MKTX · 10-Q · 2026Q2 · Full report

Competition and Market Share

MARKETAXESS HOLDINGS INC · 2026-08-07 · Importance 29 · Surprise 24

MarketAxess faces competition from telephone and electronic broker-dealer trading, multi-dealer and all-to-all platforms, and platforms developed or backed by broker-dealer clients. Demand for portfolio trading workflows has increased, intensifying competition across geographies and products; portfolio trading and matching sessions on competing platforms can reduce market share and generally carry lower fees. In the first half of 2026, MarketAxess’s U.S. high-grade market share including single-dealer portfolio trades declined to 17.7% from 19.2%, while U.S. high-yield share increased to 14.0% from 12.8%; excluding single-dealer portfolio trades, high-grade share declined to 16.8% from 18.7%.

Key facts

The Company competes with bond trading conducted directly over the telephone or electronically and with other multi-dealer or all-to-all trading platforms, and competition is expected to intensify. source
Estimated market share of total U.S. high-grade corporate bond volume including SD PT decreased to 17.7% for the six months ended June 30, 2026 from 19.2% for the six months ended June 30, 2025. source
Estimated market share of total U.S. high-yield corporate bond volume including SD PT increased to 14.0% for the six months ended June 30, 2026 from 12.8% for the six months ended June 30, 2025. source
Estimated market share of total U.S. high-grade corporate bond volume decreased to 17.5% including SD PT for the three months ended June 30, 2026 from 19.8% for the three months ended June 30, 2025. source
Excluding SD PT, estimated market share of U.S. high-grade corporate bond volume decreased to 16.4% for three months ended June 30, 2026 from 19.4% for prior-year period. source
Estimated market share of total U.S. high-yield corporate bond volume increased to 14.1% including SD PT for the three months ended June 30, 2026 from 13.2% for the three months ended June 30, 2025. source