MarketAxess Reports Second Quarter 2022 Results

NEW YORK, July 20, 2022 (GLOBE NEWSWIRE) -- MarketAxess Holdings Inc. (Nasdaq: MKTX) the operator of a leading electronic trading platform for fixed-income securities, and the provider of market data and post-trade services for the global fixed-income markets, today announced financial results for the second quarter of 2022.


Rick McVey, Chairman of the Board and CEO of MarketAxess, commented:

“Record levels of market share in the quarter reflect the strides that we have made over the past year in executing our growth strategy, expanding our geographic diversification and establishing a broader global foundation for growth.

The macro backdrop is now much improved, with credit spreads and credit spread volatility moving back into more historical ranges, driving increased estimated cost savings for clients through Open Trading®, our unique liquidity pool.

We believe that our strong growth in trading volume, broad-based market share gains, both year-over-year and sequentially, and increasing momentum in new product areas, including U.S. Treasuries and municipal bonds, are driving our improved performance.”
 

2Q22 Financial and operational highlights*

  • Record levels of estimated market share driving strong growth in trading volume.
  • Record composite corporate bond1 estimated market share of 20.2%, up from 17.8%, reflecting broad-based estimated market share gains across global credit.
  • Record estimated combined U.S. high-grade and U.S. high-yield market share of 20.9%, up from 19.1% in the prior year.
  • Record estimated market share across U.S. high-yield, emerging markets, Eurobonds and U.S. Treasuries.
  • Revenues of $182.2 million, up 3%.
  • Total expenses of $97.4 million, up 9% on continued investment in the business.
  • $105.2 million in EBITDA and EBITDA margin of 57.7%, up from 56.3%.
  • Diluted EPS of $1.78, includes an $0.11 per share benefit from foreign currency transaction gains.
  • Declared $0.70 per share dividend; repurchased 178,801 shares for a total cost of $48.7 million.
  • Record 1,935 total active clients, up 5%, reflecting the continued expansion of our global liquidity pool.
  • Total trading average daily volume (“ADV”) of $35.4 billion, up 43%, driven principally by a 64% increase in U.S. Treasury ADV to $22.7 billion and a 15% increase in total credit ADV to $12.3 billion.
  • $238 million in estimated transaction cost savings2 for clients via Open Trading®, our differentiated liquidity pool; $439 million in estimated transaction cost savings2 year-to-date.
  • Record $23 billion in portfolio trading volume, up from $4 billion in 2Q21 and $14 billion in 1Q22.

*All comparisons versus second quarter 2021 unless otherwise noted.

Table 1: 2Q22 select financial results
$ in millions, except per share data (unaudited) Revenues Operating Income Operating
Margin (%)
Net Income Diluted EPS EBITDA EBITDA
Margin (%)
       
2Q22 $182   $85     47%   $67   $1.78   $105     58%          
2Q21 $176   $87     49%   $67   $1.77   $99     56%          
2Q22 vs. 2Q21
% Change
  3%     (3%)   (291) bps   (1%)     1%     6%   +138 bps        
                           
Table 2: 2Q22 trading volume (ADV)
    CREDIT RATES
$ in millions (unaudited) Total Volumes High-Grade High-Yield Emerging Markets Eurobonds Other Credit Prod. Total Other Credit Total Credit US Govt. Bonds Agcy./Other
Govt. Bonds
Total Rates
2Q22 $35,389   $5,803   $1,771   $2,828   $1,491   $397   $6,487   $12,290   $22,657   $442   $23,099  
2Q21 $24,777   $5,143   $1,457   $2,496   $1,463   $105   $5,521   $10,664   $13,850   $263   $14,113  
2Q22 vs. 2Q21
% Change
  43%     13%     22%     13%     2%     278%     17%     15%     64%     68%     64%  
                       
Table 3: 2Q22 Estimated Market Share
  CREDIT RATES        
(unaudited) High-Grade High-Yield High-Grade/High-
Yield Combined
Eurobonds Composite
Corporate Bond
2
Municipals US Govt.
Bonds
       
2Q22   22.3%     17.3%     20.9%     15.1%     20.2%     3.9%     3.7%          
1Q22   20.7%     15.2%     19.1%     12.2%     18.1%     4.3%     3.6%          
2Q21   21.1%     14.3%     19.1%     11.7%     17.8%     2.2%     2.3%          
2Q22 vs. 2Q21
BPS Change
+120 bps +300 bps +180 bps +340 bps +240 bps +170 bps +140 bps        
2Q22 vs. 1Q22
BPS Change
+160 bps +210 bps +180 bps +290 bps +210 bps (40) bps +10 bps        

