 Total return 46% · Per year 8% | 404.61 Total return 159% · Per year 21% |
- Exit P/E± 50.06
- Net margin± 35.04
- Annual revenue growth± 28.46
- Annual dilution± 2.94
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
MarketAxess operates electronic trading platforms for fixed-income securities, serving about 2,100 institutional and broker-dealer clients, with commissions making up most of its revenue. In 2026 the company is in a transition period, marked by a merger agreement with Intercontinental Exchange and growing volumes in block and portfolio trading 13.
SWOT
Strengths
- A broad client network and Open Trading liquidity create strong network effects that support attracting new participants 1.
- Revenue is dominated by commissions, and the company keeps its own technology infrastructure, including the CP+ pricing engine 1.
- The company has available borrowing capacity and considerable liquidity, which allow it to fund its capital plans 23.
Weaknesses
Opportunities
Risks
- Dependence on market volumeshigh
Declines in bond market or platform volumes would directly reduce commissions, which make up most revenue 1.
- Loss of institutional clientshigh
Losing major institutional clients could reduce revenue and volumes, and brokers may use their own or third-party platforms 1.
- Pressure on transaction feesmedium
Growth in portfolio and block trades, which carry lower fees, could reduce revenue per transaction 23.
- Merger-related risksmedium
The transaction with Intercontinental Exchange is still pending, and the costs and uncertainties of completion could affect results 3.
- Cybersecurity and technology risksmedium
System failures or cyber attacks could interrupt the platforms and lead to regulatory penalties 1.
Investment thesis
What would need to be true (bull case)
- If the shift from voice to electronic bond trading continues, the company could benefit from higher volumes on its platforms 1.
- Growth in block and portfolio volumes, combined with rising services revenue, could support a recovery in margins 3.
- An extensive international client network and Open Trading could strengthen the company's position against competitors 1.
What would break the thesis
What to watch
- Completion of the merger with Intercontinental Exchange and its effect on operations2026
- Trend in the average variable fee per million for total creditQ4 2026
- Volume growth in block and portfolio trading channelsQ4 2026
- Implementation of the SEC Treasury central clearing mandate31 December 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
MarketAxess Holdings Inc. operates electronic trading platforms for the fixed-income market and gives institutional investors and broker-dealers access to a global liquidity network. Its central product is Open Trading, an all-to-all marketplace that connects participants in an anonymous liquidity pool 1. The company adds information, post-trade and technology services, and in 2025, 86.8% of revenue came from commissions on transactions executed on its platforms 1.
The X-Pro platform and the AI-driven CP+ pricing engine combine several trading protocols, automation tools and market data in one interface 1. The company extended its activity through the acquisition of Pragma, which brought algorithmic solutions for equities and foreign exchange, and through a majority stake in RFQ-hub, a request-for-quote platform for ETFs and derivatives 1.
The company states that in 2025 more than 32% of revenue came from international clients, and that its clients are based in about 90 countries 1. According to the latest quarterly release, in the third quarter of 2026 revenue rose slightly, and the company reported controlled expenses and merger costs linked to the agreement with Intercontinental Exchange 3.
Market context
As of 30 September 2025, the U.S. corporate bond market had about 11.5 trillion USD in principal outstanding, and the U.S. government bond market exceeded 30 trillion USD 1. Electronic trading of bonds remains far lower than in other asset classes, which leaves room for growth 1.
In the first six months of 2026, estimated volumes in most of the company's key markets rose year on year, partly because of event-driven volatility and elevated primary issuance 2. High-yield and municipal volumes grew, while the fee per million declined 3.
Trends
- Shift from voice to electronic tradingtailwind
Bonds remain less electronified than other asset classes, and the company is positioned to capture volumes moving to electronic platforms 1. If this transition continues, it could support volume growth on the company's platform.
- Growth of portfolio trades with lower feesheadwind
Demand for portfolio workflows has increased and can lower the average variable fee per million, which could weigh on revenue even as volumes grow 12.
- Central clearing rules for Treasury securitiesmixed
The SEC mandate on central clearing of certain Treasury transactions could change where clients clear trades, and its full effect on liquidity is still uncertain 1.
- International and emerging market growthtailwind
Growth in emerging markets and eurobonds supports geographic diversification, although these segments can carry different pricing conditions 13.
Competitive position
Competition includes direct bilateral trading between brokers and clients by telephone or electronic messaging, as well as other multi-dealer or all-to-all platforms 2. Competitors include companies in which some of the company's broker-dealer clients have invested, which may create conflicts of interest 1.
The company differentiates itself through its client network, dealer liquidity, total transaction costs and platform quality 2. Portfolio protocols and matching sessions offered by rival platforms could reduce its market share 1.
- Other multi-dealer electronic platforms
Platforms offering matching sessions and portfolio trading, which dealer clients increasingly use according to the company's filings.
- All-to-all platforms
Rivals developing or acquiring electronic trading platforms, in some cases with participation from broker-dealer clients.
- Bilateral telephone and messaging trading
The traditional main form of competition, which the company still regards as its principal rival where it holds a leading position.
- Bond pricing and information providers
Data and pricing providers that could compete with the company's analytics products; the sources do not name them.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- NYSE Parent ICE Kicks Off Bond Sale for MarketAxess TakeoverBloomberg Markets · 11 Aug 2026 · EN
The latest news item in our archive is from 11 Aug 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report29 Oct 2026Shareholder vote
- Current report23 Oct 2026Other events
- Current report23 Oct 2026Results of operations · Other events · Financial statements and exhibits
- Current report22 Oct 2026Other events
- Current report29 Sept 2026Other events
- Quarterly report07 Aug 2026
- Current report30 Jul 2026Results of operations · Other events · Financial statements and exhibits
- Current report30 Jul 2026Material agreement · Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report10 Jun 2026Shareholder vote
- Quarterly report07 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / MarketAxess Holdings Inc. · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / MarketAxess Holdings Inc. · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / MarketAxess Holdings Inc. · 23 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.