MarketAxess

MarketAxess Holdings Inc. runs electronic trading platforms for bonds and other fixed-income products. Headquartered in New York City at 55 Hudson Yards, the company serves about 2,100 customers, mostly institutional investors and broker-dealers. In 2025, institutional investors accounted for 91.3% of trading volume, while broker-dealers made up the rest. The company trades on NASDAQ under the ticker MKTX and is a component of the S&P 600 index.

The platform lets traders buy and sell specific bonds using a request-for-quote system. Its Open Trading feature allows institutional investors, asset managers, and dealers to trade anonymously with each other, boosting market liquidity. The company also supports portfolio trading and automated algorithmic trading based on preset rules. In 2025, 86.8% of revenue came from transaction commissions. The average commission was $4.28 per $1 million in government bonds and $138.87 per $1 million in other bonds. MarketAxess held an estimated 17.0% market share in U.S. corporate bonds, 5.9% in municipal bonds, and 2.4% in government bonds. Its main rival is TradeWeb.

MarketAxess was founded in 2000 by Richard McVey, a former J.P. Morgan executive who originally proposed the platform model in 1999 as part of J.P. Morgan's Lab Morgan incubator program. McVey launched the company as an independent venture with $24 million in capital raised from market participants including Bear Stearns. The platform began trading investment-grade corporate bonds in November 2000. The company went public via an IPO in 2004. In April 2023, Chris Concannon succeeded McVey as CEO, with McVey remaining as Executive Chairman. In 2026, Intercontinental Exchange (ICE) announced a definitive agreement to acquire MarketAxess, pending regulatory approval. [edit]