 


Overview of results

Revenues

Credit

  • U.S. high-grade: Commission revenue of $75.1 million (including $23.5 million in fixed-distribution fees) decreased $2.7 million, or 3%, compared to $77.8 million (including $21.4 million in fixed-distribution fees) in the prior year. Higher trading volumes and an increase in estimated market share were more than offset by lower average fees per million (“FPM”). The decline in average FPM for high-grade to $143.35, compared to $174.11 in the second quarter of 2021, was mainly due to the shorter duration of bonds traded (driven by higher bond yields and shorter years-to-maturity). There have been no changes to the U.S. high-grade fee plan.
    • Increase of approximately +120 basis points in estimated U.S. high-grade market share, from 21.1% in the prior year period.
  • Other credit: Commission revenue of $82.3 million (including $8.1 million in fixed-distribution fees) increased $7.4 million, or 10%, compared to $75.0 million (including $7.9 million in fixed-distribution fees) in the prior year. The increase was driven principally by strong estimated market share gains across all other credit products, slighly offset by lower average FPM. The FPM for other credit products was $185.93, compared to $194.49 in the second quarter of 2021. The decline in other credit FPM was due to a larger percentage of trading volume in local market emerging market bonds which have lower fees per million and dealer migration to fixed-distribution fee plans that command lower transaction fees.
    • Record U.S. high-yield estimated market share of 17.3%, up from 14.3% in the prior year on ADV of $1.8 billion, representing an increase 22%.
    • Record Eurobonds estimated market share of 15.1% on ADV of $1.5 billion, up 2%. Excluding the impact of foreign currency fluctuations, Eurobonds ADV would have increased approximately 13%.
    • Record emerging markets estimated market share on ADV of $2.8 billion, up 13%, with estimated market ADV down 10%. Excluding the impact of foreign currency fluctuations, emerging markets ADV would have increased approximately 14%.
    • Record municipal bond trading volume and ADV of $23.0 billion and $371 million, respectively, driven in part by an approximate 170-basis point increase in estimated market share.
  • Total credit: Commission revenue of $157.4 million increased $4.6 million, or 3%. A 15% increase in credit ADV to $12.3 billion, driven by strong estimated market share gains across credit products, was partially offset by lower average FPM. The average FPM for total credit products was $165.75, compared to $184.62 in the second quarter of 2021, reflecting the impact of lower U.S. high-grade average FPM discussed above.
    • Record total credit trading volume.
    • Record estimated combined U.S. high-grade and U.S. high-yield market share of 20.9%, up from 19.1% in the prior year.
    • Record composite corporate bond1 estimated market share of 20.2%, up from 17.8%.
    • 35% of total credit trading volume was executed via Open Trading.
      • $238 million ($439 million year-to-date) in estimated transaction cost savings2 for clients delivered via Open Trading, representing $1,030 in average cost savings per million.
    • Record 1.6 million total credit trades executed, up from 1.3 million executed in the prior year.
    • 92% of credit volume on the platform was executed by institutional clients.

Rates

  • Total rates commission revenue of $6.1 million increased $2.4 million, or 65%, compared to the prior year, driven by a 64% increase in U.S. Treasury ADV to $22.7 billion on strong estimated market share gains. The average FPM for total rates products was $4.21, compared to $4.07 in the second quarter of 2021.
    • Record U.S. Treasury estimated market share of 3.7%, up from 2.3%.

Information services & post-trade services

  • Combined information and post-trade services revenue of $18.5 million decreased $1.2 million, or 6%, compared to the prior year. The decrease in revenue was principally driven by the impact of currency fluctuations and planned customer attrition in connection with the Regulatory Reporting Hub integration. Adjusting for foreign currency fluctuations, combined information and post-trade services revenue would have increased approximately 3%.

Expenses

  • Total expenses of $97.4 million increased $8.3 million, or 9%. The increase in expenses was driven principally by higher employee compensation and benefits as a result of the increase in headcount, increased investments to enhance the trading system and data products, as well as higher technology and communication expenses due to higher subscription costs, market data expense and platform licensing fees.

