MarketAxess (MKTX) Piper Sandler Global Exchange and Fintech Conference summary

International and emerging markets growth

• International and emerging markets business continues to expand, with EM now similar in size to U.S. credit and electronic penetration around 10%.

• India was recently added as a trading market, positioning the platform as the only one live in India, tapping into a large and growing debt market.

• EM business grew 18% year-over-year in May, following a record Q1 with nearly 30% growth.

• The platform is the largest for portfolio trading and RFQ in EM, with unique liquidity and significant block trade growth.

• Block trading is shifting from chat to electronic platforms in EM, signaling a broader trend for U.S. credit markets.

U.S. credit market share and product innovation

• Gained 100 basis points in high grade and 30 basis points in high yield market share in May, driven by portfolio trading growth.

• Focus remains on client-to-dealer business, with stable fees and growing block trades moving from chat/phone to electronic platforms.

• Dealer-to-dealer space is commoditized; investment is focused on client business and new revenue streams like Mid-X.

• New issue platform launches, integrating with DirectBooks, streamlining manual processes for institutional investors.

• New issue trading solution with streaming price and click-to-trade will roll out in August, enabling block trading at the time of break.

Competitive dynamics and pricing

• No price war in core client-to-dealer business; pricing has remained stable for several years.

• Dealer-to-dealer pricing is low and commoditized, but unique liquidity attracts dealers back despite small savings elsewhere.

• Platform prioritizes moving block trades from chat/phone to electronic, which is the main area of growth.