[Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) MarketAxess's Q2 2025 performance saw record revenue and EPS growth, driven by strong trading channel expansion [Q2 2025 Financial and Operational Performance](index=1&type=section&id=Q2%202025%20Financial%20and%20Operational%20Performance) MarketAxess achieved record Q2 2025 revenue of $219.5 million and strong EPS growth, fueled by significant increases in portfolio, block, and dealer-initiated trading Q2 2025 Select Financial Results ($ in millions, except per share data) | | 2Q 2025 | 2Q 2024 | % Change YoY | | :--- | :--- | :--- | :--- | | **GAAP-basis** | | | | | Revenues | $219 | $198 | 11% | | Expenses | $128 | $116 | 10% | | Net Income | $71 | $65 | 10% | | Diluted EPS | $1.91 | $1.72 | 11% | | **Non-GAAP (ex-notable items)** | | | | | Expenses | $124 | $116 | 6% | | Net Income | $74 | $65 | 15% | | Diluted EPS | $2.00 | $1.72 | 16% | | **Other Non-GAAP** | | | | | EBITDA | $111 | $99 | 12% | | EBITDA Margin | 50.5% | 50.0% | +50 bps | - Total revenues increased **11%** to a record **$219.5 million**, driven by a **12%** rise in total commission revenue and a **7%** increase in services revenue[8](index=8&type=chunk) - The company achieved strong growth across its strategic channels: - **Client-Initiated:** Record ADV in U.S. credit block trading (**+37%**) - **Portfolio Trading:** **69% increase** in total portfolio trading ADV to a record **$1.5 billion** - **Dealer-Initiated:** ADV increased **40%** to **$1.8 billion**[8](index=8&type=chunk) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) The CEO emphasized progress in client engagement and X-Pro platform adoption, outlining future growth strategies including targeted block trading and the new Mid-X solution - In Q2, the company made significant strides in enhancing its client franchise, increasing client engagement with X-Pro, and delivering on new initiatives across client-initiated, portfolio trading, and dealer-initiated channels[4](index=4&type=chunk) - Future strategic focus for the latter half of 2025 includes growing the targeted block trading solution, enhancing the portfolio trading solution, and launching the new Mid-X solution for the dealer-initiated channel[5](index=5&type=chunk) - Recent strategic hires in key roles are expected to enhance the company's ability to drive growth in 2025 and beyond[5](index=5&type=chunk)[6](index=6&type=chunk) [Detailed Financial Analysis](index=2&type=section&id=Detailed%20Financial%20Analysis) Revenue growth was driven by increased commission and services revenue, while expenses rose due to operational costs and notable items [Revenue Analysis](index=2&type=section&id=Revenue%20Analysis) Total revenue growth stemmed from a 12% increase in commission revenue and a 7% rise in services revenue, with strong trading volumes offsetting lower fees per million [Commission Revenue](index=2&type=section&id=Commission%20Revenue) Record total commission revenue of $191.8 million was driven by increased credit and rates ADV, despite declines in fees per million, with RFQ-Hub contributing to other commissions Q2 2025 Average Variable Transaction Fee Per Million (FPM) | Category | 2Q25 FPM | 2Q24 FPM | % Change YoY | | :--- | :--- | :--- | :--- | | Total Credit | $138 | $148 | (7)% | | Total Rates | $4.03 | $4.45 | (9)% | - Record total credit commission revenue of **$176.6 million** was up **10%**, driven by a **22% increase** in total credit ADV, which was partially offset by a **7% decrease** in total credit FPM due to protocol mix[12](index=12&type=chunk) - Record total rates commission revenue of **$8.1 million** increased **40%**, driven by a **58% increase** in total rates ADV, partially offset by a **9% decrease** in FPM due to product mix[13](index=13&type=chunk) - Other commission revenue increased **39%** to a record **$7.1 million**, primarily due to the inclusion of approximately **$1.8 million** from the newly acquired RFQ-Hub[14](index=14&type=chunk) [Services Revenue](index=3&type=section&id=Services%20Revenue) Services revenue grew 7% to a record $27.7 million, with increases across information, post-trade, and technology services, the latter boosted by