MarketAxess
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MarketAxess (MKTX) investor relations material

MarketAxess UBS Financial Services Conference 2026 summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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UBS Financial Services Conference 2026 summary9 Feb, 2026

Growth initiatives and strategic focus

  • Three-year targets set for 8%-9% annual revenue growth and margin expansion, with new initiatives focused on scaling globally across high-grade, high-yield, EM, and EU markets.

  • Key protocols include X-Pro front end, blocks protocol (notably Targeted RFQ), portfolio trading (PT), and dealer-initiated solutions like Mid-X.

  • Blocks protocol saw strong ADV growth: 24% overall, 18% in the U.S., 27% in EM, and 66% in Eurobonds, with further U.S. rollout planned.

  • Portfolio trading share in the U.S. reached 19%, with high-yield PT share up to 15% in October; protocol enhancements continue.

  • Dealer-initiated Mid-X solution launched in the U.S., ramping up to daily sessions and receiving positive dealer feedback.

Market structure and competitive positioning

  • Market structure in fixed income has shifted: client-initiated trades now 58%, PT 11%, dealer 31%, reflecting a more diverse trading landscape.

  • Maintains leading liquidity in RFQ and all-to-all, with volumes and differentiated data supporting competitive strength.

  • Electronification has driven a 65% increase in credit market volume, with significant TAM remaining.

  • Non-U.S. businesses, especially EM and Eurobonds, are major growth drivers, with EM blocks ADV up 27% and PT up 172%.

  • Eurobonds benefit from protocol fit and are often used as a testbed for new technology rollouts.

Technology, automation, and AI

  • Automation via Auto-X protocol is growing, with sticky adoption and increasing use for larger trades.

  • Pragma acquisition enhances next-gen automation through advanced algos, with integration into X-Pro underway.

  • AI initiatives split between commercial (e.g., CP+ pricing, AI Select for block trading) and corporate efficiency projects.

  • CP+ leverages proprietary data for unique pricing outputs; AI Select aims to optimize dealer selection for clients.

  • Internal AI projects focus on workflow streamlining and coding, with a strategy of "AI everywhere."

What's the U.S. block trading trajectory?
What's MarketAxess's EM market advantage?
How does protocol mix impact fee per million?
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Q1 20266 May, 2026
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Frequently asked questions

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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