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MarketAxess Holdings Inc. (MKTX) operates a leading electronic trading platform that enables fixed-income market participants to efficiently trade corporate bonds and other types of fixed-income instruments using MarketAxess' patented trading technology. Founded in 2000, MarketAxess connects over 1,300 institutional investor and broker-dealer firms worldwide, providing access to global liquidity in U.S. high-grade corporate bonds, emerging markets, high-yield bonds, leveraged loans, European bonds, U.S. agency bonds, municipal bonds, credit default swaps, and other fixed-income securities.
The company's 'all-to-all' market for corporate bonds, known as Open Trading™, allows investment managers, broker-dealers at investment banks, and other market participants to trade directly with one another electronically on an anonymous basis. This innovation promotes greater transparency and efficiency in the bond trading process.
In addition to its core trading platform, MarketAxess offers a range of trading-related products and services. These include market data to assist clients with trading decisions and connectivity solutions that facilitate straight-through processing (STP). The company's strategic acquisitions have further expanded its capabilities. For example, the acquisition of LiquidityEdge in 2019 and MuniBrokers in 2021 have allowed MarketAxess to aggressively expand into Treasury and municipal bond markets.
Furthermore, MarketAxess has strengthened its pre- and post-trade services through the acquisition of Regulatory Reporting Hub from Deutsche Börse Group in 2020. This expansion enhances their product offerings and positions the company as a comprehensive service provider in the fixed-income trading space.
MarketAxess continues to innovate and grow, solidifying its position as a key player in the electronic fixed-income trading market. As the company evolves, it remains committed to providing efficient, transparent, and reliable trading solutions to its global client base.
MarketAxess (Nasdaq: MKTX) has expanded its AI-powered pricing engine, CP+, to cover municipal bonds. The system leverages proprietary data from the MarketAxess trading platform, TraX® market data, and public sources like TRACE to provide real-time pricing for approximately 930,000 municipal bonds.
The expansion aims to deliver accurate and unbiased reference pricing for MSRB-reportable municipal bonds, enhancing transparency and efficiency in the historically fragmented municipal bond market. CP+, which was first introduced in 2017, serves as a critical data input for multiple MarketAxess trading protocols and solutions, including Auto-X™ and Portfolio Trading.
MarketAxess Holdings (Nasdaq: MKTX) reported its November 2024 trading statistics, achieving a total average daily volume (ADV) of $44.9 billion, up 56% year-over-year but down 3% from October 2024. Total rates ADV reached $30.7 billion, showing a 112% increase from the previous year. Total credit ADV was $14.3 billion, flat year-over-year but down 5% from October.
Notable achievements include record emerging markets ADV of $3.8 billion (up 15% YoY) and record municipal bond ADV of $631 million (up 5% YoY). The company's portfolio trading solution showed positive engagement with 21 dealers and 26 long-only clients, with average trade size over $4 million notional. A record 76% of portfolio trading volume was executed on X-Pro.
MarketAxess Holdings (Nasdaq: MKTX), a leading electronic trading platform for fixed-income securities, has announced its participation in the Goldman Sachs Financial Services Conference. CEO Chris Concannon and CFO Ilene Fiszel Bieler will engage in a fireside chat on December 11, 2024, at 8:40 a.m. ET.
The event will be accessible through a live webcast, with a replay available on the MarketAxess Investor Relations website's events and presentations section.
MarketAxess Holdings (Nasdaq: MKTX) announced that Founder and Executive Chairman Rick McVey will retire at the end of the year, with Carlos Hernandez succeeding as Chairman effective January 1, 2025. McVey, who founded MarketAxess in 2000 and stepped down as CEO in April 2023, will remain as Chairman of MarketAxess , the company's international holding company. Hernandez, who previously served as a Director from 2006 to 2019 and rejoined in September 2023, retired from JPMorgan in April 2023 after 37 years, where he was Executive Chair of Investment and Corporate Banking.