Non-operating

  • Other income: Other income was $4.8 million, representing a $5.9 million increase from the prior year. The current quarter included a $5.5 million foreign currency transaction gain that benefited earnings per share by $0.11.
  • Tax rate: The effective tax rate was 25.3%, compared to 21.8% in the prior year. The higher effective tax rate was driven by a $5.7 million decrease in estimated excess tax benefits related to share based compensation awards.

Capital

  • The Company has $324.8 million in cash, cash equivalents and investments; there are no outstanding borrowings under the Company’s credit facility.
  • A total of 178,801 shares were repurchased in the quarter at a cost of $48.7 million. A total of $100.0 million remains under the current authorization by the Company’s Board of Directors (the “Board”).
  • The Board declared a quarterly cash dividend of $0.70 per share, payable on August 17, 2022 to stockholders of record as of the close of business on August 3, 2022.

Other

  • The Company had a record 1,935 total active client firms and a record 982 active international client firms, representing year-over-year increases of 5% and 6%, respectively.
  • Employee headcount was 684 as of June 30, 2022, compared to 637 as of June 30, 2021, and 676 as of December 31, 2021. The increase in headcount was due to the continued investment in the Company’s growth initiatives, including geographic expansion, trading automation and new trading protocols.

Guidance for 2022

  • Based on the progression of operating expenses year-to-date, the Company is re-confirming its full year 2022 expense guidance range of $385.0 million to $415.0 million and capital expenditure guidance range of $58.0 million to $62.0 million. The Company expects the full year effective tax rate to be at the upper-end of the previously stated range of 24.0% to 26.0%.

Other highlights

  • MarketAxess, Virtu Financial and several leading liquidity providers in the fixed income ETF space, including Citadel Securities, Flow Traders, Jane Street Capital and asset manager BlackRock, announced the formation of a consortium to support the growth of RFQ-hub, a bilateral multi-asset and multi-dealer request for quote platform. RFQ-hub brings asset managers and liquidity providers together to help electronically deliver aggregated and competitive liquidity, streamline workflow and improve pricing with a focus on equity and fixed-income listed and OTC derivatives, structured products and exchange-traded funds.
  • State Street Global Advisors launched the SPDR MarketAxess Investment Grade 400 Corporate Bond ETF (LQIG). The MKTX 400 Index tracks the performance of 400 U.S. dollar denominated investment grade corporate bonds with higher-than-average liquidity relative to the broader U.S. corporate bond market. Powered by MarketAxess’ proprietary liquidity and pricing data – our Relative Liquidity Score and Composite+™ pricing engine – the Index combines actionable liquidity with broad market exposure.
  • MarketAxess and MSCI agreed to enter into a strategic collaboration to create innovative portfolio analytics solutions and co-branded fixed-income indexes incorporating MarketAxess’ liquidity data, including Relative Liquidity Score and Tradability. In addition, MarketAxess plans to leverage MSCI’s ESG ratings to identify and create more liquid and sustainable fixed-income portfolios for its global institutional clients.

1 Composite corporate bond estimated market share is defined as combined estimated market share across U.S. high-grade (derived from FINRA TRACE reported data), U.S. high-yield (derived from FINRA TRACE reported data), emerging markets (derived from FINRA TRACE-reportable emerging markets volume) and Eurobonds (derived from MarketAxess TRAX data which is estimated to represent approximately 75% of the total European market) product areas.

2 Estimated liquidity taker cost savings is defined as the difference between the winning price and the best disclosed dealer cover price. Estimated liquidity provider cost savings is defined as the difference between the winning price and then current Composite+ bid or offer level (offer if the provider is buying, bid if provider is selling) at the time of the inquiry.
 

Non-GAAP financial measures and other items

To supplement the Company’s unaudited financial statements presented in accordance with generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP measures of financial performance, including earnings before interest, taxes, depreciation and amortization (“EBITDA”), EBITDA margin and free cash flow. The Company believes that these non-GAAP financial measures, when taken into consideration with the corresponding GAAP financial measures, are important in understanding the Company's operating results. See the attached schedule for a reconciliation of GAAP net income to EBITDA and EBITDA margin and GAAP cash flow from operating activities to free cash flow.