the RFQ-hub acquisition - Information services revenue increased **4%** to **$13.1 million**, driven by foreign currency fluctuations and net new data contract revenue[16](index=16&type=chunk) - Post-trade services revenue grew **7%** to **$11.1 million**, mainly due to foreign currency fluctuations and new contract revenue[17](index=17&type=chunk) - Technology services revenue rose **16%** to **$3.5 million**, driven by higher license and connectivity fees from the recently acquired RFQ-hub[18](index=18&type=chunk) [Expense Analysis](index=2&type=section&id=Expense%20Analysis) Total expenses increased 10% to $127.6 million, with a 6% rise excluding notable items like repositioning and acquisition-related charges - Total expenses increased **10%** to **$127.6 million**. Excluding notable items, expenses were **$123.6 million**, an increase of **6%**[19](index=19&type=chunk) - Notable items in Q2 2025 totaled **$4.6 million** pre-tax, consisting of **$4.0 million** in repositioning charges (mainly severance) and a **$0.6 million** acquisition-related charge[9](index=9&type=chunk)[10](index=10&type=chunk) [Non-Operating Items and Tax Rate](index=3&type=section&id=Non-Operating%20Items%20and%20Tax%20Rate) Other income increased to $5.6 million due to foreign exchange gains, while the effective tax rate rose to 26.9% reflecting an uncertain tax position reserve - Other income increased to **$5.6 million** from **$5.0 million** in the prior year, driven by foreign exchange gains[21](index=21&type=chunk) - The effective tax rate rose to **26.9%** from **24.8%** in the prior year, due to an increase in accruals for the uncertain tax position reserve established in Q1 2025[21](index=21&type=chunk) [Capital Management and Other Information](index=3&type=section&id=Capital%20Management%20and%20Other%20Information) The company maintains a strong capital position with $620.9 million in cash and investments, no debt, and continued shareholder returns through buybacks and dividends [Capital Position and Shareholder Returns](index=3&type=section&id=Capital%20Position%20and%20Shareholder%20Returns) The company reported $620.9 million in cash and investments with no debt, repurchased $80.0 million in shares, and declared a $0.76 per share quarterly dividend - The company held **$620.9 million** in cash, cash equivalents, and investments as of June 30, 2025, with no outstanding borrowings under its credit facility[21](index=21&type=chunk) - Year-to-date through July 2025, the company repurchased **379,667 shares** for **$80.0 million**. **$145.0 million** remains under the share repurchase authorization[21](index=21&type=chunk) - A quarterly cash dividend of **$0.76 per share** was declared, payable on September 3, 2025[21](index=21&type=chunk) [Other Corporate Information](index=3&type=section&id=Other%20Corporate%20Information) Employee headcount increased to 881 as of June 30, 2025, reflecting a slight rise from the prior year - Employee headcount was **881** as of June 30, 2025, up from **864** as of June 30, 2024[21](index=21&type=chunk) [Consolidated Financial Statements](index=6&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's core financial statements, including detailed income statements, commission revenue, trading volumes, and balance sheet data [Consolidated Statements of Operations (Table 2)](index=6&type=section&id=Consolidated%20Statements%20of%20Operations%20%28Table%202%29) This table presents the company's detailed income statement for the three and six months ended June 30, 2025, compared to the same periods in 2024, breaking down revenues, expenses, and net income Consolidated Statements of Operations (Three Months Ended June 30, in thousands) | | 2025 | 2024 | % Change | | :--- | :--- | :--- | :--- | | **Total revenues** | **$219,462** | **$197,660** | **11%** | | Commissions | $191,770 | $171,679 | 12% | | Information services | $13,087 | $12,544 | 4% | | Post-trade services | $11,076 | $10,400 | 7% | | Technology services | $3,529 | $3,037 | 16% | | **Total expenses** | **$127,598** | **$116,321** | **10%** | | **Operating income** | **$91,864** | **$81,339** | **13%** | | Income before income taxes | $97,416 | $86,337 | 13% | | Provision for income taxes | $26,236 | $21,399 | 23% | | **Net income** | **$71,180** | **$64,938** | **10%** | | **Diluted EPS** | **$1.91** | **$1.72** | | [Commission Revenue Detail (Table 3)](index=7&type=section&id=Commission%20Revenue%20Detail%20%28Table%203%29) This table provides a detailed breakdown of commission revenue into variable transaction fees and fixed distribution fees for credit and rates products, including average variable transaction fee per million (FPM) Commission Revenue Detail (Three Months Ended June 30, in thousands) | | 2025 | 2024 | % Change | | :--- | :--- | :--- | :--- | | **Total variable transaction fees** | **$158,073** | **$138,440** | **14%** | | Credit | $142,977 | $127,645 | 12% | | Rates | $8,035 | $5,719 | 40% | | **Total fixed distribution fees** | **$33,697** | **$33,239** | **1%** | | **Total commission revenue** | **$191,770** | **$171,679** | **12%** | [Trading Volume Detail (Table 4)](index=7&type=section&id=Trading%20Volume%20Detail%20%28Table%204%29) This table details trading volumes and average daily volume (ADV) across various credit and rates products for the three months ended June 30, 2025, with year-over-year comparisons Trading Volume (ADV, in millions for Three Months Ended June 30) | | 2025 ADV | 2024 ADV | % Change | | :--- | :--- | :--- | :--- | | **Total credit trading** | **$16,795** | **$13,743** | **22%** | | High-grade | $7,760 | $6,436 | 21% | | High-yield | $1,692 | $1,337 | 27% | | Emerging markets | $4,018 | $3,337 | 20% | | Eurobonds | $2,681 | $2,103 | 27% | | **Total rates trading** | **$32,214** | **$20,426** | **58%** | | U.S. government bonds | $30,756 | $19,634 | 57% | | **Total trading** | **$49,009** | **$34,169** | **43%** | [Consolidated Condensed Balance Sheet (Table 5)](index=8&type=section&id=Consolidated%20Condensed%20Balance%20Sheet%20%28Table%205%29) This table shows the company's financial position as of June 30, 2025, compared to December 31, 2024, detailing assets, liabilities, and stockholders' equity Consolidated Condensed Balance Sheet Data (in thousands) | | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $462,837 | $544,478 | | Investments, at fair value | $169,349 | $165,260 | | Total assets | $1,974,938 | $1,789,216 | | **Liabilities and Stockholders' Equity** | | | | Total liabilities | $574,038 | $400,556 | | Total stockholders' equity | $1,386,185 | $1,388,660 | | Total liabilities and stockholders' equity | $1,974,938 | $1,789,216 | [Non-GAAP Financial Measures and Reconciliations](index=4&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) This section explains the company's use of non-GAAP financial measures and provides detailed reconciliations to their GAAP equivalents [Explanation of Non-GAAP Measures](index=4&type=section&id=Explanation%20of%20Non-GAAP%20Measures) The company uses non-GAAP measures like EBITDA, EBITDA margin, and free cash flow to supplement GAAP financials, offering additional insights into operating performance - The company utilizes non-GAAP financial measures, including EBITDA, EBITDA margin, free cash flow, and results excluding notable items, to provide additional information to investors and management for analyzing and evaluating business performance[22](index=22&type=chunk) [Reconciliation of Notable Items (Table 6)](index=9&type=section&id=Reconciliation%20of%20Notable%20Items%20%28Table%206%29) This table reconciles GAAP to non-GAAP figures for total expenses, other income, net income, and diluted EPS by excluding notable items such as repositioning and acquisition-related charges Reconciliation of GAAP to Non-GAAP Results (Q2 2025, in thousands) | | GAAP-basis | Notable Items | Non-GAAP basis | | :--- | :--- | :--- | :--- | | Total Expenses | $127,598 | $(3,970) | $123,628 | | Other income (expense) | $5,552 | $557 | $6,109 | | Net income | $71,180 | $3,309 | $74,489 | | Diluted EPS | $1.91 | $0.09 | $2.00 | [Reconciliation of Net Income to EBITDA (Table 7)](index=10&type=section&id=Reconciliation%20of%20Net%20Income%20to%20EBITDA%20%28Table%207%29) This table reconciles GAAP Net Income to the non-GAAP measure of EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) and