MarketAxess Holdings Inc.

MarketAxess Holdings Inc. operates electronic trading platforms for approximately 2,100 institutional investor and broker-dealer clients in global fixed-income and other markets. The company provides an integrated approach to electronic trading, including diverse trading protocols, automated and algorithmic execution solutions, data products and analytics, and post-trade and technology services. A core offering is Open Trading®, an all-to-all marketplace that creates an anonymous liquidity pool connecting market participants across various fixed-income products. Institutional investors can also send trading inquiries directly to broker-dealer counterparties on a disclosed basis while accessing the market anonymously through Open Trading. MarketAxess offers MarketAxess X-Pro ("X-Pro"), a next-generation trading platform that provides access to multiple trading protocols and workflow tools, integrating proprietary pre- and post-trade data and analytics tools powered by its AI-driven pricing engine, CP+. Automated execution protocols allow clients to pre-define trading parameters for efficient transaction execution. In 2025, 86.8% of the company's revenues came from commissions for transactions executed on its platforms. Additional revenues are derived from information services, post-trade services, and technology services.