Webcast and conference call information

Rick McVey, Chairman and Chief Executive Officer, Chris Concannon, President and Chief Operating Officer and Christopher Gerosa, Chief Financial Officer, will host a conference call to discuss the Company’s financial results and outlook on Wednesday, July 20, 2022 at 10:00 a.m. EDT. To access the conference call, please dial 866-374-5140 (U.S.) and use the PIN/ID 68886811# or 404-400-0571 (international) and use the PIN/ID 68886811#. The Company will also host a live audio Webcast of the conference call on the Investor Relations section of the Company's website at http://investor.marketaxess.com. The Webcast will be archived on http://investor.marketaxess.com for 90 days following the announcement.

About MarketAxess

MarketAxess (Nasdaq: MKTX) operates a leading electronic trading platform that delivers greater trading efficiency, a diversified pool of liquidity and significant cost savings to institutional investors and broker-dealers across the global fixed-income markets. Over 1,900 firms leverage MarketAxess’ patented technology to efficiently trade fixed-income securities. MarketAxess’ award-winning Open Trading® marketplace is widely regarded as the preferred all-to-all trading solution in the global credit markets. Founded in 2000, MarketAxess connects a robust network of market participants through the full trading lifecycle, including automated trading solutions, intelligent data products and a range of post-trade services. Learn more at www.marketaxess.com and on Twitter @MarketAxess.

Cautionary Note Regarding Forward-Looking Statements

This press release may contain forward-looking statements, including statements about the outlook and prospects for Company and industry growth, as well as statements about the Company’s future financial and operating performance. These and other statements that relate to future results and events are based on MarketAxess’ current expectations. The Company’s actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties, including: global economic, political and market factors; risks relating to the COVID-19 pandemic, including the possible effects of the economic conditions worldwide resulting from the COVID-19 pandemic; adverse effects as a result of climate change or other ESG risks that could affect our reputation; the level of trading volume transacted on the MarketAxess platform; the rapidly evolving nature of the electronic financial services industry; the level and intensity of competition in the fixed-income electronic trading industry and the pricing pressures that may result; reputational or credibility risks related to our data products and index business; the variability of our growth rate; our ability to introduce new fee plans and our clients’ response; our ability to attract clients or adapt our technology and marketing strategy to new markets; risks related to our growing international operations; our dependence on our broker-dealer clients; the loss of any of our significant institutional investor clients; our exposure to risks resulting from non-performance by counterparties to transactions executed between our clients in which we act as an intermediary in matched principal trades; risks related to self-clearing; the effect of rapid market or technological changes on us and the users of our technology; our dependence on third-party suppliers for key products and services; our ability to successfully maintain the integrity of our trading platform and our response to system failures, capacity constraints and business interruptions; the occurrence of design defects, errors, failures or delays with our platforms; our vulnerability to cyber security risks; our actual or perceived failure to comply with privacy and data protection laws; our ability to protect our intellectual property rights or technology and defend against intellectual property infringement or other claims; our ability to enter into strategic alliances and to acquire other businesses and successfully integrate them with our business; our dependence on our management team and our ability to attract and retain talent; limitations on our flexibility because we operate in a highly regulated industry; the increasing government regulation of us and our clients; risks related to the U.K.’s exit from the European Union; our exposure to costs and penalties related to our extensive regulation; our risks of litigation and securities laws liability; our future capital needs and our ability to obtain capital when needed; limitations on our operating flexibility contained in our credit agreement; and other factors. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. More information about these and other factors affecting MarketAxess’ business and prospects is contained in MarketAxess’ periodic filings with the Securities and Exchange Commission and can be accessed at www.marketaxess.com.

Contacts
 
 
INVESTOR RELATIONS MEDIA RELATIONS
 
Stephen Davidson
MarketAxess Holdings Inc.
+1 212 813 6313
sdavidson2@marketaxess.com
Marisha Mistry
MarketAxess Holdings Inc.
+1 917 267 1232
mmistry@marketaxess.com
 
  William McBride
RF | Binder
+1 917 239 6726

 

Table 4                              
MarketAxess Holdings Inc.
Consolidated Statements of Operations
 
           
  Three Months Ended     Six Months Ended  
  June 30,     June 30,  
  2022     2021     2022     2021  
  (In thousands, except per share data)  
  (unaudited)  
                               
