MARKETAXESS HOLDINGS Business Summary

MarketAxess Holdings Inc. (MKTX) operates a leading global electronic trading platform for fixed-income securities, primarily generating revenue through transaction fees (commissions) and information and post-trade services. The company’s business is segmented into Credit and Rates, with its core strength lying in the electronic execution of U.S. investment-grade and high-yield bonds, Eurobonds, and emerging market debt. Its proprietary Open Trading™ protocol provides a unique all-to-all marketplace that enhances liquidity by allowing diverse market participants to trade anonymously. MarketAxess competes directly with Tradeweb Markets, Trumid, and Bloomberg L.P. in the fixed-income space. While Tradeweb maintains a strong foothold in the rates and government bond sectors, MarketAxess remains a dominant force in corporate credit, leveraging its extensive network of over 2,100 institutional investor and broker-dealer firms to maintain high market share in electronic credit trading. Founded in 2000 by Richard McVey, the company is currently led by CEO Chris Concannon, who previously served as President and COO of Cboe Global Markets and CEO of Bats Global Markets. In February 2026, the firm appointed William Quan as Chief Technology Officer to spearhead its AI and platform modernization initiatives; Quan brings over 20 years of experience from senior technology roles at Amazon Web Services, J.P. Morgan, and Deutsche Bank. The executive team also includes CFO Ilene Bieler and COO Dean Berry, the latter of whom oversees global operations and the EMEA/APAC regions. The company’s governance was recently bolstered by the March 1, 2026, appointment of independent directors Douglas Cifu, co-founder and former CEO of Virtu Financial, and Kenneth Schiciano, a veteran of TA Associates, both of whom serve under Chairman Carlos Hernandez, the former Executive Chair of Investment and Corporate Banking at JPMorgan.