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    Christopher O'Brien

    Director at Barclays

    Christopher O'Brien is a Director at Barclays Capital with expertise in risk management and product control, specifically overseeing operations involving interest rate and credit derivatives. He has a proven track record of delivering consistent results in operational oversight and risk mitigation, contributing to the performance and reliability of Barclays' institutional trading functions. With a career spanning several years in both risk management and product control, O'Brien has been recognized for his diligence in supporting efficient investment lifecycle operations at Barclays. His professional credentials include extensive experience with complex credit instruments and operational controls in high-stakes financial environments.

    Christopher O'Brien's questions to MARKETAXESS HOLDINGS (MKTX) leadership

    Christopher O'Brien's questions to MARKETAXESS HOLDINGS (MKTX) leadership • Q1 2025

    Question

    Speaking on behalf of Ben Budish, Christopher O'Brien asked a broad question about fee capture, focusing on how MarketAxess positions its pricing competitively and whether price could be used as a lever to gain market share.

    Answer

    CEO Christopher Concannon and CFO Ilene Sazel Bieler responded that pricing is protocol-specific. While price-sensitive areas like dealer-to-dealer will be priced competitively, the core client-to-dealer RFQ business has stable pricing and does not face significant pressure. Concannon emphasized that competition is centered on workflow, data, and analytics, not price. Bieler added that the ultimate goal is driving incremental revenue, even if new protocols have lower capture rates.

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