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MarketAxess

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MarketAxess Holdings Inc.
TypePublic
ISINUS57060D1081
IndustryFinancial Services
Founded2000; 26 years ago (2000)
FounderRichard McVey
Headquarters55 Hudson Yards
New York City, U.S.
Key people
RevenueIncrease US$846 million (2025)
Increase US$341 million (2025)
Decrease US$246 million (2025)
Total assetsIncrease US$1.934 billion (2025)
Total equityDecrease US$1.145 billion
Number of employees
868 (2025)
Websitemarketaxess.com
Footnotes
[1]

MarketAxess Holdings Inc., headquartered in New York City, operates electronic trading platforms used to trade bonds and other fixed income products. It has approximately 2,100 customers, all of which are either institutional investors (91.3% of 2025 volume) or broker-dealers (8.7% of 2025 volume).[1]

The company's platforms allow prospective traders to buy or sell specific bonds and to execute trades using a request for quote system.[2] The company's Open Trading platform allows institutional investors, asset managers, and dealers to all trade anonymously with one another, increasing market liquidity. It also allows for portfolio trading and rules-based, automated algorithmic trading.

In 2025, 86.8% of the company's revenues were derived from commissions for transactions.[1] In 2025, the company received an average commission of $4.28 per $1 million in government bonds traded and an average commission of $138.87 per $1 million of other bonds traded.[1] The company has an estimated 17.0% market share for trading in U.S. corporate bonds, a 5.9% market share for trading in U.S. municipal bonds, and a 2.4% market share for trading in U.S. government bonds.[1]

The company's primary competitor is TradeWeb.[1]

History

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Richard McVey originally proposed the model for MarketAxess in 1999 as part of J.P. Morgan & Co.'s "Lab Morgan" program. He launched the company as an independent venture in 2000, with $24 million in capital raised from market participants including Bear Stearns.[2] MarketAxess began trading investment-grade corporate bonds and gave investors access to new issues and research in November 2000.[3]

In March 2001, MarketAxess acquired Trading Edge, which owned BondLink, a start-up bond company that had enabled investors to buy and sell bonds online.[3][4]

In November 2004, the company became a public company via an initial public offering.[5][6][7]

In June 2008, TCV acquired a minority stake in the company for $35 million.[8]

In 2012, it launched its all-to-all trading marketplace, Open Trading.[9]

In February 2013, MarketAxess acquired London-based Trax from Euroclear for $42 million.[10][11]

In April 2013, MarketAxess announced a partnership to connects its electronic trading platform with BlackRock's Aladdin platform.[12][13]

In January 2015, MarketAxess and BlackRock extended their Open Trading partnership, already in place in the US, to the European credit markets.[14]

In March 2018, the company announced the extension of its all-to-all Open Trading partnership with BlackRock to Asia, focused mainly on US dollar-denominated corporate and sovereign bonds and other securities traded by market participants in the region.[15]

By 2018, the company accounted for 18% of all U.S. investment-grade bond trading, up from 12% in 2014.[16][17] Its market share peaked at 22.8% in December 2018, a period of market volatility.[18] However, it began losing market share to TradeWeb.[19]

In August 2019, the company began Treasury trading with the acquisition of the LiquidityEdge platform for $100 million in cash and $50 million in stock.[20][21]

The company witnessed a surge in trading volumes and its stock price during the COVID-19 pandemic.[22]

In December 2020, the company acquired the Regulatory Reporting Hub, a regulatory reporting business, from Deutsche Börse.[23]

In April 2021, the company acqiured MuniBrokers, a central electronic venue serving municipal bond inter-dealer brokers and dealers.[24]

In April 2022, MarketAxess and MSCI announced a collaboration on fixed income indices, portfolio construction products, and ESG data that would leverage MSCI's ESG data.[25]

In September 2022, the company announced an extension of its partnership with Broadway Technologies for a request-for-quote workflow featuring in its US Treasury trading marketplace.[26]

Effective April 2023, Chris Concannon was promoted to CEO of the company.[27]

In October 2023, the company acquired Pragma, a quantitative trading technology provider specializing in algorithmic and analytical services.[28]

In May 2025, the company acquired a 90% interest in the RFQ-hub platform, a bilateral multi-asset and multi-dealer request for quote platform.[29]

In June 2025, the company launched an electronic trading platform to trade Indian government bonds.[30][31]

Finances

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MarketAxess revenue and net income in million US$[32]
YearRevenueNet income
2025 846 246
2024 817 274
2023 752 259
2022 718 250
2021 698 257
2020 689 300
2019 511 205
2018 435 173
2017 394 147
2016 368 126
2015 303 96
2014 262 75
2013 239 75
2012 191 59

