Question · Q3 2025
Christopher Bryan asked about MarketAxess's strategy for growth in a persistent environment of lower credit spreads and volatility, and what factors could lead to a significant shift in market conditions.
Answer
CEO Chris Concannon acknowledged the challenges of low volatility and tight spreads but noted a return to higher volatility in November, which makes all-to-all liquidity more attractive. CFO Ilene Fiszel Bieler added that market expectations for Fed rate cuts and a gentle curve steepening could positively impact liquidity and secondary turnover, leading to increased willingness to buy longer-duration bonds, as evidenced by rising weighted average years to maturity on the platform.
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