Revenues                              
Commissions $ 163,463     $ 156,431     $ 329,576     $ 332,269  
Information services   9,396       9,844       19,205       19,006  
Post-trade services   9,144       9,848       19,056       20,109  
Other   226       211       449       414  
Total revenues   182,229       176,334       368,286       371,798  
                               
Expenses                              
Employee compensation and benefits   45,435       40,732       93,191       88,820  
Depreciation and amortization   15,240       13,097       30,414       24,876  
Technology and communications   12,490       10,544       24,682       20,580  
Professional and consulting fees   8,920       10,704       18,541       20,344  
Occupancy   3,700       3,300       7,087       6,617  
Marketing and advertising   2,949       3,128       4,738       4,332  
Clearing costs   4,263       4,372       8,838       9,066  
General and administrative   4,444       3,280       7,903       6,512  
Total expenses   97,441       89,157       195,394       181,147  
Operating income   84,788       87,177       172,892       190,651  
Other income (expense)                              
Investment income   254       107       313       214  
Interest expense   (337 )     (171 )     (510 )     (362 )
Equity in earnings of unconsolidated affiliate   191             191        
Other, net   4,682       (1,060 )     7,111       (2,649 )
Total other income (expense)   4,790       (1,124 )     7,105       (2,797 )
Income before income taxes   89,578       86,053       179,997       187,854  
Provision for income taxes   22,656       18,765       48,306       40,109  
Net income $ 66,922     $ 67,288     $ 131,691     $ 147,745  
                               
Per Share Data:                              
Net income per common share                              
Basic $ 1.78     $ 1.79     $ 3.52     $ 3.94  
Diluted $ 1.78     $ 1.77     $ 3.49     $ 3.87  
                               
Cash dividends declared per common share $ 0.70     $ 0.66     $ 1.40     $ 1.32  
                               
Weighted-average common shares:                              
Basic   37,529       37,508       37,456       37,489  
Diluted   37,608       38,104       37,716       38,129  

 

Table 5                              
MarketAxess Holdings Inc.
Commission Revenue Details
 
                               
  Three Months Ended     Six Months Ended  
  June 30,     June 30,  
  2022     2021     2022     2021  
                               
  Total Commissions Revenue  
  (In thousands)  
  (unaudited)  
                               
Transaction Fees                              
U.S. high-grade $ 51,576     $ 56,413     $ 104,454     $ 121,769  
Other credit 1   74,226       67,074       150,030       145,973  
Total credit   125,802       123,487       254,484       267,742  
Rates 2   6,020       3,612       12,211       7,755  
Total transaction fees   131,822       127,099       266,695       275,497  
                               
Distribution Fees                              
U.S. high-grade   23,496       21,373       46,522       42,343  
Other credit1   8,096       7,895       16,248       14,299  
Total credit   31,592       29,268       62,770       56,642  
Rates2   49       64       111       130  
Total distribution fees   31,641       29,332       62,881       56,772  
Total commissions $ 163,463     $ 156,431     $ 329,576     $ 332,269  
                               
  Average Variable Transaction Fee Per Million  
  (unaudited)  
                               
U.S. high-grade - fixed-rate $ 145.93     $ 179.02     $ 151.87     $ 182.21  
U.S. high-grade - floating-rate   48.15       36.40       50.12       41.19  
Total U.S. high-grade   143.35       174.11       148.82       177.13  
Other credit 1   185.93       194.49       186.85       198.36  
Total credit   165.75       184.62       169.11       188.11  
                               
Rates2   4.21       4.07       4.05       3.86  
                               
1 Other credit includes high-yield, emerging markets, Eurobonds and municipal bonds.  
2 Rates includes U.S. Government bonds, agencies and other government bonds.  
       

 

Table 6              
MarketAxess Holdings Inc.
Consolidated Condensed Balance Sheet Data
 
               
               
  As of  
  June 30, 2022     December 31, 2021  
  (In thousands)  
  (unaudited)  
               
Assets              
Cash and cash equivalents $ 290,544     $ 506,735  
Cash segregated under federal regulations   50,276       50,159  
Investments, at fair value   34,297       36,078  
Accounts receivable, net   87,475       63,881  
Receivables from broker-dealers, clearing organizations and customers   617,817       408,346  
Goodwill   154,789       154,789  
Intangible assets, net of accumulated amortization   105,607       116,377  
Furniture, equipment, leasehold improvements and capitalized
software, net
  93,255       96,061  
Operating lease right-of-use assets   68,602       70,960  
Prepaid expenses and other assets   65,048       27,066  
Total assets $ 1,567,710     $ 1,530,452  
               
