You might also like
MarketAxess Holdings Inc. operates leading electronic trading platforms that enhance trading efficiency and provide a diversified pool of liquidity for clients in the global fixed-income markets. Their platforms are utilized by over 2,000 institutional investor and broker-dealer firms to trade various fixed-income securities, including U.S. high-grade and high-yield bonds, emerging market debt, Eurobonds, municipal bonds, and U.S. government bonds . The company offers automated and algorithmic trading solutions, integrated data offerings, and a range of post-trade services, which include straight-through processing, post-trade matching, and regulatory transaction reporting .
- Commissions for Transactions - Generates revenue from commissions for transactions executed on its platforms, primarily in the fixed-income markets.
- Information Services - Provides integrated data offerings that support trading decisions and market analysis.
- Post-Trade Services - Offers services such as straight-through processing, post-trade matching, and regulatory transaction reporting to streamline post-trade activities.
- Technology Services - Delivers technology solutions that enhance trading efficiency and support electronic trading platforms.
- Algorithmic Trading Services - Includes commissions on equities and foreign exchange products, expanded through the acquisition of Pragma LLC .
-
You've previously projected that the high-grade market would become 90% electronified, up from around 50% today, but electronification gains have slowed in recent years; do you expect this pace to accelerate soon due to your focus on block trading, or will capturing the remaining market share be a prolonged process?
-
Despite recent gains in portfolio trading market share, do clients now perceive your offering as on par with your main competitor's, or is there still a gap; what specific enhancements are you implementing to close this gap and what feedback are you receiving from clients?
-
Regarding your high-touch strategy and block trading initiatives, should we anticipate significant market share gains in 2025, or is the adoption process more gradual, requiring a client-by-client education effort?
-
With a portion of your emerging markets business driven by U.S.-based asset managers, how might higher tariffs or reduced allocations to emerging markets by these clients impact your overall credit business?
-
Given potential easing of regulatory constraints on dealers under the new administration, do you foresee any changes in dealer behavior that could affect the electronification process or your competitive positioning?
Competitors mentioned in the company's latest 10K filing.
- Tradeweb (indirectly controlled by the London Stock Exchange) - Competes in the credit and municipal markets, and rates markets .
- Bloomberg - Competes in the credit and municipal markets, and rates markets; also a competitor in the data business .
- Intercontinental Exchange - Competes in the credit and municipal markets; acquired BondPoint and TMC Bonds, and IDC .
- Trumid - Competes in the credit and municipal markets .
- CME Group (BrokerTec) - Competes in the rates markets .
- BGC Partners (Fenics UST) - Competes in the rates markets .
- London Stock Exchange (Refinitiv) - Competitor in the data business .
- S&P Global - Competitor in the data business .
- UnaVista (London Stock Exchange) - Competes in post-trade services in Europe .
- Other multi-party electronic trading platforms - Compete in various markets .
- EMS and OMS Providers - Compete by offering aggregation of trading venue liquidity and direct-to-dealer electronic trading solutions .
- Securities and Futures Exchanges - Compete through acquisitions and data and analytics businesses .
Recent developments and announcements about MKTX.
Corporate Leadership
Board Change
Roberto Hoornweg has been elected to the MarketAxess Holdings Inc. Board of Directors, effective March 1, 2025. He will serve on the Risk Committee and Finance Committee.
CEO Change
Rick McVey, the Founder and Executive Chairman of MarketAxess, announced his retirement effective December 31, 2024. Carlos Hernandez will succeed him as Chairman of the Board of Directors starting January 1, 2025. McVey will continue as Chairman of the Board of Directors of MarketAxess Limited, the company's international holding company .
Leadership Change
Rick McVey is leaving his position as Executive Chairman of the Board of Directors at MarketAxess, effective December 31, 2024. His retirement is not due to any disagreement with the company. He will continue to serve as Chairman of the Board of Directors of MarketAxess Limited, the company's international holding company . Carlos Hernandez will step up as the new Chairman of the Board, effective January 1, 2025. Mr. Hernandez is an independent director and has previously served as a Director from 2006 to 2019 and rejoined the Board in September 2023 .
Board Change
Richard M. McVey will retire from his position as Executive Chairman of the Board of Directors and as a member of the Board, effective December 31, 2024. Carlos M. Hernandez has been elected as the new Chairman of the Board, effective January 1, 2025 .