MarketAxess Holdings (Nasdaq: MKTX) reported strong Q3 2024 financial results with total revenues increasing 20% to $206.7 million. The company achieved a 30% increase in diluted EPS to $1.90 on net income of $71.5 million. Key highlights include 24% growth in U.S. high-grade commission revenue, 20% growth in emerging markets, and record portfolio trading ADV of $1.1 billion. Total expenses rose 14% to $119.7 million. The company maintained strong liquidity with $602.5 million in cash and investments, while declaring a quarterly dividend of $0.74 per share.
MarketAxess Holdings (Nasdaq: MKTX) reported record total trading average daily volume (ADV) of $46.2 billion in October 2024, up 40% year-over-year. Total credit ADV reached $15.0 billion (+19% YoY), while record total rates ADV hit $31.2 billion (+54% YoY). Despite record trading volumes, U.S. high-grade market share declined to 18.0% from 20.3% last year. The company achieved record total trading volume of $1.0 trillion, increasing 47% from the previous year. Preliminary fee capture for total credit improved to $154 per million, up from $153 year-over-year.
MarketAxess Holdings (Nasdaq: MKTX) and S&P Global Market Intelligence have announced a strategic data partnership to enhance fixed-income market transparency. The collaboration involves integrating S&P Global Bond Reference Data into MarketAxess's data products and incorporating MarketAxess CP+™ real-time pricing into S&P Global's Evaluated Bond Pricing. The partnership combines S&P Global's evaluation of over 1.2 million bonds with MarketAxess CP+'s AI-powered real-time pricing, which provides updates every 15-60 seconds. The data integration is set to begin in the first half of 2025.
MarketAxess Holdings Inc. (Nasdaq: MKTX), a leading electronic trading platform for fixed-income securities, has announced it will release its third quarter 2024 financial results on Wednesday, November 6, 2024, before the market opens. The company will host a conference call at 10:00 a.m. ET on the same day to discuss the results and provide a strategic update.
Key executives participating in the call include Chris Concannon (CEO), Richard Schiffman (Global Head of Trading Solutions), and Ilene Fiszel Bieler (CFO). Investors can access the call by dialing 646-307-1963 (U.S./International) and using the ID 1832176. Additionally, a live audio webcast will be available on the Investor Relations section of the MarketAxess website, with an archive available for 90 days following the announcement.
MarketAxess Holdings (Nasdaq: MKTX), a leading electronic trading platform for fixed-income securities, reported record trading volumes for September and Q3 2024.
Key Highlights:
- Record total average daily volume (ADV) of $45.2 billion in September, up 52.5% YoY.
- Total credit ADV of $16.5 billion, up 40.1% YoY.
- U.S. high-grade ADV of $8.4 billion, up 56.2% YoY.
- U.S. high-yield ADV of $1.4 billion, up 8.1% YoY.
- Portfolio trading ADV reached $1.1 billion.
- Open Trading ADV of $4.8 billion, up 46.8% YoY.
- Municipal bond ADV of $577 million, up 35.1% YoY.
- Total rates ADV of $28.7 billion, up 60.7% YoY.
- Preliminary variable transaction fees per million (FPM) for total credit at $150, slightly down from $151 YoY.
CEO Chris Concannon highlighted the robust market volumes, strong new issue calendar, and the successful roll-out of X-Pro to their global client base as key drivers of growth.
MarketAxess Holdings Inc. (Nasdaq: MKTX) has announced an expansion of its decade-long partnership with BlackRock to enhance connectivity and efficiency in global credit markets. The collaboration will integrate MarketAxess credit trading protocols, pricing, and data into BlackRock's Aladdin® order execution management system (OEMS). This builds on their existing partnership in Open Trading and MarketAxess analytics that began in 2013.
The integration aims to provide common clients of Aladdin and MarketAxess with an improved trading experience through native integration of select MarketAxess credit protocols within the Aladdin platform. The partnership will bring MarketAxess' latest automation protocols, including Adaptive Auto-X, RFQ solutions, Open Trading, and Live Markets central limit order book directly to Aladdin clients.
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