Liabilities and stockholders' equity              
Liabilities              
Accrued employee compensation $ 35,685     $ 59,719  
Payables to broker-dealers, clearing organizations and customers   375,211       229,325  
Income and other tax liabilities   27,660       40,456  
Accounts payable, accrued expenses and other liabilities   42,797       71,218  
Operating lease liabilities   85,555       88,425  
Total liabilities   566,908       489,143  
               
Stockholders' equity              
Common stock   123       123  
Additional paid-in capital   325,047       330,262  
Treasury stock   (320,252 )     (232,712 )
Retained earnings   1,035,723       956,966  
Accumulated other comprehensive loss   (39,839 )     (13,330 )
Total stockholders' equity   1,000,802       1,041,309  
Total liabilities and stockholders' equity $ 1,567,710     $ 1,530,452  
               

 

Table 7                              
MarketAxess Holdings Inc.
Reconciliation of Non-GAAP Financial Measures
                               
  Three Months Ended
June 30,
  Six Months Ended
June 30,
  2022       2021         2022       2021  
                               
  Earnings Before Interest, Taxes, Depreciation and Amortization
  (In thousands)
  (unaudited)
Net income $ 66,922     $ 67,288     $ 131,691     $ 147,745  
Add back:                              
Interest expense   337       171       510       362  
Provision for income taxes   22,656       18,765       48,306       40,109  
Depreciation and amortization   15,240       13,097       30,414       24,876  
Earnings before interest, taxes, depreciation and
  Amortization (“EBITDA”)
$ 105,155     $ 99,321     $ 210,921     $ 213,092  
                               
EBITDA margin1   57.7 %     56.3 %     57.3 %     57.3 %
                               
  Free Cash Flow
  (In thousands)
  (unaudited)
Cash flows from operating activities $ 93,637     $ 96,726     $ 69,907     $ 73,567  
Exclude: Net change in trading investments         11,064             5,569  
Exclude: Net change in fail-to-deliver/receive
from broker-dealers, clearing organizations and customers
  (20,376 )     (26,596 )     48,166       66,774  
Less: Purchases of furniture, equipment and
leasehold improvements
  (1,285 )     (5,552 )     (2,681 )     (9,809 )
Less: Capitalization of software development costs   (9,136 )     (8,384 )     (18,561 )     (16,459 )
Free cash flow $ 62,840     $ 67,258     $ 96,831     $ 119,642  
                               
1 EBITDA margin is derived by dividing EBITDA by revenue for the applicable period.

 

Table 8                              
MarketAxess Holdings Inc.
Volume Statistics*
 
                               
                               
  Three Months Ended
June 30,
    Six Months Ended
June 30,
 
  2022     2021     2022     2021  
                               
  Total Trading Volume  
  (In millions)  
  (unaudited)  
                               
U.S. high-grade - fixed-rate $ 350,296     $ 312,858     $ 680,854     $ 662,673  
U.S. high-grade - floating-rate   9,489       11,153       21,024       24,779  
Total U.S. high-grade   359,785       324,011       701,878       687,452  
Other credit   399,209       344,865       802,927       735,885  
Total credit   758,994       668,876       1,504,805       1,423,337  
                               
Rates   1,431,595       888,267       3,012,829       2,009,135  
                               
  Average Daily Volume  
  (In millions)  
  (unaudited)  
U.S. high-grade $ 5,803     $ 5,143     $ 5,660     $ 5,544  
Other credit   6,487       5,521       6,487       5,935  
Total credit   12,290       10,664       12,147       11,479  
                               
Rates   23,099       14,113       24,297       16,203  
                               
Number of U.S. Trading Days 1   62       63       124       124  
Number of U.K. Trading Days 2   60       61       123       124  
                               
                               
   
1 The number of U.S. trading days is based on the SIFMA holiday recommendation calendar.  
2 The number of U.K. trading days is based on the U.K. Bank holiday schedule.  
                               
*Consistent with FINRA TRACE reporting standards, both sides of trades are included in the Company's reported volumes when the Company executes trades on a matched principal basis between two counterparties. Consistent with industry standards, U.S. Government Bond trades are single-counted.  
   

Primary Logo

Source: MarketAxess Holdings, Inc.