MarketAxess Holdings Inc.
marketaxess.comWhat Do They Do?
Runs electronic bond-trading platforms and related data and trade services for institutional investors and broker-dealers.
10-K for FY2025, filed Feb 24, 2026MarketAxess Holdings Inc. (the “Company” or “MarketAxess”) operates leading electronic trading platforms delivering greater trading…View ↗
Our proprietary technology allows institutional investor and broker-dealer clients to access this market by trading both credit and rates…View ↗
A key principle of our strategy is connecting the most robust network of participants through our end-to-end trading solutions. The diverse…View ↗
How Do They Make Money?
Most revenue comes from broker-dealers' fees on platform trades, generally based on bond trading volume; disclosed-trade fees are billed monthly, while commissions on matched Open Trading trades are collected at settlement. Information, post-trade and technology services bring in subscription, transaction-processing and license/connectivity fees, billed on different monthly, quarterly or annual schedules.
10-K for FY2025, filed Feb 24, 2026Commission Revenue – The Company charges its broker-dealer clients variable transaction fees for trades executed on its platforms and…View ↗
For Open Trading trades that the Company executes between and among institutional investor and broker-dealer clients on a matched principal…View ↗
Information services – Information services includes data licensed to the Company’s broker-dealer clients, institutional investor clients…View ↗
Post-trade services – Post-trade services revenue is generated from regulatory transaction reporting, trade publication and post-trade…View ↗
Technology services – Technology services revenue primarily includes technology-related license and connectivity fees and revenue generated…View ↗
$846.3M
-
10-K for FY2025, filed Feb 24, 2026
$846.3M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Commissions
|
87%
FY2022: 89%
|
Commissions, FY2025
$734.6M Sources
|
|
|
Information Services
Mix
|
6.3%
FY2022: 5.5%
|
Information Services, FY2025
$53.2M Sources
|
Mix |
|
Post-trade Services
|
5.3%
FY2022: 5.1%
|
Post-trade Services, FY2025
$44.5M Sources
|
|
|
Technology Services
Licensed
|
1.7%
FY2022: 0.1%
|
Technology Services, FY2025
$13.9M Sources
|
Licensed |
Who Are Their Customers?
Institutional investors and broker-dealers use the platforms directly; investors can request prices from dealers or trade anonymously with platform participants through Open Trading.
10-K for FY2025, filed Feb 24, 2026MarketAxess Holdings Inc. (the “Company” or “MarketAxess”) operates leading electronic trading platforms delivering greater trading…View ↗
We believe our scale, network effects, and product innovation uniquely position us to capture increased trading volumes as the market…View ↗
Our traditional disclosed RFQ protocol allows our institutional investor clients to simultaneously request competing, executable bids or…View ↗
We offer Open Trading, our all-to-all trading solution, for most of our products and trading protocols. Open Trading complements our…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 29 cents of every revenue dollar as net income in FY2025 and turned 44 cents into free cash flow.
10-K for FY2025, filed Feb 24, 2026
$341.8MView ↗
10-K for FY2025, filed Feb 24, 2026
$246.6MView ↗
10-K for FY2025, filed Feb 24, 2026
$373.9MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 7, 2026
Open tableView ↗
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Jul 30, 2026
Intercontinental Exchange agreed to acquire MarketAxess
MarketAxess would become a wholly owned subsidiary of ICE if the merger closes.
Sources
8-K, filed Jul 30, 2026
On July 29, 2026, MarketAxess Holdings Inc., a Delaware corporation (the “Company”), entered into an Agreement and Plan of Merger (the…View ↗
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Jul 30, 2026
MarketAxess withdrew its 2026 guidance and medium-term targets
It also suspended earnings calls and monthly volume releases after announcing an agreement to be acquired by ICE.
Sources
8-K, filed Jul 30, 2026
MarketAxess also announced today that it has entered into a definitive merger agreement to be acquired by Intercontinental Exchange, Inc.…View ↗
Growing. Revenue grew 21% in 4 years, from $699M in FY2021 to $846.3M in FY2025, about 5% a year.
Expansion beyond fixed income
The older report described an investment in a multi-asset RFQ-hub platform and future ETF and index businesses; the latest also describes automated equities and foreign-exchange trading and RFQ-hub trading in ETFs and derivatives.
10-K for FY2022, filed Feb 22, 2023 10-K for FY2025, filed Feb 24, 2026
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