MarketAxess ended the fourth quarter with revenue growth below Wall Street expectations, reflecting a continued shift in trading protocol mix and ongoing investment in product innovation. CEO Christopher Concannon highlighted the company’s progress in delivering new trading protocols, particularly in block and portfolio trading, which contributed to expansion outside of U.S. credit products. Management noted that while U.S. high-grade market share remains a challenge, enhancements in global network connectivity and proprietary data analytics are beginning to yield results, especially in emerging markets and automation solutions.

Is now the time to buy MKTX? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From MarketAxess’s Q4 Earnings Call

• Patrick Moley (Piper Sandler): asked about sources of block trading growth. CEO Christopher Concannon explained growth was broad-based across protocols and products, citing automation and new block-specific solutions as key contributors.
• Jeffrey Schmitt (William Blair): inquired about fee compression and future fee rate assumptions. Concannon and CFO Ilene Bieler detailed how protocol and product mix, especially increased block and portfolio trading, drive lower average fees, but overall revenue benefits from higher trade volumes.
• Alex Kramm (UBS): sought clarification on emerging markets strategy and competitive dynamics. Concannon described ongoing investments in regional teams and low electronic penetration as major opportunities, noting limited competition beyond traditional phone and chat.
• Alex Blostein (Goldman Sachs): questioned the growth trajectory outside U.S. credit. Bieler emphasized double-digit international trading growth and strategic retention of proprietary data to fuel AI and future services.
• Michael Cyprys (Morgan Stanley): focused on AI ambitions and automation potential. Concannon outlined plans to embed AI in trading, analytics, and workflow tools, leveraging MarketAxess’s unique data footprint for competitive advantage.

Catalysts in Upcoming Quarters

In future quarters, the StockStory team will closely monitor (1) the pace of adoption and revenue contribution from new trading protocols—including dealer matching and closing auctions, (2) progress in expanding automation and AI-based solutions across both U.S. and international markets, and (3) any signs of stabilization or improvement in fee per million as product mix evolves. Execution on technology investment and the ability to capture share in underpenetrated markets will also be important signposts of success.

MarketAxess currently trades at $176.35, up from $162.83 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it’s free).

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