“The $30.0 million increase in net cash used in financing activities was principally due to net repayments of outstanding borrowings in the current period and payment of excise tax on repurchases of common stock, partially offset by lower repurchases of common…”10-Q · Aug 7, 2026 ↗
MarketAxess Holdings Inc.
MKTX
Market read
MarketAxess Holdings Inc.'s current read is isolated; its market group is not confirming.
No new filing conclusion is available. 0 of 15 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 3 directly disclosed connections are confirming.
- Interest expense increased $2.7M due to borrowings on the Company’s credit facility used, along with cash on hand, to fund the ASR.
Invalidation: The isolated read changes if MKTX's group or a disclosed connection begins moving with it.
Research brief
The story so far
No new filing conclusion is available. 0 of 15 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 3 directly disclosed connections are confirming.
No thresholded supportive filing evidence is available yet.
No thresholded adverse filing evidence is available yet.
- Interest expense increased $2.7M due to borrowings on the Company’s credit facility used, along with cash on hand, to fund the ASR.
Company research
Understand the business, not just the ticker
For brokers and capital-markets platforms, the key question is how client activity, interest rates, customer balances, margin lending and market conditions translate into earnings and capital needs.
- Can client and activity growth offset pressure from lower rates or weaker trading volumes?
- Are customer balances, margin lending and credit conditions changing the risk profile?
- Does the valuation reflect a durable earnings model or unusually favorable market conditions?
- Operating cash flow covered net income at 1.55x in the latest annual period.
- Foreign exchange has repeated favorable evidence across 4 filings.
- Operating margin changed -1.3 percentage points in the latest annual period.
- Net margin changed -4.4 percentage points in the latest annual period.
- Credit and interest rates has repeated adverse evidence across 4 filings.
No credible peer-relative valuation comparison is available yet.
Price as of Sep 11, 2026
163.00Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
Persistent and emerging business drivers
“Post-trade services revenue increased by $1.0 million for the six months ended June 30, 2026, mainly due to the positive impact of foreign currency fluctuations of $1.1 million.”10-Q · Aug 7, 2026 ↗
“Interest rates have remained higher since 2023 due to a period of increased inflation.”10-Q · Aug 6, 2025 ↗
Valuation discipline
Peer-relative valuation withheld
Jodie found no industry-matched filing peers suitable for a valuation comparison. It will not substitute broader financial-sector names.
Scenarios are withheld for Financial Services until sector-specific earnings and capital metrics are available; generic revenue/P/S scaffolds would be misleading.
Price action
How the market is pricing the story
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for MKTX. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Filing analysis
No comparable filing assessment is available yet
Jodie has not yet found a suitable current-versus-prior filing comparison for MKTX. This does not mean the latest filing was neutral or immaterial.
Business ecosystem
The relationships behind MKTX
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depended on by
BGCBGC Group, Inc.competitorMay 11, 2026 ▾
“We compete with TP ICAP and Tradition across various Voice/Hybrid brokerage marketplaces as well as across multiple electronic marketplaces via Fenics, which additionally competes with Tradeweb and MarketAxess.”
Filing peers
No filing peers are available for this name yet.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 2 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
MKTX is currently a Follower in the organic co-movement group Broad Market Risk. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 1 filing-linked name are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.