Christopher O'Brien's questions to Marketaxess Holdings Inc (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.