MarketAxess Holdings Inc

MKTX: XNAS (USA)

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MarketAxess to Be Acquired by Intercontinental Exchange

Michael Miller

Oct 23, 2026

Business Strategy and Outlook

MarketAxess intends to sell itself to Intercontinental Exchange for $167 per share in an all-cash deal. While we think the firm is likely worth more as an independent company, we admit MarketAxess has been facing meaningful competitive issues and difficult market conditions, causing it to trade at a deep discount to our previous fair value estimate.

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How we make money

We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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To learn more about how we handle and protect your data, visit our privacy center.

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Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

Read our editorial policy to learn more about our process.

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MarketAxess Holdings Inc

MarketAxess to Be Acquired by Intercontinental Exchange

Business Strategy and Outlook

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