MarketAxess Holdings Inc

MKTX: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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MarketAxess To Be Acquired by Intercontinental Exchange; Lowering FVE to $167 Purchase Price

Michael Miller

Jul 30, 2026

Business Strategy and Outlook

MarketAxess has announced that it intends to sell itself to Intercontinental Exchange for $167 per share in an all-cash deal. We do not like this deal for the company as we think the firm is likely worth more as a independent company. That said, we admit MarketAxess has been facing meaninful competitive issues and difficult market conditions, causing it to trade at a deep discount to our previous fair value estimate.

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MarketAxess Holdings Inc

MarketAxess To Be Acquired by Intercontinental Exchange; Lowering FVE to $167 Purchase Price

Business Strategy and Outlook

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