MarketAxess Holdings Inc

MKTX: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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MarketAxess Benefits From Secular Trends, but US Corporate Bond Trading Remains Highly Competitive

Michael Miller

Feb 10, 2026

Business Strategy and Outlook

2025 has been a decent year for MarketAxess, as more corporate bond issuance and higher market activity have been driving trading volume up. However, the high volume industrywide has been partially offset by weaker average pricing, as the firm gets more of its volume from low-cost trading types.

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MarketAxess Holdings Inc

MarketAxess Benefits From Secular Trends, but US Corporate Bond Trading Remains Highly Competitive

Business Strategy and Outlook

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