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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 Holdings (MKTX) announced the expansion of its trading platform to include local currency debt trading for Egypt, Hong Kong, and Serbia. This initiative comes as EM trading volumes soar to over $488 billion in the first three quarters of 2021, with onshore Chinese debt trading growing by 20% year-on-year. The platform now supports local debt trading in various Latin American countries, with Mexico being the largest market. MarketAxess emphasizes improved execution efficiency and cost-saving opportunities for clients, while continuing its commitment to emerging market communities.
MarketAxess Holdings reported a record monthly trading volume of $619.0 billion for October 2021, comprising $208.3 billion in credit and $410.7 billion in rates. Noteworthy highlights include a 57% increase in U.S. Treasury bond average daily volume to $20 billion and a record municipal bond trading volume of $2.6 billion with an average daily volume of $128 million. This success reflects strong growth in market activity despite ongoing economic uncertainties related to the COVID-19 pandemic and other market pressures.
MarketAxess Holdings reported its Q3 2021 results with revenues of $162.1 million, a decrease of 1% year-over-year. Operating income fell 16% to $74.0 million, resulting in an operating margin of 45.7%. Diluted EPS decreased 15% to $1.52. Despite these declines, the company achieved a record client base of 1,848 and a U.S. high-grade market share of 21.4%. Total expenses rose 15.6% to $88.1 million, influenced by various operational costs. The board declared a cash dividend of $0.66 per share, payable on November 17, 2021.
MarketAxess Holdings (Nasdaq: MKTX) has appointed Kathryn Sweeney as the Head of Index and ETF Solutions as of October 18, 2021. Sweeney will focus on developing and executing the firm's index and ETF business strategy, leveraging MarketAxess’ proprietary market data to create indices and portfolio solutions. Chris Concannon, President and COO, highlighted her extensive experience in trade execution and product development as critical for advancing the company's strategic vision in the evolving fixed-income index market. Sweeney previously held a senior role at State Street Global Advisors.
MarketAxess Holdings reported a monthly trading volume of $559.5 billion for September 2021, with $215.0 billion in credit and $344.5 billion in rates. Preliminary variable transaction fees per million for Q3 2021 were $165 for U.S. high-grade credit and $3.90 for rates. The fee data may be revised in future updates. Recent changes by FINRA regarding fixed-income trade reporting may affect market volume estimates. Detailed volume reports are accessible on the Company's investor website.
MarketAxess Holdings Inc. (Nasdaq: MKTX) will announce its 2021 third quarter results on October 20, 2021, before the market opens. Key executives, including Richard M. McVey, will hold a conference call at 10:00 a.m. ET to discuss the financial outcomes and future outlook. Interested parties can join via phone or access a live Webcast on the company’s Investor Relations website. A replay will be available post-call using the specified numbers for one week. MarketAxess provides a leading electronic trading platform for fixed-income securities, enhancing liquidity and execution quality.
MarketAxess Holdings (Nasdaq: MKTX) has launched a new trading channel connecting global investors to China's onshore bond market through CFETS. This initiative aims to enhance access for over 1,800 global investors while facilitating trading via familiar protocols. The move comes as the onshore bond market, valued at $15 trillion, experiences increased foreign investor participation. The platform's total credit trading volume reached $669 billion in Q2, signaling MarketAxess' commitment to expanding its global footprint in fixed-income trading.
MarketAxess Holdings Inc. (MKTX) reported a monthly trading volume of $467.7 billion for August 2021, split between $176.0 billion in credit volume and $291.7 billion in rates volume. This volume reflects the company's strong electronic trading platform for fixed-income securities. The report noted the impact of new FINRA corrections on volume reporting. Although the platform supports over 1,800 firms globally, there are ongoing risks from competition and technological changes that could influence future performance.
MarketAxess Holdings (Nasdaq: MKTX) will host an Investor Day on September 14, 2021, featuring presentations by CEO Rick McVey and senior management, discussing the company's strategies and growth opportunities. The virtual event allows for live Q&A sessions with analysts and investors. The webcast is scheduled from 8:30 a.m. to 12:30 p.m. ET and will be available for replay on the company's website. The press release includes cautionary notes regarding forward-looking statements and potential risks affecting future performance.
MarketAxess Holdings Inc. (MKTX) reported a monthly trading volume of $499.6 billion for July 2021, comprising $206.1 billion in credit and $293.6 billion in rates. This reflects a 5.6% increase in total credit volume compared to July 2020, while U.S. High-Grade trading volume decreased by 3.0%. The company noted that recent FINRA corrections reduced TRACE reported volume by 2.5% for both U.S. high-grade and high-yield bonds. MarketAxess highlighted its role in providing key trading solutions and data services across global fixed-income markets.
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