References

[edit]
  1. 1 2 3 4 5 6 "MarketAxess Holdings Inc. 2025 Form 10-K Annual Report". United States Securities and Exchange Commission. February 24, 2026.
  2. 1 2 Tully, Shawn (December 4, 2014). "The man behind the $7.7 trillion bond revolution". Fortune.
  3. 1 2 Zuckerman, Gregory (January 31, 2001). "Market Axess to Buy Trading Edge, Create Large Online Bond Market". The Wall Street Journal.
  4. ↑ "MarketAxess Holdings Inc. 2007 Form 10-K Annual Report". United States Securities and Exchange Commission. February 27, 2008.
  5. ↑ Gelsi, Steve (November 5, 2004). "MarketAxess IPO up over 50% in debut". MarketWatch.
  6. ↑ Maranz, Felice (December 23, 2019). "MarketAxess Is a Decade Standout With a 2600% Gain". Bloomberg News.
  7. ↑ "Stock Offerings This Week". The New York Times. November 1, 2004.
  8. ↑ Kardos, Donna (June 3, 2008). "TCV to Buy Stake in MarketAxess". The Wall Street Journal.
  9. ↑ Chatterjee, Saikat (September 6, 2016). Coghill, Kim (ed.). "Marketaxess bolsters bond trading platform in Asia". Reuters.
  10. ↑ "MarketAxess Reports Second Quarter 2013 Record Revenues of $65.6 Million, Record Pre-Tax Income of $31.5 Million and Diluted EPS of $0.51" (PDF) (Press release). July 24, 2013.
  11. ↑ Foley, Stephen (November 2, 2012). "MarketAxess to double size in Europe". Financial Times.
  12. ↑ "BlackRock and MarketAxess Announce the Creation of a Unified, Electronic Trading Solution in the U.S. Credit Markets" (Press release). BlackRock. April 23, 2013.
  13. ↑ Aneiro, Michael (April 24, 2013). "BlackRock Backs Off Solo Bond Exchange, Teams With MarketAxess". Barron's.
  14. ↑ "MarketAxess and BlackRock Expand Strategic Trading Alliance into Europe" (Press release). BlackRock. January 22, 2015.
  15. ↑ Dalal, Manju (March 7, 2018). "Asian Bond Trading Gets a Push From BlackRock". The Wall Street Journal.
  16. ↑ Wirz, Matt (April 5, 2019). "Trading Firm Jane Street Challenges Wall Street". The Wall Street Journal.
  17. ↑ Leising, Matthew; Smith, Molly (February 15, 2018). "Electronic Bond Trading Gains Ground". Bloomberg L.P.
  18. ↑ Wirz, Matt (April 12, 2019). "Bond Market Turmoil Sparked E-Trading". The Wall Street Journal.
  19. ↑ Rennison, Joe (July 26, 2017). "MarketAxess defends its corporate bond trading status". Financial Times.
  20. ↑ Wirz, Matt (August 13, 2019). "MarketAxess Breaks Into Treasury Trading With Acquisition". The Wall Street Journal. ISSN 0099-9660.
  21. ↑ Barnett, Chip (August 13, 2019). "MarketAxess to acquire LiquidityEdge". The Bond Buyer.
  22. ↑ "U.S. Capital Markets Performance During COVID". CRISIL. December 22, 2020.
  23. ↑ "MarketAxess to Acquire Regulatory Reporting Hub from Deutsche Börse Group" (Press release). GlobeNewswire. September 23, 2020.
  24. ↑ "MarketAxess Completes Acquisition of MuniBrokers" (Press release). GlobeNewswire. April 12, 2021.
  25. ↑ "MSCI and MarketAxess Announce Strategic Collaboration on Liquid Fixed Income Indexes, Portfolio Construction Solutions, and ESG Data" (Press release). MSCI. April 28, 2022.
  26. ↑ "Broadway Technology Announces U.S. Treasury Trading Integration with MarketAxess" (Press release). Business Wire. September 7, 2022.
  27. ↑ "MarketAxess Promotes Chris Concannon to Chief Executive Officer; Richard M. McVey to Become Executive Chairman" (Press release). Business Wire. January 9, 2023.
  28. ↑ "MarketAxess Completes Acquisition of Pragma" (Press release). Business Wire. October 2, 2023.
  29. ↑ "MarketAxess Acquires Majority Control of RFQ-hub Holdings LLC" (Press release). Business Wire. May 12, 2025.
  30. ↑ Dhutia, Dharamraj (June 17, 2025). Cheema, Sonia (ed.). "MarketAxess launches electronic trading platform for foreign investors in Indian debt". Reuters.
  31. ↑ Dhutia, Dharamraj (August 1, 2025). "MarketAxess' new platform seeks to draw investors to trade India bonds". Reuters.
  32. ↑ "MarketAxess". Macrotrends.
[edit]
  • Official website
  • Business data for MarketAxess Holdings:
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