calculates the corresponding margins Reconciliation to EBITDA (Q2 2025 vs Q2 2024, in thousands) | | 2Q 2025 | 2Q 2024 | | :--- | :--- | :--- | | Net income | $71,180 | $64,938 | | Interest income | $(5,930) | $(6,401) | | Interest expense | $139 | $621 | | Provision for income taxes | $26,236 | $21,399 | | Depreciation and amortization | $19,195 | $18,356 | | **EBITDA** | **$110,820** | **$98,913** | | **EBITDA Margin** | **50.5%** | **50.0%** | [Reconciliation to Free Cash Flow (Table 8)](index=10&type=section&id=Reconciliation%20to%20Free%20Cash%20Flow%20%28Table%208%29) This table reconciles Net Cash Provided by Operating Activities (a GAAP measure) to the non-GAAP measure of Free Cash Flow by adjusting for changes in trading investments, fails, and capital expenditures Reconciliation to Free Cash Flow (Q2 2025 vs Q2 2024, in thousands) | | 2Q 2025 | 2Q 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $103,714 | $118,849 | | Adjustments for trading & fails | $21,987 | $(3,051) | | Less: CapEx & Capitalized Software | $(12,716) | $(18,191) | | **Free cash flow** | **$112,985** | **$97,607** |

Core Viewpoint - MarketAxess Holdings Inc. (MKTX) is expected to report second-quarter 2025 results on August 6, with earnings estimated at $1.94 per share, reflecting a 12.8% increase year-over-year [1] Earnings Estimates - The Zacks Consensus Estimate for revenues is $218 million, indicating a 10.1% growth from the previous year [2] - The second-quarter earnings estimate has seen four upward revisions and three downward movements in the last 30 days [2] Earnings Surprise History - MarketAxess has consistently beaten earnings estimates in the last four quarters, with an average surprise of 2.67% [3] - The company has a positive Earnings ESP of +0.95%, with the Most Accurate Estimate at $1.96 per share [4] Factors Influencing Q2 Results - Increased trading volumes and market share gains in credit products are expected to boost credit commission revenues to $138.4 million, an 8.4% year-over-year increase [5][6] - Solid trading volumes in international markets and new product areas are anticipated to contribute to overall commission growth, with a consensus estimate of $189 million, reflecting a 9.9% increase from the prior year [8] Trading Volume and Revenue Projections - The consensus estimate for total trading volume is 2.9 million, representing a 33.3% growth year-over-year [9] - Information services revenues are projected at $13.4 million, indicating a 6.5% rise from the previous year [10] Expense Outlook - Total expenses are expected to reach $125.7 million, marking an 8.1% increase year-over-year due to ongoing investments in trading and data capabilities [11]

Core Viewpoint - MarketAxess (MKTX) is anticipated to report a year-over-year increase in earnings and revenues for the quarter ended June 2025, with the actual results being a significant factor influencing its near-term stock price [1][2]. Earnings Expectations - The upcoming earnings report is expected to be released on August 6, and positive results could lead to a stock price increase, while disappointing results may cause a decline [2]. - The consensus estimate for quarterly earnings is $1.94 per share, reflecting a year-over-year increase of 12.8%, with revenues projected at $218.18 million, up 10.4% from the previous year [3]. Estimate Revisions - Over the last 30 days, the consensus EPS estimate has been revised down by 1.59%, indicating a reassessment by analysts [4]. - The Most Accurate Estimate for MarketAxess is higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +0.95%, suggesting a bullish outlook from analysts [12]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive Earnings ESP reading is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3 [10]. - MarketAxess currently holds a Zacks Rank of 3, indicating a likelihood of beating the consensus EPS estimate [12]. Historical Performance - In the last reported quarter, MarketAxess exceeded the expected earnings of $1.82 per share, achieving actual earnings of $1.87, resulting in a surprise of +2.75% [13]. - The company has successfully beaten consensus EPS estimates in the last four quarters [14].

