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MarketAxess Holdings Inc.

MKTX

Financial Services · 163.00 -0.1% today

Isolated · not yet confirmedMarket checked 11 Sept, 15:55 GMT-4

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.

Company-0.1% todayVolume comparison unavailable
Market group0 of 15 activeBroad Market Risk · unavailable
Disclosed network0 of 3 confirmingNo filing-linked name is confirming now
What would change this read
  • 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.

Watch this read

Research brief

The story so far

Financial Services · Capital Markets

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.

Evidence that supports

No thresholded supportive filing evidence is available yet.

Evidence that challenges

No thresholded adverse filing evidence is available yet.

What would clarify the read
  • 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

As of Sep 12, 2026
Brokerage and capital-markets earnings model

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.

Key research questions
  • 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?
Annual periods9
Price observations328
Usable filing statements133
Verified relationships6
Evidence supporting the case
  • Operating cash flow covered net income at 1.55x in the latest annual period.
  • Foreign exchange has repeated favorable evidence across 4 filings.
Evidence challenging the case
  • 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.
Questions before a position

No credible peer-relative valuation comparison is available yet.

Longer-term price context

Price as of Sep 11, 2026

163.00
6m-10.2%12m-11.7%24m
Annual trajectory

Reported annual revenue and per-share history. This is accounting history, not a forecast.

PeriodRevenueYoYDiluted EPSShare change
2021-12-31$699.0M+1.4%$6.77-0.1%
2022-12-31$718.3M+2.8%$6.65-1.2%
2023-12-31$752.5M+4.8%$6.85+0.0%
2024-12-31$817.1M+8.6%$7.28+0.0%
2025-12-31$846.3M+3.6%$6.64-1.4%

What management says matters

Persistent and emerging business drivers

Credit and interest ratesnegative · 4 filings
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
Foreign exchangepositive · 4 filings
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
Macroeconomic conditionspositive · 1 filings
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.

Scenario scaffold

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

163.00-0.1% today

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.