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    Marketaxess Holdings Inc (MKTX)

    CEO Change
    Board Change

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    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 .

    1. Commissions for Transactions - Generates revenue from commissions for transactions executed on its platforms, primarily in the fixed-income markets.
    2. Information Services - Provides integrated data offerings that support trading decisions and market analysis.
    3. Post-Trade Services - Offers services such as straight-through processing, post-trade matching, and regulatory transaction reporting to streamline post-trade activities.
    4. Technology Services - Delivers technology solutions that enhance trading efficiency and support electronic trading platforms.
    5. Algorithmic Trading Services - Includes commissions on equities and foreign exchange products, expanded through the acquisition of Pragma LLC .
    NamePositionStart DateShort Bio
    Christopher R. ConcannonChief Executive Officer and Interim CFOApril 2023 (CEO), February 2024 (Interim CFO)Christopher R. Concannon has been the CEO of MarketAxess since April 2023 and took on the role of Interim CFO in February 2024, expected to hold this position until May 2024 . Previously, he was the President and COO from January 2019 to April 2023 .
    Richard M. McVeyExecutive ChairmanApril 2023Richard M. McVey is the Executive Chairman of MarketAxess since April 2023. He is the founder of the company and served as CEO and Chairman from 2000 until April 2023. He was a Managing Director at J.P. Morgan before founding MarketAxess .
    Kevin M. McPhersonChief Revenue OfficerJuly 2023Kevin M. McPherson has been the Chief Revenue Officer since July 2023. He was the Global Head of Sales from June 2014 to July 2023 and U.S. Sales Manager from January 2008 to June 2014 .
    Naineshkumar S. PanchalChief Information OfficerMarch 2022Naineshkumar S. Panchal has been the CIO since March 2022. He was previously a Managing Director at Goldman Sachs Asset Management Technology, holding leadership roles from November 2014 to February 2022 .
    Scott PintoffGeneral Counsel and Corporate SecretaryFebruary 2014Scott Pintoff has been the General Counsel and Corporate Secretary since February 2014. Before joining MarketAxess, he was the General Counsel and Corporate Secretary at GFI Group from 2003, responsible for legal, regulatory, and compliance matters .
    Christophe RoupieHead of EMEA and APACMay 2020Christophe Roupie has been the Head of EMEA and APAC since May 2020. He was previously the Head of Europe and Asia from March 2017 to May 2020 and CEO of HiRock AG from October 2015 to October 2016 .
    Ilene Fiszel BielerChief Financial OfficerMay 23, 2024Ilene Fiszel Bieler will be the CFO starting May 23, 2024. She was the Executive Vice President, Global Head of Investor Relations and COO of State Street Global Markets and Global Credit Finance at State Street Corporation since 2022, and held various positions at Barclays plc and Citigroup Inc. .
    1. 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?

    2. 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?

    3. 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?

    4. 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?

    5. 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?

    Program DetailsProgram 1Program 2
    Approval DateJanuary 2022 August 2024
    End Date/DurationN/AN/A
    Total Additional Amount$150.0 million $200.0 million
    Remaining Authorization Amount$41.4 million $200.0 million
    DetailsCombined remaining capacity under both programs was $241.4 million as of September 30, 2024. Reflects Board's confidence in the company's performance and outlook.

    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 .
    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLP2000 PresentCurrent auditor

    Recent developments and announcements about MKTX.

    Corporate Leadership

      Board Change

      ·
      Jan 27, 2025, 10:03 PM

      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

      ·
      Nov 6, 2024, 12:00 AM

      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

      ·
      Nov 6, 2024, 12:00 AM

      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

      ·
      Nov 6, 2024, 12:00 AM

      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 .