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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 appointed John Maggiacomo as Head of North America Client Sales. In this new role, Maggiacomo will lead sales efforts to expand MarketAxess's institutional client base across all product areas. Kevin McPherson, Chief Revenue Officer, emphasized Maggiacomo's extensive fixed income sales experience and strong industry relationships. Previously, Maggiacomo was Head of US Credit Sales at Royal Bank of Canada, focusing on leveraged finance. He has also held senior roles at Bank of America Merrill Lynch. His appointment aims to enhance trading efficiency and offer innovative solutions in a rapidly changing market.
MarketAxess Holdings Inc. (Nasdaq: MKTX) reported its first-quarter 2024 financial results with total revenues of $210.3 million, a 3.5% increase. The company saw strong growth in U.S. high-grade commission revenue and record commission revenue from emerging markets, Eurobonds, and municipal bonds. Diluted EPS was $1.92 on net income of $72.6 million, compared to $1.96 on net income of $73.6 million in the prior year. The company highlighted the expansion of its client franchise, strong international product growth, and record automation and algorithmic trading metrics.
MarketAxess Holdings Inc. announced trading volume and transaction fees for April 2024. CEO Chris Concannon highlighted strong growth in credit ADV, driven by increases in U.S. high-grade, emerging markets, and municipal bonds. Total ADV was $34.1 billion, up 22.6%, with notable increases in rates trading ADV and total credit ADV. MarketAxess saw a decrease in U.S. high-yield ADV but an increase in new issuance. The company also reported growth in emerging markets ADV, municipal bond ADV, and portfolio trading volume. Open Trading share of total credit trading volume decreased slightly. Preliminary fees for total credit and rates were lower than the prior year. MarketAxess continues to exclude single-dealer portfolio trading activity from reported figures.
MarketAxess Holdings Inc. (Nasdaq: MKTX) announced the appointment of Dan Burke as Global Head of Emerging Markets, responsible for developing and executing business strategy for EM trading. Burke, with extensive experience in Emerging Markets, joins from Standard Chartered where he played a key role in automating credit offerings. MarketAxess aims to enhance liquidity and efficiency internationally under Burke's leadership. Recent investments in EM trading solutions led to a record average daily volume of $3.6 billion in Q1 2024, with Latin America and Asia-Pacific clients contributing significantly to the growth.
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