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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 has announced a partnership with Goldman Sachs, which will act as a dedicated market maker for US investment grade corporate bonds on the MarketAxess Live Markets™ platform. This collaboration seeks to enhance liquidity and price transparency in the institutional credit markets. MarketAxess reported a 60% increase in volume via Open Trading, reaching $643 billion in 2020 Q1-Q3, contributing to estimated transaction cost savings of $852 million. The Live Markets platform aims to improve transaction efficiency and reduce trading friction.
MarketAxess Holdings (Nasdaq: MKTX) will announce its 2020 third quarter results on October 27, 2020, before the market opens. The company, an operator of a leading electronic trading platform for fixed-income securities, will host a conference call at 10:00 a.m. EST on the same date. Key executives, including Chairman Richard M. McVey and CFO Antonio L. DeLise, will discuss financial results and outlook. Access the call at MarketAxess Investor Relations. A replay will be available for one week following the announcement.
MarketAxess Holdings reported September 2020 trading volume of $461.0 billion, including $206.2 billion in credit and $254.8 billion in rates. Preliminary variable transaction fees per million for Q3 2020 are $199 for U.S. high-grade and $208 for other credit, with an overall $204 for total credit and $4.10 for rates. These figures are subject to change and will be detailed in future filings. The reported volumes reflect fully electronic trading only.
MarketAxess Holdings (Nasdaq: MKTX) announced the launch of Axess IQ, an enhanced order and execution workflow solution at Banque de Luxembourg. This integration features MarketAxess’ Auto-X™ automated trading technology and the Composite+™ pricing engine, improving execution efficiency. Notably, automated trading volumes surged to over $32 billion, marking a 66% increase year-over-year. The Open Trading™ marketplace facilitated an average of 32,000 orders daily, totaling over $18 billion in notional value, showcasing enhanced liquidity for private banks.
MarketAxess Holdings (Nasdaq: MKTX) announced that Banque de Luxembourg has implemented Axess IQ, its advanced order and execution workflow solution, integrating Auto-X automated trading capabilities. This enhancement comes after a successful pilot launch in November 2019, and during Q2 2020, automated trading volumes increased to over $32 billion, up 66% year-over-year. The integration aims to improve trading outcomes by combining advanced technology and market data, thereby enhancing service offerings for clients.
MarketAxess Holdings, Inc. (Nasdaq: MKTX) announced its agreement to acquire Deutsche Börse Group's Regulatory Reporting Hub through its subsidiary Trax NL B.V. This acquisition, anticipated to close in Q4 2020, enhances MarketAxess' capabilities in regulatory reporting and compliance services across Europe, especially in Germany, France, and the Nordics. The Regulatory Reporting Hub offers essential services such as transaction and trade reporting, helping clients meet regulatory obligations under MiFID II and EMIR. The strategic move aims to strengthen MarketAxess’ European client base and innovate its post-trade services.
MarketAxess Holdings (Nasdaq: MKTX) has appointed Riad Chowdhury as Head of Asia Pacific, effective September 23, 2020. Based in Singapore, Chowdhury will lead the Asia Pacific growth strategy and oversee all business operations in the region. He previously worked at Standard Chartered Bank and has extensive experience in electronic trading technologies. Christophe Roupie, Head of EMEA and APAC, emphasized that Chowdhury's expertise aligns with the increasing demand for electronic trading in Asia, promising enhanced liquidity and cost-efficiency for investors and dealers.
MarketAxess Holdings Inc. (Nasdaq: MKTX) announced the acquisition of MuniBrokers, enhancing its electronic trading platform for fixed-income securities. MuniBrokers connects 14 leading Municipal Securities Broker's Brokers and facilitates over $400 million in municipal bond trading daily. The acquisition aims to expand MarketAxess' municipal bond trading solutions globally, with the transaction expected to close in Q4 2020. Industry leaders expect this acquisition to improve liquidity and execution experiences for institutional investors.
MarketAxess (Nasdaq: MKTX) has been designated an Eligible Seller by the Federal Reserve Bank of New York for the Secondary Market Corporate Credit Facility (SMCCF). This program aims to enhance liquidity in the corporate debt market by enabling the purchase of corporate bonds and ETFs. Chairman and CEO Rick McVey expressed the company's commitment to supporting economic recovery and maintaining the secondary market's strength. The designation positions MarketAxess to effectively respond to the Fed’s bond purchasing requests, leveraging its growing Open Trading platform.
MarketAxess Holdings Inc. (Nasdaq: MKTX) announced that Chris Concannon, President and COO, and Tony DeLise, CFO, will speak at the Barclays Global Financial Services Conference on September 15, 2020, at 3:30 p.m. EST. The presentation will be accessible via live internet broadcast at https://kvgo.com/barclays/marketaxess-september-2020.
MarketAxess is a leader in electronic trading for fixed-income securities, offering enhanced liquidity and cost savings to over 1,700 firms globally. Its patented technology and Open Trading™ marketplace facilitate efficient bond trading.
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