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MarketAxess Goldman Sachs U.S. Financial Services Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Goldman Sachs U.S. Financial Services Conference summary9 Dec, 2025
Competitive advantages, network, and technology investments
Global network includes over 2,100 institutional investors and dealers, 13,000 active traders, and 1,000+ international firms, supporting growth in emerging markets.
Over 1,000 unique liquidity providers, including ETF market makers and systematic hedge funds, with differentiated liquidity and systematic adoption plans for 2025.
Proprietary AI-powered data and analytics generate over 400 million price responses annually and drive automation and trading solutions, with $8.9 trillion in inquiries in 2025, up 14% from 2024.
Investments in market signal, portfolio construction data, and workflow automation enhance product stickiness and support growth.
X-Pro platform and global protocol strategy deliver efficiencies and support all products, not just U.S. credit.
Financial performance, targets, and capital return
Non-U.S. credit revenue grew at a 15% CAGR from 2020 to 2024, now representing about 50% of total revenue.
Announced average annual revenue growth target of 8%-9% through 2028, with expectations to exit 2028 at a double-digit growth rate.
Committed to average annual margin expansion of 75-125 basis points from 2026 to 2028, with a 42% operating margin in 2024.
Increased authorized share repurchase to $505 million, including a $300 million accelerated share repurchase.
Growth targets do not assume increased market volatility, which could be an upside.
Growth drivers, business mix, and market strategy
Non-U.S. credit businesses, including EM and Eurobonds, are expected to drive 80% of initial incremental growth, shifting to 65% as U.S. credit gains momentum by year three.
U.S. credit business is targeted for renewed growth through X-Pro enhancements, automation, and new protocols like Targeted RFQ and Mid-X.
Block trading volume in U.S. credit up 34% this year; PT market share increased by 410 basis points.
Dealer-initiated market up 40 basis points, supported by new solutions.
Client-focused technology and product innovation, including AI-driven pre-trade analytics and integrated workflows, aim to drive higher revenue and market share.
Impact of Targeted Axes on US credit block growth
How do 2023-2025 investments yield margin expansion?
How does the closing auction support indexation?
U.S. credit growth: Pricing strategy for D2D/PT
Closing auction: Why is it additive to liquidity?
Non-U.S. growth: What are the competitive moats?
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Next MarketAxess earnings date
Q4 202528 Jan, 2026
Next MarketAxess earnings date
Q4 202528 Jan, 2026
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MarketAxess Holdings Inc. operates an electronic trading platform for institutional investor and broker-dealer companies. The company's online platform, known as MTS, enables buy-side institutions and their investment managers to trade fixed income, credit derivative, equity derivative, foreign exchange, and global market products. MarketAxess Holdings Inc. was founded in July 2000 and is based in New York, New York.
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