MARKETAXESS HOLDINGS INC

Overview

MarketAxess Holdings Inc. is a financial-technology company operating electronic trading platforms for institutional participants in global fixed-income markets. Its network connects institutional investors and broker-dealers, with products spanning electronic trading, automated execution, market data and analytics, and post-trade services. Instruments traded on its platforms include U.S. investment-grade and high-yield bonds, emerging-market debt, eurobonds, municipal bonds and U.S. government securities.[1][2]

The company’s stated longstanding aims include improving trading efficiency and providing clients with meaningful transaction-price improvement.[3] Its business serves global markets, with offices listed internationally.[1][4] MarketAxess reported revenue of $451.795 million for the six months ended June 30, 2026; the figure is for a half-year period, not a full fiscal year.[5] The company reported 869 employees as of December 31, 2025.[6] [1]+5

Products & services

MarketAxess offers electronic trading in fixed-income securities, including U.S. investment-grade and high-yield corporate bonds, emerging-market debt, eurobonds, municipal and U.S. government bonds. Its services include trading protocols, automated and algorithmic execution, market data and analytics, and post-trade processing.[1]

Its X-Pro platform combines trading protocols and workflow tools with proprietary pre- and post-trade analytics powered by CP+, its AI-driven pricing engine.[7][8] Open Trading® provides anonymous all-to-all trading among investors, dealers and alternative liquidity providers, alongside disclosed inquiries to dealers.[9][10] Other execution options include disclosed RFQ, list and portfolio trading, swaps, targeted RFQ and automated execution using client-defined parameters.[11][8] Mid-X is a dealer-initiated anonymous midpoint-matching protocol, expanded from emerging markets and eurobonds to U.S. credit.[12]

Data and workflow products include CP+ real-time pricing and analytics, pre-trade information on prices, liquidity, turnover and bond reference data, and post-trade services for trade details, allocations, audit trails, regulatory reporting, trade matching and transaction-cost analysis.[13][14] MarketAxess also provides near-real-time matching and exception management for trade and settlement details.[15] Its wider technology offerings include RFQ-hub, a bilateral multi-asset, multi-dealer RFQ platform for ETF and derivatives markets, and algorithmic trading capabilities in equities and FX.[16]

In 2025, Open Trading represented 37.0% of eligible platform credit volume, with approximately $1.2 trillion traded through the service; more than 60% of platform credit volume was executed through a disclosed-RFQ form.[17][11] [1]+11

Geographic presence

MarketAxess serves clients in approximately 90 countries. In FY2025, revenues from international clients represented 32.8% of total revenue; the company does not disclose a country-by-country revenue breakdown in the cited filing.[18] Its reported trading activity includes EMEA, Latin America and APAC, and its emerging-markets platform supports local-currency bonds across Latin America, Central and Eastern Europe, Middle East and Africa, and APAC.[18][19]

The company’s principal U.S. office is in New York, with other offices in the U.S., U.K., Brazil, the Netherlands, Hong Kong and Singapore.[20] Its contact page lists locations in New York, London, Amsterdam, São Paulo, Singapore and Hong Kong.[21] MarketAxess reported 869 employees at December 31, 2025; a geographic employee breakdown was not identified.[6] [18]+4

Business segments

MarketAxess Holdings reports one operating and reportable segment: “end-to-end trading solutions.” This segment encompasses electronic fixed-income and other securities trading, together with related data, analytics, compliance, post-trade and technology services. The company describes these activities as integrated and managed on a consolidated basis.[22][23]

For the six months ended June 30, 2026, revenue by service category was approximately 86.4% commissions, 6.8% information services, 5.1% post-trade services and 1.7% technology services. These are revenue categories, not separately reported business segments.[5]

The company also describes its products and activities across fixed-income markets—including U.S. high-grade and high-yield, emerging-markets debt, eurobonds, municipal bonds and U.S. government bonds—and across trading, data and post-trade services; these are additional business views rather than separate reportable segments.[1] [22]+5

Company history

MarketAxess Holdings Inc. was incorporated in Delaware on April 11, 2000, and founded by Rick McVey to bring electronic trading to fixed-income markets. The company went public on Nasdaq under the ticker MKTX on November 5, 2004.[26][27]

The company expanded its products and trading network over time, adding Eurobond trading in 2001 and launching its Open Trading all-to-all marketplace in 2013. That year it also completed the acquisition of Xtrakter, adding European post-trade and regulatory reporting services.[28]+2

Subsequent acquisitions broadened the business into U.S. Treasury trading through LiquidityEdge in 2019, municipal bonds through MuniBrokers in 2021, and algorithmic execution through Pragma in 2023. In April 2023, Chris Concannon became CEO and McVey became executive chairman; in May 2025, MarketAxess acquired a controlling stake in RFQ-hub, extending its capabilities in multi-asset electronic trading.[30]+5 [26]+9

Sources

• MARKETAXESS HOLDINGS INC — Full financial report (2026 Q 2)
  5 citations

  [1][2][5][9][22]
• MARKETAXESS HOLDINGS INC — Full financial report (2025 Y)
  16 citations

  [3][7][8][10][11][12][13][14][15][16][17][18][19][20][23][34]
• www.marketaxess.com[4]
• investor.marketaxess.com[6]
• www.marketaxess.com[21]
• www.sec.gov[24]
• www.sec.gov[25]
• www.sec.gov[26]
• www.sec.gov[27]
• www.finextra.com[28]
• investor.marketaxess.com[29]
• investor.marketaxess.com[30]
• investor.marketaxess.com[31]
• investor.marketaxess.com[32]
• investor.marketaxess.com[33]