Christophe Roupie
MARKETAXESS HOLDINGSAbout Christophe Roupie
Head of EMEA & APAC at MarketAxess since May 2020; previously Head of Europe & Asia (2017–2020), CEO of HiRock AG (2015–2016), and Global Head of Trading & Securities Financing at AXA Investment Managers (2005–2015); before that Global Head of Fixed Income Trading at IXIS AM/Natixis (2000–2005) . Age 59 and listed among executive officers in 2025 . Regional execution highlights in 2023: record EMEA/APAC revenues and volumes; double‑digit YoY growth in volume (+14%), revenue (+11%) and operating income (+11%), with disciplined costs and ~45% operating margin . Company context: adjusted operating income was $361.1m in 2023 and $392.2m in 2024; TSR value of a $100 investment was $79.71 in 2023 and $62.31 in 2024 (proxy “Pay vs Performance”) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| MarketAxess | Head of Europe & Asia | 2017–2020 | Led regional expansion prior to EMEA/APAC remit |
| HiRock AG (family office) | Chief Executive Officer | 2015–2016 | CEO leadership at Swiss family office |
| AXA Investment Managers | Global Head of Trading & Securities Financing | 2005–2015 | Managed global trading teams across equities, fixed income, FX, derivatives, repo, stock lending (Paris, London, Hong Kong, Greenwich) |
| IXIS AM/Natixis Asset Mgmt | Global Head of Fixed Income Trading | 2000–2005 | Led global fixed income trading |
External Roles
No current public company directorships disclosed; not listed as a director at MKTX .
Fixed Compensation
| Year | Base Salary (currency) | Base Salary (USD) | Annual Cash Incentive Paid (USD) | Notes |
|---|---|---|---|---|
| 2023 | £370,000 | $460,760 | $466,986 | UK‑based; USD conversion uses 1.2453 average FX for 2023 |
| 2024 | Not disclosed | Not disclosed | Not disclosed | Board increased CEO salary only; other NEO base salaries unchanged from 2023 |
- Annual cash incentive structure in 2023 for non‑CEO NEOs: 50% tied to adjusted operating income and 50% to individual/strategic objectives . Company AOI below target reduced pool funding .
Performance Compensation
| Award | Metric(s) | Weighting | Grant timing | Target units / value | Vest schedule | Actual payout |
|---|---|---|---|---|---|---|
| PSUs (2021 grant) | Composite market share; operating margin | 50% / 50% | 1/15/2021 | 100% of target outstanding at 12/31/23 | Vested 1/31/2024 | Paid 38.9% of target (175 shares delivered for Roupie) |
| PSUs (2022 grant) | U.S. credit market share; revenue growth ex‑U.S. credit; operating margin | 1/3 each | 1/31/2022 | 1,243 target shares (Roupie) | Cliff vests 1/31/2025 | Vested at 45% performance (companywide PSU cohort) |
| PSUs (2023 grant) | U.S. credit market share; revenue growth ex‑U.S. credit; operating margin | 1/3 each | 2/15/2023 | 1,279 target shares (Roupie) | Cliff vests 2/15/2026 | Not yet determined |
| PSUs (2024 granted for 2023 perf) | Same as above | 1/3 each | 2/15/2024 | 2,519 target units; grant‑date FV $555,440 | Cliff vests ~3 years from grant | Not yet determined |
| RSUs (2024 granted for 2023 perf) | Stock price alignment (time‑vested) | — | 2/15/2024 | $548,000 grant‑date value | Vests ratably over 3 years | — |
| 2023 Option Exercises & Stock Vesting | — | — | 2023 | 1,144 shares vested; $416,244 value realized | — | No option exercises reported |
- PSU payout range: 0–200% of target; three‑year performance period with annual measurement; metrics equally weighted (U.S. credit market share, revenue growth excluding U.S. credit, operating margin) .
- Non‑CEO NEOs can elect RSU vs options mix via “Flex Share”; Roupie’s 2023 awards were RSUs and PSUs (no options) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (4/7/2025) | 4,823 shares; percentage shown as “*” (less than 1%) with 37,201,388 shares outstanding |
| Ownership guidelines | Executives (other than CEO): minimum 3x base salary; counts vested/unvested RSUs and settled PSUs; options excluded; compliance reviewed annually; all NEOs currently in compliance |
| Hedging/pledging | Company policy prohibits hedging, short‑selling, derivatives on Company stock, and pledging or margin accounts for Company securities |
| Upcoming vesting overhang | PSUs from 2/15/2023 cliff‑vest 2/15/2026 (target 1,279 units); RSUs granted 2/15/2024 vest in three annual tranches (first vested 2/15/2025) |
Employment Terms
- Contract of Employment: MarketAxess Europe Limited, dated March 15, 2017 .
- Severance Protection Agreement (UK): MarketAxess Europe Limited, dated July 31, 2020; amended form for UK‑based executives in 2020 .
- Severance/change‑in‑control economics (as summarized in proxy footnotes for UK‑based NEOs including Roupie):
- CIC Termination: 1.5× base salary + Average Annual Bonus (lump sum) .
- Non‑CIC Termination: 1.0× base salary + Average Annual Bonus (paid over 12 months) .
- Death/Disability: 0.5× base salary + Average Annual Bonus (lump sum) .
- Equity acceleration: Unvested RSUs and PSUs fully vest upon CIC Termination/CIC Non‑Continued Award/death or disability; under Non‑CIC Termination, unvested equity generally continues to vest for one year (subject to cliff schedules) .
- Company‑wide severance features: No single‑trigger protection; no 280G excise tax gross‑ups; cutback to avoid 4999 excise tax unless net after‑tax is lower without cutback; clawbacks adopted (Nasdaq Rule 5608 compliant) .
- Insider Trading & Personal Trading Policies: strict blackout and compliance oversight; policy exhibited with 2024 Form 10‑K .
Investment Implications
- Pay‑for‑performance alignment: Equity is the dominant component of Roupie’s compensation, with PSUs tied to market share, ex‑U.S. credit revenue growth, and operating margin; recent PSU outcomes (38.9% for 2021 cohort; 45% for 2022 cohort) signal rigorous targets and payout sensitivity to operating leverage and share gains .
- Vesting‑related supply: Known cliff dates (1/31/2025 PSUs; 2/15/2026 PSUs; annual RSU tranches) create periodic tax‑driven sell pressure potential, though hedging/pledging prohibitions and ownership guidelines mitigate misalignment risk .
- Retention risk: UK severance agreement offers 1.0–1.5× cash multiples and equity acceleration in CIC scenarios; absence of single‑trigger and presence of clawbacks reduce adverse governance risks, but CIC acceleration can be material in change‑of‑control outcomes .
- Execution track record: Regional double‑digit growth with disciplined cost control (45% margin) supports value creation in EMEA/APAC, yet company AOI undershoot vs target in 2023 and weaker TSR in 2024 highlight macro/liquidity headwinds that will influence PSU payouts and long‑term wealth realization .