Core Insights - MarketAxess (MKTX) has consistently surpassed earnings estimates, making it a strong candidate for potential investment opportunities [1][5] - The company reported earnings of $1.82 per share for the most recent quarter, slightly below the expected $1.87, but still achieved a surprise of 2.75% [2] - The positive Earnings ESP of +0.95% indicates bullish sentiment among analysts regarding the company's earnings prospects [8] Earnings Performance - In the last two quarters, MarketAxess has averaged a 2.26% beat on earnings estimates [1] - For the previous quarter, the company reported $1.73 per share against an estimate of $1.70, resulting in a surprise of 1.76% [2] Earnings Estimates and Predictions - The Zacks Earnings ESP for MarketAxess is currently positive, suggesting a high likelihood of an earnings beat in the upcoming report [5][8] - Stocks with a positive Earnings ESP and a Zacks Rank of 3 (Hold) or better have a nearly 70% chance of producing a positive surprise [6] Upcoming Earnings Report - The next earnings report for MarketAxess is expected to be released on August 6, 2025 [8]

Core Insights - The article emphasizes the importance of conducting thorough due diligence before making any investment decisions [2][3] - It highlights that past performance is not indicative of future results, stressing the need for investors to be cautious [3] Company Insights - The article mentions that the author has a beneficial long position in MKTX shares, indicating a positive outlook on the company's stock [1] - There is no specific financial data or performance metrics provided regarding MKTX or any other company in the article [1][2][3] Industry Insights - The article does not provide specific insights into the broader industry trends or market conditions affecting investment decisions [2][3]

Core Insights - MarketAxess Holdings Inc. achieved over $1 trillion in total credit trading volume in Q2 2025, marking a historic milestone for the company with a 20% year-over-year increase [1][9] - The rates trading business also reached a new high of $2 trillion in total volume for the quarter, reflecting a 55% increase from the previous year [1][9] Trading Performance - High-yield and Eurobonds credit businesses experienced 25% year-over-year growth [2] - Emerging markets saw a 20% increase in average daily volume (ADV) compared to the same period last year [2] - Agency and other government bonds in rates trading surged by 81%, while U.S. government bonds grew by 54% [2] Transaction Fees - Total credit average transaction fees per million (FPM) declined by 7% year-over-year due to protocol mix [3] - Total rates FPM fell by 12% as a result of changes in product mix [3] Market Demand - The total trading ADV was recorded at $49 billion, up 43% year-over-year, indicating strong demand for MarketAxess's electronic trading services [4] - The estimated market share of U.S. credit portfolio trading increased to 17.5%, up from 15.1% a year ago [4] Strategic Developments - MarketAxess is diversifying beyond core fixed-income trading, including acquiring a majority stake in RFQ-hub Holdings LLC [5] - The company launched the first fully electronic trading workflow for Indian Government Bonds accessible to Foreign Portfolio Investors [5] Peer Comparison - CME Group is set to launch CME FX Tape+, aiming to provide an unbiased view of the FX market [6] - Intercontinental Exchange acquired the American Financial Exchange to complement its global index business and mortgage technology network [7] Valuation and Estimates - MarketAxess shares have declined by 1.8% year-to-date, contrasting with the industry's growth of 21.1% [8] - The forward price-to-earnings ratio for MarketAxess is 27.86X, higher than the industry average [11] - The Zacks Consensus Estimate for Q2 2025 earnings suggests an 11.1% year-over-year rise, with a full-year earnings prediction of a 2.9% increase [12]

Market Overview - In 2025, markets are experiencing high volatility, with NASDAQ and S&P 500 indices reaching all-time highs despite uncertain economic indicators [1][2] - Analysts anticipate clearer monetary and tariff policies in the second half of the year, along with solid earnings reports, particularly in the tech sector driven by AI [2] Company Insights - **CME Group**: - Operates the largest derivatives marketplace, benefiting from increased trading volumes in volatile markets [5] - Stock has risen over 40% in the last 12 months and over 18% in 2025, showing signs of recovery after a pullback [6][7] - **Goldman Sachs**: - A leading global investment bank that thrives in volatile markets, generating revenue from expanded bid-ask spreads and increased trading activity [9][10] - Stock is up 23.8% in 2025, with bullish momentum but potential for a short-term pullback [11] - **MarketAxess**: - Operates an electronic trading platform for corporate bonds, expected to benefit from increased trading volumes as credit market volatility rises [13][14] - Stock is down 1.5% in 2025 but has shown a 3.1% increase in the last three months, indicating a potential breakout [15][16]

