MKTX · 10-Q · 2026Q2 · Full report

Self-Clearing Liquidity Requirements

MARKETAXESS HOLDINGS INC · 2026-08-07 · Importance 56 · Surprise 24

Operating subsidiaries supporting self-clearing can borrow up to $500.0 million on an uncommitted, collateralized basis from a settlement bank, although no borrowings were outstanding at June 30, 2026. Self-clearing and settlement activities required $412.6 million of financed positions, restricted cash deposits and customer reserve balances at that date. These requirements fluctuate with trading activity and market volatility and may affect liquidity or require additional capital resources, while customer reserves are maintained pursuant to SEC Exchange Act Rule 15c3-3.

Key facts

• Certain operating subsidiaries may borrow up to $500.0 million on an uncommitted basis from a settlement bank, collateralized by eligible securities source
• As of June 30, 2026 subsidiaries had no borrowings outstanding and up to $500.0 million in available uncommitted borrowing capacity under settlement bank agreements source
• As of June 30, 2026 aggregate amount of positions financed, restricted cash deposits and customer reserve balances associated with self-clearing and settlement activities: $412.6 million source
• Borrowings under these settlement bank agreements bear interest at base rate equal to 1.00% plus the higher of (i) upper range of Federal Funds Rate, (ii) one-month SOFR plus margin, or (iii) 0.25% source
• We did not record any liabilities or losses with regard to counterparty failures for the six months ended June 30, 2026 and 2025 source