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MarketAxess Holdings Inc MKTX Stock Quote

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Morningstar‘s Stock Analysis MKTX

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MarketAxess' Secular Drivers Remain Intact, but Competitive Pressures Are a Concern

Michael Miller Equity Analyst

Business Strategy and Outlook

| Michael Miller |

MarketAxess operates the leading platform for the electronic trading of corporate bonds. While the company is primarily focused on U.S. securities, 30%-40% of its corporate bond trading volume comes from emerging market debt and Eurobonds, giving the company a strong international presence. MarketAxess also offers trading in U.S. Treasuries and municipal bonds, bolstering its efforts in these sectors through the acquisitions of LiquidityEdge and MuniBrokers in 2019 and 2021, respectively. That said, corporate bonds are the core of MarketAxess’ business which we expect will remain true, a consequence of the more competitive nature of the treasury trading market and the smaller amount of municipal debt outstanding.

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Key Statistics MKTX

Company Profile MKTX

Business Description

Founded in 2000, MarketAxess is a leading electronic fixed-income trading platform that connects broker/dealers and institutional investors. The company is primarily focused on credit based fixed income securities with its main trading products being U.S. investment-grade and high-yield bonds, Eurobonds, and Emerging Market corporate debt. Recently the company has expanded more aggressively into Treasuries and municipal bonds with the acquisitions of LiquidityEdge and MuniBrokers in 2019 and 2021, respectively. The company also provides pre- and post-trade services with its acquisition of Regulatory Reporting Hub from Deutsche Börse Group in 2020 adding to its product offerings.

55 Hudson Yards, 15th Floor
New York, NY, 10001
T +1 212 813-6000
Industry Capital Markets
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Stock Type Cyclical
Employees 676