Core Insights - MarketAxess Holdings Inc. (MKTX) has launched the first fully electronic trading workflow for Indian Government Bonds (IGBs) accessible to Foreign Portfolio Investors (FPIs), enhancing global investor access to IGBs on a platform that already includes 29 local currency bond markets [1][9] - The connection to India's Negotiated Dealing System — Order Matching (NDS-OM) platform through the Clearing Corporation of India allows MKTX to streamline the entire trading process from pre-trade allocation to post-trade reporting [2][9] - The previous manual trading processes and regulatory challenges have been mitigated by this electronic execution, making it easier for global institutions to participate in the Indian debt market [3] Market Position and Growth - This strategic move strengthens MarketAxess' leadership in the emerging markets (EM) bond sector, with a reported 9% year-over-year growth in EM trading volume in Q1 2025, reaching an average daily volume (ADV) of $3.9 billion [4][9] - The inclusion of India in MKTX's offerings is expected to further enhance trading volume as global investors seek high-yield, stable emerging markets [5] Stock Performance - Over the past year, MKTX shares have increased by 14.3%, which is below the industry's growth of 28.6% [6]

Summary of MarketAxess (MKTX) Conference Call Company Overview - **Company**: MarketAxess (MKTX) - **Industry**: Electronic fixed income trading venue, primarily focused on credit markets, with expansion into new geographies and asset classes [3][3] Key Points and Arguments Strategic Focus Areas - **Execution of Strategy**: Emphasis on providing the right metrics, data, and analytics to enhance business execution [11][11] - **Capital Deployment**: Increased share repurchase authorization leading to $60 million in buybacks in 2025 compared to $24 million in 2024 [14][14][15][15] - **Expense Management**: Focus on good corporate hygiene and expense discipline, including partnerships with technology firms like Pragma to enhance efficiency [16][18] Market Conditions and Performance - **Volatility and Volume Trends**: - April saw high volatility with CVIX at 56 for high grade and 390 for high yield, normalizing to 33 and 190 respectively in May [20][20][24][24] - Elevated trading volumes sustained through May, driven by increased velocity in the market [22][23] - **Market Share**: - High grade market share increased to 19.9% in May from 19.4% in April, indicating growth in investment grade trading [30][34] - Portfolio trading market share has grown to over 20%, with ongoing enhancements to maintain competitiveness [57][60] Innovations and Technology - **Automation and Algorithms**: Introduction of automation tools like AutoX and adaptive algorithms (ADX) to enhance trading efficiency, with 250 clients onboarded [43][45] - **Block Trading Protocols**: Successful early adoption in emerging markets (EM) and Eurobonds, with significant volume increases (116% in Eurobonds and 24% in EM) [49][49] - **Portfolio Trading Enhancements**: Completion of feature set for portfolio trading, focusing on net hedging and benchmark capabilities [59][60] Emerging Markets (EM) Focus - **Growth in EM**: EM is now the largest business segment, with significant contributions from countries like Mexico, Brazil, and South Korea. Year-to-date volumes are up 14% [82][86][89] - **Local vs. Hard Currency**: Hard currency trading constitutes 60% of the EM business, with local currency trading representing 40%, indicating potential for growth in local markets [86][86] Competitive Landscape and Pricing - **Pricing Stability**: Pricing within traditional RFQ and open trading has remained steady, with fluctuations attributed to macroeconomic factors rather than pricing pressure [97][99] - **Protocol Mix**: New protocols like portfolio trading come with lower fee captures, but present opportunities for incremental revenue growth [100][102] Additional Important Insights - **Talent Acquisition**: Ongoing recruitment of key personnel to enhance product development and client solutions, indicating a commitment to innovation and market responsiveness [66][70] - **Client-Centric Approach**: Continuous engagement with clients to understand their needs and enhance service offerings, particularly in the block trading and portfolio trading spaces [50][56][60] This summary encapsulates the critical insights and developments discussed during the MarketAxess conference call, highlighting the company's strategic focus, market performance, technological innovations, and competitive positioning.

Financial Data and Key Metrics Changes - The preliminary report indicates that more than 88% of the total number of shares outstanding and entitled to vote were present at the meeting, constituting a quorum [6] - MarketAxess stock price has significantly decreased from $6.00 in February 2020 to $217, indicating a long-term slump [11][12] Business Line Data and Key Metrics Changes - No specific data on individual business lines was provided during the meeting [0] Market Data and Key Metrics Changes - No specific market data or key metrics changes were discussed during the meeting [0] Company Strategy and Development Direction and Industry Competition - The board of directors recommended against a stockholder proposal aimed at allowing all shareholders to call for a special shareholder meeting, citing reasons in the proxy statement [14][17] - The proposal was presented as a means to incentivize a turnaround for MarketAxess, which has been experiencing a long-term slump [11][12] Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during the meeting [0] Other Important Information - The meeting included the election of 11 directors and the ratification of PricewaterhouseCoopers as the independent registered public accounting firm for the fiscal year ended December 31, 2025 [7][17] - The compensation of the company's named executive officers was approved by advisory vote [17] Q&A Session All Questions and Answers Question: Does MarketAxess have a retirement age for directors? - The board has adopted corporate governance guidelines and reviews director tenure annually, but has not established a retirement age or term limits [15][16]