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Josh Smith

Vice President and Equity Research Analyst at William Blair

Josh Smith is a Vice President and Equity Research Analyst at William Blair, specializing in life sciences and biotechnology sector coverage. He covers leading companies such as Alnylam Pharmaceuticals, focusing on generating actionable investment research and insights for institutional clients. Smith began his career in investment banking, spending time at major firms before joining William Blair, where he has advanced to his current VP role through consistent performance and recognition within the industry. He maintains professional credentials including FINRA Series 7 and Series 63 licenses, and is noted for his collaborative approach and published research in life sciences equity analysis.

Josh Smith's questions to MARKETAXESS HOLDINGS (MKTX) leadership

Question · Q3 2025

Josh Smith noted the stalling of industry share in portfolio trading at 11-12% of credit volumes and asked what is driving this pause, questioning if the protocol has matured or if it can continue to grow.

Answer

CEO Chris Concannon observed an 'equilibrium' in IG portfolio trading at 10-12% of the market, despite ample dealer liquidity, suggesting market comfort at these levels. He highlighted significant growth in high-yield portfolio trading, which has increased from 5-6% to closer to 15% of the market, even in heightened volatility, supported by the liquid high-yield ETF market. He expressed pride in MarketAxess's leadership position in high-yield PT.

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